# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-135877
**Filing Date:** 2025-6
**Character Count:** 4261339
**Document Hash:** 9268dd40ab48ee3141392e3e4f73530e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135877.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135877

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 145

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251027399

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

### Goldman Sachs Government Income Fund (Series ID: S000009304)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025394 | Institutional   | GSOIX           |
| C000025395 | Service         | GSOSX           |
| C000025396 | Class A         | GSGOX           |
| C000025398 | Class C         | GSOCX           |
| C000058953 | Class R         | GSORX           |
| C000058954 | Investor Shares | GSOTX           |
| C000161287 | Class R6 Shares | GSOUX           |
| C000202035 | Class P Shares  | GGTPX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### Goldman Sachs Trust

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

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

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

#### Copies to:

---

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

---

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

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

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

#### Date of reporting period: March 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

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

![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GSHAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

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

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i8f0ca9af3b8453046f9c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9550 | $10000 | $10000 | $10000 |
| **3/16** | $8944 | $9365 | $9634 | $10196 |
| **3/17** | $10290 | $10775 | $11213 | $10241 |
| **3/18** | $10431 | $10923 | $11637 | $10364 |
| **3/19** | $10974 | $11491 | $12327 | $10828 |
| **3/20** | $10039 | $10512 | $11471 | $11795 |
| **3/21** | $12355 | $12937 | $14184 | $11879 |
| **3/22** | $12136 | $12708 | $14091 | $11386 |
| **3/23** | $11589 | $12135 | $13619 | $10842 |
| **3/24** | $12642 | $13238 | $15137 | $11026 |
| **3/25** | $13408 | $14040 | $16301 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.06% | 5.96% | 3.45% |
| Class A including sales charges | 1.33% | 4.98% | 2.97% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38141W653-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GSHCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

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

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i4f4f08fd8ab3df0d372d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 |
| **3/16** | $9204 | $9297 | $9634 | $10196 |
| **3/17** | $10494 | $10600 | $11213 | $10241 |
| **3/18** | $10562 | $10668 | $11637 | $10364 |
| **3/19** | $11027 | $11139 | $12327 | $10828 |
| **3/20** | $10030 | $10132 | $11471 | $11795 |
| **3/21** | $12249 | $12373 | $14184 | $11879 |
| **3/22** | $11943 | $12064 | $14091 | $11386 |
| **3/23** | $11300 | $11415 | $13619 | $10842 |
| **3/24** | $12236 | $12360 | $15137 | $11026 |
| **3/25** | $12904 | $13035 | $16301 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.46% | 5.17% | 2.68% |
| Class C including sales charges | 4.41% | 5.17% | 2.68% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38142B179-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GGMPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

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

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i1f0ef1c4c4c69428fc51.jpg)

---

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

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.58% | 6.27% | 3.80% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 4.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs High Yield Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38150B657-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GSHRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

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

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Class R

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

### Fund Performance
![Growth of 10K Chart](g931546ie966b8884c2e06cebc23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9342 | $9634 | $10196 |
| **3/17** | $10706 | $11213 | $10241 |
| **3/18** | $10827 | $11637 | $10364 |
| **3/19** | $11361 | $12327 | $10828 |
| **3/20** | $10384 | $11471 | $11795 |
| **3/21** | $12727 | $14184 | $11879 |
| **3/22** | $12489 | $14091 | $11386 |
| **3/23** | $11875 | $13619 | $10842 |
| **3/24** | $12923 | $15137 | $11026 |
| **3/25** | $13697 | $16301 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.99% | 5.69% | 3.19% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38145N287-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GSHUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

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

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i0d68618d6d655f72f912.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $9471 | $9690 | $10299 |
| **3/17** | $10915 | $11278 | $10344 |
| **3/18** | $11105 | $11705 | $10468 |
| **3/19** | $11717 | $12399 | $10937 |
| **3/20** | $10775 | $11538 | $11914 |
| **3/21** | $13288 | $14267 | $11999 |
| **3/22** | $13094 | $14171 | $11501 |
| **3/23** | $12523 | $13697 | $10951 |
| **3/24** | $13701 | $15224 | $11137 |
| **3/25** | $14603 | $16394 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 6.58% | 6.27% | 3.99% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 5.24% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs High Yield Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38148U874-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GSHIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

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

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ie36d954bf3b8c5c28b7e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $940000 | $963400 | $1019600 |
| **3/17** | $1083256 | $1121301 | $1024086 |
| **3/18** | $1101888 | $1163686 | $1036375 |
| **3/19** | $1162492 | $1232693 | $1082805 |
| **3/20** | $1068679 | $1147144 | $1179499 |
| **3/21** | $1318108 | $1418444 | $1187874 |
| **3/22** | $1298600 | $1409082 | $1138577 |
| **3/23** | $1241722 | $1361878 | $1084153 |
| **3/24** | $1358444 | $1513727 | $1102584 |
| **3/25** | $1445112 | $1630133 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.38% | 6.22% | 3.75% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38141W679-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GSHTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $75 | 0.73% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546ie5b3aa842114ae0558a2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9390 | $9634 | $10196 |
| **3/17** | $10829 | $11213 | $10241 |
| **3/18** | $11008 | $11637 | $10364 |
| **3/19** | $11609 | $12327 | $10828 |
| **3/20** | $10649 | $11471 | $11795 |
| **3/21** | $13135 | $14184 | $11879 |
| **3/22** | $12935 | $14091 | $11386 |
| **3/23** | $12385 | $13619 | $10842 |
| **3/24** | $13545 | $15137 | $11026 |
| **3/25** | $14402 | $16301 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.33% | 6.22% | 3.71% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38145N279-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Fund

# GSHSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $121 | 1.18% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly generated gains, driven by robust corporate earnings and supportive supply/demand dynamics. Interest rate volatility and the Federal Reserve's monetary policy weighed on investor sentiment. Credit spreads widened toward the end of the annual period, driven by concerns around tariffs and economic growth.

Top Contributors to Performance:

* Regional positioning and the Fund's credit quality allocations overall added to its performance versus the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within regional positioning, the Fund benefited from its overweight in Europe ex-U.K. credits and its underweight in Canadian credits. 

* Regarding credit quality positioning, an overweight versus the Index in BBB-rated corporate bonds and an underweight in BB-rated corporate bonds added to the Fund's relative returns. 

* Within industry allocations, the Fund was helped by its underweight positions in retail and apparel, rental equipment, and metals and mining.

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services, as well as its investment in the high yield corporate bonds of Summit Midstream, which develops, owns and operates midstream energy infrastructure assets. Avoidance of New Fortress Energy, a natural gas and liquefied natural gas company, added further to relative performance. 

* The Fund benefited from its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, underweights in intermediate- and long-term credits contributed positively to returns when credit spreads widened.

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

Top Detractors from Performance:

* Industry allocations and individual issue selection overall detracted from the Fund's relative returns. 

* Among industry allocations, the Fund was hurt by its underweights versus the Index in non-cable media and in cable and satellite TV. An overweight in autos also dampened performance. 

* In terms of individual issue selection, the Fund was hampered by its underweight positions in Dish Network, a provider of pay television and retail wireless services, and in Bausch Health Companies, a pharmaceutical company. An overweight in Club Car, which manufactures electric and gas-powered golf carts and small utility vehicles, also detracted from relative results.

* Among regions, the Fund's selection of U.S. credits held back relative returns. 

* From a credit quality perspective, overweights in CCC-rated and B-rated corporate bonds detracted.

* Within spread duration positioning, the Fund's underweight in short-term credits detracted from relative performance. 

* The Fund's cash position, as well as its out-of-benchmark exposures to bank loans and restructured equities, limited its gains.

# Goldman Sachs High Yield Fund

# Service Class

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

### Fund Performance
![Growth of 10K Chart](g931546i19db8f56fe4ef29fbd82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9364 | $9634 | $10196 |
| **3/17** | $10741 | $11213 | $10241 |
| **3/18** | $10869 | $11637 | $10364 |
| **3/19** | $11410 | $12327 | $10828 |
| **3/20** | $10431 | $11471 | $11795 |
| **3/21** | $12809 | $14184 | $11879 |
| **3/22** | $12554 | $14091 | $11386 |
| **3/23** | $11940 | $13619 | $10842 |
| **3/24** | $13023 | $15137 | $11026 |
| **3/25** | $13785 | $16301 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 5.85% | 5.73% | 3.26% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.69% | 7.27% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Fund

# Service Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2034212424 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $12679162 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Media | 6.1% |
| Diversified Financial Services | 5.1% |
| Commercial Services | 4.9% |
| Pipelines | 4.8% |
| Oil Field Services | 4.7% |
| Retailing | 4.6% |
| Entertainment | 3.9% |
| Chemicals | 3.5% |
| Telecommunication Services | 3.5% |
| Other | 56.2% |

---

# Goldman Sachs High Yield Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38141W661-AR-0325

# Service Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GSFAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546ia64ae4c272ff141fe787.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9625 | $10000 | $10000 |
| **3/16** | $9802 | $10184 | $10196 |
| **3/17** | $9915 | $10301 | $10241 |
| **3/18** | $9937 | $10324 | $10364 |
| **3/19** | $10318 | $10720 | $10828 |
| **3/20** | $10903 | $11328 | $11795 |
| **3/21** | $11618 | $12071 | $11879 |
| **3/22** | $11047 | $11477 | $11386 |
| **3/23** | $10375 | $10779 | $10842 |
| **3/24** | $10629 | $11044 | $11026 |
| **3/25** | $11174 | $11609 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.12% | 0.49% | 1.50% |
| Class A including sales charges | 1.21% | -0.27% | 1.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Bond Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H449-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GSFCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546ic5003503dfadf0c7a145.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 |
| **3/16** | $9997 | $10098 | $10196 |
| **3/17** | $10047 | $10148 | $10241 |
| **3/18** | $9995 | $10096 | $10364 |
| **3/19** | $10292 | $10396 | $10828 |
| **3/20** | $10796 | $10905 | $11795 |
| **3/21** | $11408 | $11523 | $11879 |
| **3/22** | $10775 | $10884 | $11386 |
| **3/23** | $10043 | $10145 | $10842 |
| **3/24** | $10213 | $10316 | $11026 |
| **3/25** | $10656 | $10764 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.34% | -0.26% | 0.74% |
| Class C including sales charges | 3.30% | -0.26% | 0.74% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Bond Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H423-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GMVPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i64c4716fc5139be3d602.jpg)

---

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

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.47% | 0.83% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Bond Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38150B509-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GSNRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $108 | 1.05% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Class R

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

### Fund Performance
![Growth of 10K Chart](g931546i19da61b31dfcd6cff6e3.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10158 | $10196 |
| **3/17** | $10249 | $10241 |
| **3/18** | $10246 | $10364 |
| **3/19** | $10613 | $10828 |
| **3/20** | $11187 | $11795 |
| **3/21** | $11892 | $11879 |
| **3/22** | $11279 | $11386 |
| **3/23** | $10565 | $10842 |
| **3/24** | $10796 | $11026 |
| **3/25** | $11321 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 4.86% | 0.24% | 1.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Bond Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38145N311-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GSFUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546if63d503189444c8fc043.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 |
| **3/16** | $10242 | $10299 |
| **3/17** | $10397 | $10344 |
| **3/18** | $10457 | $10468 |
| **3/19** | $10886 | $10937 |
| **3/20** | $11543 | $11914 |
| **3/21** | $12343 | $11999 |
| **3/22** | $11775 | $11501 |
| **3/23** | $11096 | $10951 |
| **3/24** | $11407 | $11137 |
| **3/25** | $12031 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 5.47% | 0.83% | 1.93% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs Bond Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38147X556-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GSNIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546i20c3d744600811cd52ee.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 |
| **3/16** | $1021800 | $1019600 |
| **3/17** | $1037127 | $1024086 |
| **3/18** | $1042935 | $1036375 |
| **3/19** | $1086634 | $1082805 |
| **3/20** | $1152158 | $1179499 |
| **3/21** | $1230735 | $1187874 |
| **3/22** | $1173998 | $1138577 |
| **3/23** | $1107315 | $1084153 |
| **3/24** | $1138209 | $1102584 |
| **3/25** | $1199103 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.35% | 0.80% | 1.83% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Bond Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H415-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GSNTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546ica6aa8683c5605049784.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10219 | $10196 |
| **3/17** | $10362 | $10241 |
| **3/18** | $10411 | $10364 |
| **3/19** | $10838 | $10828 |
| **3/20** | $11471 | $11795 |
| **3/21** | $12255 | $11879 |
| **3/22** | $11678 | $11386 |
| **3/23** | $11003 | $10842 |
| **3/24** | $11300 | $11026 |
| **3/25** | $11908 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.38% | 0.75% | 1.76% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Bond Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38145N295-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Bond Fund

# GSNSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The currency strategy contributed positively given the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors. 

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results.

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Bond Fund

# Service Class

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

### Fund Performance
![Growth of 10K Chart](g931546ida875da602d7488faad9.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10168 | $10196 |
| **3/17** | $10269 | $10241 |
| **3/18** | $10275 | $10364 |
| **3/19** | $10652 | $10828 |
| **3/20** | $11238 | $11795 |
| **3/21** | $11956 | $11879 |
| **3/22** | $11349 | $11386 |
| **3/23** | $10640 | $10842 |
| **3/24** | $10886 | $11026 |
| **3/25** | $11411 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 4.82% | 0.31% | 1.33% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Bond Fund

# Service Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $347565982 |
| # of Portfolio Holdings | 688 |
| Portfolio Turnover Rate | 1,200% |
| Total Net Advisory Fees Paid | $1415152 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2024, the Fund changed its principal investment strategy to reflect that the Fund may invest in loan participations and loan assignments. As part of these changes, the Fund revised its principal investment risks to reflect these investments.

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 43.7% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Banks | 8.2% |
| Collateralized Loan Obligations | 6.7% |
| Collateralized Mortgage Obligations | 6.3% |
| U.S. Treasury Obligations | 5.9% |
| Student Loan | 3.3% |
| Telecommunication Services | 2.2% |
| Healthcare Providers & Services | 2.0% |
| Other | 28.8% |

---

# Goldman Sachs Bond Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H399-AR-0325

# Service Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GCFIX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $73 | 0.71% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i3010e9d4f26d09e60db9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9625 | $10000 | $10000 |
| **3/16** | $9755 | $10135 | $10196 |
| **3/17** | $9847 | $10230 | $10241 |
| **3/18** | $9902 | $10288 | $10364 |
| **3/19** | $10337 | $10740 | $10828 |
| **3/20** | $11070 | $11502 | $11795 |
| **3/21** | $11494 | $11942 | $11879 |
| **3/22** | $10975 | $11402 | $11386 |
| **3/23** | $10373 | $10778 | $10842 |
| **3/24** | $10540 | $10951 | $11026 |
| **3/25** | $11042 | $11472 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.76% | -0.05% | 1.38% |
| Class A including sales charges | 0.88% | -0.81% | 1.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38142B419-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GCFCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $149 | 1.46% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i9a9be40837eb80f3c68d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 |
| **3/16** | $9968 | $10069 | $10196 |
| **3/17** | $9988 | $10089 | $10241 |
| **3/18** | $9970 | $10071 | $10364 |
| **3/19** | $10321 | $10425 | $10828 |
| **3/20** | $10968 | $11079 | $11795 |
| **3/21** | $11303 | $11417 | $11879 |
| **3/22** | $10715 | $10823 | $11386 |
| **3/23** | $10056 | $10158 | $10842 |
| **3/24** | $10143 | $10245 | $11026 |
| **3/25** | $10546 | $10653 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.98% | -0.78% | 0.63% |
| Class C including sales charges | 2.95% | -0.78% | 0.63% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38142B229-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GAKPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546ic50d5e51dfe25ccfc7f2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 |
| **3/19** | $10550 | $10538 |
| **3/20** | $11334 | $11479 |
| **3/21** | $11808 | $11561 |
| **3/22** | $11306 | $11081 |
| **3/23** | $10727 | $10551 |
| **3/24** | $10938 | $10730 |
| **3/25** | $11497 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.11% | 0.29% | 2.03% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38150B889-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GDFRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $98 | 0.96% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Class R

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

### Fund Performance
![Growth of 10K Chart](g931546i9cfa87b7678bd3a2c7b1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10110 | $10196 |
| **3/17** | $10180 | $10241 |
| **3/18** | $10211 | $10364 |
| **3/19** | $10634 | $10828 |
| **3/20** | $11349 | $11795 |
| **3/21** | $11754 | $11879 |
| **3/22** | $11196 | $11386 |
| **3/23** | $10566 | $10842 |
| **3/24** | $10710 | $11026 |
| **3/25** | $11192 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 4.50% | -0.28% | 1.13% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38145N337-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GCFUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i87dcc97fbe2caec21dc2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 |
| **3/16** | $10234 | $10299 |
| **3/17** | $10377 | $10344 |
| **3/18** | $10473 | $10468 |
| **3/19** | $10971 | $10937 |
| **3/20** | $11788 | $11914 |
| **3/21** | $12280 | $11999 |
| **3/22** | $11769 | $11501 |
| **3/23** | $11167 | $10951 |
| **3/24** | $11387 | $11137 |
| **3/25** | $11970 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 5.12% | 0.30% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38147X333-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GSFIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $39 | 0.38% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ib99990fe5684c50883bf.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 |
| **3/16** | $1017000 | $1019600 |
| **3/17** | $1031035 | $1024086 |
| **3/18** | $1039386 | $1036375 |
| **3/19** | $1088757 | $1082805 |
| **3/20** | $1169651 | $1179499 |
| **3/21** | $1218426 | $1187874 |
| **3/22** | $1167496 | $1138577 |
| **3/23** | $1107486 | $1084153 |
| **3/24** | $1129082 | $1102584 |
| **3/25** | $1186779 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.11% | 0.29% | 1.73% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38141W810-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GDFTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i0fde6f8f8b9d52b94175.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10160 | $10196 |
| **3/17** | $10281 | $10241 |
| **3/18** | $10364 | $10364 |
| **3/19** | $10847 | $10828 |
| **3/20** | $11644 | $11795 |
| **3/21** | $12121 | $11879 |
| **3/22** | $11591 | $11386 |
| **3/23** | $10994 | $10842 |
| **3/24** | $11200 | $11026 |
| **3/25** | $11762 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.02% | 0.20% | 1.64% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38145N329-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Core Fixed Income Fund

# GSCSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $90 | 0.88% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in the U.S. and U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially overweights to the commercial mortgage-backed securities, collateralized loan obligations and agency mortgage-backed securities sectors. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning on the short and intermediate segments of the credit curve and a down in quality bias boosted results. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the government/swaps sector detracted due to our preference for futures vs. cash Treasuries as an element of duration management. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Core Fixed Income Fund

# Service Class

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

### Fund Performance
![Growth of 10K Chart](g931546i2489013661e741c5f8f5.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10119 | $10196 |
| **3/17** | $10199 | $10241 |
| **3/18** | $10241 | $10364 |
| **3/19** | $10674 | $10828 |
| **3/20** | $11409 | $11795 |
| **3/21** | $11826 | $11879 |
| **3/22** | $11265 | $11386 |
| **3/23** | $10633 | $10842 |
| **3/24** | $10787 | $11026 |
| **3/25** | $11282 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 4.58% | -0.23% | 1.21% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Core Fixed Income Fund

# Service Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2348844671 |
| # of Portfolio Holdings | 845 |
| Portfolio Turnover Rate | 935% |
| Total Net Advisory Fees Paid | $7241827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 36.1% |
| U.S. Treasury Obligations | 26.5% |
| Commercial Mortgage-Backed Securities | 6.9% |
| Banks | 6.5% |
| Collateralized Loan Obligations | 6.5% |
| Collateralized Mortgage Obligations | 2.8% |
| Healthcare Providers & Services | 2.0% |
| Software | 1.8% |
| Food & Drug Retailing | 1.8% |
| Other | 22.3% |

---

# Goldman Sachs Core Fixed Income Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38141W786-AR-0325

# Service Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Debt Fund

# GSDAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $116 | 1.12% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt broadly gained, supported by strong economic activity and robust credit fundamentals. High yield external bonds outpaced those of investment grade, as funding access improved and due to some successful restructurings. Late in the annual period, uncertainty about U.S. trade policy boosted volatility.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, including out-of-Index positions, and its long beta exposure to sovereign emerging markets bonds.

* The Fund was helped by effective security selection among quasi-sovereign emerging markets bonds and emerging markets corporate bonds.

* Within individual security selection, the Fund's overweights versus the Index in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela and Chinese property developer Sunac China contributed positively to relative performance. Underweight positions in Malaysia's state-owned oil and gas company Petronas, Chile's state-owned copper company Codelco and Peru's state-owned oil company Petroperu further bolstered returns.

* Security selection in the local emerging markets bonds of Poland, Mexico and Hungary added value.

* Active management of the Fund's duration positioning strategy added modestly to relative performance. 

* The impact of the Fund's selection of sovereign debt was rather flat, as the positive contributions of overweight positions in Sri Lanka, Ghana and Ukraine were generally offset by the negative impact of underweights in Lebanon, Argentina and Venezuela.

Top Detractors from Performance:

* Security selection among local emerging markets bonds, especially in Turkey, Colombia and Thailand, detracted overall from the Fund's relative returns. 

* Among individual positions, the Fund was hurt by overweights in Panama's Tocumen International Airport, Mexico's Mexico City International Airport and Saudi Arabia's state-owned oil and gas company Aramco. Underweights in Ukraine's Ukrenergo, a state-owned electricity transmission system operator, and Naftogaz, a state-owned oil and gas company, further hampered relative performance.

# Goldman Sachs Emerging Markets Debt Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i99b3cd018734307433e6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $9550 | $10000 | $10000 | $10000 |
| **3/16** | $9974 | $10444 | $10419 | $10244 |
| **3/17** | $10851 | $11362 | $11348 | $10356 |
| **3/18** | $11258 | $11788 | $11836 | $10610 |
| **3/19** | $11344 | $11879 | $12335 | $11134 |
| **3/20** | $10039 | $10512 | $11491 | $11867 |
| **3/21** | $12021 | $12588 | $13330 | $12045 |
| **3/22** | $11103 | $11626 | $12338 | $11573 |
| **3/23** | $9984 | $10454 | $11484 | $11126 |
| **3/24** | $11273 | $11804 | $12779 | $11587 |
| **3/25** | $12006 | $12572 | $13642 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.51% | 3.64% | 2.31% |
| Class A including sales charges | 1.71% | 2.69% | 1.85% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 6.75% | 3.49% | 3.15% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Debt Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $381673257 |
| # of Portfolio Holdings | 480 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $3197542 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 71.9% |
| Oil Field Services | 8.2% |
| Banks | 3.2% |
| Engineering & Construction | 2.2% |
| Electrical | 1.7% |
| Pipelines | 1.6% |
| Chemicals | 1.2% |
| Commercial Services | 1.0% |
| Mining | 0.9% |
| Other | 5.2% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38143H803-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Debt Fund

# GSCDX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $192 | 1.87% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt broadly gained, supported by strong economic activity and robust credit fundamentals. High yield external bonds outpaced those of investment grade, as funding access improved and due to some successful restructurings. Late in the annual period, uncertainty about U.S. trade policy boosted volatility.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, including out-of-Index positions, and its long beta exposure to sovereign emerging markets bonds.

* The Fund was helped by effective security selection among quasi-sovereign emerging markets bonds and emerging markets corporate bonds.

* Within individual security selection, the Fund's overweights versus the Index in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela and Chinese property developer Sunac China contributed positively to relative performance. Underweight positions in Malaysia's state-owned oil and gas company Petronas, Chile's state-owned copper company Codelco and Peru's state-owned oil company Petroperu further bolstered returns.

* Security selection in the local emerging markets bonds of Poland, Mexico and Hungary added value.

* Active management of the Fund's duration positioning strategy added modestly to relative performance. 

* The impact of the Fund's selection of sovereign debt was rather flat, as the positive contributions of overweight positions in Sri Lanka, Ghana and Ukraine were generally offset by the negative impact of underweights in Lebanon, Argentina and Venezuela.

Top Detractors from Performance:

* Security selection among local emerging markets bonds, especially in Turkey, Colombia and Thailand, detracted overall from the Fund's relative returns. 

* Among individual positions, the Fund was hurt by overweights in Panama's Tocumen International Airport, Mexico's Mexico City International Airport and Saudi Arabia's state-owned oil and gas company Aramco. Underweights in Ukraine's Ukrenergo, a state-owned electricity transmission system operator, and Naftogaz, a state-owned oil and gas company, further hampered relative performance.

# Goldman Sachs Emerging Markets Debt Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i7b58542a3dcdc82f58aa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 |
| **3/16** | $10254 | $10358 | $10419 | $10244 |
| **3/17** | $11073 | $11185 | $11348 | $10356 |
| **3/18** | $11413 | $11528 | $11836 | $10610 |
| **3/19** | $11406 | $11521 | $12335 | $11134 |
| **3/20** | $10026 | $10127 | $11491 | $11867 |
| **3/21** | $11907 | $12027 | $13330 | $12045 |
| **3/22** | $10914 | $11024 | $12338 | $11573 |
| **3/23** | $9739 | $9838 | $11484 | $11126 |
| **3/24** | $10917 | $11027 | $12779 | $11587 |
| **3/25** | $11541 | $11658 | $13642 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.72% | 2.85% | 1.54% |
| Class C including sales charges | 4.67% | 2.85% | 1.54% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 6.75% | 3.49% | 3.15% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Debt Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $381673257 |
| # of Portfolio Holdings | 480 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $3197542 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 71.9% |
| Oil Field Services | 8.2% |
| Banks | 3.2% |
| Engineering & Construction | 2.2% |
| Electrical | 1.7% |
| Pipelines | 1.6% |
| Chemicals | 1.2% |
| Commercial Services | 1.0% |
| Mining | 0.9% |
| Other | 5.2% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38143H456-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Debt Fund

# GAIPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $87 | 0.84% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt broadly gained, supported by strong economic activity and robust credit fundamentals. High yield external bonds outpaced those of investment grade, as funding access improved and due to some successful restructurings. Late in the annual period, uncertainty about U.S. trade policy boosted volatility.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, including out-of-Index positions, and its long beta exposure to sovereign emerging markets bonds.

* The Fund was helped by effective security selection among quasi-sovereign emerging markets bonds and emerging markets corporate bonds.

* Within individual security selection, the Fund's overweights versus the Index in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela and Chinese property developer Sunac China contributed positively to relative performance. Underweight positions in Malaysia's state-owned oil and gas company Petronas, Chile's state-owned copper company Codelco and Peru's state-owned oil company Petroperu further bolstered returns.

* Security selection in the local emerging markets bonds of Poland, Mexico and Hungary added value.

* Active management of the Fund's duration positioning strategy added modestly to relative performance. 

* The impact of the Fund's selection of sovereign debt was rather flat, as the positive contributions of overweight positions in Sri Lanka, Ghana and Ukraine were generally offset by the negative impact of underweights in Lebanon, Argentina and Venezuela.

Top Detractors from Performance:

* Security selection among local emerging markets bonds, especially in Turkey, Colombia and Thailand, detracted overall from the Fund's relative returns. 

* Among individual positions, the Fund was hurt by overweights in Panama's Tocumen International Airport, Mexico's Mexico City International Airport and Saudi Arabia's state-owned oil and gas company Aramco. Underweights in Ukraine's Ukrenergo, a state-owned electricity transmission system operator, and Naftogaz, a state-owned oil and gas company, further hampered relative performance.

# Goldman Sachs Emerging Markets Debt Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546if7b68508e4c76c1fe8a3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10146 | $10486 | $10549 |
| **3/20** | $9017 | $9769 | $11244 |
| **3/21** | $10831 | $11332 | $11413 |
| **3/22** | $10026 | $10489 | $10965 |
| **3/23** | $9043 | $9763 | $10542 |
| **3/24** | $10239 | $10864 | $10979 |
| **3/25** | $10936 | $11597 | $11483 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.81% | 3.93% | 1.30% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 6.75% | 3.49% | 2.16% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 2.01% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Debt Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $381673257 |
| # of Portfolio Holdings | 480 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $3197542 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 71.9% |
| Oil Field Services | 8.2% |
| Banks | 3.2% |
| Engineering & Construction | 2.2% |
| Electrical | 1.7% |
| Pipelines | 1.6% |
| Chemicals | 1.2% |
| Commercial Services | 1.0% |
| Mining | 0.9% |
| Other | 5.2% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38150B863-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Debt Fund

# GSIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $87 | 0.84% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt broadly gained, supported by strong economic activity and robust credit fundamentals. High yield external bonds outpaced those of investment grade, as funding access improved and due to some successful restructurings. Late in the annual period, uncertainty about U.S. trade policy boosted volatility.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, including out-of-Index positions, and its long beta exposure to sovereign emerging markets bonds.

* The Fund was helped by effective security selection among quasi-sovereign emerging markets bonds and emerging markets corporate bonds.

* Within individual security selection, the Fund's overweights versus the Index in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela and Chinese property developer Sunac China contributed positively to relative performance. Underweight positions in Malaysia's state-owned oil and gas company Petronas, Chile's state-owned copper company Codelco and Peru's state-owned oil company Petroperu further bolstered returns.

* Security selection in the local emerging markets bonds of Poland, Mexico and Hungary added value.

* Active management of the Fund's duration positioning strategy added modestly to relative performance. 

* The impact of the Fund's selection of sovereign debt was rather flat, as the positive contributions of overweight positions in Sri Lanka, Ghana and Ukraine were generally offset by the negative impact of underweights in Lebanon, Argentina and Venezuela.

Top Detractors from Performance:

* Security selection among local emerging markets bonds, especially in Turkey, Colombia and Thailand, detracted overall from the Fund's relative returns. 

* Among individual positions, the Fund was hurt by overweights in Panama's Tocumen International Airport, Mexico's Mexico City International Airport and Saudi Arabia's state-owned oil and gas company Aramco. Underweights in Ukraine's Ukrenergo, a state-owned electricity transmission system operator, and Naftogaz, a state-owned oil and gas company, further hampered relative performance.

# Goldman Sachs Emerging Markets Debt Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546ia54cf56692e332980173.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $10441 | $10403 | $10372 |
| **3/17** | $11398 | $11331 | $10485 |
| **3/18** | $11877 | $11818 | $10743 |
| **3/19** | $12002 | $12316 | $11273 |
| **3/20** | $10658 | $11473 | $12015 |
| **3/21** | $12802 | $13309 | $12196 |
| **3/22** | $11862 | $12319 | $11718 |
| **3/23** | $10689 | $11466 | $11265 |
| **3/24** | $12116 | $12760 | $11732 |
| **3/25** | $12940 | $13621 | $12270 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 6.80% | 3.95% | 2.70% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 6.75% | 3.49% | 3.25% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 2.14% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Debt Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $381673257 |
| # of Portfolio Holdings | 480 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $3197542 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 71.9% |
| Oil Field Services | 8.2% |
| Banks | 3.2% |
| Engineering & Construction | 2.2% |
| Electrical | 1.7% |
| Pipelines | 1.6% |
| Chemicals | 1.2% |
| Commercial Services | 1.0% |
| Mining | 0.9% |
| Other | 5.2% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38148U882-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Debt Fund

# GSDIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $88 | 0.85% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt broadly gained, supported by strong economic activity and robust credit fundamentals. High yield external bonds outpaced those of investment grade, as funding access improved and due to some successful restructurings. Late in the annual period, uncertainty about U.S. trade policy boosted volatility.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, including out-of-Index positions, and its long beta exposure to sovereign emerging markets bonds.

* The Fund was helped by effective security selection among quasi-sovereign emerging markets bonds and emerging markets corporate bonds.

* Within individual security selection, the Fund's overweights versus the Index in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela and Chinese property developer Sunac China contributed positively to relative performance. Underweight positions in Malaysia's state-owned oil and gas company Petronas, Chile's state-owned copper company Codelco and Peru's state-owned oil company Petroperu further bolstered returns.

* Security selection in the local emerging markets bonds of Poland, Mexico and Hungary added value.

* Active management of the Fund's duration positioning strategy added modestly to relative performance. 

* The impact of the Fund's selection of sovereign debt was rather flat, as the positive contributions of overweight positions in Sri Lanka, Ghana and Ukraine were generally offset by the negative impact of underweights in Lebanon, Argentina and Venezuela.

Top Detractors from Performance:

* Security selection among local emerging markets bonds, especially in Turkey, Colombia and Thailand, detracted overall from the Fund's relative returns. 

* Among individual positions, the Fund was hurt by overweights in Panama's Tocumen International Airport, Mexico's Mexico City International Airport and Saudi Arabia's state-owned oil and gas company Aramco. Underweights in Ukraine's Ukrenergo, a state-owned electricity transmission system operator, and Naftogaz, a state-owned oil and gas company, further hampered relative performance.

# Goldman Sachs Emerging Markets Debt Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546i109e68ee2fa9b19e7e46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1047100 | $1041900 | $1024400 |
| **3/17** | $1142910 | $1134837 | $1035566 |
| **3/18** | $1190683 | $1183635 | $1061041 |
| **3/19** | $1203066 | $1233467 | $1113350 |
| **3/20** | $1069165 | $1149097 | $1186720 |
| **3/21** | $1282891 | $1332953 | $1204521 |
| **3/22** | $1188599 | $1233781 | $1157304 |
| **3/23** | $1070927 | $1148404 | $1112632 |
| **3/24** | $1213789 | $1277944 | $1158695 |
| **3/25** | $1296205 | $1364205 | $1211879 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.79% | 3.92% | 2.63% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 6.75% | 3.49% | 3.15% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Debt Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $381673257 |
| # of Portfolio Holdings | 480 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $3197542 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 71.9% |
| Oil Field Services | 8.2% |
| Banks | 3.2% |
| Engineering & Construction | 2.2% |
| Electrical | 1.7% |
| Pipelines | 1.6% |
| Chemicals | 1.2% |
| Commercial Services | 1.0% |
| Mining | 0.9% |
| Other | 5.2% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38143H886-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Debt Fund

# GSIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $90 | 0.87% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt broadly gained, supported by strong economic activity and robust credit fundamentals. High yield external bonds outpaced those of investment grade, as funding access improved and due to some successful restructurings. Late in the annual period, uncertainty about U.S. trade policy boosted volatility.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, including out-of-Index positions, and its long beta exposure to sovereign emerging markets bonds.

* The Fund was helped by effective security selection among quasi-sovereign emerging markets bonds and emerging markets corporate bonds.

* Within individual security selection, the Fund's overweights versus the Index in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela and Chinese property developer Sunac China contributed positively to relative performance. Underweight positions in Malaysia's state-owned oil and gas company Petronas, Chile's state-owned copper company Codelco and Peru's state-owned oil company Petroperu further bolstered returns.

* Security selection in the local emerging markets bonds of Poland, Mexico and Hungary added value.

* Active management of the Fund's duration positioning strategy added modestly to relative performance. 

* The impact of the Fund's selection of sovereign debt was rather flat, as the positive contributions of overweight positions in Sri Lanka, Ghana and Ukraine were generally offset by the negative impact of underweights in Lebanon, Argentina and Venezuela.

Top Detractors from Performance:

* Security selection among local emerging markets bonds, especially in Turkey, Colombia and Thailand, detracted overall from the Fund's relative returns. 

* Among individual positions, the Fund was hurt by overweights in Panama's Tocumen International Airport, Mexico's Mexico City International Airport and Saudi Arabia's state-owned oil and gas company Aramco. Underweights in Ukraine's Ukrenergo, a state-owned electricity transmission system operator, and Naftogaz, a state-owned oil and gas company, further hampered relative performance.

# Goldman Sachs Emerging Markets Debt Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i0f5aef4d46bdc789b755.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10462 | $10419 | $10244 |
| **3/17** | $11409 | $11348 | $10356 |
| **3/18** | $11875 | $11836 | $10610 |
| **3/19** | $11988 | $12335 | $11134 |
| **3/20** | $10647 | $11491 | $11867 |
| **3/21** | $12778 | $13330 | $12045 |
| **3/22** | $11824 | $12338 | $11573 |
| **3/23** | $10660 | $11484 | $11126 |
| **3/24** | $12065 | $12779 | $11587 |
| **3/25** | $12882 | $13642 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.77% | 3.88% | 2.56% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 6.75% | 3.49% | 3.15% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Debt Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $381673257 |
| # of Portfolio Holdings | 480 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $3197542 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 71.9% |
| Oil Field Services | 8.2% |
| Banks | 3.2% |
| Engineering & Construction | 2.2% |
| Electrical | 1.7% |
| Pipelines | 1.6% |
| Chemicals | 1.2% |
| Commercial Services | 1.0% |
| Mining | 0.9% |
| Other | 5.2% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38144N171-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Enhanced Income Fund

# GEADX: Administration Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $62 | 0.60% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds and collateralized loan obligations.

* Security selection strategies overall added value, especially the selection of specific investment grade financials and industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the three-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Enhanced Income Fund

# Administration Class

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

### Fund Performance
![Growth of 10K Chart](g931546i003fcc33444a2e8cc61f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administration Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10038 | $10040 | $10196 |
| **3/17** | $10166 | $10096 | $10241 |
| **3/18** | $10263 | $10163 | $10364 |
| **3/19** | $10502 | $10411 | $10828 |
| **3/20** | $10458 | $10812 | $11795 |
| **3/21** | $10959 | $10830 | $11879 |
| **3/22** | $10795 | $10728 | $11386 |
| **3/23** | $10916 | $10838 | $10842 |
| **3/24** | $11531 | $11304 | $11026 |
| **3/25** | $12128 | $11867 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administration Shares | 5.18% | 3.01% | 1.95% |
| ICE BofAML One-Year U.S. Treasury Note Index | 4.98% | 1.88% | 1.72% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Enhanced Income Fund

# Administration Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $597971699 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $1344048 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Short-Term Investments | 19.5% |
| Banks | 15.0% |
| Collateralized Loan Obligations | 8.9% |
| Automotive | 4.9% |
| Diversified Financial Services | 4.9% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Electrical | 3.0% |
| Pharmaceuticals | 3.0% |
| Student Loan | 2.8% |
| Other | 32.7% |

---

# Goldman Sachs Enhanced Income Fund

# Administration Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38142Y526-AR-0325

# Administration Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Enhanced Income Fund

# GEIAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $60 | 0.58% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds and collateralized loan obligations.

* Security selection strategies overall added value, especially the selection of specific investment grade financials and industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the three-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Enhanced Income Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i63f89265b129e76cb1a8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10029 | $10040 | $10196 |
| **3/17** | $10148 | $10096 | $10241 |
| **3/18** | $10236 | $10163 | $10364 |
| **3/19** | $10482 | $10411 | $10828 |
| **3/20** | $10439 | $10812 | $11795 |
| **3/21** | $10942 | $10830 | $11879 |
| **3/22** | $10781 | $10728 | $11386 |
| **3/23** | $10903 | $10838 | $10842 |
| **3/24** | $11521 | $11304 | $11026 |
| **3/25** | $12120 | $11867 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.20% | 3.03% | 1.94% |
| ICE BofAML One-Year U.S. Treasury Note Index | 4.98% | 1.88% | 1.72% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Enhanced Income Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $597971699 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $1344048 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Short-Term Investments | 19.5% |
| Banks | 15.0% |
| Collateralized Loan Obligations | 8.9% |
| Automotive | 4.9% |
| Diversified Financial Services | 4.9% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Electrical | 3.0% |
| Pharmaceuticals | 3.0% |
| Student Loan | 2.8% |
| Other | 32.7% |

---

# Goldman Sachs Enhanced Income Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38142Y534-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Enhanced Income Fund

# GAEPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $35 | 0.34% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds and collateralized loan obligations.

* Security selection strategies overall added value, especially the selection of specific investment grade financials and industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the three-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Enhanced Income Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546if191126c3d81b8a7d41e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10236 | $10242 | $10538 |
| **3/20** | $10220 | $10636 | $11479 |
| **3/21** | $10750 | $10654 | $11561 |
| **3/22** | $10616 | $10554 | $11081 |
| **3/23** | $10762 | $10662 | $10551 |
| **3/24** | $11387 | $11120 | $10730 |
| **3/25** | $12008 | $11674 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.45% | 3.28% | 2.67% |
| ICE BofAML One-Year U.S. Treasury Note Index | 4.98% | 1.88% | 2.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Enhanced Income Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $597971699 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $1344048 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Short-Term Investments | 19.5% |
| Banks | 15.0% |
| Collateralized Loan Obligations | 8.9% |
| Automotive | 4.9% |
| Diversified Financial Services | 4.9% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Electrical | 3.0% |
| Pharmaceuticals | 3.0% |
| Student Loan | 2.8% |
| Other | 32.7% |

---

# Goldman Sachs Enhanced Income Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38150B822-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Enhanced Income Fund

# GEIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $35 | 0.34% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds and collateralized loan obligations.

* Security selection strategies overall added value, especially the selection of specific investment grade financials and industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the three-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Enhanced Income Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i81612250e85ec752bb7c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $10058 | $10027 | $10299 |
| **3/17** | $10214 | $10083 | $10344 |
| **3/18** | $10337 | $10150 | $10468 |
| **3/19** | $10605 | $10397 | $10937 |
| **3/20** | $10588 | $10798 | $11914 |
| **3/21** | $11138 | $10816 | $11999 |
| **3/22** | $10999 | $10714 | $11501 |
| **3/23** | $11150 | $10824 | $10951 |
| **3/24** | $11810 | $11289 | $11137 |
| **3/25** | $12441 | $11851 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 5.34% | 3.28% | 2.28% |
| ICE BofAML One-Year U.S. Treasury Note Index | 4.98% | 1.88% | 1.77% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs Enhanced Income Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $597971699 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $1344048 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Short-Term Investments | 19.5% |
| Banks | 15.0% |
| Collateralized Loan Obligations | 8.9% |
| Automotive | 4.9% |
| Diversified Financial Services | 4.9% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Electrical | 3.0% |
| Pharmaceuticals | 3.0% |
| Student Loan | 2.8% |
| Other | 32.7% |

---

# Goldman Sachs Enhanced Income Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38147X622-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Enhanced Income Fund

# GEIIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $36 | 0.35% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds and collateralized loan obligations.

* Security selection strategies overall added value, especially the selection of specific investment grade financials and industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the three-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Enhanced Income Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ic4b8eeca71c0114f11a1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1006300 | $1004000 | $1019600 |
| **3/17** | $1021696 | $1009622 | $1024086 |
| **3/18** | $1032833 | $1016286 | $1036375 |
| **3/19** | $1060719 | $1041083 | $1082805 |
| **3/20** | $1058916 | $1081165 | $1179499 |
| **3/21** | $1113768 | $1083003 | $1187874 |
| **3/22** | $1099735 | $1072823 | $1138577 |
| **3/23** | $1114801 | $1083766 | $1084153 |
| **3/24** | $1179459 | $1130367 | $1102584 |
| **3/25** | $1243622 | $1186660 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.44% | 3.27% | 2.20% |
| ICE BofAML One-Year U.S. Treasury Note Index | 4.98% | 1.88% | 1.72% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Enhanced Income Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $597971699 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $1344048 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Short-Term Investments | 19.5% |
| Banks | 15.0% |
| Collateralized Loan Obligations | 8.9% |
| Automotive | 4.9% |
| Diversified Financial Services | 4.9% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Electrical | 3.0% |
| Pharmaceuticals | 3.0% |
| Student Loan | 2.8% |
| Other | 32.7% |

---

# Goldman Sachs Enhanced Income Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38142Y518-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Enhanced Income Fund

# GHIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds and collateralized loan obligations.

* Security selection strategies overall added value, especially the selection of specific investment grade financials and industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the three-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Enhanced Income Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i374d6aaec35c20726543.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10043 | $10040 | $10196 |
| **3/17** | $10188 | $10096 | $10241 |
| **3/18** | $10301 | $10163 | $10364 |
| **3/19** | $10558 | $10411 | $10828 |
| **3/20** | $10530 | $10812 | $11795 |
| **3/21** | $11067 | $10830 | $11879 |
| **3/22** | $10918 | $10728 | $11386 |
| **3/23** | $11059 | $10838 | $10842 |
| **3/24** | $11703 | $11304 | $11026 |
| **3/25** | $12317 | $11867 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.25% | 3.19% | 2.10% |
| ICE BofAML One-Year U.S. Treasury Note Index | 4.98% | 1.88% | 1.72% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Enhanced Income Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $597971699 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $1344048 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Short-Term Investments | 19.5% |
| Banks | 15.0% |
| Collateralized Loan Obligations | 8.9% |
| Automotive | 4.9% |
| Diversified Financial Services | 4.9% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Electrical | 3.0% |
| Pharmaceuticals | 3.0% |
| Student Loan | 2.8% |
| Other | 32.7% |

---

# Goldman Sachs Enhanced Income Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38145L877-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Enhanced Income Fund

# GESVX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $87 | 0.85% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds and collateralized loan obligations.

* Security selection strategies overall added value, especially the selection of specific investment grade financials and industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the three-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Enhanced Income Fund

# Service Class

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

### Fund Performance
![Growth of 10K Chart](g931546ibd20294c7a15591e57fd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/10/21** | $10000 | $10000 | $10000 |
| **3/22** | $9877 | $9916 | $9419 |
| **3/23** | $9963 | $10017 | $8969 |
| **3/24** | $10499 | $10448 | $9121 |
| **3/25** | $11004 | $10968 | $9566 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception** |
| Service Shares (Commenced December 10, 2021) | 4.81% | 2.93% |
| ICE BofAML One-Year U.S. Treasury Note Index | 4.98% | 2.83% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.33% |

---

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

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

# Goldman Sachs Enhanced Income Fund

# Service Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $597971699 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $1344048 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Short-Term Investments | 19.5% |
| Banks | 15.0% |
| Collateralized Loan Obligations | 8.9% |
| Automotive | 4.9% |
| Diversified Financial Services | 4.9% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Electrical | 3.0% |
| Pharmaceuticals | 3.0% |
| Student Loan | 2.8% |
| Other | 32.7% |

---

# Goldman Sachs Enhanced Income Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38150C457-AR-0325

# Service Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Global Core Fixed Income Fund

# GSGIX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $93 | 0.91% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively was the Fund's macro relative value country strategy, driven by its long Swedish rates vs. short Australian rates in the second quarter of 2024. The Australian central bank held its rates steady at its June meeting but did not rule out further rate hikes, while in Sweden, the Riksbank continued its cutting cycle. A long New Zealand rates vs. short Japanese rates position also enhanced results. This trade performed well in July 2024 after the Bank of Japan delivered an interest rate hike the market did not fully expect. The Fund's long Swedish rates vs. short Japanese rates position added value. In January 2025, Japanese rates sold off amid stronger inflation and wage data as well as on an interest rate hike from the Bank of Japan. In Sweden, the Riksbank cut its rates and a flare-up in perceived tariff risks saw Swedish rates rally, benefitting the Fund's position. 

* Individual issue selection within the corporate credit sector helped. Our bias toward BBB-rated credits contributed positively, as BBB-rated bonds outperformed their higher-quality counterparts. An overweight to the intermediate-maturity part of the corporate credit curve also enhanced results. The Fund's overweight to and specific selection among investment grade corporate bonds within the financials sector also contributed positively.

* Security selection within the securitized sector boosted the Fund's performance, especially among securitized credit and agency mortgage-backed securities. 

* The Fund's cross-sector strategy contributed positively due primarily to exposures to commercial mortgage-backed securities and collateralized loan obligations within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's duration and yield curve strategy proved effective given our active duration management, U.S. and European yield curve steepener positions and systematic U.S. Treasury auction strategy.

Top Detractors from Performance:

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly Chinese bonds.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened results, attributable primarily to February 2025. Higher than expected inflation in Norway, combined with strength in home prices and retail sales, led investors to rethink the Norges Bank's policy path forward.

# Goldman Sachs Global Core Fixed Income Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i767247642a2188c66530.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $9625 | $10000 | $10000 |
| **3/16** | $9786 | $10167 | $10244 |
| **3/17** | $9897 | $10283 | $10356 |
| **3/18** | $10034 | $10425 | $10610 |
| **3/19** | $10434 | $10841 | $11134 |
| **3/20** | $10944 | $11371 | $11867 |
| **3/21** | $11508 | $11956 | $12045 |
| **3/22** | $10987 | $11415 | $11573 |
| **3/23** | $10468 | $10876 | $11126 |
| **3/24** | $10904 | $11329 | $11587 |
| **3/25** | $11380 | $11824 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.37% | 0.78% | 1.69% |
| Class A including sales charges | 0.48% | 0.01% | 1.30% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Global Core Fixed Income Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $702874270 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 540% |
| Total Net Advisory Fees Paid | $3574500 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 21.8% |
| Federal Agencies | 19.9% |
| Banks | 10.3% |
| Commercial Mortgage-Backed Securities | 9.7% |
| Collateralized Loan Obligations | 5.6% |
| Collateralized Mortgage Obligations | 5.6% |
| U.S. Treasury Obligations | 5.1% |
| Automotive | 2.4% |
| Student Loan | 2.4% |
| Other | 22.4% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38141W109-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Global Core Fixed Income Fund

# GSLCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $169 | 1.66% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively was the Fund's macro relative value country strategy, driven by its long Swedish rates vs. short Australian rates in the second quarter of 2024. The Australian central bank held its rates steady at its June meeting but did not rule out further rate hikes, while in Sweden, the Riksbank continued its cutting cycle. A long New Zealand rates vs. short Japanese rates position also enhanced results. This trade performed well in July 2024 after the Bank of Japan delivered an interest rate hike the market did not fully expect. The Fund's long Swedish rates vs. short Japanese rates position added value. In January 2025, Japanese rates sold off amid stronger inflation and wage data as well as on an interest rate hike from the Bank of Japan. In Sweden, the Riksbank cut its rates and a flare-up in perceived tariff risks saw Swedish rates rally, benefitting the Fund's position. 

* Individual issue selection within the corporate credit sector helped. Our bias toward BBB-rated credits contributed positively, as BBB-rated bonds outperformed their higher-quality counterparts. An overweight to the intermediate-maturity part of the corporate credit curve also enhanced results. The Fund's overweight to and specific selection among investment grade corporate bonds within the financials sector also contributed positively.

* Security selection within the securitized sector boosted the Fund's performance, especially among securitized credit and agency mortgage-backed securities. 

* The Fund's cross-sector strategy contributed positively due primarily to exposures to commercial mortgage-backed securities and collateralized loan obligations within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's duration and yield curve strategy proved effective given our active duration management, U.S. and European yield curve steepener positions and systematic U.S. Treasury auction strategy.

Top Detractors from Performance:

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly Chinese bonds.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened results, attributable primarily to February 2025. Higher than expected inflation in Norway, combined with strength in home prices and retail sales, led investors to rethink the Norges Bank's policy path forward.

# Goldman Sachs Global Core Fixed Income Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i21a16a48fb0ecf2059a3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $9900 | $10000 | $10000 |
| **3/16** | $9982 | $10083 | $10244 |
| **3/17** | $10024 | $10125 | $10356 |
| **3/18** | $10092 | $10194 | $10610 |
| **3/19** | $10419 | $10524 | $11134 |
| **3/20** | $10843 | $10953 | $11867 |
| **3/21** | $11320 | $11435 | $12045 |
| **3/22** | $10723 | $10831 | $11573 |
| **3/23** | $10151 | $10254 | $11126 |
| **3/24** | $10487 | $10593 | $11587 |
| **3/25** | $10865 | $10974 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.60% | 0.04% | 0.93% |
| Class C including sales charges | 2.57% | 0.04% | 0.93% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Global Core Fixed Income Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $702874270 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 540% |
| Total Net Advisory Fees Paid | $3574500 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 21.8% |
| Federal Agencies | 19.9% |
| Banks | 10.3% |
| Commercial Mortgage-Backed Securities | 9.7% |
| Collateralized Loan Obligations | 5.6% |
| Collateralized Mortgage Obligations | 5.6% |
| U.S. Treasury Obligations | 5.1% |
| Automotive | 2.4% |
| Student Loan | 2.4% |
| Other | 22.4% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38142B187-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Global Core Fixed Income Fund

# GGXPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $58 | 0.57% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively was the Fund's macro relative value country strategy, driven by its long Swedish rates vs. short Australian rates in the second quarter of 2024. The Australian central bank held its rates steady at its June meeting but did not rule out further rate hikes, while in Sweden, the Riksbank continued its cutting cycle. A long New Zealand rates vs. short Japanese rates position also enhanced results. This trade performed well in July 2024 after the Bank of Japan delivered an interest rate hike the market did not fully expect. The Fund's long Swedish rates vs. short Japanese rates position added value. In January 2025, Japanese rates sold off amid stronger inflation and wage data as well as on an interest rate hike from the Bank of Japan. In Sweden, the Riksbank cut its rates and a flare-up in perceived tariff risks saw Swedish rates rally, benefitting the Fund's position. 

* Individual issue selection within the corporate credit sector helped. Our bias toward BBB-rated credits contributed positively, as BBB-rated bonds outperformed their higher-quality counterparts. An overweight to the intermediate-maturity part of the corporate credit curve also enhanced results. The Fund's overweight to and specific selection among investment grade corporate bonds within the financials sector also contributed positively.

* Security selection within the securitized sector boosted the Fund's performance, especially among securitized credit and agency mortgage-backed securities. 

* The Fund's cross-sector strategy contributed positively due primarily to exposures to commercial mortgage-backed securities and collateralized loan obligations within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's duration and yield curve strategy proved effective given our active duration management, U.S. and European yield curve steepener positions and systematic U.S. Treasury auction strategy.

Top Detractors from Performance:

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly Chinese bonds.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened results, attributable primarily to February 2025. Higher than expected inflation in Norway, combined with strength in home prices and retail sales, led investors to rethink the Norges Bank's policy path forward.

# Goldman Sachs Global Core Fixed Income Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i8e31ed578b6c0ccfa93a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/20/18** | $10000 | $10000 |
| **3/19** | $10477 | $10549 |
| **3/20** | $11026 | $11244 |
| **3/21** | $11631 | $11413 |
| **3/22** | $11139 | $10965 |
| **3/23** | $10657 | $10542 |
| **3/24** | $11137 | $10979 |
| **3/25** | $11662 | $11483 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.72% | 1.13% | 2.23% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 2.01% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Global Core Fixed Income Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $702874270 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 540% |
| Total Net Advisory Fees Paid | $3574500 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 21.8% |
| Federal Agencies | 19.9% |
| Banks | 10.3% |
| Commercial Mortgage-Backed Securities | 9.7% |
| Collateralized Loan Obligations | 5.6% |
| Collateralized Mortgage Obligations | 5.6% |
| U.S. Treasury Obligations | 5.1% |
| Automotive | 2.4% |
| Student Loan | 2.4% |
| Other | 22.4% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38150B764-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Global Core Fixed Income Fund

# GBIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $58 | 0.57% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively was the Fund's macro relative value country strategy, driven by its long Swedish rates vs. short Australian rates in the second quarter of 2024. The Australian central bank held its rates steady at its June meeting but did not rule out further rate hikes, while in Sweden, the Riksbank continued its cutting cycle. A long New Zealand rates vs. short Japanese rates position also enhanced results. This trade performed well in July 2024 after the Bank of Japan delivered an interest rate hike the market did not fully expect. The Fund's long Swedish rates vs. short Japanese rates position added value. In January 2025, Japanese rates sold off amid stronger inflation and wage data as well as on an interest rate hike from the Bank of Japan. In Sweden, the Riksbank cut its rates and a flare-up in perceived tariff risks saw Swedish rates rally, benefitting the Fund's position. 

* Individual issue selection within the corporate credit sector helped. Our bias toward BBB-rated credits contributed positively, as BBB-rated bonds outperformed their higher-quality counterparts. An overweight to the intermediate-maturity part of the corporate credit curve also enhanced results. The Fund's overweight to and specific selection among investment grade corporate bonds within the financials sector also contributed positively.

* Security selection within the securitized sector boosted the Fund's performance, especially among securitized credit and agency mortgage-backed securities. 

* The Fund's cross-sector strategy contributed positively due primarily to exposures to commercial mortgage-backed securities and collateralized loan obligations within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's duration and yield curve strategy proved effective given our active duration management, U.S. and European yield curve steepener positions and systematic U.S. Treasury auction strategy.

Top Detractors from Performance:

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly Chinese bonds.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened results, attributable primarily to February 2025. Higher than expected inflation in Norway, combined with strength in home prices and retail sales, led investors to rethink the Norges Bank's policy path forward.

# Goldman Sachs Global Core Fixed Income Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i2e5ba87917e8178c2377.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **7/31/15** | $10000 | $10000 |
| **3/16** | $10292 | $10372 |
| **3/17** | $10446 | $10485 |
| **3/18** | $10627 | $10743 |
| **3/19** | $11089 | $11273 |
| **3/20** | $11670 | $12015 |
| **3/21** | $12311 | $12196 |
| **3/22** | $11790 | $11718 |
| **3/23** | $11279 | $11265 |
| **3/24** | $11776 | $11732 |
| **3/25** | $12332 | $12270 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 4.72% | 1.11% | 2.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 2.14% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Global Core Fixed Income Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $702874270 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 540% |
| Total Net Advisory Fees Paid | $3574500 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 21.8% |
| Federal Agencies | 19.9% |
| Banks | 10.3% |
| Commercial Mortgage-Backed Securities | 9.7% |
| Collateralized Loan Obligations | 5.6% |
| Collateralized Mortgage Obligations | 5.6% |
| U.S. Treasury Obligations | 5.1% |
| Automotive | 2.4% |
| Student Loan | 2.4% |
| Other | 22.4% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38147X549-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Global Core Fixed Income Fund

# GSGLX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $59 | 0.58% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively was the Fund's macro relative value country strategy, driven by its long Swedish rates vs. short Australian rates in the second quarter of 2024. The Australian central bank held its rates steady at its June meeting but did not rule out further rate hikes, while in Sweden, the Riksbank continued its cutting cycle. A long New Zealand rates vs. short Japanese rates position also enhanced results. This trade performed well in July 2024 after the Bank of Japan delivered an interest rate hike the market did not fully expect. The Fund's long Swedish rates vs. short Japanese rates position added value. In January 2025, Japanese rates sold off amid stronger inflation and wage data as well as on an interest rate hike from the Bank of Japan. In Sweden, the Riksbank cut its rates and a flare-up in perceived tariff risks saw Swedish rates rally, benefitting the Fund's position. 

* Individual issue selection within the corporate credit sector helped. Our bias toward BBB-rated credits contributed positively, as BBB-rated bonds outperformed their higher-quality counterparts. An overweight to the intermediate-maturity part of the corporate credit curve also enhanced results. The Fund's overweight to and specific selection among investment grade corporate bonds within the financials sector also contributed positively.

* Security selection within the securitized sector boosted the Fund's performance, especially among securitized credit and agency mortgage-backed securities. 

* The Fund's cross-sector strategy contributed positively due primarily to exposures to commercial mortgage-backed securities and collateralized loan obligations within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's duration and yield curve strategy proved effective given our active duration management, U.S. and European yield curve steepener positions and systematic U.S. Treasury auction strategy.

Top Detractors from Performance:

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly Chinese bonds.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened results, attributable primarily to February 2025. Higher than expected inflation in Norway, combined with strength in home prices and retail sales, led investors to rethink the Norges Bank's policy path forward.

# Goldman Sachs Global Core Fixed Income Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ic7f7e330168f2dfaeb61.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $1000000 | $1000000 |
| **3/16** | $1020100 | $1024400 |
| **3/17** | $1035197 | $1035566 |
| **3/18** | $1053003 | $1061041 |
| **3/19** | $1098703 | $1113350 |
| **3/20** | $1156165 | $1186720 |
| **3/21** | $1219523 | $1204521 |
| **3/22** | $1167815 | $1157304 |
| **3/23** | $1116081 | $1112632 |
| **3/24** | $1166193 | $1158695 |
| **3/25** | $1221121 | $1211879 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.71% | 1.10% | 2.02% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Global Core Fixed Income Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $702874270 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 540% |
| Total Net Advisory Fees Paid | $3574500 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 21.8% |
| Federal Agencies | 19.9% |
| Banks | 10.3% |
| Commercial Mortgage-Backed Securities | 9.7% |
| Collateralized Loan Obligations | 5.6% |
| Collateralized Mortgage Obligations | 5.6% |
| U.S. Treasury Obligations | 5.1% |
| Automotive | 2.4% |
| Student Loan | 2.4% |
| Other | 22.4% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38141W737-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Global Core Fixed Income Fund

# GBIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $68 | 0.66% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively was the Fund's macro relative value country strategy, driven by its long Swedish rates vs. short Australian rates in the second quarter of 2024. The Australian central bank held its rates steady at its June meeting but did not rule out further rate hikes, while in Sweden, the Riksbank continued its cutting cycle. A long New Zealand rates vs. short Japanese rates position also enhanced results. This trade performed well in July 2024 after the Bank of Japan delivered an interest rate hike the market did not fully expect. The Fund's long Swedish rates vs. short Japanese rates position added value. In January 2025, Japanese rates sold off amid stronger inflation and wage data as well as on an interest rate hike from the Bank of Japan. In Sweden, the Riksbank cut its rates and a flare-up in perceived tariff risks saw Swedish rates rally, benefitting the Fund's position. 

* Individual issue selection within the corporate credit sector helped. Our bias toward BBB-rated credits contributed positively, as BBB-rated bonds outperformed their higher-quality counterparts. An overweight to the intermediate-maturity part of the corporate credit curve also enhanced results. The Fund's overweight to and specific selection among investment grade corporate bonds within the financials sector also contributed positively.

* Security selection within the securitized sector boosted the Fund's performance, especially among securitized credit and agency mortgage-backed securities. 

* The Fund's cross-sector strategy contributed positively due primarily to exposures to commercial mortgage-backed securities and collateralized loan obligations within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's duration and yield curve strategy proved effective given our active duration management, U.S. and European yield curve steepener positions and systematic U.S. Treasury auction strategy.

Top Detractors from Performance:

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly Chinese bonds.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened results, attributable primarily to February 2025. Higher than expected inflation in Norway, combined with strength in home prices and retail sales, led investors to rethink the Norges Bank's policy path forward.

# Goldman Sachs Global Core Fixed Income Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i65cd100a793daf4e2548.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10196 | $10244 |
| **3/17** | $10338 | $10356 |
| **3/18** | $10506 | $10610 |
| **3/19** | $10953 | $11134 |
| **3/20** | $11509 | $11867 |
| **3/21** | $12134 | $12045 |
| **3/22** | $11611 | $11573 |
| **3/23** | $11098 | $11126 |
| **3/24** | $11590 | $11587 |
| **3/25** | $12126 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 4.63% | 1.05% | 1.94% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Global Core Fixed Income Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $702874270 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 540% |
| Total Net Advisory Fees Paid | $3574500 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 21.8% |
| Federal Agencies | 19.9% |
| Banks | 10.3% |
| Commercial Mortgage-Backed Securities | 9.7% |
| Collateralized Loan Obligations | 5.6% |
| Collateralized Mortgage Obligations | 5.6% |
| U.S. Treasury Obligations | 5.1% |
| Automotive | 2.4% |
| Student Loan | 2.4% |
| Other | 22.4% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38144N155-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Global Core Fixed Income Fund

# GGISX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $110 | 1.08% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively was the Fund's macro relative value country strategy, driven by its long Swedish rates vs. short Australian rates in the second quarter of 2024. The Australian central bank held its rates steady at its June meeting but did not rule out further rate hikes, while in Sweden, the Riksbank continued its cutting cycle. A long New Zealand rates vs. short Japanese rates position also enhanced results. This trade performed well in July 2024 after the Bank of Japan delivered an interest rate hike the market did not fully expect. The Fund's long Swedish rates vs. short Japanese rates position added value. In January 2025, Japanese rates sold off amid stronger inflation and wage data as well as on an interest rate hike from the Bank of Japan. In Sweden, the Riksbank cut its rates and a flare-up in perceived tariff risks saw Swedish rates rally, benefitting the Fund's position. 

* Individual issue selection within the corporate credit sector helped. Our bias toward BBB-rated credits contributed positively, as BBB-rated bonds outperformed their higher-quality counterparts. An overweight to the intermediate-maturity part of the corporate credit curve also enhanced results. The Fund's overweight to and specific selection among investment grade corporate bonds within the financials sector also contributed positively.

* Security selection within the securitized sector boosted the Fund's performance, especially among securitized credit and agency mortgage-backed securities. 

* The Fund's cross-sector strategy contributed positively due primarily to exposures to commercial mortgage-backed securities and collateralized loan obligations within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's duration and yield curve strategy proved effective given our active duration management, U.S. and European yield curve steepener positions and systematic U.S. Treasury auction strategy.

Top Detractors from Performance:

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly Chinese bonds.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened results, attributable primarily to February 2025. Higher than expected inflation in Norway, combined with strength in home prices and retail sales, led investors to rethink the Norges Bank's policy path forward.

# Goldman Sachs Global Core Fixed Income Fund

# Service Class

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

### Fund Performance
![Growth of 10K Chart](g931546if74f4d37d4ee10d349bd.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $10000 | $10000 |
| **3/16** | $10124 | $10244 |
| **3/17** | $10215 | $10356 |
| **3/18** | $10349 | $10610 |
| **3/19** | $10737 | $11134 |
| **3/20** | $11245 | $11867 |
| **3/21** | $11805 | $12045 |
| **3/22** | $11245 | $11573 |
| **3/23** | $10698 | $11126 |
| **3/24** | $11114 | $11587 |
| **3/25** | $11581 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 4.20% | 0.59% | 1.48% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Global Core Fixed Income Fund

# Service Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $702874270 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 540% |
| Total Net Advisory Fees Paid | $3574500 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 21.8% |
| Federal Agencies | 19.9% |
| Banks | 10.3% |
| Commercial Mortgage-Backed Securities | 9.7% |
| Collateralized Loan Obligations | 5.6% |
| Collateralized Mortgage Obligations | 5.6% |
| U.S. Treasury Obligations | 5.1% |
| Automotive | 2.4% |
| Student Loan | 2.4% |
| Other | 22.4% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38141W729-AR-0325

# Service Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GSGOX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $83 | 0.81% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i6eb79328a0428a2d26ca.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9625 | $10000 | $10000 | $10000 |
| **3/16** | $9786 | $10167 | $10239 | $10196 |
| **3/17** | $9699 | $10077 | $10166 | $10241 |
| **3/18** | $9700 | $10078 | $10225 | $10364 |
| **3/19** | $10035 | $10426 | $10665 | $10828 |
| **3/20** | $10924 | $11350 | $11803 | $11795 |
| **3/21** | $10735 | $11154 | $11500 | $11879 |
| **3/22** | $10218 | $10616 | $11017 | $11386 |
| **3/23** | $9668 | $10045 | $10511 | $10842 |
| **3/24** | $9723 | $10102 | $10575 | $11026 |
| **3/25** | $10142 | $10538 | $11087 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.31% | -1.48% | 0.52% |
| Class A including sales charges | 0.40% | -2.23% | 0.14% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Government Income Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38141W604-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GSOCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $159 | 1.56% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i8885eb7e34bdf0d96efc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 |
| **3/16** | $9990 | $10091 | $10239 | $10196 |
| **3/17** | $9827 | $9927 | $10166 | $10241 |
| **3/18** | $9755 | $9853 | $10225 | $10364 |
| **3/19** | $10017 | $10118 | $10665 | $10828 |
| **3/20** | $10830 | $10940 | $11803 | $11795 |
| **3/21** | $10556 | $10663 | $11500 | $11879 |
| **3/22** | $9974 | $10074 | $11017 | $11386 |
| **3/23** | $9366 | $9461 | $10511 | $10842 |
| **3/24** | $9348 | $9443 | $10575 | $11026 |
| **3/25** | $9678 | $9776 | $11087 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.53% | -2.22% | -0.23% |
| Class C including sales charges | 2.51% | -2.22% | -0.23% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Government Income Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38142B211-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GGTPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $50 | 0.49% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546ida781c3b2e7209999d38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10455 | $10517 | $10538 |
| **3/20** | $11420 | $11639 | $11479 |
| **3/21** | $11258 | $11340 | $11561 |
| **3/22** | $10756 | $10864 | $11081 |
| **3/23** | $10208 | $10365 | $10551 |
| **3/24** | $10298 | $10428 | $10730 |
| **3/25** | $10768 | $10933 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.56% | -1.17% | 1.07% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Government Income Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38150B723-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GSORX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $108 | 1.06% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Class R

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

### Fund Performance
![Growth of 10K Chart](g931546i228d614b18d89906ae87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10142 | $10239 | $10196 |
| **3/17** | $10026 | $10166 | $10241 |
| **3/18** | $10008 | $10225 | $10364 |
| **3/19** | $10322 | $10665 | $10828 |
| **3/20** | $11216 | $11803 | $11795 |
| **3/21** | $10987 | $11500 | $11879 |
| **3/22** | $10437 | $11017 | $11386 |
| **3/23** | $9851 | $10511 | $10842 |
| **3/24** | $9881 | $10575 | $11026 |
| **3/25** | $10273 | $11087 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 3.97% | -1.74% | 0.27% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Government Income Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38145N352-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GSOUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $50 | 0.49% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i2fbfaa8747030bdd1749.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $10252 | $10287 | $10299 |
| **3/17** | $10190 | $10214 | $10344 |
| **3/18** | $10234 | $10273 | $10468 |
| **3/19** | $10618 | $10715 | $10937 |
| **3/20** | $11606 | $11858 | $11914 |
| **3/21** | $11433 | $11553 | $11999 |
| **3/22** | $10923 | $11068 | $11501 |
| **3/23** | $10367 | $10560 | $10951 |
| **3/24** | $10458 | $10625 | $11137 |
| **3/25** | $10935 | $11139 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 4.56% | -1.18% | 0.93% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.12% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs Government Income Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38147X572-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GSOIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $51 | 0.50% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546i6a8d6ce1fa0f8a1cec62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1020100 | $1023900 | $1019600 |
| **3/17** | $1014387 | $1016630 | $1024086 |
| **3/18** | $1017938 | $1022527 | $1036375 |
| **3/19** | $1056009 | $1066495 | $1082805 |
| **3/20** | $1154112 | $1180290 | $1179499 |
| **3/21** | $1136800 | $1149957 | $1187874 |
| **3/22** | $1085985 | $1101659 | $1138577 |
| **3/23** | $1030600 | $1051093 | $1084153 |
| **3/24** | $1039566 | $1057504 | $1102584 |
| **3/25** | $1087698 | $1108688 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.63% | -1.18% | 0.84% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Government Income Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38142V761-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GSOTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $57 | 0.56% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i3a166aa84ae9fca5f50a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10192 | $10239 | $10196 |
| **3/17** | $10127 | $10166 | $10241 |
| **3/18** | $10153 | $10225 | $10364 |
| **3/19** | $10531 | $10665 | $10828 |
| **3/20** | $11500 | $11803 | $11795 |
| **3/21** | $11321 | $11500 | $11879 |
| **3/22** | $10810 | $11017 | $11386 |
| **3/23** | $10254 | $10511 | $10842 |
| **3/24** | $10338 | $10575 | $11026 |
| **3/25** | $10811 | $11087 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 4.57% | -1.23% | 0.78% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Government Income Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38145N345-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Government Income Fund

# GSOSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $102 | 1.00% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to commercial mortgage-backed securities (CMBS) and agency debt. CMBS performed well, as lower rates amid the Fed's cutting cycle helped refinancing. Resiliency within trophy office properties and retail properties also helped the sector. Agency debt performed well, as the sector provided attractive spreads and elevated yields. 

* Security selection strategies overall added value, especially the selection of agency mortgage-backed securities. Within the sector, selection of specific Ginnie Mae securities helped most.

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to results. More specifically, our tactical auction month-end strategies helped performance. Our two-year to 10-year steepener trades also proved beneficial. 

Top Detractors from Performance:

* Selection within the government/swaps sector detracted from the Fund's relative results, driven by our specific selection of agency debt securities.

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period. 

# Goldman Sachs Government Income Fund

# Service Class

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

### Fund Performance
![Growth of 10K Chart](g931546ifa2d91aafb8e8bad9181.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **Bloomberg U.S. Government/Mortgage Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10151 | $10239 | $10196 |
| **3/17** | $10044 | $10166 | $10241 |
| **3/18** | $10028 | $10225 | $10364 |
| **3/19** | $10359 | $10665 | $10828 |
| **3/20** | $11258 | $11803 | $11795 |
| **3/21** | $11041 | $11500 | $11879 |
| **3/22** | $10487 | $11017 | $11386 |
| **3/23** | $9909 | $10511 | $10842 |
| **3/24** | $9946 | $10575 | $11026 |
| **3/25** | $10347 | $11087 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 4.03% | -1.67% | 0.34% |
| Bloomberg U.S. Government/Mortgage Index | 4.84% | -1.24% | 1.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Government Income Fund

# Service Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $120771404 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 830% |
| Total Net Advisory Fees Paid | $559422 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 52.0% |
| U.S. Treasury Obligations | 31.3% |
| Agency Debentures | 19.5% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Municipal Government Obligation | 1.7% |
| Student Loan | 1.3% |
| Collateralized Loan Obligations | 0.8% |
| Automotive | 0.6% |

---

# Goldman Sachs Government Income Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Government Income Fund

# 38142V753-AR-0325

# Service Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Floating Rate Fund

# GFRAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $102 | 1.00% |

---

## How did the Fund perform and what affected its performance?
The broad high yield floating rate bond market generated gains due in large part to the Federal Reserve's monetary policy stance. Higher coupon income, driven by the Federal Reserve's interest rate hikes as well as by strong corporate earnings and supportive supply/demand dynamics, bolstered performance overall.

Top Contributors to Performance:

* The Fund's regional positioning added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from an overweight in Europe ex-U.K. credits and an underweight in U.S. credits. 

* Within individual issue selection, the Fund was helped by an investment in charter corporate jet and aviation company VistaJet as well as by the avoidance of investments in Naked Juice, a producer of juices and smoothies, and GoTo Technologies USA, a software as a service company.

* Within credit quality positioning, an underweight in CCC-rated issues added to relative performance.

* The Fund's tactical allocation to high yield corporate bonds and its exposure to restructured equities, neither of which are held by the Index, contributed positively to returns.

Top Detractors from Performance:

* Overall, industry allocations, individual issue selection and credit quality positioning detracted from the Fund's relative returns. 

* Within industry allocations, the Fund was hurt by underweights in non-cable media and in cable and satellite TV. An overweight in autos further dampened relative results. 

* In terms of individual issue selection, the Fund was hindered by its overweight positions in Physician Partners, a primary care physician group and managed care company; Ascend Performance Materials, which manufactures chemicals, fibers and plastic products; and Cumulus Media, a broadcasting company. 

* Within credit quality positioning, the Fund's overweight versus the Index in B-rated issues and its underweight in BB-rated issues detracted from relative performance.

* From a regional positioning perspective, an underweight in Canadian credits dampened results.

* The Fund's cash position, as well as the tactical use of credit default swaps and total returns swaps, limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546ia6fc4e6fd56b420ed63e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9775 | $10000 | $10000 | $10000 |
| **3/16** | $9687 | $9910 | $9889 | $10196 |
| **3/17** | $10353 | $10591 | $10852 | $10241 |
| **3/18** | $10663 | $10909 | $11356 | $10364 |
| **3/19** | $10831 | $11080 | $11734 | $10828 |
| **3/20** | $9588 | $9809 | $10618 | $11795 |
| **3/21** | $11790 | $12061 | $12823 | $11879 |
| **3/22** | $12005 | $12282 | $13235 | $11386 |
| **3/23** | $12098 | $12376 | $13516 | $10842 |
| **3/24** | $13460 | $13770 | $15189 | $11026 |
| **3/25** | $14117 | $14442 | $16255 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.88% | 8.04% | 3.74% |
| Class A including sales charges | 2.58% | 7.55% | 3.50% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 7.02% | 8.89% | 4.97% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Floating Rate Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1875143044 |
| # of Portfolio Holdings | 375 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid | $11060381 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the period as a result of reductions in interest and other fixed expenses.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Technology - Software | 6.9% |
| Chemicals | 5.3% |
| Commercial Services | 5.2% |
| Insurance | 4.4% |
| Packaging | 4.2% |
| Diversified Financial Services | 3.6% |
| Building Materials | 3.4% |
| Aerospace & Defense | 3.4% |
| Consumer Cyclical Services | 3.3% |
| Other | 63.7% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C471-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Floating Rate Fund

# GFRCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $179 | 1.75% |

---

## How did the Fund perform and what affected its performance?
The broad high yield floating rate bond market generated gains due in large part to the Federal Reserve's monetary policy stance. Higher coupon income, driven by the Federal Reserve's interest rate hikes as well as by strong corporate earnings and supportive supply/demand dynamics, bolstered performance overall.

Top Contributors to Performance:

* The Fund's regional positioning added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from an overweight in Europe ex-U.K. credits and an underweight in U.S. credits. 

* Within individual issue selection, the Fund was helped by an investment in charter corporate jet and aviation company VistaJet as well as by the avoidance of investments in Naked Juice, a producer of juices and smoothies, and GoTo Technologies USA, a software as a service company.

* Within credit quality positioning, an underweight in CCC-rated issues added to relative performance.

* The Fund's tactical allocation to high yield corporate bonds and its exposure to restructured equities, neither of which are held by the Index, contributed positively to returns.

Top Detractors from Performance:

* Overall, industry allocations, individual issue selection and credit quality positioning detracted from the Fund's relative returns. 

* Within industry allocations, the Fund was hurt by underweights in non-cable media and in cable and satellite TV. An overweight in autos further dampened relative results. 

* In terms of individual issue selection, the Fund was hindered by its overweight positions in Physician Partners, a primary care physician group and managed care company; Ascend Performance Materials, which manufactures chemicals, fibers and plastic products; and Cumulus Media, a broadcasting company. 

* Within credit quality positioning, the Fund's overweight versus the Index in B-rated issues and its underweight in BB-rated issues detracted from relative performance.

* From a regional positioning perspective, an underweight in Canadian credits dampened results.

* The Fund's cash position, as well as the tactical use of credit default swaps and total returns swaps, limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i23481fe3e5643e222ab9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 |
| **3/16** | $9738 | $9836 | $9889 | $10196 |
| **3/17** | $10329 | $10433 | $10852 | $10241 |
| **3/18** | $10559 | $10666 | $11356 | $10364 |
| **3/19** | $10645 | $10752 | $11734 | $10828 |
| **3/20** | $9353 | $9448 | $10618 | $11795 |
| **3/21** | $11428 | $11543 | $12823 | $11879 |
| **3/22** | $11538 | $11654 | $13235 | $11386 |
| **3/23** | $11540 | $11657 | $13516 | $10842 |
| **3/24** | $12745 | $12873 | $15189 | $11026 |
| **3/25** | $13267 | $13401 | $16255 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.10% | 7.24% | 2.97% |
| Class C including sales charges | 3.06% | 7.24% | 2.97% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 7.02% | 8.89% | 4.97% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Floating Rate Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1875143044 |
| # of Portfolio Holdings | 375 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid | $11060381 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the period as a result of reductions in interest and other fixed expenses.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Technology - Software | 6.9% |
| Chemicals | 5.3% |
| Commercial Services | 5.2% |
| Insurance | 4.4% |
| Packaging | 4.2% |
| Diversified Financial Services | 3.6% |
| Building Materials | 3.4% |
| Aerospace & Defense | 3.4% |
| Consumer Cyclical Services | 3.3% |
| Other | 63.7% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C463-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Floating Rate Fund

# GGNPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $71 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad high yield floating rate bond market generated gains due in large part to the Federal Reserve's monetary policy stance. Higher coupon income, driven by the Federal Reserve's interest rate hikes as well as by strong corporate earnings and supportive supply/demand dynamics, bolstered performance overall.

Top Contributors to Performance:

* The Fund's regional positioning added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from an overweight in Europe ex-U.K. credits and an underweight in U.S. credits. 

* Within individual issue selection, the Fund was helped by an investment in charter corporate jet and aviation company VistaJet as well as by the avoidance of investments in Naked Juice, a producer of juices and smoothies, and GoTo Technologies USA, a software as a service company.

* Within credit quality positioning, an underweight in CCC-rated issues added to relative performance.

* The Fund's tactical allocation to high yield corporate bonds and its exposure to restructured equities, neither of which are held by the Index, contributed positively to returns.

Top Detractors from Performance:

* Overall, industry allocations, individual issue selection and credit quality positioning detracted from the Fund's relative returns. 

* Within industry allocations, the Fund was hurt by underweights in non-cable media and in cable and satellite TV. An overweight in autos further dampened relative results. 

* In terms of individual issue selection, the Fund was hindered by its overweight positions in Physician Partners, a primary care physician group and managed care company; Ascend Performance Materials, which manufactures chemicals, fibers and plastic products; and Cumulus Media, a broadcasting company. 

* Within credit quality positioning, the Fund's overweight versus the Index in B-rated issues and its underweight in BB-rated issues detracted from relative performance.

* From a regional positioning perspective, an underweight in Canadian credits dampened results.

* The Fund's cash position, as well as the tactical use of credit default swaps and total returns swaps, limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546ibd94c8b8974cc61e546f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10132 | $10288 | $10538 |
| **3/20** | $9003 | $9310 | $11479 |
| **3/21** | $11118 | $11243 | $11561 |
| **3/22** | $11361 | $11604 | $11081 |
| **3/23** | $11489 | $11850 | $10551 |
| **3/24** | $12825 | $13317 | $10730 |
| **3/25** | $13493 | $14252 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.21% | 8.42% | 4.40% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 7.02% | 8.89% | 5.23% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs High Yield Floating Rate Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1875143044 |
| # of Portfolio Holdings | 375 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid | $11060381 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the period as a result of reductions in interest and other fixed expenses.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Technology - Software | 6.9% |
| Chemicals | 5.3% |
| Commercial Services | 5.2% |
| Insurance | 4.4% |
| Packaging | 4.2% |
| Diversified Financial Services | 3.6% |
| Building Materials | 3.4% |
| Aerospace & Defense | 3.4% |
| Consumer Cyclical Services | 3.3% |
| Other | 63.7% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38150B665-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Floating Rate Fund

# GFRRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $128 | 1.25% |

---

## How did the Fund perform and what affected its performance?
The broad high yield floating rate bond market generated gains due in large part to the Federal Reserve's monetary policy stance. Higher coupon income, driven by the Federal Reserve's interest rate hikes as well as by strong corporate earnings and supportive supply/demand dynamics, bolstered performance overall.

Top Contributors to Performance:

* The Fund's regional positioning added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from an overweight in Europe ex-U.K. credits and an underweight in U.S. credits. 

* Within individual issue selection, the Fund was helped by an investment in charter corporate jet and aviation company VistaJet as well as by the avoidance of investments in Naked Juice, a producer of juices and smoothies, and GoTo Technologies USA, a software as a service company.

* Within credit quality positioning, an underweight in CCC-rated issues added to relative performance.

* The Fund's tactical allocation to high yield corporate bonds and its exposure to restructured equities, neither of which are held by the Index, contributed positively to returns.

Top Detractors from Performance:

* Overall, industry allocations, individual issue selection and credit quality positioning detracted from the Fund's relative returns. 

* Within industry allocations, the Fund was hurt by underweights in non-cable media and in cable and satellite TV. An overweight in autos further dampened relative results. 

* In terms of individual issue selection, the Fund was hindered by its overweight positions in Physician Partners, a primary care physician group and managed care company; Ascend Performance Materials, which manufactures chemicals, fibers and plastic products; and Cumulus Media, a broadcasting company. 

* Within credit quality positioning, the Fund's overweight versus the Index in B-rated issues and its underweight in BB-rated issues detracted from relative performance.

* From a regional positioning perspective, an underweight in Canadian credits dampened results.

* The Fund's cash position, as well as the tactical use of credit default swaps and total returns swaps, limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class R

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

### Fund Performance
![Growth of 10K Chart](g931546i15e87de9941368886345.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9886 | $9889 | $10196 |
| **3/17** | $10539 | $10852 | $10241 |
| **3/18** | $10828 | $11356 | $10364 |
| **3/19** | $10970 | $11734 | $10828 |
| **3/20** | $9690 | $10618 | $11795 |
| **3/21** | $11889 | $12823 | $11879 |
| **3/22** | $12076 | $13235 | $11386 |
| **3/23** | $12139 | $13516 | $10842 |
| **3/24** | $13473 | $15189 | $11026 |
| **3/25** | $14096 | $16255 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 4.62% | 7.78% | 3.49% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 7.02% | 8.89% | 4.97% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Floating Rate Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1875143044 |
| # of Portfolio Holdings | 375 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid | $11060381 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the period as a result of reductions in interest and other fixed expenses.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Technology - Software | 6.9% |
| Chemicals | 5.3% |
| Commercial Services | 5.2% |
| Insurance | 4.4% |
| Packaging | 4.2% |
| Diversified Financial Services | 3.6% |
| Building Materials | 3.4% |
| Aerospace & Defense | 3.4% |
| Consumer Cyclical Services | 3.3% |
| Other | 63.7% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C430-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Floating Rate Fund

# GFRSX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $71 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad high yield floating rate bond market generated gains due in large part to the Federal Reserve's monetary policy stance. Higher coupon income, driven by the Federal Reserve's interest rate hikes as well as by strong corporate earnings and supportive supply/demand dynamics, bolstered performance overall.

Top Contributors to Performance:

* The Fund's regional positioning added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from an overweight in Europe ex-U.K. credits and an underweight in U.S. credits. 

* Within individual issue selection, the Fund was helped by an investment in charter corporate jet and aviation company VistaJet as well as by the avoidance of investments in Naked Juice, a producer of juices and smoothies, and GoTo Technologies USA, a software as a service company.

* Within credit quality positioning, an underweight in CCC-rated issues added to relative performance.

* The Fund's tactical allocation to high yield corporate bonds and its exposure to restructured equities, neither of which are held by the Index, contributed positively to returns.

Top Detractors from Performance:

* Overall, industry allocations, individual issue selection and credit quality positioning detracted from the Fund's relative returns. 

* Within industry allocations, the Fund was hurt by underweights in non-cable media and in cable and satellite TV. An overweight in autos further dampened relative results. 

* In terms of individual issue selection, the Fund was hindered by its overweight positions in Physician Partners, a primary care physician group and managed care company; Ascend Performance Materials, which manufactures chemicals, fibers and plastic products; and Cumulus Media, a broadcasting company. 

* Within credit quality positioning, the Fund's overweight versus the Index in B-rated issues and its underweight in BB-rated issues detracted from relative performance.

* From a regional positioning perspective, an underweight in Canadian credits dampened results.

* The Fund's cash position, as well as the tactical use of credit default swaps and total returns swaps, limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546id61e7e0922f82cf7fb06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 |
| **3/18** | $10117 | $10197 | $9899 |
| **3/19** | $10301 | $10537 | $10342 |
| **3/20** | $9154 | $9535 | $11266 |
| **3/21** | $11291 | $11515 | $11346 |
| **3/22** | $11537 | $11884 | $10875 |
| **3/23** | $11666 | $12136 | $10355 |
| **3/24** | $13024 | $13639 | $10531 |
| **3/25** | $13702 | $14596 | $11045 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 5.20% | 8.40% | 4.38% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 7.02% | 8.89% | 5.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.36% |

---

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

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

# Goldman Sachs High Yield Floating Rate Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1875143044 |
| # of Portfolio Holdings | 375 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid | $11060381 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the period as a result of reductions in interest and other fixed expenses.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Technology - Software | 6.9% |
| Chemicals | 5.3% |
| Commercial Services | 5.2% |
| Insurance | 4.4% |
| Packaging | 4.2% |
| Diversified Financial Services | 3.6% |
| Building Materials | 3.4% |
| Aerospace & Defense | 3.4% |
| Consumer Cyclical Services | 3.3% |
| Other | 63.7% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145L166-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Floating Rate Fund

# GSFRX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $72 | 0.70% |

---

## How did the Fund perform and what affected its performance?
The broad high yield floating rate bond market generated gains due in large part to the Federal Reserve's monetary policy stance. Higher coupon income, driven by the Federal Reserve's interest rate hikes as well as by strong corporate earnings and supportive supply/demand dynamics, bolstered performance overall.

Top Contributors to Performance:

* The Fund's regional positioning added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from an overweight in Europe ex-U.K. credits and an underweight in U.S. credits. 

* Within individual issue selection, the Fund was helped by an investment in charter corporate jet and aviation company VistaJet as well as by the avoidance of investments in Naked Juice, a producer of juices and smoothies, and GoTo Technologies USA, a software as a service company.

* Within credit quality positioning, an underweight in CCC-rated issues added to relative performance.

* The Fund's tactical allocation to high yield corporate bonds and its exposure to restructured equities, neither of which are held by the Index, contributed positively to returns.

Top Detractors from Performance:

* Overall, industry allocations, individual issue selection and credit quality positioning detracted from the Fund's relative returns. 

* Within industry allocations, the Fund was hurt by underweights in non-cable media and in cable and satellite TV. An overweight in autos further dampened relative results. 

* In terms of individual issue selection, the Fund was hindered by its overweight positions in Physician Partners, a primary care physician group and managed care company; Ascend Performance Materials, which manufactures chemicals, fibers and plastic products; and Cumulus Media, a broadcasting company. 

* Within credit quality positioning, the Fund's overweight versus the Index in B-rated issues and its underweight in BB-rated issues detracted from relative performance.

* From a regional positioning perspective, an underweight in Canadian credits dampened results.

* The Fund's cash position, as well as the tactical use of credit default swaps and total returns swaps, limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546i6ecfa0cf59a48bf0f667.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $994400 | $988900 | $1019600 |
| **3/17** | $1065201 | $1085219 | $1024086 |
| **3/18** | $1101951 | $1135573 | $1036375 |
| **3/19** | $1121896 | $1173388 | $1082805 |
| **3/20** | $997814 | $1061798 | $1179499 |
| **3/21** | $1230704 | $1282334 | $1187874 |
| **3/22** | $1256057 | $1323497 | $1138577 |
| **3/23** | $1269873 | $1351555 | $1084153 |
| **3/24** | $1417560 | $1518878 | $1102584 |
| **3/25** | $1491131 | $1625503 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.19% | 8.36% | 4.07% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 7.02% | 8.89% | 4.97% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Floating Rate Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1875143044 |
| # of Portfolio Holdings | 375 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid | $11060381 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the period as a result of reductions in interest and other fixed expenses.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Technology - Software | 6.9% |
| Chemicals | 5.3% |
| Commercial Services | 5.2% |
| Insurance | 4.4% |
| Packaging | 4.2% |
| Diversified Financial Services | 3.6% |
| Building Materials | 3.4% |
| Aerospace & Defense | 3.4% |
| Consumer Cyclical Services | 3.3% |
| Other | 63.7% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C455-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Floating Rate Fund

# GFRIX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $77 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad high yield floating rate bond market generated gains due in large part to the Federal Reserve's monetary policy stance. Higher coupon income, driven by the Federal Reserve's interest rate hikes as well as by strong corporate earnings and supportive supply/demand dynamics, bolstered performance overall.

Top Contributors to Performance:

* The Fund's regional positioning added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from an overweight in Europe ex-U.K. credits and an underweight in U.S. credits. 

* Within individual issue selection, the Fund was helped by an investment in charter corporate jet and aviation company VistaJet as well as by the avoidance of investments in Naked Juice, a producer of juices and smoothies, and GoTo Technologies USA, a software as a service company.

* Within credit quality positioning, an underweight in CCC-rated issues added to relative performance.

* The Fund's tactical allocation to high yield corporate bonds and its exposure to restructured equities, neither of which are held by the Index, contributed positively to returns.

Top Detractors from Performance:

* Overall, industry allocations, individual issue selection and credit quality positioning detracted from the Fund's relative returns. 

* Within industry allocations, the Fund was hurt by underweights in non-cable media and in cable and satellite TV. An overweight in autos further dampened relative results. 

* In terms of individual issue selection, the Fund was hindered by its overweight positions in Physician Partners, a primary care physician group and managed care company; Ascend Performance Materials, which manufactures chemicals, fibers and plastic products; and Cumulus Media, a broadcasting company. 

* Within credit quality positioning, the Fund's overweight versus the Index in B-rated issues and its underweight in BB-rated issues detracted from relative performance.

* From a regional positioning perspective, an underweight in Canadian credits dampened results.

* The Fund's cash position, as well as the tactical use of credit default swaps and total returns swaps, limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i8c7f7d6cfb47353793a2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9936 | $9889 | $10196 |
| **3/17** | $10634 | $10852 | $10241 |
| **3/18** | $10991 | $11356 | $10364 |
| **3/19** | $11192 | $11734 | $10828 |
| **3/20** | $9937 | $10618 | $11795 |
| **3/21** | $12258 | $12823 | $11879 |
| **3/22** | $12500 | $13235 | $11386 |
| **3/23** | $12630 | $13516 | $10842 |
| **3/24** | $14103 | $15189 | $11026 |
| **3/25** | $14829 | $16255 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.15% | 8.33% | 4.01% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 7.02% | 8.89% | 4.97% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs High Yield Floating Rate Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1875143044 |
| # of Portfolio Holdings | 375 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid | $11060381 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the period as a result of reductions in interest and other fixed expenses.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Technology - Software | 6.9% |
| Chemicals | 5.3% |
| Commercial Services | 5.2% |
| Insurance | 4.4% |
| Packaging | 4.2% |
| Diversified Financial Services | 3.6% |
| Building Materials | 3.4% |
| Aerospace & Defense | 3.4% |
| Consumer Cyclical Services | 3.3% |
| Other | 63.7% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C448-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Income Fund

# GSCHX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $98 | 0.95% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results were its security selection strategies, especially within the corporate credit sector where our bias towards BBB-rated credits added significant value. BBB-rated bonds outperformed their higher-quality counterparts during the annual period. The Fund's overweight to and specific selection among investment grade corporate bonds, specifically financials and industrials, also boosted performance.

* Individual issue selection within the securitized sector contributed positively to performance due to the portfolio's exposure to collateralized loan obligations and non-agency mortgage-backed securities. Selection among agency mortgage-backed securities helped as well.

Top Detractors from Performance:

* The Fund's cross-sector strategy detracted most from its performance, driven by its overweight to spread, or non-Treasury, sectors that we balanced with an overweight to U.S. Treasuries. During the annual period, U.S. Treasury yields sold off, with two-year U.S. Treasury yields climbing 54 basis points in October 2024 alone due to concerns surrounding tariffs and their potential inflationary impact—as well as the risk of a higher fiscal deficit. This reduced the number of interest rate cuts from the Fed to be priced in by the market. In December 2024, U.S. Treasury yields sold off further, as the Fed's meeting that month brought with it a cautious narrative and a hawkish revision to its statement of economic projections.

* The Fund's duration positioning detracted, primarily driven by the Fund's U.S. Treasury yield curve steepener position. For most of the annual period, the Fund had a shorter duration stance than that of the Bloomberg U.S. Aggregate Bond Index. At the end of the annual period, the Fund had a slightly longer duration stance than that of the Bloomberg U.S. Aggregate Bond Index. 

* Individual issue selection within the government/swaps and external emerging markets debt sectors dampened Fund performance. 

# Goldman Sachs Income Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546if8f481a543162f6fcb87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $9625 | $10000 | $10000 |
| **3/20** | $8649 | $8986 | $10276 |
| **3/21** | $10374 | $10778 | $10349 |
| **3/22** | $10077 | $10470 | $9919 |
| **3/23** | $9689 | $10066 | $9445 |
| **3/24** | $10689 | $11105 | $9606 |
| **3/25** | $11347 | $11789 | $10075 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class A (Commenced December 3, 2019) | 6.16% | 5.58% | 3.14% |
| Class A including sales charges | 2.15% | 4.77% | 2.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 0.14% |

---

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

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

# Goldman Sachs Income Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $138321310 |
| # of Portfolio Holdings | 583 |
| Portfolio Turnover Rate | 761% |
| Total Net Advisory Fees Paid | $641827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 13.5% |
| Banks | 13.0% |
| Collateralized Loan Obligations | 6.7% |
| Pipelines | 6.0% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Diversified Financial Services | 4.9% |
| Oil Field Services | 4.2% |
| Software | 3.3% |
| Sovereign Debt Obligations | 3.1% |
| Other | 51.7% |

---

# Goldman Sachs Income Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C754-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Income Fund

# GSCJX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $175 | 1.70% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results were its security selection strategies, especially within the corporate credit sector where our bias towards BBB-rated credits added significant value. BBB-rated bonds outperformed their higher-quality counterparts during the annual period. The Fund's overweight to and specific selection among investment grade corporate bonds, specifically financials and industrials, also boosted performance.

* Individual issue selection within the securitized sector contributed positively to performance due to the portfolio's exposure to collateralized loan obligations and non-agency mortgage-backed securities. Selection among agency mortgage-backed securities helped as well.

Top Detractors from Performance:

* The Fund's cross-sector strategy detracted most from its performance, driven by its overweight to spread, or non-Treasury, sectors that we balanced with an overweight to U.S. Treasuries. During the annual period, U.S. Treasury yields sold off, with two-year U.S. Treasury yields climbing 54 basis points in October 2024 alone due to concerns surrounding tariffs and their potential inflationary impact—as well as the risk of a higher fiscal deficit. This reduced the number of interest rate cuts from the Fed to be priced in by the market. In December 2024, U.S. Treasury yields sold off further, as the Fed's meeting that month brought with it a cautious narrative and a hawkish revision to its statement of economic projections.

* The Fund's duration positioning detracted, primarily driven by the Fund's U.S. Treasury yield curve steepener position. For most of the annual period, the Fund had a shorter duration stance than that of the Bloomberg U.S. Aggregate Bond Index. At the end of the annual period, the Fund had a slightly longer duration stance than that of the Bloomberg U.S. Aggregate Bond Index. 

* Individual issue selection within the government/swaps and external emerging markets debt sectors dampened Fund performance. 

# Goldman Sachs Income Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i7deff0428acbdc37005e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $9900 | $10000 | $10000 |
| **3/20** | $8875 | $8965 | $10276 |
| **3/21** | $10567 | $10674 | $10349 |
| **3/22** | $10188 | $10291 | $9919 |
| **3/23** | $9722 | $9820 | $9445 |
| **3/24** | $10633 | $10740 | $9606 |
| **3/25** | $11205 | $11318 | $10075 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class C (Commenced December 3, 2019) | 5.38% | 4.77% | 2.35% |
| Class C including sales charges | 4.33% | 4.77% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 0.14% |

---

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

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

# Goldman Sachs Income Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $138321310 |
| # of Portfolio Holdings | 583 |
| Portfolio Turnover Rate | 761% |
| Total Net Advisory Fees Paid | $641827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 13.5% |
| Banks | 13.0% |
| Collateralized Loan Obligations | 6.7% |
| Pipelines | 6.0% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Diversified Financial Services | 4.9% |
| Oil Field Services | 4.2% |
| Software | 3.3% |
| Sovereign Debt Obligations | 3.1% |
| Other | 51.7% |

---

# Goldman Sachs Income Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C747-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Income Fund

# GSCUX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $63 | 0.61% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results were its security selection strategies, especially within the corporate credit sector where our bias towards BBB-rated credits added significant value. BBB-rated bonds outperformed their higher-quality counterparts during the annual period. The Fund's overweight to and specific selection among investment grade corporate bonds, specifically financials and industrials, also boosted performance.

* Individual issue selection within the securitized sector contributed positively to performance due to the portfolio's exposure to collateralized loan obligations and non-agency mortgage-backed securities. Selection among agency mortgage-backed securities helped as well.

Top Detractors from Performance:

* The Fund's cross-sector strategy detracted most from its performance, driven by its overweight to spread, or non-Treasury, sectors that we balanced with an overweight to U.S. Treasuries. During the annual period, U.S. Treasury yields sold off, with two-year U.S. Treasury yields climbing 54 basis points in October 2024 alone due to concerns surrounding tariffs and their potential inflationary impact—as well as the risk of a higher fiscal deficit. This reduced the number of interest rate cuts from the Fed to be priced in by the market. In December 2024, U.S. Treasury yields sold off further, as the Fed's meeting that month brought with it a cautious narrative and a hawkish revision to its statement of economic projections.

* The Fund's duration positioning detracted, primarily driven by the Fund's U.S. Treasury yield curve steepener position. For most of the annual period, the Fund had a shorter duration stance than that of the Bloomberg U.S. Aggregate Bond Index. At the end of the annual period, the Fund had a slightly longer duration stance than that of the Bloomberg U.S. Aggregate Bond Index. 

* Individual issue selection within the government/swaps and external emerging markets debt sectors dampened Fund performance. 

# Goldman Sachs Income Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i46b65cc8d2e78f8dc4fe.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $10000 | $10000 |
| **3/20** | $8997 | $10276 |
| **3/21** | $10828 | $10349 |
| **3/22** | $10554 | $9919 |
| **3/23** | $10182 | $9445 |
| **3/24** | $11259 | $9606 |
| **3/25** | $12007 | $10075 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced December 3, 2019) | 6.65% | 5.94% | 3.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 0.14% |

---

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

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

# Goldman Sachs Income Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $138321310 |
| # of Portfolio Holdings | 583 |
| Portfolio Turnover Rate | 761% |
| Total Net Advisory Fees Paid | $641827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 13.5% |
| Banks | 13.0% |
| Collateralized Loan Obligations | 6.7% |
| Pipelines | 6.0% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Diversified Financial Services | 4.9% |
| Oil Field Services | 4.2% |
| Software | 3.3% |
| Sovereign Debt Obligations | 3.1% |
| Other | 51.7% |

---

# Goldman Sachs Income Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C689-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Income Fund

# GSCRX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $63 | 0.61% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results were its security selection strategies, especially within the corporate credit sector where our bias towards BBB-rated credits added significant value. BBB-rated bonds outperformed their higher-quality counterparts during the annual period. The Fund's overweight to and specific selection among investment grade corporate bonds, specifically financials and industrials, also boosted performance.

* Individual issue selection within the securitized sector contributed positively to performance due to the portfolio's exposure to collateralized loan obligations and non-agency mortgage-backed securities. Selection among agency mortgage-backed securities helped as well.

Top Detractors from Performance:

* The Fund's cross-sector strategy detracted most from its performance, driven by its overweight to spread, or non-Treasury, sectors that we balanced with an overweight to U.S. Treasuries. During the annual period, U.S. Treasury yields sold off, with two-year U.S. Treasury yields climbing 54 basis points in October 2024 alone due to concerns surrounding tariffs and their potential inflationary impact—as well as the risk of a higher fiscal deficit. This reduced the number of interest rate cuts from the Fed to be priced in by the market. In December 2024, U.S. Treasury yields sold off further, as the Fed's meeting that month brought with it a cautious narrative and a hawkish revision to its statement of economic projections.

* The Fund's duration positioning detracted, primarily driven by the Fund's U.S. Treasury yield curve steepener position. For most of the annual period, the Fund had a shorter duration stance than that of the Bloomberg U.S. Aggregate Bond Index. At the end of the annual period, the Fund had a slightly longer duration stance than that of the Bloomberg U.S. Aggregate Bond Index. 

* Individual issue selection within the government/swaps and external emerging markets debt sectors dampened Fund performance. 

# Goldman Sachs Income Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546ic07f0af2ad8c7aa216b5.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $10000 | $10000 |
| **3/20** | $8997 | $10276 |
| **3/21** | $10828 | $10349 |
| **3/22** | $10554 | $9919 |
| **3/23** | $10182 | $9445 |
| **3/24** | $11259 | $9606 |
| **3/25** | $12006 | $10075 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced December 3, 2019) | 6.64% | 5.94% | 3.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 0.14% |

---

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

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

# Goldman Sachs Income Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $138321310 |
| # of Portfolio Holdings | 583 |
| Portfolio Turnover Rate | 761% |
| Total Net Advisory Fees Paid | $641827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 13.5% |
| Banks | 13.0% |
| Collateralized Loan Obligations | 6.7% |
| Pipelines | 6.0% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Diversified Financial Services | 4.9% |
| Oil Field Services | 4.2% |
| Software | 3.3% |
| Sovereign Debt Obligations | 3.1% |
| Other | 51.7% |

---

# Goldman Sachs Income Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C697-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Income Fund

# GSNCX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $64 | 0.62% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results were its security selection strategies, especially within the corporate credit sector where our bias towards BBB-rated credits added significant value. BBB-rated bonds outperformed their higher-quality counterparts during the annual period. The Fund's overweight to and specific selection among investment grade corporate bonds, specifically financials and industrials, also boosted performance.

* Individual issue selection within the securitized sector contributed positively to performance due to the portfolio's exposure to collateralized loan obligations and non-agency mortgage-backed securities. Selection among agency mortgage-backed securities helped as well.

Top Detractors from Performance:

* The Fund's cross-sector strategy detracted most from its performance, driven by its overweight to spread, or non-Treasury, sectors that we balanced with an overweight to U.S. Treasuries. During the annual period, U.S. Treasury yields sold off, with two-year U.S. Treasury yields climbing 54 basis points in October 2024 alone due to concerns surrounding tariffs and their potential inflationary impact—as well as the risk of a higher fiscal deficit. This reduced the number of interest rate cuts from the Fed to be priced in by the market. In December 2024, U.S. Treasury yields sold off further, as the Fed's meeting that month brought with it a cautious narrative and a hawkish revision to its statement of economic projections.

* The Fund's duration positioning detracted, primarily driven by the Fund's U.S. Treasury yield curve steepener position. For most of the annual period, the Fund had a shorter duration stance than that of the Bloomberg U.S. Aggregate Bond Index. At the end of the annual period, the Fund had a slightly longer duration stance than that of the Bloomberg U.S. Aggregate Bond Index. 

* Individual issue selection within the government/swaps and external emerging markets debt sectors dampened Fund performance. 

# Goldman Sachs Income Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ife1d7e001be4afabb94d.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $1000000 | $1000000 |
| **3/20** | $899700 | $1027600 |
| **3/21** | $1082699 | $1034896 |
| **3/22** | $1055198 | $991948 |
| **3/23** | $1017950 | $944533 |
| **3/24** | $1125445 | $960590 |
| **3/25** | $1198824 | $1007467 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Institutional Shares (Commenced December 3, 2019) | 6.52% | 5.90% | 3.46% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 0.14% |

---

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

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

# Goldman Sachs Income Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $138321310 |
| # of Portfolio Holdings | 583 |
| Portfolio Turnover Rate | 761% |
| Total Net Advisory Fees Paid | $641827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 13.5% |
| Banks | 13.0% |
| Collateralized Loan Obligations | 6.7% |
| Pipelines | 6.0% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Diversified Financial Services | 4.9% |
| Oil Field Services | 4.2% |
| Software | 3.3% |
| Sovereign Debt Obligations | 3.1% |
| Other | 51.7% |

---

# Goldman Sachs Income Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C739-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Income Fund

# GSCMX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $72 | 0.70% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results were its security selection strategies, especially within the corporate credit sector where our bias towards BBB-rated credits added significant value. BBB-rated bonds outperformed their higher-quality counterparts during the annual period. The Fund's overweight to and specific selection among investment grade corporate bonds, specifically financials and industrials, also boosted performance.

* Individual issue selection within the securitized sector contributed positively to performance due to the portfolio's exposure to collateralized loan obligations and non-agency mortgage-backed securities. Selection among agency mortgage-backed securities helped as well.

Top Detractors from Performance:

* The Fund's cross-sector strategy detracted most from its performance, driven by its overweight to spread, or non-Treasury, sectors that we balanced with an overweight to U.S. Treasuries. During the annual period, U.S. Treasury yields sold off, with two-year U.S. Treasury yields climbing 54 basis points in October 2024 alone due to concerns surrounding tariffs and their potential inflationary impact—as well as the risk of a higher fiscal deficit. This reduced the number of interest rate cuts from the Fed to be priced in by the market. In December 2024, U.S. Treasury yields sold off further, as the Fed's meeting that month brought with it a cautious narrative and a hawkish revision to its statement of economic projections.

* The Fund's duration positioning detracted, primarily driven by the Fund's U.S. Treasury yield curve steepener position. For most of the annual period, the Fund had a shorter duration stance than that of the Bloomberg U.S. Aggregate Bond Index. At the end of the annual period, the Fund had a slightly longer duration stance than that of the Bloomberg U.S. Aggregate Bond Index. 

* Individual issue selection within the government/swaps and external emerging markets debt sectors dampened Fund performance. 

# Goldman Sachs Income Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546ifdd9e760cc7a7f92001e.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $10000 | $10000 |
| **3/20** | $8994 | $10276 |
| **3/21** | $10814 | $10349 |
| **3/22** | $10531 | $9919 |
| **3/23** | $10151 | $9445 |
| **3/24** | $11226 | $9606 |
| **3/25** | $11961 | $10075 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Investor Shares (Commenced December 3, 2019) | 6.55% | 5.87% | 3.42% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 0.14% |

---

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

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

# Goldman Sachs Income Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $138321310 |
| # of Portfolio Holdings | 583 |
| Portfolio Turnover Rate | 761% |
| Total Net Advisory Fees Paid | $641827 |

---

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

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 13.5% |
| Banks | 13.0% |
| Collateralized Loan Obligations | 6.7% |
| Pipelines | 6.0% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Diversified Financial Services | 4.9% |
| Oil Field Services | 4.2% |
| Software | 3.3% |
| Sovereign Debt Obligations | 3.1% |
| Other | 51.7% |

---

# Goldman Sachs Income Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C721-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Inflation Protected Securities Fund

# GSAPX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies and our two-year to 10-year steepener trades helped performance. Tactical positioning across the U.S. Treasury inflation protected securities (TIPS) yield curve also proved beneficial.

Top Detractors from Performance:

* The government/swaps strategy detracted significantly from the Fund's relative results, driven by our specific selection of TIPS and by an overweight to TIPS with maturities of more than seven years. Within our curve positioning, our long U.S. swap spreads positioning within the Fund detracted as well. 

# Goldman Sachs Inflation Protected Securities Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i1400900cdb60d9ca1e71.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9625 | $10000 | $10000 | $10000 |
| **3/16** | $9730 | $10109 | $10151 | $10196 |
| **3/17** | $9858 | $10242 | $10301 | $10241 |
| **3/18** | $9889 | $10274 | $10396 | $10364 |
| **3/19** | $10107 | $10501 | $10677 | $10828 |
| **3/20** | $10706 | $11123 | $11408 | $11795 |
| **3/21** | $11425 | $11870 | $12268 | $11879 |
| **3/22** | $11842 | $12304 | $12795 | $11386 |
| **3/23** | $11089 | $11521 | $12019 | $10842 |
| **3/24** | $11070 | $11502 | $12073 | $11026 |
| **3/25** | $11698 | $12154 | $12818 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.67% | 1.79% | 1.97% |
| Class A including sales charges | 1.66% | 1.01% | 1.58% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Inflation Protected Securities Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $213209370 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid | $625568 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 95.9% |
| Other | 1.5% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38144N866-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Inflation Protected Securities Fund

# GSCFX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $145 | 1.42% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies and our two-year to 10-year steepener trades helped performance. Tactical positioning across the U.S. Treasury inflation protected securities (TIPS) yield curve also proved beneficial.

Top Detractors from Performance:

* The government/swaps strategy detracted significantly from the Fund's relative results, driven by our specific selection of TIPS and by an overweight to TIPS with maturities of more than seven years. Within our curve positioning, our long U.S. swap spreads positioning within the Fund detracted as well. 

# Goldman Sachs Inflation Protected Securities Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i9719b2804c4959b4610b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 |
| **3/16** | $9939 | $10039 | $10151 | $10196 |
| **3/17** | $9997 | $10098 | $10301 | $10241 |
| **3/18** | $9955 | $10056 | $10396 | $10364 |
| **3/19** | $10093 | $10195 | $10677 | $10828 |
| **3/20** | $10611 | $10719 | $11408 | $11795 |
| **3/21** | $11249 | $11363 | $12268 | $11879 |
| **3/22** | $11576 | $11693 | $12795 | $11386 |
| **3/23** | $10752 | $10861 | $12019 | $10842 |
| **3/24** | $10660 | $10767 | $12073 | $11026 |
| **3/25** | $11171 | $11284 | $12818 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.80% | 1.03% | 1.21% |
| Class C including sales charges | 3.76% | 1.03% | 1.21% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Inflation Protected Securities Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $213209370 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid | $625568 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 95.9% |
| Other | 1.5% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38144N858-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Inflation Protected Securities Fund

# GGJPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $34 | 0.33% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies and our two-year to 10-year steepener trades helped performance. Tactical positioning across the U.S. Treasury inflation protected securities (TIPS) yield curve also proved beneficial.

Top Detractors from Performance:

* The government/swaps strategy detracted significantly from the Fund's relative results, driven by our specific selection of TIPS and by an overweight to TIPS with maturities of more than seven years. Within our curve positioning, our long U.S. swap spreads positioning within the Fund detracted as well. 

# Goldman Sachs Inflation Protected Securities Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i5d40ea322e3f56ac769c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10277 | $10309 | $10538 |
| **3/20** | $10935 | $11015 | $11479 |
| **3/21** | $11708 | $11846 | $11561 |
| **3/22** | $12182 | $12354 | $11081 |
| **3/23** | $11438 | $11605 | $10551 |
| **3/24** | $11469 | $11657 | $10730 |
| **3/25** | $12162 | $12377 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.05% | 2.15% | 2.86% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 3.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Inflation Protected Securities Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $213209370 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid | $625568 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 95.9% |
| Other | 1.5% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38150B624-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Inflation Protected Securities Fund

# GSRPX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $95 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies and our two-year to 10-year steepener trades helped performance. Tactical positioning across the U.S. Treasury inflation protected securities (TIPS) yield curve also proved beneficial.

Top Detractors from Performance:

* The government/swaps strategy detracted significantly from the Fund's relative results, driven by our specific selection of TIPS and by an overweight to TIPS with maturities of more than seven years. Within our curve positioning, our long U.S. swap spreads positioning within the Fund detracted as well. 

# Goldman Sachs Inflation Protected Securities Fund

# Class R

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

### Fund Performance
![Growth of 10K Chart](g931546idac62bf02bd68010e07d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10079 | $10151 | $10196 |
| **3/17** | $10187 | $10301 | $10241 |
| **3/18** | $10196 | $10396 | $10364 |
| **3/19** | $10387 | $10677 | $10828 |
| **3/20** | $10981 | $11408 | $11795 |
| **3/21** | $11687 | $12268 | $11879 |
| **3/22** | $12090 | $12795 | $11386 |
| **3/23** | $11288 | $12019 | $10842 |
| **3/24** | $11242 | $12073 | $11026 |
| **3/25** | $11857 | $12818 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.47% | 1.55% | 1.72% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Inflation Protected Securities Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $213209370 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid | $625568 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 95.9% |
| Other | 1.5% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38145N261-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Inflation Protected Securities Fund

# GSRUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $34 | 0.33% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies and our two-year to 10-year steepener trades helped performance. Tactical positioning across the U.S. Treasury inflation protected securities (TIPS) yield curve also proved beneficial.

Top Detractors from Performance:

* The government/swaps strategy detracted significantly from the Fund's relative results, driven by our specific selection of TIPS and by an overweight to TIPS with maturities of more than seven years. Within our curve positioning, our long U.S. swap spreads positioning within the Fund detracted as well. 

# Goldman Sachs Inflation Protected Securities Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i74219d597171fab323f7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $10237 | $10239 | $10299 |
| **3/17** | $10403 | $10391 | $10344 |
| **3/18** | $10481 | $10486 | $10468 |
| **3/19** | $10740 | $10769 | $10937 |
| **3/20** | $11417 | $11507 | $11914 |
| **3/21** | $12236 | $12375 | $11999 |
| **3/22** | $12721 | $12905 | $11501 |
| **3/23** | $11955 | $12123 | $10951 |
| **3/24** | $11975 | $12178 | $11137 |
| **3/25** | $12701 | $12929 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 6.06% | 2.15% | 2.50% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.69% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs Inflation Protected Securities Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $213209370 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid | $625568 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 95.9% |
| Other | 1.5% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38147X580-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Inflation Protected Securities Fund

# GSIPX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $35 | 0.34% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies and our two-year to 10-year steepener trades helped performance. Tactical positioning across the U.S. Treasury inflation protected securities (TIPS) yield curve also proved beneficial.

Top Detractors from Performance:

* The government/swaps strategy detracted significantly from the Fund's relative results, driven by our specific selection of TIPS and by an overweight to TIPS with maturities of more than seven years. Within our curve positioning, our long U.S. swap spreads positioning within the Fund detracted as well. 

# Goldman Sachs Inflation Protected Securities Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ic3cc826868e99c82b91d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1014200 | $1015100 | $1019600 |
| **3/17** | $1031441 | $1030123 | $1024086 |
| **3/18** | $1038043 | $1039601 | $1036375 |
| **3/19** | $1064513 | $1067670 | $1082805 |
| **3/20** | $1131471 | $1140805 | $1179499 |
| **3/21** | $1211352 | $1226822 | $1187874 |
| **3/22** | $1260291 | $1279453 | $1138577 |
| **3/23** | $1184043 | $1201918 | $1084153 |
| **3/24** | $1185938 | $1207326 | $1102584 |
| **3/25** | $1257569 | $1281818 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.04% | 2.13% | 2.32% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Inflation Protected Securities Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $213209370 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid | $625568 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 95.9% |
| Other | 1.5% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38144N841-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Inflation Protected Securities Fund

# GSTPX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $43 | 0.42% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's duration and yield curve positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies and our two-year to 10-year steepener trades helped performance. Tactical positioning across the U.S. Treasury inflation protected securities (TIPS) yield curve also proved beneficial.

Top Detractors from Performance:

* The government/swaps strategy detracted significantly from the Fund's relative results, driven by our specific selection of TIPS and by an overweight to TIPS with maturities of more than seven years. Within our curve positioning, our long U.S. swap spreads positioning within the Fund detracted as well. 

# Goldman Sachs Inflation Protected Securities Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546ie8a9f3b699a5a6a07f65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10129 | $10151 | $10196 |
| **3/17** | $10295 | $10301 | $10241 |
| **3/18** | $10352 | $10396 | $10364 |
| **3/19** | $10608 | $10677 | $10828 |
| **3/20** | $11261 | $11408 | $11795 |
| **3/21** | $12053 | $12268 | $11879 |
| **3/22** | $12523 | $12795 | $11386 |
| **3/23** | $11750 | $12019 | $10842 |
| **3/24** | $11771 | $12073 | $11026 |
| **3/25** | $12463 | $12818 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.88% | 2.05% | 2.22% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Inflation Protected Securities Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $213209370 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid | $625568 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 95.9% |
| Other | 1.5% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38145N253-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Investment Grade Credit Fund

# GSGAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $73 | 0.71% |

---

## How did the Fund perform and what affected its performance?
Interest rates fluctuated during the annual period, as economic data and U.S. election expectations shaped market views of the Federal Reserve's monetary policy. Investment grade corporate bonds benefited from healthy fundamentals and strong supply/demand dynamics, though trade policy uncertainty weighed on sentiment toward period end.

Top Contributors to Performance:

* The Fund benefited from its selective down-in-quality bias, specifically its overweight versus the Bloomberg U.S. Credit Index (Index) in BBB-rated issues and its underweight in A-rated issues. Lower quality corporate bonds outperformed their higher quality counterparts during the annual period.

* The Fund was helped by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added to relative performance as the credit curve steepened.

* Individual issue selection among the investment grade corporate bonds of banks, diversified manufacturing, energy, technology and cable companies contributed positively to relative returns.

* The Fund's tactical yield curve positioning, led by its U.S. Treasury yield curve steepeners, added to relative performance, as shorter-term yields fell more than longer-term yields. 

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

* Overall, the Fund was aided by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade corporate bonds generated positive returns during the annual period.

Top Detractors from Performance:

* The Fund was hurt slightly by an underweight position relative to the Index in the investment grade corporate bonds of utilities.

* Individual issue selection within the government/swaps sector detracted from performance, due primarily to the Fund's U.S. relative value positions.

* The Fund was hampered by our interest rate pairing, wherein we sought to hedge the Fund's exposure to credit beta by taking different positions in U.S. interest rates. This detracted from relative returns, especially in October 2024 when yields rose.

# Goldman Sachs Investment Grade Credit Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i0d9e675f7b1a61828dcf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9625 | $10000 | $10000 | $10000 |
| **3/16** | $9574 | $9947 | $10093 | $10196 |
| **3/17** | $9837 | $10221 | $10392 | $10241 |
| **3/18** | $10067 | $10460 | $10661 | $10364 |
| **3/19** | $10585 | $10997 | $11182 | $10828 |
| **3/20** | $10796 | $11216 | $11753 | $11795 |
| **3/21** | $12008 | $12476 | $12679 | $11879 |
| **3/22** | $11477 | $11924 | $12151 | $11386 |
| **3/23** | $10822 | $11243 | $11506 | $10842 |
| **3/24** | $11313 | $11754 | $11983 | $11026 |
| **3/25** | $11871 | $12333 | $12567 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.93% | 1.92% | 2.12% |
| Class A including sales charges | 1.02% | 1.14% | 1.73% |
| Bloomberg U.S. Credit Index | 4.87% | 1.35% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Investment Grade Credit Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $634777355 |
| # of Portfolio Holdings | 449 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $2090629 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 21.5% |
| Real Estate Investment Trust | 5.5% |
| Healthcare Providers & Services | 4.8% |
| Diversified Financial Services | 4.7% |
| Electrical | 4.1% |
| Pipelines | 3.8% |
| Telecommunication Services | 3.7% |
| Software | 3.7% |
| Automotive | 3.5% |
| Other | 38.4% |

---

# Goldman Sachs Investment Grade Credit Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38143H852-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Investment Grade Credit Fund

# GGBPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Interest rates fluctuated during the annual period, as economic data and U.S. election expectations shaped market views of the Federal Reserve's monetary policy. Investment grade corporate bonds benefited from healthy fundamentals and strong supply/demand dynamics, though trade policy uncertainty weighed on sentiment toward period end.

Top Contributors to Performance:

* The Fund benefited from its selective down-in-quality bias, specifically its overweight versus the Bloomberg U.S. Credit Index (Index) in BBB-rated issues and its underweight in A-rated issues. Lower quality corporate bonds outperformed their higher quality counterparts during the annual period.

* The Fund was helped by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added to relative performance as the credit curve steepened.

* Individual issue selection among the investment grade corporate bonds of banks, diversified manufacturing, energy, technology and cable companies contributed positively to relative returns.

* The Fund's tactical yield curve positioning, led by its U.S. Treasury yield curve steepeners, added to relative performance, as shorter-term yields fell more than longer-term yields. 

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

* Overall, the Fund was aided by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade corporate bonds generated positive returns during the annual period.

Top Detractors from Performance:

* The Fund was hurt slightly by an underweight position relative to the Index in the investment grade corporate bonds of utilities.

* Individual issue selection within the government/swaps sector detracted from performance, due primarily to the Fund's U.S. relative value positions.

* The Fund was hampered by our interest rate pairing, wherein we sought to hedge the Fund's exposure to credit beta by taking different positions in U.S. interest rates. This detracted from relative returns, especially in October 2024 when yields rose.

# Goldman Sachs Investment Grade Credit Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i6e4f03f3af8ba97ebe9c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10612 | $10584 | $10538 |
| **3/20** | $10872 | $11124 | $11479 |
| **3/21** | $12134 | $12000 | $11561 |
| **3/22** | $11637 | $11501 | $11081 |
| **3/23** | $11010 | $10890 | $10551 |
| **3/24** | $11549 | $11342 | $10730 |
| **3/25** | $12160 | $11895 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.29% | 2.26% | 2.85% |
| Bloomberg U.S. Credit Index | 4.87% | 1.35% | 2.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Investment Grade Credit Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $634777355 |
| # of Portfolio Holdings | 449 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $2090629 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 21.5% |
| Real Estate Investment Trust | 5.5% |
| Healthcare Providers & Services | 4.8% |
| Diversified Financial Services | 4.7% |
| Electrical | 4.1% |
| Pipelines | 3.8% |
| Telecommunication Services | 3.7% |
| Software | 3.7% |
| Automotive | 3.5% |
| Other | 38.4% |

---

# Goldman Sachs Investment Grade Credit Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38150B558-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Investment Grade Credit Fund

# GTIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Interest rates fluctuated during the annual period, as economic data and U.S. election expectations shaped market views of the Federal Reserve's monetary policy. Investment grade corporate bonds benefited from healthy fundamentals and strong supply/demand dynamics, though trade policy uncertainty weighed on sentiment toward period end.

Top Contributors to Performance:

* The Fund benefited from its selective down-in-quality bias, specifically its overweight versus the Bloomberg U.S. Credit Index (Index) in BBB-rated issues and its underweight in A-rated issues. Lower quality corporate bonds outperformed their higher quality counterparts during the annual period.

* The Fund was helped by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added to relative performance as the credit curve steepened.

* Individual issue selection among the investment grade corporate bonds of banks, diversified manufacturing, energy, technology and cable companies contributed positively to relative returns.

* The Fund's tactical yield curve positioning, led by its U.S. Treasury yield curve steepeners, added to relative performance, as shorter-term yields fell more than longer-term yields. 

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

* Overall, the Fund was aided by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade corporate bonds generated positive returns during the annual period.

Top Detractors from Performance:

* The Fund was hurt slightly by an underweight position relative to the Index in the investment grade corporate bonds of utilities.

* Individual issue selection within the government/swaps sector detracted from performance, due primarily to the Fund's U.S. relative value positions.

* The Fund was hampered by our interest rate pairing, wherein we sought to hedge the Fund's exposure to credit beta by taking different positions in U.S. interest rates. This detracted from relative returns, especially in October 2024 when yields rose.

# Goldman Sachs Investment Grade Credit Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i262be2128519e0f0eb40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $10228 | $10328 | $10299 |
| **3/17** | $10558 | $10634 | $10344 |
| **3/18** | $10843 | $10909 | $10468 |
| **3/19** | $11428 | $11443 | $10937 |
| **3/20** | $11708 | $12026 | $11914 |
| **3/21** | $13052 | $12974 | $11999 |
| **3/22** | $12531 | $12434 | $11501 |
| **3/23** | $11857 | $11774 | $10951 |
| **3/24** | $12438 | $12262 | $11137 |
| **3/25** | $13096 | $12860 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 5.29% | 2.27% | 2.83% |
| Bloomberg U.S. Credit Index | 4.87% | 1.35% | 2.63% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs Investment Grade Credit Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $634777355 |
| # of Portfolio Holdings | 449 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $2090629 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 21.5% |
| Real Estate Investment Trust | 5.5% |
| Healthcare Providers & Services | 4.8% |
| Diversified Financial Services | 4.7% |
| Electrical | 4.1% |
| Pipelines | 3.8% |
| Telecommunication Services | 3.7% |
| Software | 3.7% |
| Automotive | 3.5% |
| Other | 38.4% |

---

# Goldman Sachs Investment Grade Credit Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38148U866-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Investment Grade Credit Fund

# GSGDX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $39 | 0.38% |

---

## How did the Fund perform and what affected its performance?
Interest rates fluctuated during the annual period, as economic data and U.S. election expectations shaped market views of the Federal Reserve's monetary policy. Investment grade corporate bonds benefited from healthy fundamentals and strong supply/demand dynamics, though trade policy uncertainty weighed on sentiment toward period end.

Top Contributors to Performance:

* The Fund benefited from its selective down-in-quality bias, specifically its overweight versus the Bloomberg U.S. Credit Index (Index) in BBB-rated issues and its underweight in A-rated issues. Lower quality corporate bonds outperformed their higher quality counterparts during the annual period.

* The Fund was helped by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added to relative performance as the credit curve steepened.

* Individual issue selection among the investment grade corporate bonds of banks, diversified manufacturing, energy, technology and cable companies contributed positively to relative returns.

* The Fund's tactical yield curve positioning, led by its U.S. Treasury yield curve steepeners, added to relative performance, as shorter-term yields fell more than longer-term yields. 

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

* Overall, the Fund was aided by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade corporate bonds generated positive returns during the annual period.

Top Detractors from Performance:

* The Fund was hurt slightly by an underweight position relative to the Index in the investment grade corporate bonds of utilities.

* Individual issue selection within the government/swaps sector detracted from performance, due primarily to the Fund's U.S. relative value positions.

* The Fund was hampered by our interest rate pairing, wherein we sought to hedge the Fund's exposure to credit beta by taking different positions in U.S. interest rates. This detracted from relative returns, especially in October 2024 when yields rose.

# Goldman Sachs Investment Grade Credit Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ibfe8166f25a89370ebe1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $997100 | $1009300 | $1019600 |
| **3/17** | $1028010 | $1039175 | $1024086 |
| **3/18** | $1055664 | $1066090 | $1036375 |
| **3/19** | $1113620 | $1118222 | $1082805 |
| **3/20** | $1140792 | $1175251 | $1179499 |
| **3/21** | $1271641 | $1267861 | $1187874 |
| **3/22** | $1220775 | $1215118 | $1138577 |
| **3/23** | $1153632 | $1150595 | $1084153 |
| **3/24** | $1210045 | $1198345 | $1102584 |
| **3/25** | $1273935 | $1256704 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.28% | 2.23% | 2.45% |
| Bloomberg U.S. Credit Index | 4.87% | 1.35% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Investment Grade Credit Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $634777355 |
| # of Portfolio Holdings | 449 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $2090629 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 21.5% |
| Real Estate Investment Trust | 5.5% |
| Healthcare Providers & Services | 4.8% |
| Diversified Financial Services | 4.7% |
| Electrical | 4.1% |
| Pipelines | 3.8% |
| Telecommunication Services | 3.7% |
| Software | 3.7% |
| Automotive | 3.5% |
| Other | 38.4% |

---

# Goldman Sachs Investment Grade Credit Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38143H845-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Investment Grade Credit Fund

# GTIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

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

---

## How did the Fund perform and what affected its performance?
Interest rates fluctuated during the annual period, as economic data and U.S. election expectations shaped market views of the Federal Reserve's monetary policy. Investment grade corporate bonds benefited from healthy fundamentals and strong supply/demand dynamics, though trade policy uncertainty weighed on sentiment toward period end.

Top Contributors to Performance:

* The Fund benefited from its selective down-in-quality bias, specifically its overweight versus the Bloomberg U.S. Credit Index (Index) in BBB-rated issues and its underweight in A-rated issues. Lower quality corporate bonds outperformed their higher quality counterparts during the annual period.

* The Fund was helped by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added to relative performance as the credit curve steepened.

* Individual issue selection among the investment grade corporate bonds of banks, diversified manufacturing, energy, technology and cable companies contributed positively to relative returns.

* The Fund's tactical yield curve positioning, led by its U.S. Treasury yield curve steepeners, added to relative performance, as shorter-term yields fell more than longer-term yields. 

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

* Overall, the Fund was aided by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade corporate bonds generated positive returns during the annual period.

Top Detractors from Performance:

* The Fund was hurt slightly by an underweight position relative to the Index in the investment grade corporate bonds of utilities.

* Individual issue selection within the government/swaps sector detracted from performance, due primarily to the Fund's U.S. relative value positions.

* The Fund was hampered by our interest rate pairing, wherein we sought to hedge the Fund's exposure to credit beta by taking different positions in U.S. interest rates. This detracted from relative returns, especially in October 2024 when yields rose.

# Goldman Sachs Investment Grade Credit Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i5a6d0e4df7a594a123c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9973 | $10093 | $10196 |
| **3/17** | $10273 | $10392 | $10241 |
| **3/18** | $10540 | $10661 | $10364 |
| **3/19** | $11097 | $11182 | $10828 |
| **3/20** | $11358 | $11753 | $11795 |
| **3/21** | $12650 | $12679 | $11879 |
| **3/22** | $12135 | $12151 | $11386 |
| **3/23** | $11458 | $11506 | $10842 |
| **3/24** | $12008 | $11983 | $11026 |
| **3/25** | $12632 | $12567 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.20% | 2.15% | 2.36% |
| Bloomberg U.S. Credit Index | 4.87% | 1.35% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Investment Grade Credit Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $634777355 |
| # of Portfolio Holdings | 449 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $2090629 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 21.5% |
| Real Estate Investment Trust | 5.5% |
| Healthcare Providers & Services | 4.8% |
| Diversified Financial Services | 4.7% |
| Electrical | 4.1% |
| Pipelines | 3.8% |
| Telecommunication Services | 3.7% |
| Software | 3.7% |
| Automotive | 3.5% |
| Other | 38.4% |

---

# Goldman Sachs Investment Grade Credit Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38144N189-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Investment Grade Credit Fund

# GSCPX: Separate Account Institutional

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Separate Account Institutional | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Interest rates fluctuated during the annual period, as economic data and U.S. election expectations shaped market views of the Federal Reserve's monetary policy. Investment grade corporate bonds benefited from healthy fundamentals and strong supply/demand dynamics, though trade policy uncertainty weighed on sentiment toward period end.

Top Contributors to Performance:

* The Fund benefited from its selective down-in-quality bias, specifically its overweight versus the Bloomberg U.S. Credit Index (Index) in BBB-rated issues and its underweight in A-rated issues. Lower quality corporate bonds outperformed their higher quality counterparts during the annual period.

* The Fund was helped by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added to relative performance as the credit curve steepened.

* Individual issue selection among the investment grade corporate bonds of banks, diversified manufacturing, energy, technology and cable companies contributed positively to relative returns.

* The Fund's tactical yield curve positioning, led by its U.S. Treasury yield curve steepeners, added to relative performance, as shorter-term yields fell more than longer-term yields. 

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

* Overall, the Fund was aided by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade corporate bonds generated positive returns during the annual period.

Top Detractors from Performance:

* The Fund was hurt slightly by an underweight position relative to the Index in the investment grade corporate bonds of utilities.

* Individual issue selection within the government/swaps sector detracted from performance, due primarily to the Fund's U.S. relative value positions.

* The Fund was hampered by our interest rate pairing, wherein we sought to hedge the Fund's exposure to credit beta by taking different positions in U.S. interest rates. This detracted from relative returns, especially in October 2024 when yields rose.

# Goldman Sachs Investment Grade Credit Fund

# Separate Account Institutional

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

### Fund Performance
![Growth of 10K Chart](g931546i3f59d178e12ac941c492.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Separate Account Institutional** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9982 | $10093 | $10196 |
| **3/17** | $10291 | $10392 | $10241 |
| **3/18** | $10568 | $10661 | $10364 |
| **3/19** | $11138 | $11182 | $10828 |
| **3/20** | $11411 | $11753 | $11795 |
| **3/21** | $12734 | $12679 | $11879 |
| **3/22** | $12214 | $12151 | $11386 |
| **3/23** | $11557 | $11506 | $10842 |
| **3/24** | $12123 | $11983 | $11026 |
| **3/25** | $12748 | $12567 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Separate Account Institutional | 5.16% | 2.24% | 2.46% |
| Bloomberg U.S. Credit Index | 4.87% | 1.35% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Investment Grade Credit Fund

# Separate Account Institutional

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $634777355 |
| # of Portfolio Holdings | 449 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $2090629 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 21.5% |
| Real Estate Investment Trust | 5.5% |
| Healthcare Providers & Services | 4.8% |
| Diversified Financial Services | 4.7% |
| Electrical | 4.1% |
| Pipelines | 3.8% |
| Telecommunication Services | 3.7% |
| Software | 3.7% |
| Automotive | 3.5% |
| Other | 38.4% |

---

# Goldman Sachs Investment Grade Credit Fund

# Separate Account Institutional

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38143H829-AR-0325

# Separate Account Institutional
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Credit Fund

# GAMDX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $118 | 1.14% |

---

## How did the Fund perform and what affected its performance?
The broad emerging debt market gained, aided by strong economic and credit fundamentals, renewed market access for high yield issuers and several debt restructurings. Corporate issuers continued to exhibit financial discipline. Uncertainty about U.S. trade policy, plus geopolitical tensions, increased market volatility.

Top Contributors to Performance:

* The Fund benefited from strong security selection among emerging markets corporate bonds and quasi-sovereign emerging markets debt. 

* Within individual security selection, the Fund was helped most by an overweight versus the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index) in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA). PDVSA bonds traded at a premium, at an average markup of 12 cents in April 2024—up from previous single-digit levels—ahead of their re-addition to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index on April 30th.

* The Fund's overweights in the bonds of Ukrainian poultry producer MHP and Brazilian mining company Samarco Mineracao also contributed positively to relative returns.

* On a sector/industry level, an overweight in oil and gas added to the Fund's relative performance. 

* Our duration positioning strategy, wherein we managed the Fund with a shorter duration than the Index, bolstered relative results. 

Top Detractors from Performance:

* The Fund was hurt by its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially its overweight in BB-rated issuers.

* In terms of individual issue selection, the Fund was hampered by underweight positions in the bonds of Argentina's state-owned energy company YPF Sociedad Anónima and of GLP Pte, a Singapore-headquartered developer, owner and operator of logistics real estate, data centers and renewable energy. 

* The Fund's exposure to South Africa sovereign debt detracted from relative performance. 

* On a sector level, the Fund was hindered by its relative underweight in real estate, especially in China, as that country's bonds rallied on the back of various government stimulus and supportive policy announcements. 

# Goldman Sachs Emerging Markets Credit Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546ia7e90587911ccccaa6c4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $9550 | $10000 | $10000 | $10000 |
| **3/16** | $9211 | $9645 | $10281 | $10244 |
| **3/17** | $9783 | $10244 | $11174 | $10356 |
| **3/18** | $11146 | $11671 | $11583 | $10610 |
| **3/19** | $9799 | $10261 | $12116 | $11134 |
| **3/20** | $8813 | $9228 | $11705 | $11867 |
| **3/21** | $10192 | $10672 | $13849 | $12045 |
| **3/22** | $9528 | $9977 | $12845 | $11573 |
| **3/23** | $9358 | $9799 | $12635 | $11126 |
| **3/24** | $10044 | $10517 | $13794 | $11587 |
| **3/25** | $10781 | $11289 | $14862 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 7.34% | 4.11% | 1.22% |
| Class A including sales charges | 2.46% | 3.18% | 0.75% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 7.74% | 4.89% | 4.04% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Credit Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $26494925 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $238833 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the period as a result of reductions in expense limitations in the prior year.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.5% |
| Oil Field Services | 13.8% |
| Electrical | 12.6% |
| Engineering & Construction | 8.0% |
| Mining | 4.7% |
| Commercial Services | 3.9% |
| Chemicals | 3.5% |
| Sovereign Debt Obligations | 3.4% |
| Gaming | 2.7% |
| Other | 26.9% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145N105-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Credit Fund

# GCMDX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $195 | 1.89% |

---

## How did the Fund perform and what affected its performance?
The broad emerging debt market gained, aided by strong economic and credit fundamentals, renewed market access for high yield issuers and several debt restructurings. Corporate issuers continued to exhibit financial discipline. Uncertainty about U.S. trade policy, plus geopolitical tensions, increased market volatility.

Top Contributors to Performance:

* The Fund benefited from strong security selection among emerging markets corporate bonds and quasi-sovereign emerging markets debt. 

* Within individual security selection, the Fund was helped most by an overweight versus the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index) in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA). PDVSA bonds traded at a premium, at an average markup of 12 cents in April 2024—up from previous single-digit levels—ahead of their re-addition to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index on April 30th.

* The Fund's overweights in the bonds of Ukrainian poultry producer MHP and Brazilian mining company Samarco Mineracao also contributed positively to relative returns.

* On a sector/industry level, an overweight in oil and gas added to the Fund's relative performance. 

* Our duration positioning strategy, wherein we managed the Fund with a shorter duration than the Index, bolstered relative results. 

Top Detractors from Performance:

* The Fund was hurt by its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially its overweight in BB-rated issuers.

* In terms of individual issue selection, the Fund was hampered by underweight positions in the bonds of Argentina's state-owned energy company YPF Sociedad Anónima and of GLP Pte, a Singapore-headquartered developer, owner and operator of logistics real estate, data centers and renewable energy. 

* The Fund's exposure to South Africa sovereign debt detracted from relative performance. 

* On a sector level, the Fund was hindered by its relative underweight in real estate, especially in China, as that country's bonds rallied on the back of various government stimulus and supportive policy announcements. 

# Goldman Sachs Emerging Markets Credit Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i988eec9c11309473e82d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 |
| **3/16** | $9464 | $9560 | $10281 | $10244 |
| **3/17** | $9945 | $10046 | $11174 | $10356 |
| **3/18** | $11248 | $11362 | $11583 | $10610 |
| **3/19** | $9813 | $9912 | $12116 | $11134 |
| **3/20** | $8756 | $8844 | $11705 | $11867 |
| **3/21** | $10071 | $10173 | $13849 | $12045 |
| **3/22** | $9327 | $9421 | $12845 | $11573 |
| **3/23** | $9090 | $9182 | $12635 | $11126 |
| **3/24** | $9683 | $9781 | $13794 | $11587 |
| **3/25** | $10317 | $10421 | $14862 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 6.54% | 3.33% | 0.41% |
| Class C including sales charges | 5.48% | 3.33% | 0.41% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 7.74% | 4.89% | 4.04% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Credit Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $26494925 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $238833 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the period as a result of reductions in expense limitations in the prior year.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.5% |
| Oil Field Services | 13.8% |
| Electrical | 12.6% |
| Engineering & Construction | 8.0% |
| Mining | 4.7% |
| Commercial Services | 3.9% |
| Chemicals | 3.5% |
| Sovereign Debt Obligations | 3.4% |
| Gaming | 2.7% |
| Other | 26.9% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145N204-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Credit Fund

# GMWPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $86 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The broad emerging debt market gained, aided by strong economic and credit fundamentals, renewed market access for high yield issuers and several debt restructurings. Corporate issuers continued to exhibit financial discipline. Uncertainty about U.S. trade policy, plus geopolitical tensions, increased market volatility.

Top Contributors to Performance:

* The Fund benefited from strong security selection among emerging markets corporate bonds and quasi-sovereign emerging markets debt. 

* Within individual security selection, the Fund was helped most by an overweight versus the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index) in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA). PDVSA bonds traded at a premium, at an average markup of 12 cents in April 2024—up from previous single-digit levels—ahead of their re-addition to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index on April 30th.

* The Fund's overweights in the bonds of Ukrainian poultry producer MHP and Brazilian mining company Samarco Mineracao also contributed positively to relative returns.

* On a sector/industry level, an overweight in oil and gas added to the Fund's relative performance. 

* Our duration positioning strategy, wherein we managed the Fund with a shorter duration than the Index, bolstered relative results. 

Top Detractors from Performance:

* The Fund was hurt by its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially its overweight in BB-rated issuers.

* In terms of individual issue selection, the Fund was hampered by underweight positions in the bonds of Argentina's state-owned energy company YPF Sociedad Anónima and of GLP Pte, a Singapore-headquartered developer, owner and operator of logistics real estate, data centers and renewable energy. 

* The Fund's exposure to South Africa sovereign debt detracted from relative performance. 

* On a sector level, the Fund was hindered by its relative underweight in real estate, especially in China, as that country's bonds rallied on the back of various government stimulus and supportive policy announcements. 

# Goldman Sachs Emerging Markets Credit Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546ib7f8f3da6b00769e5147.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $8934 | $10481 | $10549 |
| **3/20** | $8055 | $10126 | $11244 |
| **3/21** | $9365 | $11980 | $11413 |
| **3/22** | $8764 | $11111 | $10965 |
| **3/23** | $8650 | $10930 | $10542 |
| **3/24** | $9316 | $11932 | $10979 |
| **3/25** | $10006 | $12856 | $11483 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 7.40% | 4.43% | 0.01% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 7.74% | 4.89% | 3.68% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 2.01% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Credit Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $26494925 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $238833 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the period as a result of reductions in expense limitations in the prior year.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.5% |
| Oil Field Services | 13.8% |
| Electrical | 12.6% |
| Engineering & Construction | 8.0% |
| Mining | 4.7% |
| Commercial Services | 3.9% |
| Chemicals | 3.5% |
| Sovereign Debt Obligations | 3.4% |
| Gaming | 2.7% |
| Other | 26.9% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38150B517-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Credit Fund

# GIMSX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $86 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The broad emerging debt market gained, aided by strong economic and credit fundamentals, renewed market access for high yield issuers and several debt restructurings. Corporate issuers continued to exhibit financial discipline. Uncertainty about U.S. trade policy, plus geopolitical tensions, increased market volatility.

Top Contributors to Performance:

* The Fund benefited from strong security selection among emerging markets corporate bonds and quasi-sovereign emerging markets debt. 

* Within individual security selection, the Fund was helped most by an overweight versus the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index) in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA). PDVSA bonds traded at a premium, at an average markup of 12 cents in April 2024—up from previous single-digit levels—ahead of their re-addition to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index on April 30th.

* The Fund's overweights in the bonds of Ukrainian poultry producer MHP and Brazilian mining company Samarco Mineracao also contributed positively to relative returns.

* On a sector/industry level, an overweight in oil and gas added to the Fund's relative performance. 

* Our duration positioning strategy, wherein we managed the Fund with a shorter duration than the Index, bolstered relative results. 

Top Detractors from Performance:

* The Fund was hurt by its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially its overweight in BB-rated issuers.

* In terms of individual issue selection, the Fund was hampered by underweight positions in the bonds of Argentina's state-owned energy company YPF Sociedad Anónima and of GLP Pte, a Singapore-headquartered developer, owner and operator of logistics real estate, data centers and renewable energy. 

* The Fund's exposure to South Africa sovereign debt detracted from relative performance. 

* On a sector level, the Fund was hindered by its relative underweight in real estate, especially in China, as that country's bonds rallied on the back of various government stimulus and supportive policy announcements. 

# Goldman Sachs Emerging Markets Credit Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i4cbe8c416eb0169f41a2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **11/30/17** | $10000 | $10000 | $10000 |
| **3/18** | $10788 | $9919 | $10011 |
| **3/19** | $9509 | $10375 | $10505 |
| **3/20** | $8573 | $10024 | $11197 |
| **3/21** | $9968 | $11859 | $11365 |
| **3/22** | $9328 | $10999 | $10919 |
| **3/23** | $9186 | $10820 | $10498 |
| **3/24** | $9915 | $11812 | $10932 |
| **3/25** | $10675 | $12726 | $11434 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 7.66% | 4.48% | 0.89% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 7.74% | 4.89% | 3.34% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.84% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Credit Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $26494925 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $238833 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the period as a result of reductions in expense limitations in the prior year.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.5% |
| Oil Field Services | 13.8% |
| Electrical | 12.6% |
| Engineering & Construction | 8.0% |
| Mining | 4.7% |
| Commercial Services | 3.9% |
| Chemicals | 3.5% |
| Sovereign Debt Obligations | 3.4% |
| Gaming | 2.7% |
| Other | 26.9% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145L174-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Credit Fund

# GIMDX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $87 | 0.84% |

---

## How did the Fund perform and what affected its performance?
The broad emerging debt market gained, aided by strong economic and credit fundamentals, renewed market access for high yield issuers and several debt restructurings. Corporate issuers continued to exhibit financial discipline. Uncertainty about U.S. trade policy, plus geopolitical tensions, increased market volatility.

Top Contributors to Performance:

* The Fund benefited from strong security selection among emerging markets corporate bonds and quasi-sovereign emerging markets debt. 

* Within individual security selection, the Fund was helped most by an overweight versus the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index) in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA). PDVSA bonds traded at a premium, at an average markup of 12 cents in April 2024—up from previous single-digit levels—ahead of their re-addition to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index on April 30th.

* The Fund's overweights in the bonds of Ukrainian poultry producer MHP and Brazilian mining company Samarco Mineracao also contributed positively to relative returns.

* On a sector/industry level, an overweight in oil and gas added to the Fund's relative performance. 

* Our duration positioning strategy, wherein we managed the Fund with a shorter duration than the Index, bolstered relative results. 

Top Detractors from Performance:

* The Fund was hurt by its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially its overweight in BB-rated issuers.

* In terms of individual issue selection, the Fund was hampered by underweight positions in the bonds of Argentina's state-owned energy company YPF Sociedad Anónima and of GLP Pte, a Singapore-headquartered developer, owner and operator of logistics real estate, data centers and renewable energy. 

* The Fund's exposure to South Africa sovereign debt detracted from relative performance. 

* On a sector level, the Fund was hindered by its relative underweight in real estate, especially in China, as that country's bonds rallied on the back of various government stimulus and supportive policy announcements. 

# Goldman Sachs Emerging Markets Credit Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546id7f6a552ca73086a6888.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $966400 | $1028100 | $1024400 |
| **3/17** | $1026317 | $1117442 | $1035566 |
| **3/18** | $1172977 | $1158340 | $1061041 |
| **3/19** | $1033862 | $1211624 | $1113350 |
| **3/20** | $932027 | $1170550 | $1186720 |
| **3/21** | $1083574 | $1384878 | $1204521 |
| **3/22** | $1013901 | $1284474 | $1157304 |
| **3/23** | $1000619 | $1263537 | $1112632 |
| **3/24** | $1077566 | $1379403 | $1158695 |
| **3/25** | $1157198 | $1486169 | $1211879 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 7.39% | 4.42% | 1.47% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 7.74% | 4.89% | 4.04% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Credit Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $26494925 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $238833 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the period as a result of reductions in expense limitations in the prior year.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.5% |
| Oil Field Services | 13.8% |
| Electrical | 12.6% |
| Engineering & Construction | 8.0% |
| Mining | 4.7% |
| Commercial Services | 3.9% |
| Chemicals | 3.5% |
| Sovereign Debt Obligations | 3.4% |
| Gaming | 2.7% |
| Other | 26.9% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145N303-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Emerging Markets Credit Fund

# GLIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $92 | 0.89% |

---

## How did the Fund perform and what affected its performance?
The broad emerging debt market gained, aided by strong economic and credit fundamentals, renewed market access for high yield issuers and several debt restructurings. Corporate issuers continued to exhibit financial discipline. Uncertainty about U.S. trade policy, plus geopolitical tensions, increased market volatility.

Top Contributors to Performance:

* The Fund benefited from strong security selection among emerging markets corporate bonds and quasi-sovereign emerging markets debt. 

* Within individual security selection, the Fund was helped most by an overweight versus the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index) in Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA). PDVSA bonds traded at a premium, at an average markup of 12 cents in April 2024—up from previous single-digit levels—ahead of their re-addition to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index on April 30th.

* The Fund's overweights in the bonds of Ukrainian poultry producer MHP and Brazilian mining company Samarco Mineracao also contributed positively to relative returns.

* On a sector/industry level, an overweight in oil and gas added to the Fund's relative performance. 

* Our duration positioning strategy, wherein we managed the Fund with a shorter duration than the Index, bolstered relative results. 

Top Detractors from Performance:

* The Fund was hurt by its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially its overweight in BB-rated issuers.

* In terms of individual issue selection, the Fund was hampered by underweight positions in the bonds of Argentina's state-owned energy company YPF Sociedad Anónima and of GLP Pte, a Singapore-headquartered developer, owner and operator of logistics real estate, data centers and renewable energy. 

* The Fund's exposure to South Africa sovereign debt detracted from relative performance. 

* On a sector level, the Fund was hindered by its relative underweight in real estate, especially in China, as that country's bonds rallied on the back of various government stimulus and supportive policy announcements. 

# Goldman Sachs Emerging Markets Credit Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546i1e41bc4c82e8d0988561.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9654 | $10281 | $10244 |
| **3/17** | $10262 | $11174 | $10356 |
| **3/18** | $11724 | $11583 | $10610 |
| **3/19** | $10327 | $12116 | $11134 |
| **3/20** | $9324 | $11705 | $11867 |
| **3/21** | $10814 | $13849 | $12045 |
| **3/22** | $10133 | $12845 | $11573 |
| **3/23** | $9975 | $12635 | $11126 |
| **3/24** | $10733 | $13794 | $11587 |
| **3/25** | $11549 | $14862 | $12119 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 7.60% | 4.37% | 1.45% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 7.74% | 4.89% | 4.04% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.59% | 0.42% | 1.94% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).

# Goldman Sachs Emerging Markets Credit Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $26494925 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid | $238833 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the period as a result of reductions in expense limitations in the prior year.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.5% |
| Oil Field Services | 13.8% |
| Electrical | 12.6% |
| Engineering & Construction | 8.0% |
| Mining | 4.7% |
| Commercial Services | 3.9% |
| Chemicals | 3.5% |
| Sovereign Debt Obligations | 3.4% |
| Gaming | 2.7% |
| Other | 26.9% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38144N163-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration High Yield Fund

# GSAUX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $100 | 0.97% |

---

## How did the Fund perform and what affected its performance?
Bond yields oscillated as economic data and U.S. elections shaped market views on monetary easing but declined overall at the short end of the curve. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality, with the reverse true among bank loans.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, most notably our ability to actively manage allocation weightings between high yield bonds and leveraged bank loans.

* From a credit quality perspective, our tactical allocation to CCC-rated high yield bonds proved beneficial, as lower-rated credit significantly outperformed higher-rated credit during the annual period, as corporate health was resilient, and spreads moved meaningfully tighter.

* At the sector level, the Fund's long positioning in commercial services, building & construction and hardware/software contributed most positively to performance.

* The largest individual contributors included long positions in Altice USA, Charter Communications and NFE Financing LLC.

Top Detractors from Performance:

* Individual issue selection among corporate bonds detracted most.

* At the sector level, the biggest detractors from relative performance were the Fund's short positioning in telecommunications and health care and its long positioning in media cable.

* The largest individual detractors during the annual period included the Fund's positions in Bausch Health Companies, MajorDrive Holdings IV, LLC and American Securities LLC.

* Duration positioning detracted, albeit modestly, from relative results. The Fund's duration was broadly in line with the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index during most of the annual period, ending March 2025 with only a slightly shorter duration stance.

# Goldman Sachs Short Duration High Yield Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i724b41336d85fc26d690.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9775 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $9794 | $10019 | $9755 | $10012 | $10196 |
| **3/17** | $10107 | $10340 | $10846 | $10048 | $10241 |
| **3/18** | $10194 | $10429 | $11223 | $10160 | $10364 |
| **3/19** | $10256 | $10492 | $11901 | $10375 | $10828 |
| **3/20** | $9751 | $9976 | $11140 | $10609 | $11795 |
| **3/21** | $11319 | $11579 | $13360 | $10621 | $11879 |
| **3/22** | $11216 | $11474 | $13422 | $10628 | $11386 |
| **3/23** | $10755 | $11002 | $13415 | $10895 | $10842 |
| **3/24** | $11627 | $11894 | $14755 | $11465 | $11026 |
| **3/25** | $12316 | $12600 | $15747 | $12036 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.93% | 4.78% | 2.34% |
| Class A including sales charges | 1.93% | 3.98% | 1.95% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.72% | 7.16% | 4.64% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration High Yield Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $43292541 |
| # of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $257628 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 17, 2024, the Fund changed its name from the Goldman Sachs Long Short Credit Strategies Fund to the Goldman Sachs Short Duration High Yield Fund. The Fund also changed its investment objective, 80% investment policy, principal investment strategy, contractual management fee rate (from 1.00% to 0.55% of the Fund's average daily net assets at its current breakpoint) and benchmark index. As part of these changes, the Fund revised its principal investment risks to reflect these investments and restated its fees and expenses to reflect its new contractual management fee rate.

The Fund's net expense ratio decreased during the period as a result of expense reductions related to management fee and operating expense limitations.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 9.6% |
| Pipelines | 7.4% |
| Media | 6.8% |
| Retailing | 5.9% |
| Commercial Services | 4.9% |
| Leisure Time | 3.2% |
| Electrical | 3.1% |
| Diversified Financial Services | 3.1% |
| Chemicals | 3.1% |
| Other | 52.3% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L273-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration High Yield Fund

# GSAVX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $175 | 1.71% |

---

## How did the Fund perform and what affected its performance?
Bond yields oscillated as economic data and U.S. elections shaped market views on monetary easing but declined overall at the short end of the curve. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality, with the reverse true among bank loans.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, most notably our ability to actively manage allocation weightings between high yield bonds and leveraged bank loans.

* From a credit quality perspective, our tactical allocation to CCC-rated high yield bonds proved beneficial, as lower-rated credit significantly outperformed higher-rated credit during the annual period, as corporate health was resilient, and spreads moved meaningfully tighter.

* At the sector level, the Fund's long positioning in commercial services, building & construction and hardware/software contributed most positively to performance.

* The largest individual contributors included long positions in Altice USA, Charter Communications and NFE Financing LLC.

Top Detractors from Performance:

* Individual issue selection among corporate bonds detracted most.

* At the sector level, the biggest detractors from relative performance were the Fund's short positioning in telecommunications and health care and its long positioning in media cable.

* The largest individual detractors during the annual period included the Fund's positions in Bausch Health Companies, MajorDrive Holdings IV, LLC and American Securities LLC.

* Duration positioning detracted, albeit modestly, from relative results. The Fund's duration was broadly in line with the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index during most of the annual period, ending March 2025 with only a slightly shorter duration stance.

# Goldman Sachs Short Duration High Yield Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546ic6d4e1a67d42c2800958.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $9845 | $9944 | $9755 | $10012 | $10196 |
| **3/17** | $10084 | $10186 | $10846 | $10048 | $10241 |
| **3/18** | $10096 | $10198 | $11223 | $10160 | $10364 |
| **3/19** | $10071 | $10172 | $11901 | $10375 | $10828 |
| **3/20** | $9515 | $9611 | $11140 | $10609 | $11795 |
| **3/21** | $10950 | $11060 | $13360 | $10621 | $11879 |
| **3/22** | $10781 | $10890 | $13422 | $10628 | $11386 |
| **3/23** | $10247 | $10351 | $13415 | $10895 | $10842 |
| **3/24** | $10997 | $11108 | $14755 | $11465 | $11026 |
| **3/25** | $11563 | $11679 | $15747 | $12036 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.14% | 3.97% | 1.56% |
| Class C including sales charges | 4.09% | 3.97% | 1.56% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.72% | 7.16% | 4.64% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration High Yield Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $43292541 |
| # of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $257628 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 17, 2024, the Fund changed its name from the Goldman Sachs Long Short Credit Strategies Fund to the Goldman Sachs Short Duration High Yield Fund. The Fund also changed its investment objective, 80% investment policy, principal investment strategy, contractual management fee rate (from 1.00% to 0.55% of the Fund's average daily net assets at its current breakpoint) and benchmark index. As part of these changes, the Fund revised its principal investment risks to reflect these investments and restated its fees and expenses to reflect its new contractual management fee rate.

The Fund's net expense ratio decreased during the period as a result of expense reductions related to management fee and operating expense limitations.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 9.6% |
| Pipelines | 7.4% |
| Media | 6.8% |
| Retailing | 5.9% |
| Commercial Services | 4.9% |
| Leisure Time | 3.2% |
| Electrical | 3.1% |
| Diversified Financial Services | 3.1% |
| Chemicals | 3.1% |
| Other | 52.3% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L265-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration High Yield Fund

# GMUPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $65 | 0.63% |

---

## How did the Fund perform and what affected its performance?
Bond yields oscillated as economic data and U.S. elections shaped market views on monetary easing but declined overall at the short end of the curve. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality, with the reverse true among bank loans.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, most notably our ability to actively manage allocation weightings between high yield bonds and leveraged bank loans.

* From a credit quality perspective, our tactical allocation to CCC-rated high yield bonds proved beneficial, as lower-rated credit significantly outperformed higher-rated credit during the annual period, as corporate health was resilient, and spreads moved meaningfully tighter.

* At the sector level, the Fund's long positioning in commercial services, building & construction and hardware/software contributed most positively to performance.

* The largest individual contributors included long positions in Altice USA, Charter Communications and NFE Financing LLC.

Top Detractors from Performance:

* Individual issue selection among corporate bonds detracted most.

* At the sector level, the biggest detractors from relative performance were the Fund's short positioning in telecommunications and health care and its long positioning in media cable.

* The largest individual detractors during the annual period included the Fund's positions in Bausch Health Companies, MajorDrive Holdings IV, LLC and American Securities LLC.

* Duration positioning detracted, albeit modestly, from relative results. The Fund's duration was broadly in line with the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index during most of the annual period, ending March 2025 with only a slightly shorter duration stance.

# Goldman Sachs Short Duration High Yield Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i752d623d3390304579ae.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $9993 | $10526 | $10203 | $10538 |
| **3/20** | $9545 | $9853 | $10433 | $11479 |
| **3/21** | $11106 | $11817 | $10445 | $11561 |
| **3/22** | $11042 | $11871 | $10451 | $11081 |
| **3/23** | $10622 | $11865 | $10713 | $10551 |
| **3/24** | $11524 | $13050 | $11275 | $10730 |
| **3/25** | $12249 | $13928 | $11836 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.29% | 5.11% | 2.96% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.72% | 7.16% | 4.88% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 2.45% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Short Duration High Yield Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $43292541 |
| # of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $257628 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 17, 2024, the Fund changed its name from the Goldman Sachs Long Short Credit Strategies Fund to the Goldman Sachs Short Duration High Yield Fund. The Fund also changed its investment objective, 80% investment policy, principal investment strategy, contractual management fee rate (from 1.00% to 0.55% of the Fund's average daily net assets at its current breakpoint) and benchmark index. As part of these changes, the Fund revised its principal investment risks to reflect these investments and restated its fees and expenses to reflect its new contractual management fee rate.

The Fund's net expense ratio decreased during the period as a result of expense reductions related to management fee and operating expense limitations.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 9.6% |
| Pipelines | 7.4% |
| Media | 6.8% |
| Retailing | 5.9% |
| Commercial Services | 4.9% |
| Leisure Time | 3.2% |
| Electrical | 3.1% |
| Diversified Financial Services | 3.1% |
| Chemicals | 3.1% |
| Other | 52.3% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38150B491-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration High Yield Fund

# GSSAX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $68 | 0.66% |

---

## How did the Fund perform and what affected its performance?
Bond yields oscillated as economic data and U.S. elections shaped market views on monetary easing but declined overall at the short end of the curve. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality, with the reverse true among bank loans.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, most notably our ability to actively manage allocation weightings between high yield bonds and leveraged bank loans.

* From a credit quality perspective, our tactical allocation to CCC-rated high yield bonds proved beneficial, as lower-rated credit significantly outperformed higher-rated credit during the annual period, as corporate health was resilient, and spreads moved meaningfully tighter.

* At the sector level, the Fund's long positioning in commercial services, building & construction and hardware/software contributed most positively to performance.

* The largest individual contributors included long positions in Altice USA, Charter Communications and NFE Financing LLC.

Top Detractors from Performance:

* Individual issue selection among corporate bonds detracted most.

* At the sector level, the biggest detractors from relative performance were the Fund's short positioning in telecommunications and health care and its long positioning in media cable.

* The largest individual detractors during the annual period included the Fund's positions in Bausch Health Companies, MajorDrive Holdings IV, LLC and American Securities LLC.

* Duration positioning detracted, albeit modestly, from relative results. The Fund's duration was broadly in line with the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index during most of the annual period, ending March 2025 with only a slightly shorter duration stance.

# Goldman Sachs Short Duration High Yield Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546ibe0c05883bd656ee08aa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 | $10000 |
| **3/18** | $9938 | $10035 | $10047 | $9899 |
| **3/19** | $10022 | $10642 | $10260 | $10342 |
| **3/20** | $9574 | $9962 | $10491 | $11266 |
| **3/21** | $11138 | $11946 | $10503 | $11346 |
| **3/22** | $11087 | $12002 | $10510 | $10875 |
| **3/23** | $10653 | $11996 | $10774 | $10355 |
| **3/24** | $11557 | $13194 | $11338 | $10531 |
| **3/25** | $12269 | $14081 | $11902 | $11045 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 6.16% | 5.08% | 2.83% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.72% | 7.16% | 4.77% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 2.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.36% |

---

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

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

# Goldman Sachs Short Duration High Yield Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $43292541 |
| # of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $257628 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 17, 2024, the Fund changed its name from the Goldman Sachs Long Short Credit Strategies Fund to the Goldman Sachs Short Duration High Yield Fund. The Fund also changed its investment objective, 80% investment policy, principal investment strategy, contractual management fee rate (from 1.00% to 0.55% of the Fund's average daily net assets at its current breakpoint) and benchmark index. As part of these changes, the Fund revised its principal investment risks to reflect these investments and restated its fees and expenses to reflect its new contractual management fee rate.

The Fund's net expense ratio decreased during the period as a result of expense reductions related to management fee and operating expense limitations.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 9.6% |
| Pipelines | 7.4% |
| Media | 6.8% |
| Retailing | 5.9% |
| Commercial Services | 4.9% |
| Leisure Time | 3.2% |
| Electrical | 3.1% |
| Diversified Financial Services | 3.1% |
| Chemicals | 3.1% |
| Other | 52.3% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L141-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration High Yield Fund

# GSAWX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $66 | 0.64% |

---

## How did the Fund perform and what affected its performance?
Bond yields oscillated as economic data and U.S. elections shaped market views on monetary easing but declined overall at the short end of the curve. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality, with the reverse true among bank loans.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, most notably our ability to actively manage allocation weightings between high yield bonds and leveraged bank loans.

* From a credit quality perspective, our tactical allocation to CCC-rated high yield bonds proved beneficial, as lower-rated credit significantly outperformed higher-rated credit during the annual period, as corporate health was resilient, and spreads moved meaningfully tighter.

* At the sector level, the Fund's long positioning in commercial services, building & construction and hardware/software contributed most positively to performance.

* The largest individual contributors included long positions in Altice USA, Charter Communications and NFE Financing LLC.

Top Detractors from Performance:

* Individual issue selection among corporate bonds detracted most.

* At the sector level, the biggest detractors from relative performance were the Fund's short positioning in telecommunications and health care and its long positioning in media cable.

* The largest individual detractors during the annual period included the Fund's positions in Bausch Health Companies, MajorDrive Holdings IV, LLC and American Securities LLC.

* Duration positioning detracted, albeit modestly, from relative results. The Fund's duration was broadly in line with the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index during most of the annual period, ending March 2025 with only a slightly shorter duration stance.

# Goldman Sachs Short Duration High Yield Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ie1224530824e1bd86367.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **3/16** | $1005400 | $975503 | $1001230 | $1019600 |
| **3/17** | $1041092 | $1084560 | $1004804 | $1024086 |
| **3/18** | $1054834 | $1122279 | $1015953 | $1036375 |
| **3/19** | $1063695 | $1190110 | $1037523 | $1082805 |
| **3/20** | $1014765 | $1114038 | $1060902 | $1179499 |
| **3/21** | $1181897 | $1335997 | $1062144 | $1187874 |
| **3/22** | $1175042 | $1342198 | $1062816 | $1138577 |
| **3/23** | $1130390 | $1341526 | $1089467 | $1084153 |
| **3/24** | $1226134 | $1475491 | $1146549 | $1102584 |
| **3/25** | $1303135 | $1574713 | $1203576 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.28% | 5.12% | 2.68% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.72% | 7.16% | 4.64% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration High Yield Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $43292541 |
| # of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $257628 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 17, 2024, the Fund changed its name from the Goldman Sachs Long Short Credit Strategies Fund to the Goldman Sachs Short Duration High Yield Fund. The Fund also changed its investment objective, 80% investment policy, principal investment strategy, contractual management fee rate (from 1.00% to 0.55% of the Fund's average daily net assets at its current breakpoint) and benchmark index. As part of these changes, the Fund revised its principal investment risks to reflect these investments and restated its fees and expenses to reflect its new contractual management fee rate.

The Fund's net expense ratio decreased during the period as a result of expense reductions related to management fee and operating expense limitations.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 9.6% |
| Pipelines | 7.4% |
| Media | 6.8% |
| Retailing | 5.9% |
| Commercial Services | 4.9% |
| Leisure Time | 3.2% |
| Electrical | 3.1% |
| Diversified Financial Services | 3.1% |
| Chemicals | 3.1% |
| Other | 52.3% |

---

# Goldman Sachs Short Duration High Yield Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L257-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration High Yield Fund

# GSAYX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $74 | 0.72% |

---

## How did the Fund perform and what affected its performance?
Bond yields oscillated as economic data and U.S. elections shaped market views on monetary easing but declined overall at the short end of the curve. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality, with the reverse true among bank loans.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, most notably our ability to actively manage allocation weightings between high yield bonds and leveraged bank loans.

* From a credit quality perspective, our tactical allocation to CCC-rated high yield bonds proved beneficial, as lower-rated credit significantly outperformed higher-rated credit during the annual period, as corporate health was resilient, and spreads moved meaningfully tighter.

* At the sector level, the Fund's long positioning in commercial services, building & construction and hardware/software contributed most positively to performance.

* The largest individual contributors included long positions in Altice USA, Charter Communications and NFE Financing LLC.

Top Detractors from Performance:

* Individual issue selection among corporate bonds detracted most.

* At the sector level, the biggest detractors from relative performance were the Fund's short positioning in telecommunications and health care and its long positioning in media cable.

* The largest individual detractors during the annual period included the Fund's positions in Bausch Health Companies, MajorDrive Holdings IV, LLC and American Securities LLC.

* Duration positioning detracted, albeit modestly, from relative results. The Fund's duration was broadly in line with the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index during most of the annual period, ending March 2025 with only a slightly shorter duration stance.

# Goldman Sachs Short Duration High Yield Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546iaa2b121cc9035adfa6c7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $10044 | $9755 | $10012 | $10196 |
| **3/17** | $10391 | $10846 | $10048 | $10241 |
| **3/18** | $10507 | $11223 | $10160 | $10364 |
| **3/19** | $10586 | $11901 | $10375 | $10828 |
| **3/20** | $10102 | $11140 | $10609 | $11795 |
| **3/21** | $11755 | $13360 | $10621 | $11879 |
| **3/22** | $11677 | $13422 | $10628 | $11386 |
| **3/23** | $11210 | $13415 | $10895 | $10842 |
| **3/24** | $12165 | $14755 | $11465 | $11026 |
| **3/25** | $12902 | $15747 | $12036 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.06% | 5.01% | 2.58% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.72% | 7.16% | 4.64% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration High Yield Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $43292541 |
| # of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid | $257628 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 17, 2024, the Fund changed its name from the Goldman Sachs Long Short Credit Strategies Fund to the Goldman Sachs Short Duration High Yield Fund. The Fund also changed its investment objective, 80% investment policy, principal investment strategy, contractual management fee rate (from 1.00% to 0.55% of the Fund's average daily net assets at its current breakpoint) and benchmark index. As part of these changes, the Fund revised its principal investment risks to reflect these investments and restated its fees and expenses to reflect its new contractual management fee rate.

The Fund's net expense ratio decreased during the period as a result of expense reductions related to management fee and operating expense limitations.

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 9.6% |
| Pipelines | 7.4% |
| Media | 6.8% |
| Retailing | 5.9% |
| Commercial Services | 4.9% |
| Leisure Time | 3.2% |
| Electrical | 3.1% |
| Diversified Financial Services | 3.1% |
| Chemicals | 3.1% |
| Other | 52.3% |

---

# Goldman Sachs Short Duration High Yield Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L240-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Bond Fund

# GDIAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $77 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds and segments of the securitized sector, specifically collateralized loan obligations and commercial mortgage-backed securities. 

* Security selection strategies overall added value, especially the selection of specific investment grade financials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection among agency mortgage-backed securities boosted results as well.

* The Fund's macro relative value country strategy notably boosted relative results due mainly to long Swedish two-year rates vs. short Australian two-year rates and long New Zealand five-year rates vs. short Japanese five-year rates positions held early in the annual period. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

# Goldman Sachs Short Duration Bond Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i09f34a32155dcb5886f7.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9850 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $9911 | $10062 | $10116 | $10139 | $10093 | $10196 |
| **3/17** | $10095 | $10249 | $10224 | $10330 | $10118 | $10241 |
| **3/18** | $10076 | $10230 | $10264 | $10409 | $10120 | $10364 |
| **3/19** | $10380 | $10538 | $10601 | $10806 | $10397 | $10828 |
| **3/20** | $10527 | $10687 | $10982 | $11003 | $10955 | $11795 |
| **3/21** | $11226 | $11397 | $11295 | $11596 | $10994 | $11879 |
| **3/22** | $10862 | $11028 | $10979 | $11303 | $10661 | $11386 |
| **3/23** | $10794 | $10958 | $11012 | $11344 | $10685 | $10842 |
| **3/24** | $11286 | $11458 | $11451 | $11912 | $11004 | $11026 |
| **3/25** | $11942 | $12124 | $12113 | $12644 | $11600 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.81% | 2.55% | 1.94% |
| Class A including sales charges | 4.18% | 2.24% | 1.79% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 5.78% | 1.98% | 1.93% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 6.15% | 2.82% | 2.37% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 5.42% | 1.15% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration Bond Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1271413697 |
| # of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid | $4869118 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 19.8% |
| Commercial Mortgage-Backed Securities | 7.5% |
| Federal Agencies | 7.4% |
| U.S. Treasury Obligations | 5.4% |
| Collateralized Loan Obligations | 5.3% |
| Automotive | 4.7% |
| Diversified Financial Services | 4.6% |
| Student Loan | 3.4% |
| Collateralized Mortgage Obligations | 2.7% |
| Other | 39.4% |

---

# Goldman Sachs Short Duration Bond Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L646-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Bond Fund

# GDICX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $118 | 1.15% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds and segments of the securitized sector, specifically collateralized loan obligations and commercial mortgage-backed securities. 

* Security selection strategies overall added value, especially the selection of specific investment grade financials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection among agency mortgage-backed securities boosted results as well.

* The Fund's macro relative value country strategy notably boosted relative results due mainly to long Swedish two-year rates vs. short Australian two-year rates and long New Zealand five-year rates vs. short Japanese five-year rates positions held early in the annual period. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

# Goldman Sachs Short Duration Bond Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i08e08d144c1252e3ae33.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9935 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $9957 | $10022 | $10116 | $10139 | $10093 | $10196 |
| **3/17** | $10102 | $10168 | $10224 | $10330 | $10118 | $10241 |
| **3/18** | $10054 | $10120 | $10264 | $10409 | $10120 | $10364 |
| **3/19** | $10316 | $10384 | $10601 | $10806 | $10397 | $10828 |
| **3/20** | $10410 | $10478 | $10982 | $11003 | $10955 | $11795 |
| **3/21** | $11058 | $11130 | $11295 | $11596 | $10994 | $11879 |
| **3/22** | $10656 | $10726 | $10979 | $11303 | $10661 | $11386 |
| **3/23** | $10547 | $10616 | $11012 | $11344 | $10685 | $10842 |
| **3/24** | $10974 | $11045 | $11451 | $11912 | $11004 | $11026 |
| **3/25** | $11565 | $11641 | $12113 | $12644 | $11600 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.39% | 2.12% | 1.53% |
| Class C including sales charges | 4.72% | 2.12% | 1.53% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 5.78% | 1.98% | 1.93% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 6.15% | 2.82% | 2.37% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 5.42% | 1.15% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration Bond Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1271413697 |
| # of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid | $4869118 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 19.8% |
| Commercial Mortgage-Backed Securities | 7.5% |
| Federal Agencies | 7.4% |
| U.S. Treasury Obligations | 5.4% |
| Collateralized Loan Obligations | 5.3% |
| Automotive | 4.7% |
| Diversified Financial Services | 4.6% |
| Student Loan | 3.4% |
| Collateralized Mortgage Obligations | 2.7% |
| Other | 39.4% |

---

# Goldman Sachs Short Duration Bond Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L638-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Bond Fund

# GMCPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds and segments of the securitized sector, specifically collateralized loan obligations and commercial mortgage-backed securities. 

* Security selection strategies overall added value, especially the selection of specific investment grade financials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection among agency mortgage-backed securities boosted results as well.

* The Fund's macro relative value country strategy notably boosted relative results due mainly to long Swedish two-year rates vs. short Australian two-year rates and long New Zealand five-year rates vs. short Japanese five-year rates positions held early in the annual period. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

# Goldman Sachs Short Duration Bond Fund

# Class P

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

### Fund Performance
![Growth of 10K Chart](g931546i1a40f28ffc28544c6186.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class P** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $10351 | $10337 | $10379 | $10296 | $10538 |
| **3/20** | $10524 | $10709 | $10568 | $10849 | $11479 |
| **3/21** | $11261 | $11014 | $11137 | $10887 | $11561 |
| **3/22** | $10943 | $10706 | $10856 | $10557 | $11081 |
| **3/23** | $10910 | $10738 | $10896 | $10581 | $10551 |
| **3/24** | $11432 | $11167 | $11441 | $10896 | $10730 |
| **3/25** | $12135 | $11812 | $12144 | $11487 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.15% | 2.89% | 2.82% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 5.78% | 1.98% | 2.42% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 6.15% | 2.82% | 2.83% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 5.42% | 1.15% | 2.01% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

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

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

# Goldman Sachs Short Duration Bond Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1271413697 |
| # of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid | $4869118 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 19.8% |
| Commercial Mortgage-Backed Securities | 7.5% |
| Federal Agencies | 7.4% |
| U.S. Treasury Obligations | 5.4% |
| Collateralized Loan Obligations | 5.3% |
| Automotive | 4.7% |
| Diversified Financial Services | 4.6% |
| Student Loan | 3.4% |
| Collateralized Mortgage Obligations | 2.7% |
| Other | 39.4% |

---

# Goldman Sachs Short Duration Bond Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38150B384-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Bond Fund

# GIFRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $104 | 1.01% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds and segments of the securitized sector, specifically collateralized loan obligations and commercial mortgage-backed securities. 

* Security selection strategies overall added value, especially the selection of specific investment grade financials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection among agency mortgage-backed securities boosted results as well.

* The Fund's macro relative value country strategy notably boosted relative results due mainly to long Swedish two-year rates vs. short Australian two-year rates and long New Zealand five-year rates vs. short Japanese five-year rates positions held early in the annual period. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

# Goldman Sachs Short Duration Bond Fund

# Class R

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

### Fund Performance
![Growth of 10K Chart](g931546i573c386a9afee0be18ce.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $10047 | $10116 | $10139 | $10093 | $10196 |
| **3/17** | $10210 | $10224 | $10330 | $10118 | $10241 |
| **3/18** | $10166 | $10264 | $10409 | $10120 | $10364 |
| **3/19** | $10446 | $10601 | $10806 | $10397 | $10828 |
| **3/20** | $10557 | $10982 | $11003 | $10955 | $11795 |
| **3/21** | $11230 | $11295 | $11596 | $10994 | $11879 |
| **3/22** | $10850 | $10979 | $11303 | $10661 | $11386 |
| **3/23** | $10756 | $11012 | $11344 | $10685 | $10842 |
| **3/24** | $11219 | $11451 | $11912 | $11004 | $11026 |
| **3/25** | $11841 | $12113 | $12644 | $11600 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.54% | 2.32% | 1.70% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 5.78% | 1.98% | 1.93% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 6.15% | 2.82% | 2.37% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 5.42% | 1.15% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration Bond Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1271413697 |
| # of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid | $4869118 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 19.8% |
| Commercial Mortgage-Backed Securities | 7.5% |
| Federal Agencies | 7.4% |
| U.S. Treasury Obligations | 5.4% |
| Collateralized Loan Obligations | 5.3% |
| Automotive | 4.7% |
| Diversified Financial Services | 4.6% |
| Student Loan | 3.4% |
| Collateralized Mortgage Obligations | 2.7% |
| Other | 39.4% |

---

# Goldman Sachs Short Duration Bond Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L596-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Bond Fund

# GDIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $44 | 0.43% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds and segments of the securitized sector, specifically collateralized loan obligations and commercial mortgage-backed securities. 

* Security selection strategies overall added value, especially the selection of specific investment grade financials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection among agency mortgage-backed securities boosted results as well.

* The Fund's macro relative value country strategy notably boosted relative results due mainly to long Swedish two-year rates vs. short Australian two-year rates and long New Zealand five-year rates vs. short Japanese five-year rates positions held early in the annual period. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

# Goldman Sachs Short Duration Bond Fund

# Class R6

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

### Fund Performance
![Growth of 10K Chart](g931546i00b70f1cf14d4748b390.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $10065 | $10099 | $10135 | $10072 | $10299 |
| **3/17** | $10296 | $10207 | $10326 | $10098 | $10344 |
| **3/18** | $10310 | $10247 | $10405 | $10100 | $10468 |
| **3/19** | $10656 | $10583 | $10802 | $10376 | $10937 |
| **3/20** | $10834 | $10964 | $10999 | $10933 | $11914 |
| **3/21** | $11593 | $11276 | $11591 | $10972 | $11999 |
| **3/22** | $11254 | $10961 | $11299 | $10639 | $11501 |
| **3/23** | $11219 | $10994 | $11340 | $10664 | $10951 |
| **3/24** | $11768 | $11432 | $11908 | $10981 | $11137 |
| **3/25** | $12492 | $12093 | $12639 | $11577 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 6.15% | 2.89% | 2.33% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 5.78% | 1.98% | 1.98% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 6.15% | 2.82% | 2.45% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 5.42% | 1.15% | 1.52% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

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

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

# Goldman Sachs Short Duration Bond Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1271413697 |
| # of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid | $4869118 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 19.8% |
| Commercial Mortgage-Backed Securities | 7.5% |
| Federal Agencies | 7.4% |
| U.S. Treasury Obligations | 5.4% |
| Collateralized Loan Obligations | 5.3% |
| Automotive | 4.7% |
| Diversified Financial Services | 4.6% |
| Student Loan | 3.4% |
| Collateralized Mortgage Obligations | 2.7% |
| Other | 39.4% |

---

# Goldman Sachs Short Duration Bond Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38147X564-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Bond Fund

# GDFIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

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

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds and segments of the securitized sector, specifically collateralized loan obligations and commercial mortgage-backed securities. 

* Security selection strategies overall added value, especially the selection of specific investment grade financials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection among agency mortgage-backed securities boosted results as well.

* The Fund's macro relative value country strategy notably boosted relative results due mainly to long Swedish two-year rates vs. short Australian two-year rates and long New Zealand five-year rates vs. short Japanese five-year rates positions held early in the annual period. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

# Goldman Sachs Short Duration Bond Fund

# Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g931546ic78d19059057054bef64.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **3/16** | $1010700 | $1013857 | $1009254 | $1011600 | $1019600 |
| **3/17** | $1033036 | $1032982 | $1011812 | $1022424 | $1024086 |
| **3/18** | $1034689 | $1040860 | $1012019 | $1026412 | $1036375 |
| **3/19** | $1069455 | $1080605 | $1039706 | $1060078 | $1082805 |
| **3/20** | $1088277 | $1100323 | $1095548 | $1098241 | $1179499 |
| **3/21** | $1164348 | $1159595 | $1099446 | $1129541 | $1187874 |
| **3/22** | $1130349 | $1130327 | $1066080 | $1097913 | $1138577 |
| **3/23** | $1126845 | $1134418 | $1068527 | $1101207 | $1084153 |
| **3/24** | $1180595 | $1191218 | $1100373 | $1145145 | $1102584 |
| **3/25** | $1253084 | $1264418 | $1160014 | $1211335 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.14% | 2.86% | 2.28% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 5.78% | 1.98% | 1.93% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 6.15% | 2.82% | 2.37% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 5.42% | 1.15% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration Bond Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1271413697 |
| # of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid | $4869118 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 19.8% |
| Commercial Mortgage-Backed Securities | 7.5% |
| Federal Agencies | 7.4% |
| U.S. Treasury Obligations | 5.4% |
| Collateralized Loan Obligations | 5.3% |
| Automotive | 4.7% |
| Diversified Financial Services | 4.6% |
| Student Loan | 3.4% |
| Collateralized Mortgage Obligations | 2.7% |
| Other | 39.4% |

---

# Goldman Sachs Short Duration Bond Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L620-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Bond Fund

# GSSRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $52 | 0.50% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds and segments of the securitized sector, specifically collateralized loan obligations and commercial mortgage-backed securities. 

* Security selection strategies overall added value, especially the selection of specific investment grade financials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection among agency mortgage-backed securities boosted results as well.

* The Fund's macro relative value country strategy notably boosted relative results due mainly to long Swedish two-year rates vs. short Australian two-year rates and long New Zealand five-year rates vs. short Japanese five-year rates positions held early in the annual period. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

# Goldman Sachs Short Duration Bond Fund

# Investor Class

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

### Fund Performance
![Growth of 10K Chart](g931546ib3fa9fc323cced060606.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $10087 | $10116 | $10139 | $10093 | $10196 |
| **3/17** | $10311 | $10224 | $10330 | $10118 | $10241 |
| **3/18** | $10317 | $10264 | $10409 | $10120 | $10364 |
| **3/19** | $10654 | $10601 | $10806 | $10397 | $10828 |
| **3/20** | $10822 | $10982 | $11003 | $10955 | $11795 |
| **3/21** | $11568 | $11295 | $11596 | $10994 | $11879 |
| **3/22** | $11234 | $10979 | $11303 | $10661 | $11386 |
| **3/23** | $11193 | $11012 | $11344 | $10685 | $10842 |
| **3/24** | $11720 | $11451 | $11912 | $11004 | $11026 |
| **3/25** | $12431 | $12113 | $12644 | $11600 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.07% | 2.81% | 2.20% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 5.78% | 1.98% | 1.93% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 6.15% | 2.82% | 2.37% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 5.42% | 1.15% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration Bond Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1271413697 |
| # of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid | $4869118 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 19.8% |
| Commercial Mortgage-Backed Securities | 7.5% |
| Federal Agencies | 7.4% |
| U.S. Treasury Obligations | 5.4% |
| Collateralized Loan Obligations | 5.3% |
| Automotive | 4.7% |
| Diversified Financial Services | 4.6% |
| Student Loan | 3.4% |
| Collateralized Mortgage Obligations | 2.7% |
| Other | 39.4% |

---

# Goldman Sachs Short Duration Bond Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L612-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Government Fund

# GSSDX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $83 | 0.81% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to relative value trades within the government/swaps sector. Specific selection among agency mortgage-backed securities boosted results as well. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by exposures to agency securities and mortgage-backed securities, which performed well during the annual period.

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the two-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the five-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short Duration Government Fund

# Class A

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

### Fund Performance
![Growth of 10K Chart](g931546i3c64f6b88716d40b1e05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9850 | $10000 | $10000 | $10000 |
| **3/16** | $9893 | $10044 | $10077 | $10196 |
| **3/17** | $9939 | $10090 | $10084 | $10241 |
| **3/18** | $9917 | $10068 | $10066 | $10364 |
| **3/19** | $10112 | $10266 | $10329 | $10828 |
| **3/20** | $10534 | $10694 | $10883 | $11795 |
| **3/21** | $10657 | $10820 | $10904 | $11879 |
| **3/22** | $10189 | $10345 | $10579 | $11386 |
| **3/23** | $10065 | $10218 | $10543 | $10842 |
| **3/24** | $10293 | $10449 | $10781 | $11026 |
| **3/25** | $10784 | $10948 | $11335 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.77% | 0.47% | 0.91% |
| Class A including sales charges | 3.20% | 0.17% | 0.76% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 5.14% | 0.82% | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration Government Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $437738708 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 913% |
| Total Net Advisory Fees Paid | $2030723 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.9% |
| Federal Agencies | 32.0% |
| Agency Debentures | 12.5% |
| Collateralized Mortgage Obligations | 0.2% |

---

# Goldman Sachs Short Duration Government Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38142B476-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Government Fund

# GSDCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $124 | 1.21% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to relative value trades within the government/swaps sector. Specific selection among agency mortgage-backed securities boosted results as well. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by exposures to agency securities and mortgage-backed securities, which performed well during the annual period.

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the two-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the five-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short Duration Government Fund

# Class C

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

### Fund Performance
![Growth of 10K Chart](g931546i27a00c5f2227f5e70023.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9935 | $10000 | $10000 | $10000 |
| **3/16** | $9933 | $9998 | $10077 | $10196 |
| **3/17** | $9939 | $10004 | $10084 | $10241 |
| **3/18** | $9886 | $9951 | $10066 | $10364 |
| **3/19** | $10031 | $10096 | $10329 | $10828 |
| **3/20** | $10409 | $10477 | $10883 | $11795 |
| **3/21** | $10489 | $10558 | $10904 | $11879 |
| **3/22** | $9989 | $10054 | $10579 | $11386 |
| **3/23** | $9825 | $9889 | $10543 | $10842 |
| **3/24** | $10007 | $10072 | $10781 | $11026 |
| **3/25** | $10444 | $10512 | $11335 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.37% | 0.07% | 0.50% |
| Class C including sales charges | 3.71% | 0.07% | 0.50% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 5.14% | 0.82% | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

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

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

# Goldman Sachs Short Duration Government Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $437738708 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 913% |
| Total Net Advisory Fees Paid | $2030723 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.9% |
| Federal Agencies | 32.0% |
| Agency Debentures | 12.5% |
| Collateralized Mortgage Obligations | 0.2% |

---

# Goldman Sachs Short Duration Government Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38142B237-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Government Fund

# GMDPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to relative value trades within the government/swaps sector. Specific selection among agency mortgage-backed securities boosted results as well. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by exposures to agency securities and mortgage-backed securities, which performed well during the annual period.

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the two-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the five-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short Duration Government Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ie0d85bd3c7951aa83879.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10239 | $10282 | $10538 |
| **3/20** | $10704 | $10834 | $11479 |
| **3/21** | $10867 | $10855 | $11561 |
| **3/22** | $10423 | $10531 | $11081 |
| **3/23** | $10330 | $10495 | $10551 |
| **3/24** | $10600 | $10733 | $10730 |
| **3/25** | $11145 | $11284 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.14% | 0.81% | 1.57% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 5.14% | 0.82% | 1.75% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short Duration Government Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $437738708 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 913% |
| Total Net Advisory Fees Paid | $2030723 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.9% |
| Federal Agencies | 32.0% |
| Agency Debentures | 12.5% |
| Collateralized Mortgage Obligations | 0.2% |

---

# Goldman Sachs Short Duration Government Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38150B392-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Government Fund

# GSTUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to relative value trades within the government/swaps sector. Specific selection among agency mortgage-backed securities boosted results as well. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by exposures to agency securities and mortgage-backed securities, which performed well during the annual period.

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the two-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the five-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short Duration Government Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i601fed5cfa747c052b4e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $10042 | $10065 | $10299 |
| **3/17** | $10124 | $10072 | $10344 |
| **3/18** | $10136 | $10054 | $10468 |
| **3/19** | $10373 | $10316 | $10937 |
| **3/20** | $10832 | $10870 | $11914 |
| **3/21** | $10997 | $10891 | $11999 |
| **3/22** | $10559 | $10566 | $11501 |
| **3/23** | $10465 | $10530 | $10951 |
| **3/24** | $10738 | $10768 | $11137 |
| **3/25** | $11290 | $11322 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 5.14% | 0.83% | 1.26% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 5.14% | 0.82% | 1.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short Duration Government Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $437738708 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 913% |
| Total Net Advisory Fees Paid | $2030723 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.9% |
| Federal Agencies | 32.0% |
| Agency Debentures | 12.5% |
| Collateralized Mortgage Obligations | 0.2% |

---

# Goldman Sachs Short Duration Government Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38147X598-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Government Fund

# GSTGX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.48% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to relative value trades within the government/swaps sector. Specific selection among agency mortgage-backed securities boosted results as well. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by exposures to agency securities and mortgage-backed securities, which performed well during the annual period.

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the two-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the five-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short Duration Government Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i71f78d297294f35b8e16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1007800 | $1007700 | $1019600 |
| **3/17** | $1015862 | $1008405 | $1024086 |
| **3/18** | $1016980 | $1006590 | $1036375 |
| **3/19** | $1040574 | $1032862 | $1082805 |
| **3/20** | $1086567 | $1088327 | $1179499 |
| **3/21** | $1102974 | $1090395 | $1187874 |
| **3/22** | $1057863 | $1057901 | $1138577 |
| **3/23** | $1049400 | $1054304 | $1084153 |
| **3/24** | $1075530 | $1078131 | $1102584 |
| **3/25** | $1130704 | $1133547 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.13% | 0.80% | 1.23% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 5.14% | 0.82% | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short Duration Government Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $437738708 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 913% |
| Total Net Advisory Fees Paid | $2030723 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.9% |
| Federal Agencies | 32.0% |
| Agency Debentures | 12.5% |
| Collateralized Mortgage Obligations | 0.2% |

---

# Goldman Sachs Short Duration Government Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38141W307-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Government Fund

# GTDTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $57 | 0.56% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to relative value trades within the government/swaps sector. Specific selection among agency mortgage-backed securities boosted results as well. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by exposures to agency securities and mortgage-backed securities, which performed well during the annual period.

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the two-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the five-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short Duration Government Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ic1ee081c1ce59047d4ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10059 | $10077 | $10196 |
| **3/17** | $10131 | $10084 | $10241 |
| **3/18** | $10145 | $10066 | $10364 |
| **3/19** | $10371 | $10329 | $10828 |
| **3/20** | $10819 | $10883 | $11795 |
| **3/21** | $10984 | $10904 | $11879 |
| **3/22** | $10529 | $10579 | $11386 |
| **3/23** | $10426 | $10543 | $10842 |
| **3/24** | $10689 | $10781 | $11026 |
| **3/25** | $11227 | $11335 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.03% | 0.74% | 1.16% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 5.14% | 0.82% | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short Duration Government Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $437738708 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 913% |
| Total Net Advisory Fees Paid | $2030723 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.9% |
| Federal Agencies | 32.0% |
| Agency Debentures | 12.5% |
| Collateralized Mortgage Obligations | 0.2% |

---

# Goldman Sachs Short Duration Government Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38145N360-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Government Fund

# GSDSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $100 | 0.98% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to relative value trades within the government/swaps sector. Specific selection among agency mortgage-backed securities boosted results as well. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by exposures to agency securities and mortgage-backed securities, which performed well during the annual period.

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the two-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, exposure to the five-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short Duration Government Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ic2ce39cc390e920bcca2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10018 | $10077 | $10196 |
| **3/17** | $10048 | $10084 | $10241 |
| **3/18** | $10019 | $10066 | $10364 |
| **3/19** | $10189 | $10329 | $10828 |
| **3/20** | $10598 | $10883 | $11795 |
| **3/21** | $10704 | $10904 | $11879 |
| **3/22** | $10216 | $10579 | $11386 |
| **3/23** | $10073 | $10543 | $10842 |
| **3/24** | $10283 | $10781 | $11026 |
| **3/25** | $10757 | $11335 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 4.61% | 0.30% | 0.73% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 5.14% | 0.82% | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short Duration Government Fund

# Service Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $437738708 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 913% |
| Total Net Advisory Fees Paid | $2030723 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.9% |
| Federal Agencies | 32.0% |
| Agency Debentures | 12.5% |
| Collateralized Mortgage Obligations | 0.2% |

---

# Goldman Sachs Short Duration Government Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38141W869-AR-0325

# Service Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short-Term Conservative Income Fund

# GPAPX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $47 | 0.46% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials and industrials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. Exposure to asset-backed securities also helped. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, underweight exposure to the two-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short-Term Conservative Income Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ifc9642e2caaca381e914.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/16** | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10041 | $10026 | $10016 | $9857 |
| **3/18** | $10145 | $10137 | $10124 | $9975 |
| **3/19** | $10390 | $10383 | $10350 | $10422 |
| **3/20** | $10459 | $10667 | $10616 | $11353 |
| **3/21** | $10712 | $10730 | $10630 | $11433 |
| **3/22** | $10654 | $10706 | $10631 | $10959 |
| **3/23** | $10928 | $10936 | $10902 | $10435 |
| **3/24** | $11549 | $11503 | $11474 | $10613 |
| **3/25** | $12149 | $12106 | $12057 | $11130 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class A (Commenced October 31, 2016) | 5.19% | 3.04% | 2.34% |
| Bloomberg Short-Term Government/Corporate Index | 5.24% | 2.56% | 2.29% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 5.08% | 2.58% | 2.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.28% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short-Term Conservative Income Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2029284313 |
| # of Portfolio Holdings | 253 |
| Portfolio Turnover Rate | 117% |
| Total Net Advisory Fees Paid | $3691508 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 16, 2025, the Fund changed its credit quality guidelines to increase (from 15% to 30% of total assets) its investments in securities that, at the time of purchase, are rated A-2, P-2, or F2 by S&P Global Ratings, Moody's Investors Service, Inc. or Fitch Ratings, Inc., respectively (and certain comparable securities). The Fund also adopted an 80% investment policy to invest in short-term, investment grade fixed income securities. Effective July 29, 2024, the Fund also changed its maturity guidelines.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 33.1% |
| Short-Term Investments | 26.8% |
| Automotive | 12.6% |
| Diversified Financial Services | 6.1% |
| Insurance | 5.1% |
| U.S. Treasury Obligations | 4.8% |
| Healthcare Providers & Services | 1.7% |
| Credit Card | 1.3% |
| Electrical | 1.2% |
| Other | 9.3% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38148U288-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short-Term Conservative Income Fund

# GMBPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $23 | 0.22% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials and industrials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. Exposure to asset-backed securities also helped. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, underweight exposure to the two-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short-Term Conservative Income Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i0e7ec524b9d4d06f69d4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $10248 | $10233 | $10212 | $10538 |
| **3/20** | $10331 | $10513 | $10475 | $11479 |
| **3/21** | $10617 | $10575 | $10489 | $11561 |
| **3/22** | $10574 | $10552 | $10491 | $11081 |
| **3/23** | $10881 | $10778 | $10757 | $10551 |
| **3/24** | $11529 | $11337 | $11322 | $10730 |
| **3/25** | $12156 | $11931 | $11897 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.44% | 3.31% | 2.85% |
| Bloomberg Short-Term Government/Corporate Index | 5.24% | 2.56% | 2.57% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 5.08% | 2.58% | 2.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short-Term Conservative Income Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2029284313 |
| # of Portfolio Holdings | 253 |
| Portfolio Turnover Rate | 117% |
| Total Net Advisory Fees Paid | $3691508 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 16, 2025, the Fund changed its credit quality guidelines to increase (from 15% to 30% of total assets) its investments in securities that, at the time of purchase, are rated A-2, P-2, or F2 by S&P Global Ratings, Moody's Investors Service, Inc. or Fitch Ratings, Inc., respectively (and certain comparable securities). The Fund also adopted an 80% investment policy to invest in short-term, investment grade fixed income securities. Effective July 29, 2024, the Fund also changed its maturity guidelines.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 33.1% |
| Short-Term Investments | 26.8% |
| Automotive | 12.6% |
| Diversified Financial Services | 6.1% |
| Insurance | 5.1% |
| U.S. Treasury Obligations | 4.8% |
| Healthcare Providers & Services | 1.7% |
| Credit Card | 1.3% |
| Electrical | 1.2% |
| Other | 9.3% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38150B376-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short-Term Conservative Income Fund

# GPPSX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $23 | 0.22% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials and industrials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. Exposure to asset-backed securities also helped. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, underweight exposure to the two-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short-Term Conservative Income Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i6590d89897145d7a86f2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 | $10000 |
| **3/18** | $10043 | $10041 | $10044 | $9899 |
| **3/19** | $10326 | $10284 | $10268 | $10342 |
| **3/20** | $10420 | $10566 | $10532 | $11266 |
| **3/21** | $10697 | $10628 | $10546 | $11346 |
| **3/22** | $10653 | $10605 | $10548 | $10875 |
| **3/23** | $10953 | $10832 | $10816 | $10355 |
| **3/24** | $11616 | $11394 | $11383 | $10531 |
| **3/25** | $12236 | $11991 | $11961 | $11045 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 5.34% | 3.26% | 2.79% |
| Bloomberg Short-Term Government/Corporate Index | 5.24% | 2.56% | 2.50% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 5.08% | 2.58% | 2.47% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.36% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short-Term Conservative Income Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2029284313 |
| # of Portfolio Holdings | 253 |
| Portfolio Turnover Rate | 117% |
| Total Net Advisory Fees Paid | $3691508 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 16, 2025, the Fund changed its credit quality guidelines to increase (from 15% to 30% of total assets) its investments in securities that, at the time of purchase, are rated A-2, P-2, or F2 by S&P Global Ratings, Moody's Investors Service, Inc. or Fitch Ratings, Inc., respectively (and certain comparable securities). The Fund also adopted an 80% investment policy to invest in short-term, investment grade fixed income securities. Effective July 29, 2024, the Fund also changed its maturity guidelines.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 33.1% |
| Short-Term Investments | 26.8% |
| Automotive | 12.6% |
| Diversified Financial Services | 6.1% |
| Insurance | 5.1% |
| U.S. Treasury Obligations | 4.8% |
| Healthcare Providers & Services | 1.7% |
| Credit Card | 1.3% |
| Electrical | 1.2% |
| Other | 9.3% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38145L133-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short-Term Conservative Income Fund

# GPPIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $24 | 0.23% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials and industrials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. Exposure to asset-backed securities also helped. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, underweight exposure to the two-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short-Term Conservative Income Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546if61b7d97f5f6225023ba.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **3/16** | $1006100 | $1004300 | $1002383 | $1019600 |
| **3/17** | $1018374 | $1011732 | $1006662 | $1024086 |
| **3/18** | $1032632 | $1022962 | $1017531 | $1036375 |
| **3/19** | $1061752 | $1047718 | $1040226 | $1082805 |
| **3/20** | $1070246 | $1076425 | $1066962 | $1179499 |
| **3/21** | $1098714 | $1082776 | $1068425 | $1187874 |
| **3/22** | $1095199 | $1080394 | $1068564 | $1138577 |
| **3/23** | $1126959 | $1103514 | $1095749 | $1084153 |
| **3/24** | $1193788 | $1160787 | $1153246 | $1102584 |
| **3/25** | $1258611 | $1221612 | $1211797 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.43% | 3.30% | 2.33% |
| Bloomberg Short-Term Government/Corporate Index | 5.24% | 2.56% | 2.02% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 5.08% | 2.58% | 1.94% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short-Term Conservative Income Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2029284313 |
| # of Portfolio Holdings | 253 |
| Portfolio Turnover Rate | 117% |
| Total Net Advisory Fees Paid | $3691508 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 16, 2025, the Fund changed its credit quality guidelines to increase (from 15% to 30% of total assets) its investments in securities that, at the time of purchase, are rated A-2, P-2, or F2 by S&P Global Ratings, Moody's Investors Service, Inc. or Fitch Ratings, Inc., respectively (and certain comparable securities). The Fund also adopted an 80% investment policy to invest in short-term, investment grade fixed income securities. Effective July 29, 2024, the Fund also changed its maturity guidelines.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 33.1% |
| Short-Term Investments | 26.8% |
| Automotive | 12.6% |
| Diversified Financial Services | 6.1% |
| Insurance | 5.1% |
| U.S. Treasury Obligations | 4.8% |
| Healthcare Providers & Services | 1.7% |
| Credit Card | 1.3% |
| Electrical | 1.2% |
| Other | 9.3% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38147X705-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short-Term Conservative Income Fund

# GPPOX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $32 | 0.31% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials and industrials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. Exposure to asset-backed securities also helped. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted most from results, largely driven by its underweight to the one-year segment of the U.S. Treasury yield curve from May through September 2024 when that segment rallied significantly in anticipation of the start of the Fed's easing cycle. To a lesser extent, underweight exposure to the two-year segment of the U.S. Treasury yield curve also hurt. 

# Goldman Sachs Short-Term Conservative Income Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i4cc6e94715324d9cb2cc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/14/18** | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $10168 | $10163 | $10150 | $10428 |
| **3/20** | $10240 | $10441 | $10410 | $11359 |
| **3/21** | $10503 | $10503 | $10425 | $11440 |
| **3/22** | $10461 | $10480 | $10426 | $10965 |
| **3/23** | $10746 | $10704 | $10691 | $10441 |
| **3/24** | $11386 | $11260 | $11252 | $10618 |
| **3/25** | $11983 | $11850 | $11824 | $11137 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Investor Shares (Commenced August 14, 2018) | 5.24% | 3.19% | 2.76% |
| Bloomberg Short-Term Government/Corporate Index | 5.24% | 2.56% | 2.59% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 5.08% | 2.58% | 2.56% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.64% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Short-Term Conservative Income Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $2029284313 |
| # of Portfolio Holdings | 253 |
| Portfolio Turnover Rate | 117% |
| Total Net Advisory Fees Paid | $3691508 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 16, 2025, the Fund changed its credit quality guidelines to increase (from 15% to 30% of total assets) its investments in securities that, at the time of purchase, are rated A-2, P-2, or F2 by S&P Global Ratings, Moody's Investors Service, Inc. or Fitch Ratings, Inc., respectively (and certain comparable securities). The Fund also adopted an 80% investment policy to invest in short-term, investment grade fixed income securities. Effective July 29, 2024, the Fund also changed its maturity guidelines.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 33.1% |
| Short-Term Investments | 26.8% |
| Automotive | 12.6% |
| Diversified Financial Services | 6.1% |
| Insurance | 5.1% |
| U.S. Treasury Obligations | 4.8% |
| Healthcare Providers & Services | 1.7% |
| Credit Card | 1.3% |
| Electrical | 1.2% |
| Other | 9.3% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38147X218-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Bond Fund

# GSZAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (formerly, Goldman Sachs Strategic Income Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $110 | 1.06% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in Europe and the U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially exposure to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors.

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Individual issue selection among agency mortgage-backed securities also contributed positively. Elsewhere, security selection within the government/swaps and emerging markets debt sectors boosted results.

Top Detractors from Performance:

* The Fund's currency strategy detracted overall. While the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period contributed positively, this was more than offset by the portfolio's long exposure to the South Korean won, which hurt relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the corporate credit sector detracted, particularly selection among high yield industrial corporate bonds. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Dynamic Bond Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546if7a5427308b56ecb54fa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9625 | $10000 | $10000 | $10000 |
| **3/16** | $9384 | $9750 | $10012 | $10196 |
| **3/17** | $9839 | $10222 | $10048 | $10241 |
| **3/18** | $9754 | $10134 | $10160 | $10364 |
| **3/19** | $9799 | $10181 | $10375 | $10828 |
| **3/20** | $9245 | $9605 | $10608 | $11795 |
| **3/21** | $10643 | $11058 | $10621 | $11879 |
| **3/22** | $10524 | $10934 | $10627 | $11386 |
| **3/23** | $10696 | $11113 | $10894 | $10842 |
| **3/24** | $11586 | $12038 | $11465 | $11026 |
| **3/25** | $12394 | $12877 | $12035 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.97% | 6.03% | 2.56% |
| Class A including sales charges | 3.01% | 5.23% | 2.17% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Dynamic Bond Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $893147103 |
| # of Portfolio Holdings | 658 |
| Portfolio Turnover Rate | 2,379% |
| Total Net Advisory Fees Paid | $4515206 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective June 17, 2024, the Fund changed its name from the Goldman Sachs Strategic Income Fund to the Goldman Sachs Dynamic Bond Fund. The Fund also changed its principal investment strategy and adopted an 80% investment policy to invest in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 41.8% |
| U.S. Treasury Obligations | 15.0% |
| Commercial Mortgage-Backed Securities | 13.8% |
| Collateralized Loan Obligations | 12.2% |
| Collateralized Mortgage Obligations | 8.6% |
| Banks | 4.3% |
| Student Loan | 3.3% |
| Diversified Financial Services | 2.6% |
| Pipelines | 1.9% |
| Other | 29.5% |

---

# Goldman Sachs Dynamic Bond Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C661-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Bond Fund

# GSZCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (formerly, Goldman Sachs Strategic Income Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $187 | 1.81% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in Europe and the U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially exposure to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors.

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Individual issue selection among agency mortgage-backed securities also contributed positively. Elsewhere, security selection within the government/swaps and emerging markets debt sectors boosted results.

Top Detractors from Performance:

* The Fund's currency strategy detracted overall. While the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period contributed positively, this was more than offset by the portfolio's long exposure to the South Korean won, which hurt relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the corporate credit sector detracted, particularly selection among high yield industrial corporate bonds. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Dynamic Bond Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i69039ce5d138522fcbf4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9900 | $10000 | $10000 | $10000 |
| **3/16** | $9582 | $9679 | $10012 | $10196 |
| **3/17** | $9989 | $10090 | $10048 | $10241 |
| **3/18** | $9830 | $9929 | $10160 | $10364 |
| **3/19** | $9789 | $9888 | $10375 | $10828 |
| **3/20** | $9174 | $9266 | $10608 | $11795 |
| **3/21** | $10480 | $10586 | $10621 | $11879 |
| **3/22** | $10289 | $10393 | $10627 | $11386 |
| **3/23** | $10372 | $10477 | $10894 | $10842 |
| **3/24** | $11153 | $11265 | $11465 | $11026 |
| **3/25** | $11834 | $11953 | $12035 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 6.11% | 5.22% | 1.80% |
| Class C including sales charges | 5.05% | 5.22% | 1.80% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Dynamic Bond Fund

# Class C

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $893147103 |
| # of Portfolio Holdings | 658 |
| Portfolio Turnover Rate | 2,379% |
| Total Net Advisory Fees Paid | $4515206 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective June 17, 2024, the Fund changed its name from the Goldman Sachs Strategic Income Fund to the Goldman Sachs Dynamic Bond Fund. The Fund also changed its principal investment strategy and adopted an 80% investment policy to invest in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 41.8% |
| U.S. Treasury Obligations | 15.0% |
| Commercial Mortgage-Backed Securities | 13.8% |
| Collateralized Loan Obligations | 12.2% |
| Collateralized Mortgage Obligations | 8.6% |
| Banks | 4.3% |
| Student Loan | 3.3% |
| Diversified Financial Services | 2.6% |
| Pipelines | 1.9% |
| Other | 29.5% |

---

# Goldman Sachs Dynamic Bond Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C653-AR-0325

# Class C
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Bond Fund

# GSOPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (formerly, Goldman Sachs Strategic Income Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $75 | 0.72% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in Europe and the U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially exposure to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors.

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Individual issue selection among agency mortgage-backed securities also contributed positively. Elsewhere, security selection within the government/swaps and emerging markets debt sectors boosted results.

Top Detractors from Performance:

* The Fund's currency strategy detracted overall. While the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period contributed positively, this was more than offset by the portfolio's long exposure to the South Korean won, which hurt relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the corporate credit sector detracted, particularly selection among high yield industrial corporate bonds. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Dynamic Bond Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i10daef22f94bf8f920f5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $9988 | $10203 | $10538 |
| **3/20** | $9457 | $10433 | $11479 |
| **3/21** | $10925 | $10445 | $11561 |
| **3/22** | $10848 | $10451 | $11081 |
| **3/23** | $11051 | $10714 | $10551 |
| **3/24** | $12012 | $11275 | $10730 |
| **3/25** | $12894 | $11835 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 7.34% | 6.39% | 3.72% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 2.45% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Dynamic Bond Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $893147103 |
| # of Portfolio Holdings | 658 |
| Portfolio Turnover Rate | 2,379% |
| Total Net Advisory Fees Paid | $4515206 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective June 17, 2024, the Fund changed its name from the Goldman Sachs Strategic Income Fund to the Goldman Sachs Dynamic Bond Fund. The Fund also changed its principal investment strategy and adopted an 80% investment policy to invest in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 41.8% |
| U.S. Treasury Obligations | 15.0% |
| Commercial Mortgage-Backed Securities | 13.8% |
| Collateralized Loan Obligations | 12.2% |
| Collateralized Mortgage Obligations | 8.6% |
| Banks | 4.3% |
| Student Loan | 3.3% |
| Diversified Financial Services | 2.6% |
| Pipelines | 1.9% |
| Other | 29.5% |

---

# Goldman Sachs Dynamic Bond Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38150B277-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Bond Fund

# GSZRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (formerly, Goldman Sachs Strategic Income Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $135 | 1.31% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in Europe and the U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially exposure to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors.

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Individual issue selection among agency mortgage-backed securities also contributed positively. Elsewhere, security selection within the government/swaps and emerging markets debt sectors boosted results.

Top Detractors from Performance:

* The Fund's currency strategy detracted overall. While the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period contributed positively, this was more than offset by the portfolio's long exposure to the South Korean won, which hurt relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the corporate credit sector detracted, particularly selection among high yield industrial corporate bonds. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Dynamic Bond Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i708f63fb980df829fb73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9726 | $10012 | $10196 |
| **3/17** | $10184 | $10048 | $10241 |
| **3/18** | $10070 | $10160 | $10364 |
| **3/19** | $10080 | $10375 | $10828 |
| **3/20** | $9485 | $10608 | $11795 |
| **3/21** | $10906 | $10621 | $11879 |
| **3/22** | $10759 | $10627 | $11386 |
| **3/23** | $10897 | $10894 | $10842 |
| **3/24** | $11777 | $11465 | $11026 |
| **3/25** | $12556 | $12035 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.61% | 5.76% | 2.30% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Dynamic Bond Fund

# Class R

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $893147103 |
| # of Portfolio Holdings | 658 |
| Portfolio Turnover Rate | 2,379% |
| Total Net Advisory Fees Paid | $4515206 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective June 17, 2024, the Fund changed its name from the Goldman Sachs Strategic Income Fund to the Goldman Sachs Dynamic Bond Fund. The Fund also changed its principal investment strategy and adopted an 80% investment policy to invest in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 41.8% |
| U.S. Treasury Obligations | 15.0% |
| Commercial Mortgage-Backed Securities | 13.8% |
| Collateralized Loan Obligations | 12.2% |
| Collateralized Mortgage Obligations | 8.6% |
| Banks | 4.3% |
| Student Loan | 3.3% |
| Diversified Financial Services | 2.6% |
| Pipelines | 1.9% |
| Other | 29.5% |

---

# Goldman Sachs Dynamic Bond Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C620-AR-0325

# Class R
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Bond Fund

# GSZUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (formerly, Goldman Sachs Strategic Income Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $75 | 0.72% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in Europe and the U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially exposure to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors.

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Individual issue selection among agency mortgage-backed securities also contributed positively. Elsewhere, security selection within the government/swaps and emerging markets debt sectors boosted results.

Top Detractors from Performance:

* The Fund's currency strategy detracted overall. While the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period contributed positively, this was more than offset by the portfolio's long exposure to the South Korean won, which hurt relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the corporate credit sector detracted, particularly selection among high yield industrial corporate bonds. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Dynamic Bond Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ie6df2205b2d5fe0c3d03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $9695 | $10012 | $10299 |
| **3/17** | $10200 | $10048 | $10344 |
| **3/18** | $10151 | $10160 | $10468 |
| **3/19** | $10222 | $10375 | $10937 |
| **3/20** | $9678 | $10608 | $11914 |
| **3/21** | $11180 | $10621 | $11999 |
| **3/22** | $11100 | $10627 | $11501 |
| **3/23** | $11308 | $10894 | $10951 |
| **3/24** | $12290 | $11465 | $11137 |
| **3/25** | $13191 | $12035 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 7.33% | 6.38% | 2.90% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.93% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Dynamic Bond Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $893147103 |
| # of Portfolio Holdings | 658 |
| Portfolio Turnover Rate | 2,379% |
| Total Net Advisory Fees Paid | $4515206 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective June 17, 2024, the Fund changed its name from the Goldman Sachs Strategic Income Fund to the Goldman Sachs Dynamic Bond Fund. The Fund also changed its principal investment strategy and adopted an 80% investment policy to invest in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 41.8% |
| U.S. Treasury Obligations | 15.0% |
| Commercial Mortgage-Backed Securities | 13.8% |
| Collateralized Loan Obligations | 12.2% |
| Collateralized Mortgage Obligations | 8.6% |
| Banks | 4.3% |
| Student Loan | 3.3% |
| Diversified Financial Services | 2.6% |
| Pipelines | 1.9% |
| Other | 29.5% |

---

# Goldman Sachs Dynamic Bond Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38147X531-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Bond Fund

# GSZIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (formerly, Goldman Sachs Strategic Income Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $76 | 0.73% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in Europe and the U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially exposure to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors.

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Individual issue selection among agency mortgage-backed securities also contributed positively. Elsewhere, security selection within the government/swaps and emerging markets debt sectors boosted results.

Top Detractors from Performance:

* The Fund's currency strategy detracted overall. While the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period contributed positively, this was more than offset by the portfolio's long exposure to the South Korean won, which hurt relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the corporate credit sector detracted, particularly selection among high yield industrial corporate bonds. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Dynamic Bond Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i883844c1b355f132aa3f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $978400 | $1001200 | $1019600 |
| **3/17** | $1029179 | $1004804 | $1024086 |
| **3/18** | $1024136 | $1015958 | $1036375 |
| **3/19** | $1031407 | $1037496 | $1082805 |
| **3/20** | $976433 | $1060840 | $1179499 |
| **3/21** | $1128952 | $1062113 | $1187874 |
| **3/22** | $1119582 | $1062750 | $1138577 |
| **3/23** | $1141638 | $1089425 | $1084153 |
| **3/24** | $1240618 | $1146511 | $1102584 |
| **3/25** | $1331307 | $1203492 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 7.31% | 6.39% | 2.90% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Dynamic Bond Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $893147103 |
| # of Portfolio Holdings | 658 |
| Portfolio Turnover Rate | 2,379% |
| Total Net Advisory Fees Paid | $4515206 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective June 17, 2024, the Fund changed its name from the Goldman Sachs Strategic Income Fund to the Goldman Sachs Dynamic Bond Fund. The Fund also changed its principal investment strategy and adopted an 80% investment policy to invest in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 41.8% |
| U.S. Treasury Obligations | 15.0% |
| Commercial Mortgage-Backed Securities | 13.8% |
| Collateralized Loan Obligations | 12.2% |
| Collateralized Mortgage Obligations | 8.6% |
| Banks | 4.3% |
| Student Loan | 3.3% |
| Diversified Financial Services | 2.6% |
| Pipelines | 1.9% |
| Other | 29.5% |

---

# Goldman Sachs Dynamic Bond Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C646-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Bond Fund

# GZIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (formerly, Goldman Sachs Strategic Income Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $84 | 0.81% |

---

## How did the Fund perform and what affected its performance?
The fixed income markets posted positive returns, with yields oscillating as economic data and U.S. elections shaped market views on monetary easing. The Federal Reserve cut its rate 100 basis points from September to December before pausing. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's macro relative value country strategy due to its long Swedish rates vs. short Australian rates and long New Zealand rates vs. short Japanese rates positions held early in the annual period. 

* The Fund's duration strategy proved effective given our discretionary interest rate trades in Europe and the U.K. as well as our systematic U.S. Treasury auction strategy.

* The micro relative value strategy added value due to the portfolio's positioning for a steeper yield curve in the U.S. and Europe.

* The Fund's cross-sector strategy contributed positively overall, especially exposure to the high yield corporate credit, commercial mortgage-backed securities and collateralized loan obligations sectors.

* Security selection strategies overall added value. Within the securitized sector, exposure to non-agency mortgage-backed securities helped most. Individual issue selection among agency mortgage-backed securities also contributed positively. Elsewhere, security selection within the government/swaps and emerging markets debt sectors boosted results.

Top Detractors from Performance:

* The Fund's currency strategy detracted overall. While the Fund's short position in the U.S. dollar and long position in the euro toward the end of the annual period contributed positively, this was more than offset by the portfolio's long exposure to the South Korean won, which hurt relative results.

* Within the Fund's cross-sector strategy, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted. 

* Individual issue selection within the corporate credit sector detracted, particularly selection among high yield industrial corporate bonds. 

* Within our macro relative value country strategy, a long Norwegian rates vs. short U.S. rates position dampened relative results. 

# Goldman Sachs Dynamic Bond Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i85c618827cde0e748182.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $9775 | $10012 | $10196 |
| **3/17** | $10274 | $10048 | $10241 |
| **3/18** | $10216 | $10160 | $10364 |
| **3/19** | $10278 | $10375 | $10828 |
| **3/20** | $9721 | $10608 | $11795 |
| **3/21** | $11230 | $10621 | $11879 |
| **3/22** | $11129 | $10627 | $11386 |
| **3/23** | $11327 | $10894 | $10842 |
| **3/24** | $12314 | $11465 | $11026 |
| **3/25** | $13190 | $12035 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 7.12% | 6.29% | 2.81% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.97% | 2.55% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs Dynamic Bond Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $893147103 |
| # of Portfolio Holdings | 658 |
| Portfolio Turnover Rate | 2,379% |
| Total Net Advisory Fees Paid | $4515206 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective June 17, 2024, the Fund changed its name from the Goldman Sachs Strategic Income Fund to the Goldman Sachs Dynamic Bond Fund. The Fund also changed its principal investment strategy and adopted an 80% investment policy to invest in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 41.8% |
| U.S. Treasury Obligations | 15.0% |
| Commercial Mortgage-Backed Securities | 13.8% |
| Collateralized Loan Obligations | 12.2% |
| Collateralized Mortgage Obligations | 8.6% |
| Banks | 4.3% |
| Student Loan | 3.3% |
| Diversified Financial Services | 2.6% |
| Pipelines | 1.9% |
| Other | 29.5% |

---

# Goldman Sachs Dynamic Bond Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C638-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs U.S. Mortgages Fund

# GSUAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $80 | 0.78% |

---

## How did the Fund perform and what affected its performance?
Agency mortgage-backed securities were influenced most by interest rate volatility, shifting macroeconomic data, the outlook for Federal Reserve monetary policy and political uncertainty. Spreads tightened, reflecting favorable supply/demand dynamics, including increased demand from banks and non-U.S. investors.

Top Contributors to Performance:

* The Fund benefited from its cross-sector positioning, highlighted by an overweight versus the Bloomberg U.S. Securitized Bond Index in collateralized loan obligations (CLOs). CLOs performed well amid muted supply and robust demand as well as a healthy fundamental backdrop characterized by low default rates.

* Within individual issue selection, the Fund was helped most by holdings of agency mortgage-backed securities. Positioning in the coupon stack (that is, across securities with different coupons) was also advantageous. 

* Individual issue selection of CLOs, asset-backed securities and non-agency residential mortgages contributed positively to relative returns.

* Tactical management of the Fund's duration and yield curve positioning bolstered relative results. As for duration positioning, the Fund was aided by our participation, on a tactical basis, in month-end bond auctions. In terms of yield curve positioning, the Fund benefited from our decision to establish a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. This added to performance, as two-year U.S. Treasury yields rose on the back of Federal Reserve rate cuts and 10-year U.S. Treasury yields remained relatively unchanged.

Top Detractors from Performance:

* As inflation eased, the Fund was hurt by its tactical breakeven inflation position, which was based on our view that average inflation would be higher in five years. 

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period.

# Goldman Sachs U.S. Mortgages Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ib386e19262f5a6e0aea9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $9625 | $10000 | $10000 | $10000 |
| **3/16** | $9807 | $10189 | $10244 | $10196 |
| **3/17** | $9817 | $10199 | $10267 | $10241 |
| **3/18** | $9807 | $10189 | $10348 | $10364 |
| **3/19** | $10160 | $10556 | $10811 | $10828 |
| **3/20** | $10711 | $11128 | $11556 | $11795 |
| **3/21** | $10983 | $11411 | $11591 | $11879 |
| **3/22** | $10381 | $10785 | $11027 | $11386 |
| **3/23** | $9786 | $10167 | $10506 | $10842 |
| **3/24** | $9899 | $10284 | $10675 | $11026 |
| **3/25** | $10398 | $10804 | $11258 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.05% | -0.59% | 0.78% |
| Class A including sales charges | 1.16% | -1.35% | 0.39% |
| Bloomberg U.S. Securitized Bond Index | 5.46% | -0.52% | 1.19% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs U.S. Mortgages Fund

# Class A

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $174083570 |
| # of Portfolio Holdings | 722 |
| Portfolio Turnover Rate | 1,896% |
| Total Net Advisory Fees Paid | $610945 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective May 1, 2024, the Fund changed its principal investment strategy to reflect that the Fund generally expects to invest at least 90% of its net assets in agency mortgage-backed securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 116.8% |
| Collateralized Mortgage Obligations | 9.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.2% |
| Collateralized Loan Obligations | 1.1% |
| Student Loan | 0.3% |
| Other | 0.4% |

---

# Goldman Sachs U.S. Mortgages Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38143H878-AR-0325

# Class A
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs U.S. Mortgages Fund

# GSBPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $45 | 0.44% |

---

## How did the Fund perform and what affected its performance?
Agency mortgage-backed securities were influenced most by interest rate volatility, shifting macroeconomic data, the outlook for Federal Reserve monetary policy and political uncertainty. Spreads tightened, reflecting favorable supply/demand dynamics, including increased demand from banks and non-U.S. investors.

Top Contributors to Performance:

* The Fund benefited from its cross-sector positioning, highlighted by an overweight versus the Bloomberg U.S. Securitized Bond Index in collateralized loan obligations (CLOs). CLOs performed well amid muted supply and robust demand as well as a healthy fundamental backdrop characterized by low default rates.

* Within individual issue selection, the Fund was helped most by holdings of agency mortgage-backed securities. Positioning in the coupon stack (that is, across securities with different coupons) was also advantageous. 

* Individual issue selection of CLOs, asset-backed securities and non-agency residential mortgages contributed positively to relative returns.

* Tactical management of the Fund's duration and yield curve positioning bolstered relative results. As for duration positioning, the Fund was aided by our participation, on a tactical basis, in month-end bond auctions. In terms of yield curve positioning, the Fund benefited from our decision to establish a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. This added to performance, as two-year U.S. Treasury yields rose on the back of Federal Reserve rate cuts and 10-year U.S. Treasury yields remained relatively unchanged.

Top Detractors from Performance:

* As inflation eased, the Fund was hurt by its tactical breakeven inflation position, which was based on our view that average inflation would be higher in five years. 

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period.

# Goldman Sachs U.S. Mortgages Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ib3497439c6b8612278d8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10457 | $10513 | $10538 |
| **3/20** | $11061 | $11237 | $11479 |
| **3/21** | $11381 | $11271 | $11561 |
| **3/22** | $10786 | $10723 | $11081 |
| **3/23** | $10193 | $10216 | $10551 |
| **3/24** | $10357 | $10381 | $10730 |
| **3/25** | $10916 | $10947 | $11254 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.40% | -0.26% | 1.27% |
| Bloomberg U.S. Securitized Bond Index | 5.46% | -0.52% | 1.31% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs U.S. Mortgages Fund

# Class P

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $174083570 |
| # of Portfolio Holdings | 722 |
| Portfolio Turnover Rate | 1,896% |
| Total Net Advisory Fees Paid | $610945 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective May 1, 2024, the Fund changed its principal investment strategy to reflect that the Fund generally expects to invest at least 90% of its net assets in agency mortgage-backed securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 116.8% |
| Collateralized Mortgage Obligations | 9.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.2% |
| Collateralized Loan Obligations | 1.1% |
| Student Loan | 0.3% |
| Other | 0.4% |

---

# Goldman Sachs U.S. Mortgages Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38150B160-AR-0325

# Class P
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs U.S. Mortgages Fund

# GGIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $45 | 0.44% |

---

## How did the Fund perform and what affected its performance?
Agency mortgage-backed securities were influenced most by interest rate volatility, shifting macroeconomic data, the outlook for Federal Reserve monetary policy and political uncertainty. Spreads tightened, reflecting favorable supply/demand dynamics, including increased demand from banks and non-U.S. investors.

Top Contributors to Performance:

* The Fund benefited from its cross-sector positioning, highlighted by an overweight versus the Bloomberg U.S. Securitized Bond Index in collateralized loan obligations (CLOs). CLOs performed well amid muted supply and robust demand as well as a healthy fundamental backdrop characterized by low default rates.

* Within individual issue selection, the Fund was helped most by holdings of agency mortgage-backed securities. Positioning in the coupon stack (that is, across securities with different coupons) was also advantageous. 

* Individual issue selection of CLOs, asset-backed securities and non-agency residential mortgages contributed positively to relative returns.

* Tactical management of the Fund's duration and yield curve positioning bolstered relative results. As for duration positioning, the Fund was aided by our participation, on a tactical basis, in month-end bond auctions. In terms of yield curve positioning, the Fund benefited from our decision to establish a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. This added to performance, as two-year U.S. Treasury yields rose on the back of Federal Reserve rate cuts and 10-year U.S. Treasury yields remained relatively unchanged.

Top Detractors from Performance:

* As inflation eased, the Fund was hurt by its tactical breakeven inflation position, which was based on our view that average inflation would be higher in five years. 

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period.

# Goldman Sachs U.S. Mortgages Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546if37c94128dfe0ae0137c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **3/16** | $10224 | $10257 | $10299 |
| **3/17** | $10271 | $10280 | $10344 |
| **3/18** | $10287 | $10361 | $10468 |
| **3/19** | $10705 | $10825 | $10937 |
| **3/20** | $11324 | $11571 | $11914 |
| **3/21** | $11651 | $11605 | $11999 |
| **3/22** | $11042 | $11041 | $11501 |
| **3/23** | $10447 | $10519 | $10951 |
| **3/24** | $10603 | $10689 | $11137 |
| **3/25** | $11176 | $11272 | $11681 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced July 31, 2015) | 5.40% | -0.26% | 1.16% |
| Bloomberg U.S. Securitized Bond Index | 5.46% | -0.52% | 1.24% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs U.S. Mortgages Fund

# Class R6

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $174083570 |
| # of Portfolio Holdings | 722 |
| Portfolio Turnover Rate | 1,896% |
| Total Net Advisory Fees Paid | $610945 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective May 1, 2024, the Fund changed its principal investment strategy to reflect that the Fund generally expects to invest at least 90% of its net assets in agency mortgage-backed securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 116.8% |
| Collateralized Mortgage Obligations | 9.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.2% |
| Collateralized Loan Obligations | 1.1% |
| Student Loan | 0.3% |
| Other | 0.4% |

---

# Goldman Sachs U.S. Mortgages Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38148U858-AR-0325

# Class R6
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs U.S. Mortgages Fund

# GSUIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $46 | 0.45% |

---

## How did the Fund perform and what affected its performance?
Agency mortgage-backed securities were influenced most by interest rate volatility, shifting macroeconomic data, the outlook for Federal Reserve monetary policy and political uncertainty. Spreads tightened, reflecting favorable supply/demand dynamics, including increased demand from banks and non-U.S. investors.

Top Contributors to Performance:

* The Fund benefited from its cross-sector positioning, highlighted by an overweight versus the Bloomberg U.S. Securitized Bond Index in collateralized loan obligations (CLOs). CLOs performed well amid muted supply and robust demand as well as a healthy fundamental backdrop characterized by low default rates.

* Within individual issue selection, the Fund was helped most by holdings of agency mortgage-backed securities. Positioning in the coupon stack (that is, across securities with different coupons) was also advantageous. 

* Individual issue selection of CLOs, asset-backed securities and non-agency residential mortgages contributed positively to relative returns.

* Tactical management of the Fund's duration and yield curve positioning bolstered relative results. As for duration positioning, the Fund was aided by our participation, on a tactical basis, in month-end bond auctions. In terms of yield curve positioning, the Fund benefited from our decision to establish a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. This added to performance, as two-year U.S. Treasury yields rose on the back of Federal Reserve rate cuts and 10-year U.S. Treasury yields remained relatively unchanged.

Top Detractors from Performance:

* As inflation eased, the Fund was hurt by its tactical breakeven inflation position, which was based on our view that average inflation would be higher in five years. 

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period.

# Goldman Sachs U.S. Mortgages Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546i4ee9d3e195acdc6adcc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1022400 | $1024400 | $1019600 |
| **3/17** | $1025978 | $1026654 | $1024086 |
| **3/18** | $1028441 | $1034764 | $1036375 |
| **3/19** | $1070093 | $1081122 | $1082805 |
| **3/20** | $1131837 | $1155611 | $1179499 |
| **3/21** | $1164434 | $1159078 | $1187874 |
| **3/22** | $1103418 | $1102747 | $1138577 |
| **3/23** | $1043833 | $1050587 | $1084153 |
| **3/24** | $1059386 | $1067501 | $1102584 |
| **3/25** | $1117758 | $1125787 | $1156390 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.51% | -0.25% | 1.12% |
| Bloomberg U.S. Securitized Bond Index | 5.46% | -0.52% | 1.19% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs U.S. Mortgages Fund

# Institutional Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $174083570 |
| # of Portfolio Holdings | 722 |
| Portfolio Turnover Rate | 1,896% |
| Total Net Advisory Fees Paid | $610945 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective May 1, 2024, the Fund changed its principal investment strategy to reflect that the Fund generally expects to invest at least 90% of its net assets in agency mortgage-backed securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 116.8% |
| Collateralized Mortgage Obligations | 9.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.2% |
| Collateralized Loan Obligations | 1.1% |
| Student Loan | 0.3% |
| Other | 0.4% |

---

# Goldman Sachs U.S. Mortgages Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38143H860-AR-0325

# Institutional Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs U.S. Mortgages Fund

# GGIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $54 | 0.53% |

---

## How did the Fund perform and what affected its performance?
Agency mortgage-backed securities were influenced most by interest rate volatility, shifting macroeconomic data, the outlook for Federal Reserve monetary policy and political uncertainty. Spreads tightened, reflecting favorable supply/demand dynamics, including increased demand from banks and non-U.S. investors.

Top Contributors to Performance:

* The Fund benefited from its cross-sector positioning, highlighted by an overweight versus the Bloomberg U.S. Securitized Bond Index in collateralized loan obligations (CLOs). CLOs performed well amid muted supply and robust demand as well as a healthy fundamental backdrop characterized by low default rates.

* Within individual issue selection, the Fund was helped most by holdings of agency mortgage-backed securities. Positioning in the coupon stack (that is, across securities with different coupons) was also advantageous. 

* Individual issue selection of CLOs, asset-backed securities and non-agency residential mortgages contributed positively to relative returns.

* Tactical management of the Fund's duration and yield curve positioning bolstered relative results. As for duration positioning, the Fund was aided by our participation, on a tactical basis, in month-end bond auctions. In terms of yield curve positioning, the Fund benefited from our decision to establish a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. This added to performance, as two-year U.S. Treasury yields rose on the back of Federal Reserve rate cuts and 10-year U.S. Treasury yields remained relatively unchanged.

Top Detractors from Performance:

* As inflation eased, the Fund was hurt by its tactical breakeven inflation position, which was based on our view that average inflation would be higher in five years. 

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period.

# Goldman Sachs U.S. Mortgages Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546ic43f5ed2a5106d6c9406.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10215 | $10244 | $10196 |
| **3/17** | $10241 | $10267 | $10241 |
| **3/18** | $10256 | $10348 | $10364 |
| **3/19** | $10662 | $10811 | $10828 |
| **3/20** | $11268 | $11556 | $11795 |
| **3/21** | $11582 | $11591 | $11879 |
| **3/22** | $10966 | $11027 | $11386 |
| **3/23** | $10354 | $10506 | $10842 |
| **3/24** | $10511 | $10675 | $11026 |
| **3/25** | $11069 | $11258 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.31% | -0.35% | 1.02% |
| Bloomberg U.S. Securitized Bond Index | 5.46% | -0.52% | 1.19% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs U.S. Mortgages Fund

# Investor Class

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $174083570 |
| # of Portfolio Holdings | 722 |
| Portfolio Turnover Rate | 1,896% |
| Total Net Advisory Fees Paid | $610945 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective May 1, 2024, the Fund changed its principal investment strategy to reflect that the Fund generally expects to invest at least 90% of its net assets in agency mortgage-backed securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 116.8% |
| Collateralized Mortgage Obligations | 9.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.2% |
| Collateralized Loan Obligations | 1.1% |
| Student Loan | 0.3% |
| Other | 0.4% |

---

# Goldman Sachs U.S. Mortgages Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38144N197-AR-0325

# Investor Class
![Image](g931546i7f3abb852133d3ffa448.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs U.S. Mortgages Fund

# GSUPX: Separate Account Institutional

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Separate Account Institutional | $45 | 0.44% |

---

## How did the Fund perform and what affected its performance?
Agency mortgage-backed securities were influenced most by interest rate volatility, shifting macroeconomic data, the outlook for Federal Reserve monetary policy and political uncertainty. Spreads tightened, reflecting favorable supply/demand dynamics, including increased demand from banks and non-U.S. investors.

Top Contributors to Performance:

* The Fund benefited from its cross-sector positioning, highlighted by an overweight versus the Bloomberg U.S. Securitized Bond Index in collateralized loan obligations (CLOs). CLOs performed well amid muted supply and robust demand as well as a healthy fundamental backdrop characterized by low default rates.

* Within individual issue selection, the Fund was helped most by holdings of agency mortgage-backed securities. Positioning in the coupon stack (that is, across securities with different coupons) was also advantageous. 

* Individual issue selection of CLOs, asset-backed securities and non-agency residential mortgages contributed positively to relative returns.

* Tactical management of the Fund's duration and yield curve positioning bolstered relative results. As for duration positioning, the Fund was aided by our participation, on a tactical basis, in month-end bond auctions. In terms of yield curve positioning, the Fund benefited from our decision to establish a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. This added to performance, as two-year U.S. Treasury yields rose on the back of Federal Reserve rate cuts and 10-year U.S. Treasury yields remained relatively unchanged.

Top Detractors from Performance:

* As inflation eased, the Fund was hurt by its tactical breakeven inflation position, which was based on our view that average inflation would be higher in five years. 

* Our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities detracted modestly from the Fund's relative performance. Fannie Mae and Freddie Mac mortgage-backed securities outpaced Ginnie Mae mortgage-backed securities during the annual period.

# Goldman Sachs U.S. Mortgages Fund

# Separate Account Institutional

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g931546if34d2e67d8868e752547.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Separate Account Institutional** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10224 | $10244 | $10196 |
| **3/17** | $10260 | $10267 | $10241 |
| **3/18** | $10284 | $10348 | $10364 |
| **3/19** | $10703 | $10811 | $10828 |
| **3/20** | $11312 | $11556 | $11795 |
| **3/21** | $11650 | $11591 | $11879 |
| **3/22** | $11039 | $11027 | $11386 |
| **3/23** | $10441 | $10506 | $10842 |
| **3/24** | $10598 | $10675 | $11026 |
| **3/25** | $11171 | $11258 | $11564 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Separate Account Institutional | 5.41% | -0.25% | 1.11% |
| Bloomberg U.S. Securitized Bond Index | 5.46% | -0.52% | 1.19% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

# Goldman Sachs U.S. Mortgages Fund

# Separate Account Institutional

## Key Fund Statistics

#### (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $174083570 |
| # of Portfolio Holdings | 722 |
| Portfolio Turnover Rate | 1,896% |
| Total Net Advisory Fees Paid | $610945 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29th, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective May 1, 2024, the Fund changed its principal investment strategy to reflect that the Fund generally expects to invest at least 90% of its net assets in agency mortgage-backed securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 116.8% |
| Collateralized Mortgage Obligations | 9.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.2% |
| Collateralized Loan Obligations | 1.1% |
| Student Loan | 0.3% |
| Other | 0.4% |

---

# Goldman Sachs U.S. Mortgages Fund

# Separate Account Institutional

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38143H837-AR-0325

# Separate Account Institutional

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $3871978 | $3834921 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $460728 | $233100 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

**Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $2122312 | $2122312 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs Trust ("GST") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to GST's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST's service affiliates listed in Table 2 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2025 and March 31, 2024 were approximately $460,728 and $233,100, respectively. The aggregate non-audit fees billed to GST's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

**Item 4(h) —** GST's Audit Committee has considered whether the provision of non-audit services to GST's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g931546dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements March 31, 2025 Multi Sector Fixed Income Funds Goldman Sachs Bond Fund Goldman Sachs Core Fixed Income Fund Goldman Sachs Dynamic Bond Fund\* (formerly, Strategic Income Fund) Goldman Sachs Global Core Fixed Income Fund Goldman Sachs Income Fund \*Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund.

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## Multi Sector Fixed Income Funds

#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  **[Schedules of Investments](#msfi931546_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Bond Fund](#msfi931546_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#msfi931546_3) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Bond Fund](#msfi931546_4) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Core Fixed Income Fund](#msfi931546_5) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Income Fund](#msfi931546_6) | 110 |
|  **[Financial Statements](#msfi931546_7)** | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#msfi931546_8) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#msfi931546_9) | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#msfi931546_10) | 130 |
|  **[Financial Highlights](#msfi931546_11)** | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Bond Fund](#msfi931546_12) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#msfi931546_13) | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Bond Fund](#msfi931546_14) | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Core Fixed Income Fund](#msfi931546_15) | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Income Fund](#msfi931546_16) | 163 |
|  **[Notes to Financial Statements](#msfi931546_17)** | 169 |
|  **[Report of Independent Registered Public Accounting Firm](#msfi931546_18)** | 202 |

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GOLDMAN SACHS BOND FUND

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Schedule of Investments *March 31, 2025*

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 60.9% | Mortgage-Backed Obligations – 60.9% | Mortgage-Backed Obligations – 60.9% | Mortgage-Backed Obligations – 60.9% |
| Collateralized Mortgage Obligations – 6.3% | Collateralized Mortgage Obligations – 6.3% | Collateralized Mortgage Obligations – 6.3% | Collateralized Mortgage Obligations – 6.3% |
| Interest Only<sup>(a)</sup> – 0.2% | Interest Only<sup>(a)</sup> – 0.2% | Interest Only<sup>(a)</sup> – 0.2% | Interest Only<sup>(a)</sup> – 0.2% |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) |
| 220247 | 1.587 %<sup>(b)</sup> | 03/15/44 | $21140 |
| Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI |
| 1064093 | 4.000 | 08/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215797 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| 344836 | 1.646 <sup>(b)</sup> | 05/25/47 | 40920 |
| Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) |
| 134823 | 1.496 <sup>(b)</sup> | 02/25/42 | 13128 |
| Government National Mortgage Association REMICS<br>Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS<br>Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS<br>Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS<br>Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 104208 | 1.666 <sup>(b)(c)</sup> | 10/20/43 | 5321 |
| Government National Mortgage Association REMICS<br>Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS<br>Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS<br>Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS<br>Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) |
| 92634 | 1.166 <sup>(b)(c)</sup> | 09/20/44 | 7213 |
| Government National Mortgage Association REMICS<br>Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS<br>Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS<br>Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS<br>Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 299016 | 1.766 <sup>(b)(c)</sup> | 09/20/48 | 35741 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 70701 | 1.616 <sup>(b)(c)</sup> | 01/20/49 | 7968 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 63793 | 1.616 <sup>(b)(c)</sup> | 01/20/49 | 7174 |
| Government National Mortgage Association REMICS<br>Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS<br>Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS<br>Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS<br>Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) |
| 78835 | 1.166 <sup>(b)(c)</sup> | 11/20/44 | 7061 |
| Government National Mortgage Association REMICS<br>Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS<br>Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS<br>Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS<br>Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 127182 | 1.816 <sup>(b)(c)</sup> | 09/20/45 | 15382 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 103121 | 4.000 <sup>(c)</sup> | 06/20/45 | 14693 |
| Government National Mortgage Association REMICS<br>Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS<br>Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS<br>Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS<br>Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 207933 | 1.766 <sup>(b)(c)</sup> | 09/20/48 | 25103 |
| Government National Mortgage Association REMICS<br>Series 2019-153, Class EI | Government National Mortgage Association REMICS<br>Series 2019-153, Class EI | Government National Mortgage Association REMICS<br>Series 2019-153, Class EI | Government National Mortgage Association REMICS<br>Series 2019-153, Class EI |
| 946669 | 4.000 <sup>(c)</sup> | 12/20/49 | 202586 |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 329817 | 1.816 <sup>(b)(c)</sup> | 02/20/40 | 36352 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) |
| Government National Mortgage Association REMICS<br>Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS<br>Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS<br>Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS<br>Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) |
| 101827 | 1.816 %<sup>(b)(c)</sup> | 08/20/45 | $12143 |
| Government National Mortgage Association REMICS<br>Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS<br>Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS<br>Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS<br>Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) |
| 162683 | 1.666 <sup>(b)(c)</sup> | 11/20/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16536 |
| Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) |
| 76144 | 1.816 <sup>(b)(c)</sup> | 11/20/45 | 8916 |
|  |  |  | 693174 |
| **Regular Floater<sup>(b)</sup> – 0.5%** | **Regular Floater<sup>(b)</sup> – 0.5%** | **Regular Floater<sup>(b)</sup> – 0.5%** | **Regular Floater<sup>(b)</sup> – 0.5%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 650625 | 5.340 | 02/25/55 | 646743 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 872251 | 5.340 | 03/25/55 | 870604 |
|  |  |  | 1517347 |
| **Sequential Fixed Rate – 1.3%** | **Sequential Fixed Rate – 1.3%** | **Sequential Fixed Rate – 1.3%** | **Sequential Fixed Rate – 1.3%** |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 12221 | 7.000 | 10/25/42 | 13113 |
| Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| 32471 | 7.000 | 07/25/42 | 35115 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 130712 | 5.000 | 06/25/41 | 131516 |
| Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA |
| 16232 | 5.500 | 08/25/35 | 16657 |
| Government National Mortgage Association REMICS<br>Series 2021-135, Class A | Government National Mortgage Association REMICS<br>Series 2021-135, Class A | Government National Mortgage Association REMICS<br>Series 2021-135, Class A | Government National Mortgage Association REMICS<br>Series 2021-135, Class A |
| 2356017 | 2.000 <sup>(c)</sup> | 08/20/51 | 1928806 |
| JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 |
| 1383333 | 6.106 <sup>(c)(d)(e)</sup> | 11/25/64 | 1392700 |
| JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 |
| 1116805 | 5.695 <sup>(c)(d)(e)</sup> | 08/25/55 | 1117459 |
|  |  |  | 4635366 |
| **Sequential Floating Rate<sup>(b)(c)</sup> – 4.3%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 4.3%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 4.3%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 4.3%** |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 500000 | 3.941 <sup>(d)</sup> | 11/25/59 | 460579 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 100000 | 6.000 <sup>(d)</sup> | 02/25/55 | 101291 |
| CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 |
| 48729 | 3.500 <sup>(d)</sup> | 08/25/49 | 42967 |
| Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) |
| 1005281 | 4.935 | 11/25/36 | 851670 |

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**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

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GOLDMAN SACHS BOND FUND

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Schedule of Investments (continued) *March 31, 2025*

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) |
| 300000 | 6.340 %<sup>(d)</sup> | 03/25/44 | $301024 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) |
| 847500 | 5.590 <sup>(d)</sup> | 08/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849538 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + 1.800%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + 1.800%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + 1.800%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + 1.800%) |
| 1000000 | 6.140 <sup>(d)</sup> | 08/25/44 | 1001990 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| 142434 | 8.240 <sup>(d)</sup> | 04/25/43 | 151065 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| 130000 | 7.436 <sup>(d)</sup> | 06/25/43 | 134870 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| 330000 | 7.890 <sup>(d)</sup> | 10/25/43 | 345197 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) |
| 650000 | 7.040 <sup>(d)</sup> | 01/25/44 | 663119 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 225000 | 6.140 <sup>(d)</sup> | 01/25/44 | 225351 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 575000 | 6.140 <sup>(d)</sup> | 02/25/44 | 577203 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 250000 | 5.990 <sup>(d)</sup> | 05/25/44 | 250154 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 250000 | 6.286 <sup>(d)</sup> | 03/25/44 | 250895 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 212775 | 5.340 <sup>(d)</sup> | 07/25/44 | 212597 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) |
| 175000 | 6.040 <sup>(d)</sup> | 07/25/44 | 174999 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 400000 | 5.940 %<sup>(d)</sup> | 09/25/44 | $399496 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) |
| 350000 | 6.036 <sup>(d)</sup> | 01/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345592 |
| GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 |
| 500000 | 3.450 <sup>(d)</sup> | 11/25/59 | 456534 |
| Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) |
| 1439832 | 2.156 | 09/20/53 | 96079 |
| JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) |
| 102645 | 4.755 | 12/25/36 | 94599 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 714976 | 2.520 <sup>(d)</sup> | 05/25/52 | 593453 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 591748 | 5.990 <sup>(d)</sup> | 07/25/64 | 595638 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 931428 | 3.000 <sup>(d)</sup> | 05/25/54 | 834142 |
| JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 |
| 328464 | 6.000 <sup>(d)</sup> | 11/25/54 | 329421 |
| JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A |
| 375000 | 6.414 <sup>(d)</sup> | 02/25/64 | 376913 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 77151 | 3.250 <sup>(d)</sup> | 07/25/59 | 74754 |
| Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 |
| 720000 | 3.000 <sup>(d)</sup> | 08/25/59 | 663179 |
| Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 |
| 760000 | 2.500 <sup>(d)</sup> | 11/25/60 | 667765 |
| PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 |
| 625000 | 2.693 <sup>(d)</sup> | 11/25/56 | 440586 |
| Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E |
| 950000 | 3.000 <sup>(d)</sup> | 04/25/60 | 900632 |
| Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 |
| 100000 | 3.895 <sup>(d)</sup> | 07/25/57 | 89356 |
| Verus Securitization Trust Series 2023-3, Class M1 | Verus Securitization Trust Series 2023-3, Class M1 | Verus Securitization Trust Series 2023-3, Class M1 | Verus Securitization Trust Series 2023-3, Class M1 |
| 225000 | 7.784 <sup>(d)</sup> | 03/25/68 | 227692 |
| Verus Securitization Trust Series 2025-1, Class M1 | Verus Securitization Trust Series 2025-1, Class M1 | Verus Securitization Trust Series 2025-1, Class M1 | Verus Securitization Trust Series 2025-1, Class M1 |
| 570000 | 6.512 <sup>(d)</sup> | 01/25/70 | 573592 |
| Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 |
| 500000 | 3.401 <sup>(d)</sup> | 04/25/65 | 461459 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| 22798 | 3.500 <sup>(d)</sup> | 07/25/49 | 20366 |
|  |  |  | 14835757 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 21681644 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Commercial Mortgage-Backed Securities – 10.9% | Commercial Mortgage-Backed Securities – 10.9% | Commercial Mortgage-Backed Securities – 10.9% | Commercial Mortgage-Backed Securities – 10.9% | Commercial Mortgage-Backed Securities – 10.9% |
| Regular Floater<sup>(b)(d)</sup> – 0.5% | Regular Floater<sup>(b)(d)</sup> – 0.5% | Regular Floater<sup>(b)(d)</sup> – 0.5% | Regular Floater<sup>(b)(d)</sup> – 0.5% | Regular Floater<sup>(b)(d)</sup> – 0.5% |
|  KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) |
|  $ | 700000 | 6.361% | 12/15/39 | $700001 |
|  TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) |
|  | 950000 | 6.452 | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947626 |
|  TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) |
|  | 250000 | 7.249 | 11/15/29 | 252232 |
|  |  |  |  | 1899859 |
|  **Sequential Fixed Rate – 5.1%** | **Sequential Fixed Rate – 5.1%** | **Sequential Fixed Rate – 5.1%** | **Sequential Fixed Rate – 5.1%** | **Sequential Fixed Rate – 5.1%** |
|  Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 |
|  | 950000 | 2.285 <sup>(c)</sup> | 06/15/64 | 813027 |
|  Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 |
|  | 1000000 | 5.745 <sup>(c)</sup> | 08/15/56 | 1044495 |
|  Bank Series 2017-BNK6, Class A5 | Bank Series 2017-BNK6, Class A5 | Bank Series 2017-BNK6, Class A5 | Bank Series 2017-BNK6, Class A5 | Bank Series 2017-BNK6, Class A5 |
|  | 525000 | 3.518 <sup>(c)</sup> | 07/15/60 | 509686 |
|  Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
|  | 700000 | 5.893 <sup>(c)</sup> | 11/15/57 | 728274 |
|  Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
|  | 300000 | 6.139 <sup>(c)</sup> | 11/15/57 | 308763 |
|  BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 |
|  | 700000 | 5.208 <sup>(c)</sup> | 09/15/57 | 710318 |
|  BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
|  | 900000 | 6.160 <sup>(c)</sup> | 12/15/56 | 964697 |
|  BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 |
|  | 300000 | 5.316 <sup>(c)</sup> | 09/15/57 | 304559 |
|  BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
|  | 674868 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 636619 |
|  COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
|  | 875000 | 6.338 <sup>(d)</sup> | 08/10/44 | 912304 |
|  DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
|  | 1100000 | 2.956 <sup>(d)</sup> | 05/10/41 | 963346 |
|  GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 |
|  | 550000 | 3.430 <sup>(c)</sup> | 08/10/50 | 529086 |
|  GS Mortgage Securities Trust Series 2020-GC45, Class A5 | GS Mortgage Securities Trust Series 2020-GC45, Class A5 | GS Mortgage Securities Trust Series 2020-GC45, Class A5 | GS Mortgage Securities Trust Series 2020-GC45, Class A5 | GS Mortgage Securities Trust Series 2020-GC45, Class A5 |
|  | 600000 | 2.911 <sup>(c)</sup> | 02/13/53 | 549160 |
|  JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
|  | 598000 | 3.024 <sup>(d)</sup> | 01/05/39 | 555473 |
|  JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A |
|  | 350000 | 2.287 <sup>(d)</sup> | 03/05/42 | 317616 |
|  JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
|  | 650000 | 3.598 <sup>(c)(d)</sup> | 06/05/39 | 597468 |
|  Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A |
|  | 750000 | 2.130 <sup>(d)</sup> | 09/10/39 | 699249 |
|  Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 |
|  | 400000 | 4.310 <sup>(c)</sup> | 12/15/51 | 391829 |
|  MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
|  | 800000 | 6.890 <sup>(c)</sup> | 12/15/56 | 843270 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
|  One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A |
|  $ | 580000 | 2.516 %<sup>(d)</sup> | 09/15/54 | 517708 |
|  ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
|  | 1500000 | 5.388 <sup>(d)</sup> | 11/13/41 | 1511250 |
|  ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
|  | 950000 | 7.109 <sup>(d)</sup> | 11/13/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983441 |
|  SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
|  | 600000 | 2.585 <sup>(d)</sup> | 07/15/41 | 515908 |
|  Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 |
|  | 1125000 | 3.418 <sup>(c)</sup> | 09/15/50 | 1083872 |
|  Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
|  | 825000 | 2.626 <sup>(c)</sup> | 04/15/54 | 714069 |
|  |  |  |  | 17705487 |
|  **Sequential Floating Rate<sup>(b)</sup> – 5.3%** | **Sequential Floating Rate<sup>(b)</sup> – 5.3%** | **Sequential Floating Rate<sup>(b)</sup> – 5.3%** | **Sequential Floating Rate<sup>(b)</sup> – 5.3%** | **Sequential Floating Rate<sup>(b)</sup> – 5.3%** |
|  Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 |
|  | 500000 | 5.744 <sup>(c)</sup> | 11/15/55 | 524189 |
|  Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C |
|  | 150000 | 6.774 <sup>(c)</sup> | 08/15/57 | 154267 |
|  Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
|  | 500000 | 6.096 <sup>(c)</sup> | 01/15/58 | 515898 |
|  BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
|  | 650000 | 5.239 <sup>(d)</sup> | 03/15/37 | 616179 |
|  BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
|  | 225000 | 5.488 <sup>(d)</sup> | 03/15/37 | 206756 |
|  BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
|  | 593017 | 5.661 <sup>(d)</sup> | 03/15/41 | 591908 |
|  BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS |
|  | 600000 | 5.755 <sup>(c)</sup> | 09/15/57 | 612858 |
|  BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
|  | 1069210 | 5.761 <sup>(d)</sup> | 02/15/39 | 1069647 |
|  BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
|  | 497205 | 5.711 <sup>(d)</sup> | 03/15/41 | 497299 |
|  BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) |
|  | 625000 | 5.861 <sup>(d)</sup> | 03/15/34 | 624015 |
|  BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
|  | 450000 | 5.050 <sup>(d)</sup> | 11/13/46 | 445190 |
|  BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + |
|  | 2.451%) |  |  |  |
|  | 310093 | 6.770 <sup>(d)</sup> | 08/15/39 | 309868 |
|  BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
|  | 1050000 | 5.961 <sup>(d)</sup> | 02/15/41 | 1048444 |
|  BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
|  | 850000 | 6.160 <sup>(d)</sup> | 04/15/26 | 849786 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) |
| BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) |
| 500000 | 6.859 %<sup>(d)</sup> | 04/15/26 | $500123 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 700000 | 5.463 <sup>(d)</sup> | 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694756 |
| COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) |
| 850000 | 6.160 <sup>(d)</sup> | 06/15/41 | 843361 |
| Fashion Show Mall LLC Series 2024-SHOW, Class A | Fashion Show Mall LLC Series 2024-SHOW, Class A | Fashion Show Mall LLC Series 2024-SHOW, Class A | Fashion Show Mall LLC Series 2024-SHOW, Class A |
| 500000 | 4.764 <sup>(d)</sup> | 10/10/41 | 500121 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 505844 | 5.033 <sup>(c)</sup> | 02/25/33 | 506808 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
| 253442 | 5.023 <sup>(c)</sup> | 11/25/29 | 254236 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 475000 | 5.462 <sup>(d)</sup> | 02/05/45 | 481770 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C |
| 340000 | 5.952 <sup>(d)</sup> | 01/13/40 | 345600 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 375000 | 6.340 <sup>(d)</sup> | 01/13/40 | 380947 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 800000 | 5.467 <sup>(d)</sup> | 01/13/40 | 814183 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 700000 | 5.295 <sup>(c)(d)</sup> | 03/14/47 | 697507 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 500000 | 5.730 <sup>(c)(d)</sup> | 03/14/47 | 491527 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 350000 | 6.166 <sup>(c)(d)</sup> | 03/14/47 | 344564 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 300000 | 5.797 <sup>(d)</sup> | 10/05/39 | 304578 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 475000 | 6.209 <sup>(d)</sup> | 08/15/41 | 474622 |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| 450000 | 5.533 <sup>(d)</sup> | 02/10/47 | 457003 |
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| 575000 | 5.385 <sup>(d)</sup> | 01/15/36 | 551373 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C<br>(1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C<br>(1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C<br>(1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C<br>(1 mo. USD Term SOFR + 2.142%) |
| 150000 | 6.452 <sup>(d)</sup> | 04/15/42 | 149532 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 875000 | 4.954 <sup>(d)</sup> | 07/15/35 | 877097 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| $— | 550000 | 5.360 %<sup>(d)</sup> | 07/15/35 | $549987 |
|  |  |  |  | 18285999 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $37891345 |
| **Federal Agencies – 43.7%** | **Federal Agencies – 43.7%** | **Federal Agencies – 43.7%** | **Federal Agencies – 43.7%** | **Federal Agencies – 43.7%** |
| **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** |
| (RFUCC 1 yr. Treasury + 1.765%) | (RFUCC 1 yr. Treasury + 1.765%) | (RFUCC 1 yr. Treasury + 1.765%) | (RFUCC 1 yr. Treasury + 1.765%) | (RFUCC 1 yr. Treasury + 1.765%) |
| $— | 10096 | 7.265% | 09/01/35 | $10422 |
| **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** |
|  | 17859 | 6.000 | 08/01/27 | 18054 |
|  | 4747 | 5.000 | 08/01/33 | 4773 |
|  | 728 | 5.000 | 09/01/33 | 733 |
|  | 1126 | 5.000 | 10/01/33 | 1132 |
|  | 1123 | 5.000 | 11/01/34 | 1132 |
|  | 42641 | 5.000 | 12/01/34 | 42975 |
|  | 1524 | 5.000 | 07/01/35 | 1536 |
|  | 2 | 5.000 | 11/01/35 | 2 |
|  | 17529 | 5.000 | 03/01/39 | 17687 |
|  | 1176 | 5.000 | 05/01/39 | 1186 |
|  | 1193 | 5.000 | 08/01/40 | 1211 |
|  | 12238 | 4.000 | 02/01/41 | 11796 |
|  | 1197 | 5.000 | 06/01/41 | 1214 |
|  | 310150 | 4.000 | 03/01/48 | 293531 |
|  | 314797 | 4.000 | 04/01/48 | 297767 |
|  | 896322 | 4.500 | 08/01/48 | 874218 |
|  |  |  |  | 1568947 |
| **Government National Mortgage Association – 9.6%** | **Government National Mortgage Association – 9.6%** | **Government National Mortgage Association – 9.6%** | **Government National Mortgage Association – 9.6%** | **Government National Mortgage Association – 9.6%** |
|  | 7113 | 5.500 | 11/15/32 | 7263 |
|  | 2899 | 5.500 | 01/15/33 | 2942 |
|  | 13725 | 5.500 | 02/15/33 | 14074 |
|  | 12594 | 5.500 | 03/15/33 | 12886 |
|  | 15109 | 5.500 | 07/15/33 | 15405 |
|  | 6739 | 5.500 | 08/15/33 | 6884 |
|  | 2707 | 5.500 | 09/15/33 | 2754 |
|  | 7001 | 5.500 | 04/15/34 | 7143 |
|  | 5896 | 5.500 | 05/15/34 | 6012 |
|  | 63557 | 5.500 | 09/15/34 | 65529 |
|  | 61174 | 5.500 | 12/15/34 | 63160 |
|  | 53232 | 5.500 | 01/15/35 | 54945 |
|  | 159 | 5.500 | 05/15/36 | 163 |
|  | 2221 | 4.000 | 02/20/41 | 2149 |
|  | 3572 | 4.000 | 11/20/41 | 3452 |
|  | 599 | 4.000 | 01/20/42 | 579 |
|  | 1923 | 4.000 | 04/20/42 | 1857 |
|  | 1198 | 4.000 | 10/20/42 | 1156 |
|  | 303624 | 4.000 | 08/20/43 | 292715 |
|  | 1697 | 4.000 | 03/20/44 | 1635 |
|  | 2096 | 4.000 | 05/20/44 | 2019 |
|  | 145504 | 4.000 | 11/20/44 | 140029 |
|  | 35236 | 4.000 | 12/20/44 | 33910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 9598 | 4.000% | 05/20/45 | $| 9231 |
|  | 34582 | 4.000 | 07/20/45 |  | 33057 |
|  | 188315 | 4.000 | 01/20/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179775 |
|  | 604359 | 4.500 | 05/20/48 |  | 589725 |
|  | 909042 | 4.500 | 08/20/48 |  | 886747 |
|  | 103495 | 5.000 | 08/20/48 |  | 103402 |
|  | 635667 | 4.500 | 09/20/48 |  | 620076 |
|  | 754208 | 5.000 | 10/20/48 |  | 753525 |
|  | 416353 | 5.000 | 11/20/48 |  | 415976 |
|  | 420942 | 5.000 | 12/20/48 |  | 420429 |
|  | 979342 | 4.500 | 01/20/49 |  | 953792 |
|  | 785470 | 5.000 | 01/20/49 |  | 784513 |
|  | 391495 | 4.000 | 02/20/49 |  | 370559 |
|  | 808997 | 4.500 | 02/20/49 |  | 787386 |
|  | 20649 | 4.500 | 03/20/49 |  | 20110 |
|  | 251921 | 4.000 | 03/20/49 |  | 238449 |
|  | 69642 | 5.000 | 03/20/49 |  | 69558 |
|  | 429786 | 4.000 | 04/20/49 |  | 406802 |
|  | 559989 | 3.000 | 08/20/49 |  | 499962 |
|  | 246855 | 4.500 | 10/20/49 |  | 240724 |
|  | 251637 | 4.500 | 12/20/49 |  | 245072 |
|  | 1091019 | 3.000 | 03/20/50 |  | 970641 |
|  | 232508 | 4.000 | 01/20/51 |  | 219638 |
|  | 270789 | 2.500 | 09/20/51 |  | 229114 |
|  | 499286 | 2.500 | 11/20/51 |  | 424005 |
|  | 867275 | 3.000 | 11/20/51 |  | 763264 |
|  | 289563 | 2.500 | 12/20/51 |  | 245632 |
|  | 1595038 | 4.500 | 09/20/52 |  | 1538423 |
|  | 3000000 | 2.000 | TBA-30yr<sup>(f)</sup> |  | 2453326 |
|  | 1000000 | 4.500 | TBA-30yr<sup>(f)</sup> |  | 959552 |
|  | 4000000 | 2.500 | TBA-30yr<sup>(f)</sup> |  | 3410944 |
|  | 3000000 | 3.500 | TBA-30yr<sup>(f)</sup> |  | 2737470 |
|  | 1000000 | 5.500 | TBA-30yr<sup>(f)</sup> |  | 1002192 |
|  | 3000000 | 5.000 | TBA-30yr<sup>(f)</sup> |  | 2951284 |
|  | 6000000 | 6.000 | TBA-30yr<sup>(f)</sup> |  | 6089531 |
|  |  |  |  |  | 33362547 |
|  **Uniform Mortgage-Backed Security – 33.7%** | **Uniform Mortgage-Backed Security – 33.7%** | **Uniform Mortgage-Backed Security – 33.7%** | **Uniform Mortgage-Backed Security – 33.7%** | **Uniform Mortgage-Backed Security – 33.7%** | **Uniform Mortgage-Backed Security – 33.7%** |
|  | 4552 | 4.500 | 02/01/39 |  | 4507 |
|  | 1510 | 4.500 | 04/01/39 |  | 1494 |
|  | 2930 | 4.500 | 08/01/39 |  | 2902 |
|  | 39273 | 4.500 | 12/01/39 |  | 38899 |
|  | 35106 | 4.500 | 06/01/40 |  | 34712 |
|  | 14913 | 4.500 | 08/01/41 |  | 14748 |
|  | 26683 | 3.000 | 12/01/42 |  | 24488 |
|  | 65566 | 3.000 | 01/01/43 |  | 59928 |
|  | 18501 | 3.000 | 02/01/43 |  | 16912 |
|  | 6123 | 3.000 | 03/01/43 |  | 5636 |
|  | 109965 | 3.000 | 04/01/43 |  | 100096 |
|  | 16683 | 3.000 | 05/01/43 |  | 15111 |
|  | 25335 | 3.000 | 06/01/43 |  | 22968 |
|  | 7604 | 3.000 | 07/01/43 |  | 6884 |
|  | 9860 | 5.000 | 06/01/44 |  | 9912 |
|  | 11691 | 3.500 | 03/01/45 |  | 10786 |
|  | 793238 | 4.500 | 04/01/45 |  | 780617 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $— | 250335 | 3.000% | 04/01/45 | $223849 |
|  | 94927 | 4.500 | 05/01/45 | 93417 |
|  | 365712 | 4.500 | 06/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359501 |
|  | 154344 | 4.000 | 11/01/45 | 146716 |
|  | 55105 | 4.000 | 03/01/46 | 52246 |
|  | 29377 | 4.000 | 06/01/46 | 27796 |
|  | 8686 | 4.000 | 08/01/46 | 8218 |
|  | 69898 | 4.000 | 10/01/46 | 66136 |
|  | 51057 | 4.000 | 06/01/47 | 48459 |
|  | 274170 | 4.500 | 07/01/47 | 267238 |
|  | 128778 | 4.500 | 11/01/47 | 125481 |
|  | 166307 | 4.000 | 12/01/47 | 158106 |
|  | 465113 | 4.000 | 01/01/48 | 442175 |
|  | 487402 | 4.000 | 02/01/48 | 463402 |
|  | 340112 | 4.000 | 03/01/48 | 323338 |
|  | 413053 | 4.500 | 05/01/48 | 401318 |
|  | 477984 | 4.000 | 06/01/48 | 453964 |
|  | 232241 | 4.500 | 09/01/48 | 226223 |
|  | 974695 | 5.000 | 11/01/48 | 976541 |
|  | 78412 | 4.500 | 06/01/49 | 76075 |
|  | 1501746 | 3.000 | 09/01/49 | 1328315 |
|  | 28345 | 4.500 | 10/01/49 | 27477 |
|  | 741860 | 4.500 | 01/01/50 | 719805 |
|  | 1822861 | 4.000 | 03/01/50 | 1722140 |
|  | 4215326 | 4.500 | 03/01/50 | 4114737 |
|  | 784123 | 2.500 | 09/01/50 | 663214 |
|  | 5280105 | 2.000 | 10/01/50 | 4236410 |
|  | 6051273 | 3.000 | 10/01/50 | 5331679 |
|  | 1871271 | 3.000 | 11/01/50 | 1648733 |
|  | 5276531 | 2.000 | 11/01/50 | 4227269 |
|  | 2201589 | 3.000 | 12/01/50 | 1942520 |
|  | 2561050 | 2.500 | 02/01/51 | 2144249 |
|  | 2876414 | 2.000 | 03/01/51 | 2310715 |
|  | 510466 | 2.000 | 04/01/51 | 408636 |
|  | 9870569 | 2.000 | 05/01/51 | 7898481 |
|  | 4004105 | 2.500 | 05/01/51 | 3373627 |
|  | 908459 | 2.500 | 08/01/51 | 767526 |
|  | 5288521 | 2.500 | 09/01/51 | 4457036 |
|  | 2787415 | 6.000 | 11/01/52 | 2868823 |
|  | 492382 | 6.000 | 12/01/52 | 507581 |
|  | 2598727 | 4.500 | 05/01/53 | 2519211 |
|  | 2408038 | 6.500 | 09/01/53 | 2502631 |
|  | 851483 | 6.500 | 12/01/53 | 890053 |
|  | 2777341 | 6.500 | 06/01/54 | 2908356 |
|  | 2000000 | 2.500 | TBA-30yr<sup>(f)</sup> | 1663125 |
|  | 3000000 | 3.000 | TBA-30yr<sup>(f)</sup> | 2600508 |
|  | 2000000 | 4.000 | TBA-30yr<sup>(f)</sup> | 1864609 |
|  | 8000000 | 3.500 | TBA-30yr<sup>(f)</sup> | 7216875 |
|  | 32000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 31958749 |
|  | 4000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 4125312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| 2000000 | 6.000% | TBA-30yr<sup>(f)</sup> | $2031250 |
|  |  |  | 117070451 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $152012367 |
| **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $214,912,432)** | **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $214,912,432)** | **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $214,912,432)** | $211585356 |
| Corporate Obligations – 34.0% | Corporate Obligations – 34.0% | Corporate Obligations – 34.0% | Corporate Obligations – 34.0% |
| **Aerospace & Defense<sup>(c)</sup> – 1.2%** | **Aerospace & Defense<sup>(c)</sup> – 1.2%** | **Aerospace & Defense<sup>(c)</sup> – 1.2%** | **Aerospace & Defense<sup>(c)</sup> – 1.2%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 1400000 | 3.450% | 11/01/28 | $1336720 |
| 145000 | 2.950 | 02/01/30 | 131962 |
| 1211000 | 5.150 | 05/01/30 | 1218230 |
| 457000 | 6.528 | 05/01/34 | 489397 |
| 50000 | 3.250 | 02/01/35 | 41087 |
| 25000 | 3.500 | 03/01/39 | 19143 |
| 15000 | 3.375 | 06/15/46 | 10061 |
| 386000 | 6.858 | 05/01/54 | 419524 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 385000 | 6.100 | 03/15/34 | 412862 |
|  |  |  | 4078986 |
| **Agriculture<sup>(c)</sup> – 0.8%** | **Agriculture<sup>(c)</sup> – 0.8%** | **Agriculture<sup>(c)</sup> – 0.8%** | **Agriculture<sup>(c)</sup> – 0.8%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 2525000 | 6.000 | 02/20/34 | 2625444 |
| **Automotive<sup>(c)</sup> – 0.4%** | **Automotive<sup>(c)</sup> – 0.4%** | **Automotive<sup>(c)</sup> – 0.4%** | **Automotive<sup>(c)</sup> – 0.4%** |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 500000 | 5.850 | 05/17/27 | 502705 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 300000 | 4.300 | 07/13/25 | 299490 |
| 500000 | 2.350 | 01/08/31 | 423200 |
|  |  |  | 1225395 |
| **Banks – 8.2%** | **Banks – 8.2%** | **Banks – 8.2%** | **Banks – 8.2%** |
| Banco do Brasil SA <sup>(b)(c)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA <sup>(b)(c)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA <sup>(b)(c)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA <sup>(b)(c)</sup> (10 yr. CMT + 4.398%) |
| 200000 | 8.748 | 10/15/25 | 203188 |
| Banco Mercantil del Norte SA <sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) |
| 260000 | 5.875 | 01/24/27 | 251059 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 600000 | 4.250 | 04/11/27 | 595152 |
| 200000 | 2.749 | 12/03/30 | 173760 |
| 600000 | 6.921 | 08/08/33 | 636420 |
| Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> |
| (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) |
| 75000 | 2.496 | 02/13/31 | 67332 |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |
| 750000 | 4.271 | 07/23/29 | 741112 |
| (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) |
| 525000 | 3.824 | 01/20/28 | 518359 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
| 475000 | 2.482 | 09/21/36 | 395504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 550000 | 2.651% | 03/11/32 | $484209 |
| (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) |
| 325000 | 2.972 | 02/04/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284960 |
| (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) |
| 600000 | 1.898 | 07/23/31 | 515616 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 1600000 | 5.202 | 04/25/29 | 1625088 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 275000 | 4.571 | 04/27/33 | 265587 |
| (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) |
| 550000 | 4.948 | 07/22/28 | 554339 |
| Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> |
| (1 yr. CMT + 3.050%) | (1 yr. CMT + 3.050%) | (1 yr. CMT + 3.050%) | (1 yr. CMT + 3.050%) |
| 875000 | 7.325 | 11/02/26 | 887539 |
| (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) |
| 825000 | 2.852 | 05/07/26 | 823292 |
| BNP Paribas SA <sup>(b)(c)(d)</sup> | BNP Paribas SA <sup>(b)(c)(d)</sup> | BNP Paribas SA <sup>(b)(c)(d)</sup> | BNP Paribas SA <sup>(b)(c)(d)</sup> |
| (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) |
| 725000 | 1.323 | 01/13/27 | 705896 |
| (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) |
| 350000 | 2.219 | 06/09/26 | 348250 |
| BPCE SA <sup>(d)</sup> | BPCE SA <sup>(d)</sup> | BPCE SA <sup>(d)</sup> | BPCE SA <sup>(d)</sup> |
| 525000 | 4.625 | 09/12/28 | 520832 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 125000 | 4.300 | 11/20/26 | 124511 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 550000 | 2.976 <sup>(b)(c)</sup> | 11/05/30 | 506347 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 355000 | 6.020 <sup>(b)(c)</sup> | 01/24/36 | 357879 |
| (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) |
| 800000 | 4.910 <sup>(b)(c)</sup> | 05/24/33 | 783656 |
| Credit Agricole SA <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.676%) | Credit Agricole SA <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.676%) | Credit Agricole SA <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.676%) | Credit Agricole SA <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.676%) |
| 375000 | 1.907 | 06/16/26 | 372705 |
| Deutsche Bank AG <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.870%) | Deutsche Bank AG <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.870%) | Deutsche Bank AG <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.870%) | Deutsche Bank AG <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.870%) |
| 450000 | 2.129 | 11/24/26 | 441936 |
| First Horizon Corp. <sup>(c)</sup> | First Horizon Corp. <sup>(c)</sup> | First Horizon Corp. <sup>(c)</sup> | First Horizon Corp. <sup>(c)</sup> |
| 700000 | 4.000 | 05/26/25 | 698145 |
| (Secured Overnight Financing Rate + 1.766%) | (Secured Overnight Financing Rate + 1.766%) | (Secured Overnight Financing Rate + 1.766%) | (Secured Overnight Financing Rate + 1.766%) |
| 330000 | 5.514 <sup>(b)</sup> | 03/07/31 | 331650 |
| Huntington Bancshares, Inc. <sup>(c)</sup> | Huntington Bancshares, Inc. <sup>(c)</sup> | Huntington Bancshares, Inc. <sup>(c)</sup> | Huntington Bancshares, Inc. <sup>(c)</sup> |
| 825000 | 4.000 | 05/15/25 | 823507 |
| ING Groep NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) |
| 950000 | 1.400 | 07/01/26 | 941887 |
| JPMorgan Chase & Co. <sup>(c)</sup> | JPMorgan Chase & Co. <sup>(c)</sup> | JPMorgan Chase & Co. <sup>(c)</sup> | JPMorgan Chase & Co. <sup>(c)</sup> |
| 425000 | 3.625 | 12/01/27 | 417116 |
| (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) |
| 475000 | 3.960 <sup>(b)</sup> | 01/29/27 | 472606 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 200000 | 2.956 <sup>(b)</sup> | 05/13/31 | 181624 |
| M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) |
| 650000 | 6.082 | 03/13/32 | 672834 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **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) |
| Macquarie Group Ltd. <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate +1.069%) | Macquarie Group Ltd. <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate +1.069%) | Macquarie Group Ltd. <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate +1.069%) | Macquarie Group Ltd. <sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate +1.069%) |
| 450000 | 1.340% | 01/12/27 | $438656 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 174000 | 3.950 | 04/23/27 | 172036 |
| (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) |
| 200000 | 4.431 <sup>(b)(c)</sup> | 01/23/30 | 197420 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 750000 | 1.794 <sup>(b)(c)</sup> | 02/13/32 | 627345 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 725000 | 2.699 <sup>(b)(c)</sup> | 01/22/31 | 657299 |
| (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) |
| 141000 | 2.943 <sup>(b)(c)</sup> | 01/21/33 | 123585 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 1395000 | 5.164 <sup>(b)(c)</sup> | 04/20/29 | 1413498 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 625000 | 4.456 | 06/08/32 | 603106 |
| Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) |
| 150000 | 6.047 | 06/08/27 | 152531 |
| U.S. Bancorp <sup>(b)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(b)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(b)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(b)(c)</sup> (5 yr. CMT + 2.541%) |
| 650000 | 3.700 | 01/15/27 | 617220 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 307000 | 4.550 | 04/17/26 | 307215 |
| 2025000 | 4.282 <sup>(c)(d)</sup> | 01/09/28 | &nbsp;&nbsp;&nbsp;&nbsp;2000599 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 200000 | 9.250 <sup>(b)(c)(d)</sup> | 11/13/33 | 228286 |
| (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) |
| 425000 | 9.016 <sup>(b)(c)(d)</sup> | 11/15/33 | 519104 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 675000 | 3.000 | 10/23/26 | 660015 |
| 600000 | 4.300 | 07/22/27 | 596994 |
| 75000 | 4.150 <sup>(c)</sup> | 01/24/29 | 73901 |
| (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) |
| 400000 | 4.808 <sup>(b)(c)</sup> | 07/25/28 | 401280 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 932000 | 4.897 <sup>(b)(c)</sup> | 07/25/33 | 918644 |
|  |  |  | 28432631 |
| **Beverages – 0.7%** | **Beverages – 0.7%** | **Beverages – 0.7%** | **Beverages – 0.7%** |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 50000 | 8.200 | 01/15/39 | 63707 |
| Constellation Brands, Inc. <sup>(c)</sup> | Constellation Brands, Inc. <sup>(c)</sup> | Constellation Brands, Inc. <sup>(c)</sup> | Constellation Brands, Inc. <sup>(c)</sup> |
| 500000 | 3.600 | 02/15/28 | 485940 |
| 325000 | 2.250 | 08/01/31 | 275567 |
| JDE Peet's NV <sup>(c)(d)</sup> | JDE Peet's NV <sup>(c)(d)</sup> | JDE Peet's NV <sup>(c)(d)</sup> | JDE Peet's NV <sup>(c)(d)</sup> |
| 375000 | 1.375 | 01/15/27 | 352399 |
| Keurig Dr. Pepper, Inc. <sup>(c)</sup> | Keurig Dr. Pepper, Inc. <sup>(c)</sup> | Keurig Dr. Pepper, Inc. <sup>(c)</sup> | Keurig Dr. Pepper, Inc. <sup>(c)</sup> |
| 575000 | 4.597 | 05/25/28 | 575563 |
| 925000 | 2.250 | 03/15/31 | 803594 |
|  |  |  | 2556770 |
| **Biotechnology<sup>(c)</sup> – 0.9%** | **Biotechnology<sup>(c)</sup> – 0.9%** | **Biotechnology<sup>(c)</sup> – 0.9%** | **Biotechnology<sup>(c)</sup> – 0.9%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 1278000 | 5.250 | 03/02/30 | 1307190 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Biotechnology<sup>(c)</sup> – (continued) | Biotechnology<sup>(c)</sup> – (continued) | Biotechnology<sup>(c)</sup> – (continued) | Biotechnology<sup>(c)</sup> – (continued) |
| 800000 | 5.250% | 03/02/33 | 811480 |
| CSL Finance PLC <sup>(d)</sup> | CSL Finance PLC <sup>(d)</sup> | CSL Finance PLC <sup>(d)</sup> | CSL Finance PLC <sup>(d)</sup> |
| 100000 | 3.850 | 04/27/27 | 98631 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 425000 | 1.200 | 09/02/25 | 418982 |
| 461000 | 5.400 | 09/02/34 | 455182 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3091465 |
| **Building Materials<sup>(c)</sup> – 0.6%** | **Building Materials<sup>(c)</sup> – 0.6%** | **Building Materials<sup>(c)</sup> – 0.6%** | **Building Materials<sup>(c)</sup> – 0.6%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 400000 | 2.700 | 02/15/31 | 356936 |
| 764000 | 5.900 | 03/15/34 | 803484 |
| Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
| 325000 | 1.500 | 02/15/28 | 298174 |
| Quikrete Holdings, Inc. <sup>(d)</sup> | Quikrete Holdings, Inc. <sup>(d)</sup> | Quikrete Holdings, Inc. <sup>(d)</sup> | Quikrete Holdings, Inc. <sup>(d)</sup> |
| 240000 | 6.375 | 03/01/32 | 241277 |
| Smyrna Ready Mix Concrete LLC <sup>(d)</sup> | Smyrna Ready Mix Concrete LLC <sup>(d)</sup> | Smyrna Ready Mix Concrete LLC <sup>(d)</sup> | Smyrna Ready Mix Concrete LLC <sup>(d)</sup> |
| 260000 | 8.875 | 11/15/31 | 269472 |
|  |  |  | 1969343 |
| **Chemicals<sup>(c)</sup> – 1.1%** | **Chemicals<sup>(c)</sup> – 1.1%** | **Chemicals<sup>(c)</sup> – 1.1%** | **Chemicals<sup>(c)</sup> – 1.1%** |
| Ashland Services BV | Ashland Services BV | Ashland Services BV | Ashland Services BV |
| 650000 | 2.000 | 01/30/28 | 659128 |
| Celanese U.S. Holdings LLC <sup>(e)</sup> | Celanese U.S. Holdings LLC <sup>(e)</sup> | Celanese U.S. Holdings LLC <sup>(e)</sup> | Celanese U.S. Holdings LLC <sup>(e)</sup> |
| 400000 | 6.600 | 11/15/28 | 412736 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 350000 | 4.500 | 05/01/29 | 335356 |
| 250000 | 2.950 | 06/15/31 | 212185 |
| Ingevity Corp. <sup>(d)</sup> | Ingevity Corp. <sup>(d)</sup> | Ingevity Corp. <sup>(d)</sup> | Ingevity Corp. <sup>(d)</sup> |
| 195000 | 3.875 | 11/01/28 | 182052 |
| International Flavors & Fragrances, Inc. <sup>(d)</sup> | International Flavors & Fragrances, Inc. <sup>(d)</sup> | International Flavors & Fragrances, Inc. <sup>(d)</sup> | International Flavors & Fragrances, Inc. <sup>(d)</sup> |
| 650000 | 1.832 | 10/15/27 | 605273 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 420000 | 6.750 <sup>(d)</sup> | 05/02/34 | 431025 |
| 360000 | 7.500 | 05/02/54 | 368550 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
| 500000 | 3.450 | 06/01/27 | 489280 |
| SNF Group SACA <sup>(d)</sup> | SNF Group SACA <sup>(d)</sup> | SNF Group SACA <sup>(d)</sup> | SNF Group SACA <sup>(d)</sup> |
| 320000 | 3.375 | 03/15/30 | 283258 |
|  |  |  | 3978843 |
| **Commercial Services<sup>(c)</sup> – 0.5%** | **Commercial Services<sup>(c)</sup> – 0.5%** | **Commercial Services<sup>(c)</sup> – 0.5%** | **Commercial Services<sup>(c)</sup> – 0.5%** |
| Ashtead Capital, Inc. <sup>(d)</sup> | Ashtead Capital, Inc. <sup>(d)</sup> | Ashtead Capital, Inc. <sup>(d)</sup> | Ashtead Capital, Inc. <sup>(d)</sup> |
| 301000 | 5.800 | 04/15/34 | 303029 |
| Brink's Co. <sup>(d)</sup> | Brink's Co. <sup>(d)</sup> | Brink's Co. <sup>(d)</sup> | Brink's Co. <sup>(d)</sup> |
| 70000 | 6.500 | 06/15/29 | 70937 |
| 150000 | 6.750 | 06/15/32 | 152011 |
| CoStar Group, Inc. <sup>(d)</sup> | CoStar Group, Inc. <sup>(d)</sup> | CoStar Group, Inc. <sup>(d)</sup> | CoStar Group, Inc. <sup>(d)</sup> |
| 625000 | 2.800 | 07/15/30 | 558069 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 406000 | 5.250 | 08/09/34 | 400584 |
| Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
| 126000 | 5.750 | 10/15/32 | 124042 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services<sup>(c)</sup> – (continued) | Commercial Services<sup>(c)</sup> – (continued) | Commercial Services<sup>(c)</sup> – (continued) | Commercial Services<sup>(c)</sup> – (continued) | Commercial Services<sup>(c)</sup> – (continued) |
| TriNet Group, Inc. <sup>(d)</sup> | TriNet Group, Inc. <sup>(d)</sup> | TriNet Group, Inc. <sup>(d)</sup> | TriNet Group, Inc. <sup>(d)</sup> | TriNet Group, Inc. <sup>(d)</sup> |
| $| 270000 | 7.125% | 08/15/31 | 274644 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1883316 |
|  **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  | 268000 | 6.020 | 06/15/26 | 271452 |
|  | 75000 | 5.300 | 10/01/29 | 76336 |
|  | 25000 | 8.350 | 07/15/46 | 31342 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  | 342000 | 5.000 | 10/15/34 | 333005 |
|  |  |  |  | 712135 |
|  **Cosmetics & Personal Care<sup>(c)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(c)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(c)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(c)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(c)</sup> – 0.0%** |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  | 95000 | 6.125 | 09/30/32 | 93537 |
|  **Diversified Financial Services<sup>(c)</sup> – 1.5%** | **Diversified Financial Services<sup>(c)</sup> – 1.5%** | **Diversified Financial Services<sup>(c)</sup> – 1.5%** | **Diversified Financial Services<sup>(c)</sup> – 1.5%** | **Diversified Financial Services<sup>(c)</sup> – 1.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  | 295000 | 6.500 | 07/15/25 | 296204 |
|  | 675000 | 3.000 | 10/29/28 | 633987 |
|  | 275000 | 3.400 | 10/29/33 | 237385 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  | 225000 | 3.375 | 07/01/25 | 224183 |
|  | 875000 | 3.750 | 06/01/26 | 865497 |
| (5 yr. CMT + 2.560%) | (5 yr. CMT + 2.560%) | (5 yr. CMT + 2.560%) | (5 yr. CMT + 2.560%) | (5 yr. CMT + 2.560%) |
|  | 235000 | 6.000 <sup>(b)</sup> | 09/24/29 | 229470 |
| (5 yr. CMT + 3.149%) | (5 yr. CMT + 3.149%) | (5 yr. CMT + 3.149%) | (5 yr. CMT + 3.149%) | (5 yr. CMT + 3.149%) |
|  | 750000 | 4.125 <sup>(b)</sup> | 12/15/26 | 713197 |
| Aviation Capital Group LLC <sup>(d)</sup> | Aviation Capital Group LLC <sup>(d)</sup> | Aviation Capital Group LLC <sup>(d)</sup> | Aviation Capital Group LLC <sup>(d)</sup> | Aviation Capital Group LLC <sup>(d)</sup> |
|  | 375000 | 1.950 | 01/30/26 | 366225 |
| Avolon Holdings Funding Ltd. <sup>(d)</sup> | Avolon Holdings Funding Ltd. <sup>(d)</sup> | Avolon Holdings Funding Ltd. <sup>(d)</sup> | Avolon Holdings Funding Ltd. <sup>(d)</sup> | Avolon Holdings Funding Ltd. <sup>(d)</sup> |
|  | 175000 | 4.250 | 04/15/26 | 173954 |
| Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) |
|  | 322000 | 5.375 | 06/01/25 | 321337 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  | 190000 | 3.625 | 09/01/28 | 185315 |
| Macquarie Airfinance Holdings Ltd. <sup>(d)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(d)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(d)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(d)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(d)</sup> |
|  | 340000 | 6.400 | 03/26/29 | 351761 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  | 260000 | 7.500 | 05/15/31 | 264511 |
| VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(d)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(d)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(d)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(d)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(d)</sup> |
|  | 460000 | 7.500 | 06/15/31 | 471560 |
|  |  |  |  | 5334586 |
|  **Electrical<sup>(c)</sup> – 0.8%** | **Electrical<sup>(c)</sup> – 0.8%** | **Electrical<sup>(c)</sup> – 0.8%** | **Electrical<sup>(c)</sup> – 0.8%** | **Electrical<sup>(c)</sup> – 0.8%** |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
|  | 125000 | 3.500 | 01/15/31 | 116093 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  | 525000 | 1.900 | 06/15/28 | 484391 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  | 250000 | 2.100 | 08/01/27 | 234415 |
|  | 125000 | 3.300 | 08/01/40 | 91703 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  | 660000 | 5.800 | 01/15/55 | 643533 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) |
| Electrical<sup>(c)</sup> – (continued) | Electrical<sup>(c)</sup> – (continued) | Electrical<sup>(c)</sup> – (continued) | Electrical<sup>(c)</sup> – (continued) | Electrical<sup>(c)</sup> – (continued) |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| $| 450000 | 4.200% | 03/01/29 | 437395 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  | 900000 | 3.350 | 12/01/26 | 881964 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2889494 |
|  **Electrical Components & Equipment<sup>(c)(d)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(c)(d)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(c)(d)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(c)(d)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(c)(d)</sup> – 0.0%** |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  | 80000 | 6.625 | 03/15/32 | 81198 |
|  | 60000 | 6.375 | 03/15/33 | 60294 |
|  |  |  |  | 141492 |
|  **Electronics<sup>(c)</sup> – 0.2%** | **Electronics<sup>(c)</sup> – 0.2%** | **Electronics<sup>(c)</sup> – 0.2%** | **Electronics<sup>(c)</sup> – 0.2%** | **Electronics<sup>(c)</sup> – 0.2%** |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
|  | 256000 | 5.600 | 05/29/34 | 258729 |
| Atkore, Inc. <sup>(d)</sup> | Atkore, Inc. <sup>(d)</sup> | Atkore, Inc. <sup>(d)</sup> | Atkore, Inc. <sup>(d)</sup> | Atkore, Inc. <sup>(d)</sup> |
|  | 515000 | 4.250 | 06/01/31 | 452819 |
|  |  |  |  | 711548 |
|  **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** |
| Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. |
|  | 167000 | 4.300 | 12/13/28 | 153974 |
|  **Engineering & Construction<sup>(c)</sup> – 0.3%** | **Engineering & Construction<sup>(c)</sup> – 0.3%** | **Engineering & Construction<sup>(c)</sup> – 0.3%** | **Engineering & Construction<sup>(c)</sup> – 0.3%** | **Engineering & Construction<sup>(c)</sup> – 0.3%** |
| MasTec, Inc. <sup>(d)</sup> | MasTec, Inc. <sup>(d)</sup> | MasTec, Inc. <sup>(d)</sup> | MasTec, Inc. <sup>(d)</sup> | MasTec, Inc. <sup>(d)</sup> |
|  | 610000 | 4.500 | 08/15/28 | 595250 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
|  | 200000 | 4.250 | 10/31/26 | 196480 |
|  | 250000 | 3.875 <sup>(d)</sup> | 04/30/28 | 238595 |
|  |  |  |  | 1030325 |
|  **Entertainment<sup>(c)</sup> – 0.6%** | **Entertainment<sup>(c)</sup> – 0.6%** | **Entertainment<sup>(c)</sup> – 0.6%** | **Entertainment<sup>(c)</sup> – 0.6%** | **Entertainment<sup>(c)</sup> – 0.6%** |
| Merlin Entertainments Group U.S. Holdings, Inc. <sup>(d)</sup> | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(d)</sup> | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(d)</sup> | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(d)</sup> | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(d)</sup> |
|  | 505000 | 7.375 | 02/15/31 | 478806 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  | 450000 | 4.054 | 03/15/29 | 423882 |
|  | 1228000 | 4.279 | 03/15/32 | 1082113 |
|  |  |  |  | 1984801 |
|  **Environmental<sup>(c)</sup> – 0.4%** | **Environmental<sup>(c)</sup> – 0.4%** | **Environmental<sup>(c)</sup> – 0.4%** | **Environmental<sup>(c)</sup> – 0.4%** | **Environmental<sup>(c)</sup> – 0.4%** |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  | 980000 | 5.450 | 09/18/33 | 998983 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  | 352000 | 4.950 | 07/03/31 | 358329 |
|  |  |  |  | 1357312 |
|  **Food & Drug Retailing<sup>(c)</sup> – 1.8%** | **Food & Drug Retailing<sup>(c)</sup> – 1.8%** | **Food & Drug Retailing<sup>(c)</sup> – 1.8%** | **Food & Drug Retailing<sup>(c)</sup> – 1.8%** | **Food & Drug Retailing<sup>(c)</sup> – 1.8%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  | 380000 | 5.400 | 03/21/34 | 382994 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
|  | 449000 | 5.900 | 11/15/28 | 469618 |
|  | 725000 | 6.200 | 11/15/33 | 771842 |
| Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. |
|  | 1260000 | 5.000 | 09/15/34 | 1231940 |
| Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> |
|  | 875000 | 4.800 | 03/01/30 | 880346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food & Drug Retailing<sup>(c)</sup> – (continued) | Food & Drug Retailing<sup>(c)</sup> – (continued) | Food & Drug Retailing<sup>(c)</sup> – (continued) | Food & Drug Retailing<sup>(c)</sup> – (continued) | Food & Drug Retailing<sup>(c)</sup> – (continued) |
| $| 775000 | 5.000% | 03/01/32 | 778495 |
|  | 1400000 | 5.200 | 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1407056 |
|  Post Holdings, Inc. <sup>(d)</sup> | Post Holdings, Inc. <sup>(d)</sup> | Post Holdings, Inc. <sup>(d)</sup> | Post Holdings, Inc. <sup>(d)</sup> | Post Holdings, Inc. <sup>(d)</sup> |
|  | 416000 | 6.375 | 03/01/33 | 410530 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  | 50000 | 6.600 | 04/01/40 | 54645 |
|  |  |  |  | 6387466 |
|  **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** |
|  East Ohio Gas Co. <sup>(d)</sup> | East Ohio Gas Co. <sup>(d)</sup> | East Ohio Gas Co. <sup>(d)</sup> | East Ohio Gas Co. <sup>(d)</sup> | East Ohio Gas Co. <sup>(d)</sup> |
|  | 150000 | 1.300 | 06/15/25 | 148794 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  | 100000 | 3.600 | 05/01/30 | 94702 |
|  |  |  |  | 243496 |
|  **Healthcare Providers & Services – 2.0%** | **Healthcare Providers & Services – 2.0%** | **Healthcare Providers & Services – 2.0%** | **Healthcare Providers & Services – 2.0%** | **Healthcare Providers & Services – 2.0%** |
|  Adventist Health System <sup>(c)</sup> | Adventist Health System <sup>(c)</sup> | Adventist Health System <sup>(c)</sup> | Adventist Health System <sup>(c)</sup> | Adventist Health System <sup>(c)</sup> |
|  | 235000 | 5.757 | 12/01/34 | 235636 |
|  Alcon Finance Corp. <sup>(c)(d)</sup> | Alcon Finance Corp. <sup>(c)(d)</sup> | Alcon Finance Corp. <sup>(c)(d)</sup> | Alcon Finance Corp. <sup>(c)(d)</sup> | Alcon Finance Corp. <sup>(c)(d)</sup> |
|  | 933000 | 3.000 | 09/23/29 | 867942 |
|  Baxter International, Inc. <sup>(c)</sup> | Baxter International, Inc. <sup>(c)</sup> | Baxter International, Inc. <sup>(c)</sup> | Baxter International, Inc. <sup>(c)</sup> | Baxter International, Inc. <sup>(c)</sup> |
|  | 179000 | 1.915 | 02/01/27 | 170745 |
|  Centene Corp. <sup>(c)</sup> | Centene Corp. <sup>(c)</sup> | Centene Corp. <sup>(c)</sup> | Centene Corp. <sup>(c)</sup> | Centene Corp. <sup>(c)</sup> |
|  | 59000 | 4.250 | 12/15/27 | 57609 |
|  CommonSpirit Health <sup>(c)</sup> | CommonSpirit Health <sup>(c)</sup> | CommonSpirit Health <sup>(c)</sup> | CommonSpirit Health <sup>(c)</sup> | CommonSpirit Health <sup>(c)</sup> |
|  | 635000 | 3.910 | 10/01/50 | 468767 |
|  | 610000 | 6.461 | 11/01/52 | 649053 |
|  HCA, Inc. <sup>(c)</sup> | HCA, Inc. <sup>(c)</sup> | HCA, Inc. <sup>(c)</sup> | HCA, Inc. <sup>(c)</sup> | HCA, Inc. <sup>(c)</sup> |
|  | 770000 | 5.450 | 04/01/31 | 781881 |
|  | 685000 | 5.900 | 06/01/53 | 653408 |
|  Insulet Corp. <sup>(c)(d)</sup> | Insulet Corp. <sup>(c)(d)</sup> | Insulet Corp. <sup>(c)(d)</sup> | Insulet Corp. <sup>(c)(d)</sup> | Insulet Corp. <sup>(c)(d)</sup> |
|  | 45000 | 6.500 | 04/01/33 | 45755 |
|  Select Medical Corp. <sup>(c)(d)</sup> | Select Medical Corp. <sup>(c)(d)</sup> | Select Medical Corp. <sup>(c)(d)</sup> | Select Medical Corp. <sup>(c)(d)</sup> | Select Medical Corp. <sup>(c)(d)</sup> |
|  | 345000 | 6.250 | 12/01/32 | 336409 |
|  Solventum Corp. <sup>(c)</sup> | Solventum Corp. <sup>(c)</sup> | Solventum Corp. <sup>(c)</sup> | Solventum Corp. <sup>(c)</sup> | Solventum Corp. <sup>(c)</sup> |
|  | 700000 | 5.400 | 03/01/29 | 714042 |
|  | 1070000 | 5.600 | 03/23/34 | 1085483 |
|  STERIS Irish FinCo UnLtd Co. <sup>(c)</sup> | STERIS Irish FinCo UnLtd Co. <sup>(c)</sup> | STERIS Irish FinCo UnLtd Co. <sup>(c)</sup> | STERIS Irish FinCo UnLtd Co. <sup>(c)</sup> | STERIS Irish FinCo UnLtd Co. <sup>(c)</sup> |
|  | 218000 | 2.700 | 03/15/31 | 193037 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  | 500000 | 5.800 | 03/15/36 | 527265 |
|  |  |  |  | 6787032 |
|  **Insurance<sup>(c)</sup> – 0.1%** | **Insurance<sup>(c)</sup> – 0.1%** | **Insurance<sup>(c)</sup> – 0.1%** | **Insurance<sup>(c)</sup> – 0.1%** | **Insurance<sup>(c)</sup> – 0.1%** |
|  American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
|  | 250000 | 3.400 | 06/30/30 | 233815 |
|  **Internet<sup>(c)</sup> – 0.6%** | **Internet<sup>(c)</sup> – 0.6%** | **Internet<sup>(c)</sup> – 0.6%** | **Internet<sup>(c)</sup> – 0.6%** | **Internet<sup>(c)</sup> – 0.6%** |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  | 260000 | 4.625 | 08/01/27 | 259815 |
|  | 200000 | 3.250 | 02/15/30 | 186514 |
|  | 81000 | 2.950 | 03/15/31 | 72540 |
|  Gen Digital, Inc. <sup>(d)</sup> | Gen Digital, Inc. <sup>(d)</sup> | Gen Digital, Inc. <sup>(d)</sup> | Gen Digital, Inc. <sup>(d)</sup> | Gen Digital, Inc. <sup>(d)</sup> |
|  | 175000 | 6.250 | 04/01/33 | 174452 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  | 2000 | 3.850 | 08/15/32 | 1891 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) |
| Internet<sup>(c)</sup> – (continued) | Internet<sup>(c)</sup> – (continued) | Internet<sup>(c)</sup> – (continued) | Internet<sup>(c)</sup> – (continued) | Internet<sup>(c)</sup> – (continued) |
|  Prosus NV <sup>(d)</sup> | Prosus NV <sup>(d)</sup> | Prosus NV <sup>(d)</sup> | Prosus NV <sup>(d)</sup> | Prosus NV <sup>(d)</sup> |
| $| 200000 | 3.832% | 02/08/51 | 128500 |
|  Uber Technologies, Inc. <sup>(d)</sup> | Uber Technologies, Inc. <sup>(d)</sup> | Uber Technologies, Inc. <sup>(d)</sup> | Uber Technologies, Inc. <sup>(d)</sup> | Uber Technologies, Inc. <sup>(d)</sup> |
|  | 1280000 | 4.500 | 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1257895 |
|  |  |  |  | 2081607 |
|  **Iron/Steel<sup>(c)</sup> – 0.3%** | **Iron/Steel<sup>(c)</sup> – 0.3%** | **Iron/Steel<sup>(c)</sup> – 0.3%** | **Iron/Steel<sup>(c)</sup> – 0.3%** | **Iron/Steel<sup>(c)</sup> – 0.3%** |
|  Cleveland-Cliffs, Inc. <sup>(d)</sup> | Cleveland-Cliffs, Inc. <sup>(d)</sup> | Cleveland-Cliffs, Inc. <sup>(d)</sup> | Cleveland-Cliffs, Inc. <sup>(d)</sup> | Cleveland-Cliffs, Inc. <sup>(d)</sup> |
|  | 395000 | 7.000 | 03/15/32 | 379129 |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  | 150000 | 2.400 | 06/15/25 | 149193 |
|  | 275000 | 1.650 | 10/15/27 | 255654 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  | 200000 | 6.400 | 06/28/54 | 197100 |
|  |  |  |  | 981076 |
|  **Leisure Time<sup>(c)(d)</sup> – 0.1%** | **Leisure Time<sup>(c)(d)</sup> – 0.1%** | **Leisure Time<sup>(c)(d)</sup> – 0.1%** | **Leisure Time<sup>(c)(d)</sup> – 0.1%** | **Leisure Time<sup>(c)(d)</sup> – 0.1%** |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  | 195000 | 6.125 | 02/15/33 | 192124 |
|  **Lodging<sup>(c)</sup> – 0.6%** | **Lodging<sup>(c)</sup> – 0.6%** | **Lodging<sup>(c)</sup> – 0.6%** | **Lodging<sup>(c)</sup> – 0.6%** | **Lodging<sup>(c)</sup> – 0.6%** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  | 262000 | 5.850 | 08/01/34 | 262202 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> |
|  | 70000 | 4.875 | 07/01/31 | 61512 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  | 630000 | 5.500 | 06/30/34 | 618799 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  | 475000 | 5.000 | 10/15/27 | 481018 |
|  | 221000 | 4.875 | 05/15/29 | 222034 |
|  | 400000 | 2.850 | 04/15/31 | 355656 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  | 200000 | 5.400 | 08/08/28 | 199750 |
|  |  |  |  | 2200971 |
|  **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1%** |
|  Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
|  | 195000 | 6.250 | 10/15/32 | 189396 |
|  **Machinery-Diversified<sup>(c)</sup> – 0.2%** | **Machinery-Diversified<sup>(c)</sup> – 0.2%** | **Machinery-Diversified<sup>(c)</sup> – 0.2%** | **Machinery-Diversified<sup>(c)</sup> – 0.2%** | **Machinery-Diversified<sup>(c)</sup> – 0.2%** |
|  AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. |
|  | 210000 | 5.800 | 03/21/34 | 212673 |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
|  | 177000 | 5.314 | 06/15/31 | 181043 |
|  | 204000 | 5.450 | 06/15/34 | 206966 |
|  |  |  |  | 600682 |
|  **Media<sup>(c)</sup> – 0.1%** | **Media<sup>(c)</sup> – 0.1%** | **Media<sup>(c)</sup> – 0.1%** | **Media<sup>(c)</sup> – 0.1%** | **Media<sup>(c)</sup> – 0.1%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  | 98000 | 4.908 | 07/23/25 | 97966 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 75000 | 3.750 | 04/01/40 | 61510 |
|  |  |  |  | 159476 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Mining<sup>(c)(d)</sup> – 0.2% | Mining<sup>(c)(d)</sup> – 0.2% | Mining<sup>(c)(d)</sup> – 0.2% | Mining<sup>(c)(d)</sup> – 0.2% |
| Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
| 285000 | 6.125% | 03/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284470 |
| 240000 | 6.375 | 09/15/32 | 236914 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 250000 | 2.625 | 09/23/31 | 215520 |
| Novelis, Inc. | Novelis, Inc. | Novelis, Inc. | Novelis, Inc. |
| 70000 | 6.875 | 01/30/30 | 70820 |
|  |  |  | 807724 |
| **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** |
| Axon Enterprise, Inc. <sup>(c)(d)</sup> | Axon Enterprise, Inc. <sup>(c)(d)</sup> | Axon Enterprise, Inc. <sup>(c)(d)</sup> | Axon Enterprise, Inc. <sup>(c)(d)</sup> |
| 55000 | 6.125 | 03/15/30 | 55563 |
| 55000 | 6.250 | 03/15/33 | 55682 |
| GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. |
| 230000 | 4.418 | 11/15/35 | 217902 |
| Hillenbrand, Inc. <sup>(c)</sup> | Hillenbrand, Inc. <sup>(c)</sup> | Hillenbrand, Inc. <sup>(c)</sup> | Hillenbrand, Inc. <sup>(c)</sup> |
| 169000 | 6.250 | 02/15/29 | 169581 |
|  |  |  | 498728 |
| **Oil Field Services – 0.9%** | **Oil Field Services – 0.9%** | **Oil Field Services – 0.9%** | **Oil Field Services – 0.9%** |
| Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> |
| 195000 | 6.625 | 09/01/32 | 195794 |
| Devon Energy Corp. <sup>(c)</sup> | Devon Energy Corp. <sup>(c)</sup> | Devon Energy Corp. <sup>(c)</sup> | Devon Energy Corp. <sup>(c)</sup> |
| 165000 | 5.600 | 07/15/41 | 153826 |
| Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> |
| 90000 | 8.625 | 01/19/29 | 95580 |
| 40000 | 6.875 | 04/29/30 | 39552 |
| 120000 | 7.750 | 02/01/32 | 117480 |
| 110000 | 8.875 | 01/13/33 | 113272 |
| EQT Corp. <sup>(c)</sup> | EQT Corp. <sup>(c)</sup> | EQT Corp. <sup>(c)</sup> | EQT Corp. <sup>(c)</sup> |
| 109000 | 3.900 | 10/01/27 | 106990 |
| 610000 | 3.625 <sup>(d)</sup> | 05/15/31 | 557052 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 278000 | 7.875 | 09/15/31 | 312422 |
| Petrobras Global Finance BV <sup>(c)</sup> | Petrobras Global Finance BV <sup>(c)</sup> | Petrobras Global Finance BV <sup>(c)</sup> | Petrobras Global Finance BV <sup>(c)</sup> |
| 100000 | 6.000 | 01/13/35 | 95250 |
| Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> |
| 200000 | 4.950 | 01/03/31 | 200404 |
| 200000 | 5.340 | 04/03/35 | 201364 |
| Raizen Fuels Finance SA <sup>(c)(d)</sup> | Raizen Fuels Finance SA <sup>(c)(d)</sup> | Raizen Fuels Finance SA <sup>(c)(d)</sup> | Raizen Fuels Finance SA <sup>(c)(d)</sup> |
| 460000 | 6.700 | 02/25/37 | 459333 |
| Saudi Arabian Oil Co. <sup>(c)(d)</sup> | Saudi Arabian Oil Co. <sup>(c)(d)</sup> | Saudi Arabian Oil Co. <sup>(c)(d)</sup> | Saudi Arabian Oil Co. <sup>(c)(d)</sup> |
| 200000 | 5.750 | 07/17/54 | 188248 |
| Sunoco LP <sup>(c)(d)</sup> | Sunoco LP <sup>(c)(d)</sup> | Sunoco LP <sup>(c)(d)</sup> | Sunoco LP <sup>(c)(d)</sup> |
| 130000 | 7.000 | 05/01/29 | 133085 |
| 100000 | 7.250 | 05/01/32 | 103301 |
| 165000 | 6.250 | 07/01/33 | 164997 |
|  |  |  | 3237950 |
| **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 375000 | 1.570 | 01/15/26 | 365610 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) |
| Packaging<sup>(c)</sup> – (continued) | Packaging<sup>(c)</sup> – (continued) | Packaging<sup>(c)</sup> – (continued) | Packaging<sup>(c)</sup> – (continued) | Packaging<sup>(c)</sup> – (continued) |
|  Clydesdale Acquisition Holdings, Inc. <sup>(d)</sup> | Clydesdale Acquisition Holdings, Inc. <sup>(d)</sup> | Clydesdale Acquisition Holdings, Inc. <sup>(d)</sup> | Clydesdale Acquisition Holdings, Inc. <sup>(d)</sup> | Clydesdale Acquisition Holdings, Inc. <sup>(d)</sup> |
| $| 280000 | 6.750% | 04/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281834 |
|  |  |  |  | 647444 |
|  **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** |
|  AdaptHealth LLC <sup>(c)(d)</sup> | AdaptHealth LLC <sup>(c)(d)</sup> | AdaptHealth LLC <sup>(c)(d)</sup> | AdaptHealth LLC <sup>(c)(d)</sup> | AdaptHealth LLC <sup>(c)(d)</sup> |
|  | 325000 | 5.125 | 03/01/30 | 296712 |
|  Cardinal Health, Inc. <sup>(c)</sup> | Cardinal Health, Inc. <sup>(c)</sup> | Cardinal Health, Inc. <sup>(c)</sup> | Cardinal Health, Inc. <sup>(c)</sup> | Cardinal Health, Inc. <sup>(c)</sup> |
|  | 247000 | 5.125 | 02/15/29 | 250772 |
|  | 600000 | 5.350 | 11/15/34 | 601842 |
|  Cigna Group <sup>(c)</sup> | Cigna Group <sup>(c)</sup> | Cigna Group <sup>(c)</sup> | Cigna Group <sup>(c)</sup> | Cigna Group <sup>(c)</sup> |
|  | 184000 | 2.400 | 03/15/30 | 165225 |
|  | 550000 | 5.125 | 05/15/31 | 557590 |
|  CVS Health Corp. <sup>(c)</sup> | CVS Health Corp. <sup>(c)</sup> | CVS Health Corp. <sup>(c)</sup> | CVS Health Corp. <sup>(c)</sup> | CVS Health Corp. <sup>(c)</sup> |
|  | 1388000 | 4.780 | 03/25/38 | 1248131 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  | 665000 | 0.000 | 03/31/32 | 665000 |
|  PRA Health Sciences, Inc. <sup>(c)(d)</sup> | PRA Health Sciences, Inc. <sup>(c)(d)</sup> | PRA Health Sciences, Inc. <sup>(c)(d)</sup> | PRA Health Sciences, Inc. <sup>(c)(d)</sup> | PRA Health Sciences, Inc. <sup>(c)(d)</sup> |
|  | 200000 | 2.875 | 07/15/26 | 193888 |
|  |  |  |  | 3979160 |
|  **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** |
|  Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> |
|  | 230000 | 5.950 | 06/30/33 | 236300 |
|  DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> |
|  | 455000 | 3.250 | 02/15/32 | 397047 |
|  Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> |
|  | 725000 | 5.500 | 06/01/27 | 736165 |
|  | 550000 | 5.250 | 04/15/29 | 556732 |
|  | 75000 | 5.400 | 10/01/47 | 67154 |
|  Galaxy Pipeline Assets Bidco Ltd. <sup>(d)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(d)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(d)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(d)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(d)</sup> |
|  | 200000 | 2.625 | 03/31/36 | 168380 |
|  Global Partners LP/GLP Finance Corp. <sup>(c)(d)</sup> | Global Partners LP/GLP Finance Corp. <sup>(c)(d)</sup> | Global Partners LP/GLP Finance Corp. <sup>(c)(d)</sup> | Global Partners LP/GLP Finance Corp. <sup>(c)(d)</sup> | Global Partners LP/GLP Finance Corp. <sup>(c)(d)</sup> |
|  | 135000 | 8.250 | 01/15/32 | 138847 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  | 500 | 7.750 | 01/15/32 | 571 |
|  MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> |
|  | 225000 | 4.800 | 02/15/29 | 225324 |
|  | 200000 | 4.500 | 04/15/38 | 175560 |
|  Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> |
|  | 235000 | 4.200 | 02/01/33 | 216832 |
|  Venture Global LNG, Inc. <sup>(c)(d)</sup> | Venture Global LNG, Inc. <sup>(c)(d)</sup> | Venture Global LNG, Inc. <sup>(c)(d)</sup> | Venture Global LNG, Inc. <sup>(c)(d)</sup> | Venture Global LNG, Inc. <sup>(c)(d)</sup> |
|  | 15000 | 7.000 | 01/15/30 | 14781 |
|  | 270000 | 8.375 | 06/01/31 | 273645 |
|  Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> |
|  | 425000 | 5.650 | 03/15/33 | 435442 |
|  |  |  |  | 3642780 |
|  **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  | 350000 | 3.375 | 08/15/31 | 318762 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  | 180000 | 2.375 | 07/15/31 | 154458 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  | 90000 | 2.500 | 02/15/32 | 75937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(c)</sup> – (continued) | Real Estate Investment Trust<sup>(c)</sup> – (continued) | Real Estate Investment Trust<sup>(c)</sup> – (continued) | Real Estate Investment Trust<sup>(c)</sup> – (continued) | Real Estate Investment Trust<sup>(c)</sup> – (continued) |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| $| 224000 | 2.900% | 12/15/31 | 194065 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  | 300000 | 2.300 | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274971 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  | 397000 | 4.750 | 12/15/28 | 390604 |
|  NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
|  | 400000 | 4.000 | 11/15/25 | 397936 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  | 700000 | 2.950 | 09/15/29 | 651707 |
|  Starwood Property Trust, Inc. <sup>(d)</sup> | Starwood Property Trust, Inc. <sup>(d)</sup> | Starwood Property Trust, Inc. <sup>(d)</sup> | Starwood Property Trust, Inc. <sup>(d)</sup> | Starwood Property Trust, Inc. <sup>(d)</sup> |
|  | 220000 | 6.500 | 07/01/30 | 220147 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  | 150000 | 2.100 | 08/01/32 | 121887 |
|  VICI Properties LP/VICI Note Co., Inc. <sup>(d)</sup> | VICI Properties LP/VICI Note Co., Inc. <sup>(d)</sup> | VICI Properties LP/VICI Note Co., Inc. <sup>(d)</sup> | VICI Properties LP/VICI Note Co., Inc. <sup>(d)</sup> | VICI Properties LP/VICI Note Co., Inc. <sup>(d)</sup> |
|  | 590000 | 3.750 | 02/15/27 | 577374 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  | 425000 | 3.850 | 07/15/29 | 408591 |
|  |  |  |  | 3786439 |
|  **Retailing<sup>(c)</sup> – 0.6%** | **Retailing<sup>(c)</sup> – 0.6%** | **Retailing<sup>(c)</sup> – 0.6%** | **Retailing<sup>(c)</sup> – 0.6%** | **Retailing<sup>(c)</sup> – 0.6%** |
|  1011778 BC ULC/New Red Finance, Inc. <sup>(d)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(d)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(d)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(d)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(d)</sup> |
|  | 185000 | 6.125 | 06/15/29 | 186497 |
|  Arko Corp. <sup>(d)</sup> | Arko Corp. <sup>(d)</sup> | Arko Corp. <sup>(d)</sup> | Arko Corp. <sup>(d)</sup> | Arko Corp. <sup>(d)</sup> |
|  | 255000 | 5.125 | 11/15/29 | 206583 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  | 317000 | 4.500 | 10/01/25 | 316280 |
|  | 450000 | 4.750 | 06/01/30 | 441603 |
|  Cougar JV Subsidiary LLC <sup>(d)</sup> | Cougar JV Subsidiary LLC <sup>(d)</sup> | Cougar JV Subsidiary LLC <sup>(d)</sup> | Cougar JV Subsidiary LLC <sup>(d)</sup> | Cougar JV Subsidiary LLC <sup>(d)</sup> |
|  | 180000 | 8.000 | 05/15/32 | 185866 |
|  LCM Investments Holdings II LLC <sup>(d)</sup> | LCM Investments Holdings II LLC <sup>(d)</sup> | LCM Investments Holdings II LLC <sup>(d)</sup> | LCM Investments Holdings II LLC <sup>(d)</sup> | LCM Investments Holdings II LLC <sup>(d)</sup> |
|  | 265000 | 8.250 | 08/01/31 | 275195 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  | 425000 | 1.700 | 09/15/28 | 386937 |
|  |  |  |  | 1998961 |
|  **Semiconductors<sup>(c)</sup> – 0.6%** | **Semiconductors<sup>(c)</sup> – 0.6%** | **Semiconductors<sup>(c)</sup> – 0.6%** | **Semiconductors<sup>(c)</sup> – 0.6%** | **Semiconductors<sup>(c)</sup> – 0.6%** |
|  Broadcom, Inc. <sup>(d)</sup> | Broadcom, Inc. <sup>(d)</sup> | Broadcom, Inc. <sup>(d)</sup> | Broadcom, Inc. <sup>(d)</sup> | Broadcom, Inc. <sup>(d)</sup> |
|  | 490000 | 2.600 | 02/15/33 | 412903 |
|  | 640000 | 3.469 | 04/15/34 | 563373 |
|  | 651000 | 3.137 | 11/15/35 | 539731 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  | 159000 | 5.150 | 02/21/34 | 156060 |
|  | 225000 | 5.700 | 02/10/53 | 206944 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  | 275000 | 3.400 | 05/01/30 | 256374 |
|  |  |  |  | 2135385 |
|  **Software<sup>(c)</sup> – 1.5%** | **Software<sup>(c)</sup> – 1.5%** | **Software<sup>(c)</sup> – 1.5%** | **Software<sup>(c)</sup> – 1.5%** | **Software<sup>(c)</sup> – 1.5%** |
|  MSCI, Inc. <sup>(d)</sup> | MSCI, Inc. <sup>(d)</sup> | MSCI, Inc. <sup>(d)</sup> | MSCI, Inc. <sup>(d)</sup> | MSCI, Inc. <sup>(d)</sup> |
|  | 760000 | 3.875 | 02/15/31 | 706853 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  | 2239000 | 2.950 | 04/01/30 | 2056432 |
|  | 490000 | 2.875 | 03/25/31 | 438805 |
|  | 467000 | 6.900 | 11/09/52 | 514564 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software<sup>(c)</sup> – (continued) | Software<sup>(c)</sup> – (continued) | Software<sup>(c)</sup> – (continued) | Software<sup>(c)</sup> – (continued) |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 329000 | 5.000% | 04/01/32 | $329908 |
| 220000 | 5.150 | 04/01/35 | 221118 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 360000 | 3.700 | 04/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354027 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 175000 | 1.800 | 08/15/28 | 159521 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 225000 | 3.500 | 04/01/27 | 220590 |
| 150000 | 3.800 | 04/01/32 | 138798 |
|  |  |  | 5140616 |
| **Telecommunication Services – 2.2%** | **Telecommunication Services – 2.2%** | **Telecommunication Services – 2.2%** | **Telecommunication Services – 2.2%** |
| AT&T, Inc. <sup>(c)</sup> | AT&T, Inc. <sup>(c)</sup> | AT&T, Inc. <sup>(c)</sup> | AT&T, Inc. <sup>(c)</sup> |
| 336000 | 2.300 | 06/01/27 | 321098 |
| 100000 | 1.650 | 02/01/28 | 92490 |
| 500000 | 2.750 | 06/01/31 | 444425 |
| 175000 | 4.900 | 08/15/37 | 166611 |
| 100000 | 5.150 | 11/15/46 | 91726 |
| 25000 | 4.500 | 03/09/48 | 20730 |
| Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> |
| 1215000 | 3.200 | 03/15/27 | 1182474 |
| T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> |
| 375000 | 1.500 | 02/15/26 | 364789 |
| 1000000 | 3.750 | 04/15/27 | 985490 |
| 275000 | 2.050 | 02/15/28 | 256864 |
| 520000 | 2.875 | 02/15/31 | 465670 |
| 1500000 | 3.500 | 04/15/31 | 1389630 |
| 350000 | 5.200 | 01/15/33 | 352594 |
| 450000 | 3.000 | 02/15/41 | 326349 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 467000 | 4.329 | 09/21/28 | 464665 |
| 975000 | 2.550 <sup>(c)</sup> | 03/21/31 | 859111 |
|  |  |  | 7784716 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $119,955,254)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $119,955,254)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $119,955,254)** | $117968441 |
| Asset-Backed Securities<sup>(c)</sup> – 11.1% | Asset-Backed Securities<sup>(c)</sup> – 11.1% | Asset-Backed Securities<sup>(c)</sup> – 11.1% | Asset-Backed Securities<sup>(c)</sup> – 11.1% |
| **Automotive – 0.8%** | **Automotive – 0.8%** | **Automotive – 0.8%** |  |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 475000 | 4.700% | 09/15/27 | $474822 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 225000 | 4.670 | 08/15/28 | 225056 |
| Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> |
| 1100000 | 5.410 | 05/17/27 | 1110655 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 325000 | 4.760 | 08/16/27 | 325002 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 750000 | 4.740 | 01/16/29 | 752473 |
|  |  |  | 2888008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(d)</sup> – 6.7% | Collateralized Loan Obligations<sup>(d)</sup> – 6.7% | Collateralized Loan Obligations<sup>(d)</sup> – 6.7% | Collateralized Loan Obligations<sup>(d)</sup> – 6.7% |
| 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) |
| 500000 | 6.402% | 04/15/37 | $500983 |
| 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) |
| 900000 | 0.000 | 04/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896227 |
| 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 6.360%) |
| 600000 | 10.662 | 04/15/36 | 603387 |
| AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 1300000 | 5.473 | 04/15/38 | 1291264 |
| Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) |
| 875000 | 5.583 | 10/20/35 | 873128 |
| CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) |
| 500000 | 11.943 | 01/20/37 | 499352 |
| CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) |
| 400000 | 6.593 | 01/20/37 | 401007 |
| Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 650000 | 8.793 | 04/20/37 | 655360 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) |
| 800000 | 0.000 | 04/20/38 | 862203 |
| Dryden 68 CLO Ltd. Series 2019-68A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) |
| 2200000 | 5.402 | 07/15/35 | 2192161 |
| Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.410%) | Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.410%) | Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.410%) | Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.410%) |
| 600000 | 5.700 | 10/22/37 | 600074 |
| HalseyPoint CLO 5 Ltd. Series 2021-5A, Class A1A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.472%) | HalseyPoint CLO 5 Ltd. Series 2021-5A, Class A1A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.472%) | HalseyPoint CLO 5 Ltd. Series 2021-5A, Class A1A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.472%) | HalseyPoint CLO 5 Ltd. Series 2021-5A, Class A1A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.472%) |
| 1300000 | 5.759 | 01/30/35 | 1300594 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 2.250%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 2.250%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 2.250%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 2.250%) |
| 1750000 | 6.543 | 07/20/36 | 1750864 |
| Harvest U.S. CLO Ltd. Series 2024-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Harvest U.S. CLO Ltd. Series 2024-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Harvest U.S. CLO Ltd. Series 2024-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Harvest U.S. CLO Ltd. Series 2024-1A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 500000 | 8.793 | 04/18/37 | 505232 |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) |
| 199495 | 5.944 | 05/25/54 | 200773 |
| Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.650%) | Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.650%) | Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.650%) | Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.650%) |
| 600000 | 6.943 | 10/20/36 | 600868 |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) |
| 1200000 | 5.547 | 04/14/33 | 1198252 |
| Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) |
| 460000 | 5.377 | 10/14/36 | 459615 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(d)</sup> – (continued) | Collateralized Loan Obligations<sup>(d)</sup> – (continued) | Collateralized Loan Obligations<sup>(d)</sup> – (continued) | Collateralized Loan Obligations<sup>(d)</sup> – (continued) |
| OHA Credit Funding 15 Ltd. Series 2023-15A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | OHA Credit Funding 15 Ltd. Series 2023-15A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | OHA Credit Funding 15 Ltd. Series 2023-15A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | OHA Credit Funding 15 Ltd. Series 2023-15A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) |
| 900000 | 6.123% | 04/20/35 | $900319 |
| OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 422221 | 5.443 | 07/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422202 |
| Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) |
| 500000 | 7.247 | 08/08/32 | 499309 |
| Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) |
| 900000 | 5.762 | 10/25/34 | 900455 |
| Sixth Street CLO XXVI Ltd. Series 2024-26A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Sixth Street CLO XXVI Ltd. Series 2024-26A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Sixth Street CLO XXVI Ltd. Series 2024-26A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Sixth Street CLO XXVI Ltd. Series 2024-26A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 750000 | 6.197 | 10/18/37 | 749713 |
| Southwick Park CLO LLC Series 2019-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Southwick Park CLO LLC Series 2019-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Southwick Park CLO LLC Series 2019-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Southwick Park CLO LLC Series 2019-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.322%) |
| 967571 | 5.615 | 07/20/32 | 967676 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 90218 | 5.750 | 12/20/50 | 91047 |
| TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(b)</sup> (3 mo. USD Term SOFR + 2.070%) | TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(b)</sup> (3 mo. USD Term SOFR + 2.070%) | TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(b)</sup> (3 mo. USD Term SOFR + 2.070%) | TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(b)</sup> (3 mo. USD Term SOFR + 2.070%) |
| 1800000 | 6.370 | 04/28/36 | 1800490 |
| Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.430%) |
| 1450000 | 5.723 | 01/20/34 | 1449298 |
|  |  |  | 23171853 |
| **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** |
| Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) |
| 135784 | 5.110 | 10/25/35 | 133476 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) |
| 297 | 4.827 | 01/25/32 | 284 |
| Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) |
| 257 | 5.035 | 11/25/32 | 237 |
| Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) |
| 346959 | 4.665 | 04/25/37 | 332433 |
| Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) |
| 2366471 | 4.875 | 04/25/37 | 577688 |
|  |  |  | 1044118 |
| **Student Loan<sup>(b)</sup> – 3.3%** | **Student Loan<sup>(b)</sup> – 3.3%** | **Student Loan<sup>(b)</sup> – 3.3%** | **Student Loan<sup>(b)</sup> – 3.3%** |
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| 208444 | 4.834 | 09/26/33 | 205836 |
| CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(d)</sup> (3 mo. USD Term SOFR + 1.262%) | CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(d)</sup> (3 mo. USD Term SOFR + 1.262%) | CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(d)</sup> (3 mo. USD Term SOFR + 1.262%) | CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(d)</sup> (3 mo. USD Term SOFR + 1.262%) |
| 1000000 | 5.555 | 01/20/33 | 999850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) |
| 600000 | 6.132% | 01/15/37 | $602366 |
| Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.380%) |
| 1100000 | 5.702 | 05/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;1100246 |
| Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) |
| 600000 | 6.443 | 04/20/37 | 602148 |
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 1293229 | 5.493 | 01/20/32 | 1290779 |
| Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) |
| 2020524 | 5.504 | 12/27/66 | 2042956 |
| OCP CLO Ltd. Series 2016-11A, Class A1R2<sup>(d)</sup> (3 mo. USD Term SOFR + 1.420%) | OCP CLO Ltd. Series 2016-11A, Class A1R2<sup>(d)</sup> (3 mo. USD Term SOFR + 1.420%) | OCP CLO Ltd. Series 2016-11A, Class A1R2<sup>(d)</sup> (3 mo. USD Term SOFR + 1.420%) | OCP CLO Ltd. Series 2016-11A, Class A1R2<sup>(d)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 1175000 | 5.720 | 04/26/36 | 1175174 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 1000000 | 5.702 | 04/15/31 | 1000028 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 415393 | 5.604 | 09/25/65 | 416911 |
| RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) | RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) | RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) | RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) |
| 1500000 | 4.235 | 07/15/35 | 1608895 |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 500000 | 8.793 | 01/20/37 | 504531 |
|  |  |  | 11549720 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $38,953,338)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $38,953,338)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $38,953,338)** | $38653699 |
| Municipal Debt Obligations – 1.0% | Municipal Debt Obligations – 1.0% | Municipal Debt Obligations – 1.0% | Municipal Debt Obligations – 1.0% |
| **California – 0.3%** | **California – 0.3%** | **California – 0.3%** | **California – 0.3%** |
| California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> |
| 210000 | 7.550% | 04/01/39 | $254013 |
| East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 |
| 900000 | 5.874 | 06/01/40 | 946914 |
|  |  |  | 1200927 |
| **Illinois – 0.4%** | **Illinois – 0.4%** | **Illinois – 0.4%** | **Illinois – 0.4%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 662033 | 7.350 | 07/01/35 | $714427 |
| 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 |
| 498823 | 5.100 | 06/01/33 | 497862 |
|  |  |  | 1212289 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Maryland – 0.1% | Maryland – 0.1% | Maryland – 0.1% | Maryland – 0.1% |
| Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 |
| 145000 | 5.018% | 11/30/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145851 |
| Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) |
| 360000 | 4.968 | 11/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362574 |
|  |  |  | 508425 |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| Metropolitan Transportation Authority Revenue Taxable Series 2020 | Metropolitan Transportation Authority Revenue Taxable Series 2020 | Metropolitan Transportation Authority Revenue Taxable Series 2020 | Metropolitan Transportation Authority Revenue Taxable Series 2020 |
| 60000 | 5.175 | 11/15/49 | 53991 |
| Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 |
| 375000 | 4.810 | 10/15/65 | 340267 |
|  |  |  | 394258 |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 230000 | 6.270 | 02/15/50 | 238853 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,661,330)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,661,330)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,661,330)** | $3554752 |
| Sovereign Debt Obligations – 1.0% | Sovereign Debt Obligations – 1.0% | Sovereign Debt Obligations – 1.0% | Sovereign Debt Obligations – 1.0% |
| **Euro – 0.2%** | **Euro – 0.2%** | **Euro – 0.2%** | **Euro – 0.2%** |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 120000 | 4.875% | 01/30/32 | $114591 |
| 130000 | 6.625 | 03/22/48 | 109139 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 10000 | 2.875 | 03/11/29 | 10094 |
| 190000 | 3.624 <sup>(d)</sup> | 05/26/30 | 191507 |
| 70000 | 3.375 | 01/28/50 | 44812 |
| 80000 | 3.375 <sup>(d)</sup> | 01/28/50 | 51214 |
|  |  |  | 521357 |
| **United States Dollar – 0.8%** | **United States Dollar – 0.8%** | **United States Dollar – 0.8%** | **United States Dollar – 0.8%** |
| Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> |
| 300000 | 5.650 | 01/13/37 | 305100 |
| Dominican Republic International Bonds <sup>(c)</sup> | Dominican Republic International Bonds <sup>(c)</sup> | Dominican Republic International Bonds <sup>(c)</sup> | Dominican Republic International Bonds <sup>(c)</sup> |
| 150000 | 7.050 | 02/03/31 | 155100 |
| 150000 | 6.600 <sup>(d)</sup> | 06/01/36 | 149400 |
| Ecuador Government International Bonds <sup>(d)(g)</sup> | Ecuador Government International Bonds <sup>(d)(g)</sup> | Ecuador Government International Bonds <sup>(d)(g)</sup> | Ecuador Government International Bonds <sup>(d)(g)</sup> |
| 41572 | 0.000 | 07/31/30 | 19955 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 400000 | 6.125 | 05/22/28 | 409720 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 200000 | 6.125 | 06/15/33 | 177812 |
| Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> |
| 624000 | 3.771 | 05/24/61 | 364416 |
| 289000 | 3.750 | 04/19/71 | 162851 |
| Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> |
| 200000 | 4.500 | 01/19/63 | 121400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |
| Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> |
| 20000 | 2.780% | 12/01/60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10870 |
| 100000 | 3.230 <sup>(h)</sup> | 07/28/21 | 53750 |
| Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> |
| 290000 | 5.125 | 09/18/34 | 286276 |
| 350000 | 5.500 | 03/18/54 | 327880 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 70000 | 6.375 | 01/30/34 | 67270 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 200000 | 3.800 | 05/13/60 | 127874 |
|  |  |  | 2739674 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $3,890,391)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $3,890,391)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $3,890,391)** | $3261031 |
| Bank Loans<sup>(i)</sup> – 0.8% | Bank Loans<sup>(i)</sup> – 0.8% | Bank Loans<sup>(i)</sup> – 0.8% | Bank Loans<sup>(i)</sup> – 0.8% |
| **Automotive - Parts–0.2%** | **Automotive - Parts–0.2%** | **Automotive - Parts–0.2%** | **Automotive - Parts–0.2%** |
| Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) |
| 668250 | 6.575% | 01/31/31 | $658560 |
| **Consumer Cyclical Services–0.2%** | **Consumer Cyclical Services–0.2%** | **Consumer Cyclical Services–0.2%** | **Consumer Cyclical Services–0.2%** |
| IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) |
| 669946 | 6.825 | 12/15/27 | 665310 |
| **Diversified Manufacturing–0.2%** | **Diversified Manufacturing–0.2%** | **Diversified Manufacturing–0.2%** | **Diversified Manufacturing–0.2%** |
| Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) |
| 654307 | 6.805 | 03/15/30 | 653489 |
| **Lodging–0.2%** | **Lodging–0.2%** | **Lodging–0.2%** | **Lodging–0.2%** |
| Travel & Leisure Co.(1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co.(1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co.(1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co.(1 mo. USD Term SOFR + 2.500%) |
| 669938 | 6.825 | 12/14/29 | 666796 |
| **Restaurants–0.0%** | **Restaurants–0.0%** | **Restaurants–0.0%** | **Restaurants–0.0%** |
| SeaWorld Parks & Entertainment, Inc.(1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc.(1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc.(1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc.(1 mo. USD Term SOFR + 2.000%) |
| 246884 | 6.325 | 12/04/31 | 244724 |
| **TOTAL BANK LOANS**<br> **(Cost $2,923,266)** | **TOTAL BANK LOANS**<br> **(Cost $2,923,266)** | **TOTAL BANK LOANS**<br> **(Cost $2,923,266)** | $2888879 |
| U.S. Treasury Obligations – 5.9% | U.S. Treasury Obligations – 5.9% | U.S. Treasury Obligations – 5.9% | U.S. Treasury Obligations – 5.9% |
| U.S. Treasury Bills<sup>(g)(j)</sup> | U.S. Treasury Bills<sup>(g)(j)</sup> | U.S. Treasury Bills<sup>(g)(j)</sup> | U.S. Treasury Bills<sup>(g)(j)</sup> |
| 3500000 | 0.000% | 05/20/25 | $3479876 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1500000 | 3.125 | 05/15/48 | 1167422 |
| 1450000 | 3.375 | 11/15/48 | 1176766 |
| 1550000 | 2.875 | 05/15/49 | 1142398 |
| 15000 | 4.250 | 08/15/54 | 14159 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 4163789 | 1.500 | 02/15/53 | 3463101 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1920000 | 1.250 | 05/31/28 | 1770000 |
| 1970000 | 1.500 | 02/15/30 | 1757301 |
| 6530000 | 4.000 | 03/31/30 | 6542754 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 2600 | 3.500% | 04/30/30 | $2544 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $20,539,398)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $20,539,398)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $20,539,398)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $20,539,398)** | $20516321 |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(k)</sup> – 3.3% | Investment Company<sup>(k)</sup> – 3.3% | Investment Company<sup>(k)</sup> – 3.3% | Investment Company<sup>(k)</sup> – 3.3% |  |
|  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 | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 11551292 | 11551292 | 4.259% | 4.259% | $11551292 |
| (Cost $11,551,292) | (Cost $11,551,292) | (Cost $11,551,292) | (Cost $11,551,292) |  |
|  **TOTAL INVESTMENTS – 118.0%**<br> **(Cost $416,386,701)** | **TOTAL INVESTMENTS – 118.0%**<br> **(Cost $416,386,701)** | **TOTAL INVESTMENTS – 118.0%**<br> **(Cost $416,386,701)** | **TOTAL INVESTMENTS – 118.0%**<br> **(Cost $416,386,701)** | $409979771 |
|  **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (18.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (18.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (18.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (18.0)%** | (62413789) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $347565982 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $71,064,727 which represents approximately 20.5% of net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Actual maturity date is July 28, 2121.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(j) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(k) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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 | 4902977 | NZD | 5383479 | 04/04/25 | $7012 |
|  | AUD | 4128433 | USD | 2566390 | 04/02/25 | 13302 |
|  | AUD | 2387897 | USD | 1467124 | 04/07/25 | 25037 |
|  | AUD | 5261166 | USD | 3286450 | 06/18/25 | 3132 |
|  | BRL | 18829092 | USD | 3264381 | 04/02/25 | 33705 |
|  | BRL | 1525264 | USD | 264981 | 04/10/25 | 1742 |
|  | BRL | 4585105 | USD | 795197 | 04/22/25 | 5021 |
|  | BRL | 7975418 | USD | 1350999 | 05/05/25 | 37431 |
|  | BRL | 342063 | USD | 57867 | 06/18/25 | 1082 |
|  | CAD | 925855 | USD | 642787 | 04/08/25 | 842 |
|  | CAD | 2070757 | USD | 1442952 | 06/18/25 | 1668 |
|  | CHF | 1708621 | USD | 1904683 | 05/08/25 | 35446 |
|  | CHF | 401246 | USD | 456935 | 06/18/25 | 858 |
|  | CLP | 796860353 | USD | 836915 | 04/21/25 | 2234 |
|  | CNH | 3541368 | USD | 487253 | 04/11/25 | 578 |
|  | CNH | 6058275 | USD | 831039 | 04/22/25 | 4198 |
|  | CNH | 7517711 | USD | 1037928 | 05/19/25 | 397 |
|  | CNH | 2048455 | USD | 283219 | 06/18/25 | 235 |
|  | CNH | 15595118 | USD | 2134797 | 07/10/25 | 26363 |
|  | CNH | 15904595 | USD | 2179010 | 07/14/25 | 25653 |
|  | COP | 1075284415 | USD | 256264 | 04/14/25 | 373 |
|  | COP | 1098407810 | USD | 260997 | 04/25/25 | 778 |
|  | COP | 3301617243 | USD | 784046 | 05/12/25 | 915 |
|  | EUR | 215920 | CHF | 206462 | 04/01/25 | 89 |
|  | EUR | 2211946 | CHF | 2107991 | 04/04/25 | 8422 |
|  | EUR | 2408429 | PLN | 10058721 | 04/04/25 | 7964 |
|  | EUR | 7547808 | USD | 8015235 | 04/04/25 | 147912 |
|  | EUR | 5782116 | USD | 6130127 | 04/07/25 | 124357 |
|  | EUR | 10738319 | USD | 11093734 | 04/09/25 | 523113 |
|  | EUR | 4120800 | USD | 4454585 | 04/10/25 | 3590 |
|  | EUR | 2614724 | USD | 2746767 | 04/28/25 | 84800 |
|  | EUR | 3359070 | USD | 3505782 | 05/06/25 | 133539 |
|  | EUR | 2524064 | USD | 2628812 | 05/12/25 | 106798 |
|  | EUR | 8147129 | USD | 8661418 | 06/18/25 | 187168 |
|  | EUR | 1888101 | USD | 2046702 | 06/30/25 | 5401 |
|  | GBP | 1043922 | USD | 1345252 | 04/04/25 | 3221 |
|  | GBP | 2225809 | USD | 2832191 | 04/28/25 | 42814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | GBP | 1656224 | USD | 2104296 | 05/27/25 | $34988 |
|  | GBP | 593909 | USD | 765546 | 06/04/25 | 1583 |
|  | GBP | 1191210 | USD | 1519144 | 06/18/25 | 19489 |
|  | HUF | 539296815 | USD | 1402020 | 06/18/25 | 39754 |
|  | INR | 109223400 | USD | 1254000 | 04/07/25 | 23243 |
|  | INR | 191769090 | USD | 2178577 | 06/17/25 | 52260 |
|  | INR | 167388258 | USD | 1923379 | 06/18/25 | 23721 |
|  | JPY | 171884453 | USD | 1101714 | 04/03/25 | 44638 |
|  | MXN | 21651385 | USD | 1052315 | 04/21/25 | 2648 |
|  | MXN | 9956258 | USD | 469806 | 06/18/25 | 11634 |
|  | NOK | 31984109 | USD | 2911410 | 06/18/25 | 128630 |
|  | NZD | 3497862 | USD | 1946910 | 04/07/25 | 39277 |
|  | NZD | 3244323 | USD | 1831096 | 04/22/25 | 11892 |
|  | NZD | 3261189 | USD | 1829201 | 05/05/25 | 23994 |
|  | NZD | 864917 | USD | 490013 | 05/07/25 | 1505 |
|  | PLN | 4920696 | EUR | 1173407 | 04/04/25 | 1283 |
|  | PLN | 1128090 | USD | 283490 | 06/18/25 | 6909 |
|  | SEK | 55839811 | USD | 5036355 | 04/01/25 | 519187 |
|  | SEK | 33382115 | USD | 3145472 | 06/18/25 | 191077 |
|  | SGD | 837959 | USD | 623977 | 06/18/25 | 2282 |
|  | USD | 1212171 | AUD | 1917952 | 04/04/25 | 13700 |
|  | USD | 845223 | AUD | 1326049 | 04/07/25 | 16595 |
|  | USD | 1208777 | AUD | 1922308 | 04/22/25 | 7408 |
|  | USD | 2492965 | AUD | 3984199 | 06/12/25 | 1954 |
|  | USD | 4510155 | AUD | 7153324 | 06/18/25 | 37486 |
|  | USD | 212220 | BRL | 1204667 | 04/02/25 | 1212 |
|  | USD | 535602 | BRL | 3072374 | 05/05/25 | 736 |
|  | USD | 161876 | CAD | 231726 | 04/07/25 | 795 |
|  | USD | 1356097 | CAD | 1947507 | 04/08/25 | 2244 |
|  | USD | 535338 | CAD | 762578 | 06/17/25 | 3367 |
|  | USD | 3734294 | CAD | 5340483 | 06/18/25 | 8617 |
|  | USD | 224213 | CAD | 316887 | 09/17/25 | 2193 |
|  | USD | 2170300 | CHF | 1888848 | 06/18/25 | 15259 |
|  | USD | 479457 | CHF | 414447 | 09/17/25 | 1653 |
|  | USD | 270438 | CLP | 256456080 | 04/07/25 | 356 |
|  | USD | 368243 | CLP | 341139991 | 04/21/25 | 8998 |
|  | USD | 260858 | CLP | 240041476 | 04/28/25 | 8085 |
|  | USD | 846053 | CLP | 788233609 | 06/18/25 | 16416 |
|  | USD | 2198322 | CNH | 15945683 | 04/11/25 | 1771 |
|  | USD | 1034079 | CNH | 7458810 | 04/24/25 | 5597 |
|  | USD | 689751 | CNH | 4987590 | 05/19/25 | 879 |
|  | USD | 5866034 | CNH | 42219931 | 06/18/25 | 23870 |
|  | USD | 297246 | CNH | 2128948 | 09/17/25 | 784 |
|  | USD | 269542 | COP | 1115363886 | 04/03/25 | 2946 |
|  | USD | 258628 | COP | 1069970830 | 04/04/25 | 2917 |
|  | USD | 271755 | COP | 1120175388 | 04/07/25 | 4157 |
|  | USD | 257834 | COP | 1069702517 | 04/08/25 | 2327 |
|  | USD | 262523 | COP | 1081071526 | 04/10/25 | 4369 |
|  | USD | 524855 | COP | 2180027576 | 04/14/25 | 4550 |
|  | USD | 140384 | COP | 579188629 | 04/16/25 | 2186 |
|  | USD | 260206 | COP | 1063982866 | 04/21/25 | 6501 |
|  | USD | 521378 | COP | 2167389826 | 04/28/25 | 5044 |
|  | USD | 48246 | COP | 201231775 | 06/18/25 | 637 |
|  | USD | 14528 | CZK | 332122 | 06/18/25 | 114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 634546 | EUR | 584825 | 04/04/25 | $2043 |
|  | USD | 1047626 | EUR | 967825 | 04/09/25 | 621 |
|  | USD | 3054644 | EUR | 2804114 | 04/10/25 | 20953 |
|  | USD | 2990518 | EUR | 2756237 | 04/14/25 | 7975 |
|  | USD | 4095128 | EUR | 3774312 | 04/17/25 | 10253 |
|  | USD | 8852367 | EUR | 8085391 | 06/18/25 | 70834 |
|  | USD | 791574 | EUR | 720816 | 09/17/25 | 4622 |
|  | USD | 4699522 | GBP | 3628634 | 04/04/25 | 12284 |
|  | USD | 2221489 | GBP | 1716761 | 04/28/25 | 4004 |
|  | USD | 181895 | GBP | 140830 | 09/17/25 | 39 |
|  | USD | 2391261 | HUF | 881278737 | 06/18/25 | 35221 |
|  | USD | 658417 | ILS | 2379799 | 06/18/25 | 17200 |
|  | USD | 638379 | INR | 54832416 | 06/18/25 | 556 |
|  | USD | 1529499 | JPY | 224618182 | 06/18/25 | 18695 |
|  | USD | 384529 | JPY | 56193487 | 09/17/25 | 2959 |
|  | USD | 569676 | KRW | 824264392 | 04/10/25 | 10195 |
|  | USD | 321711 | KRW | 470373799 | 04/24/25 | 2200 |
|  | USD | 1466406 | KRW | 2105127365 | 06/18/25 | 32336 |
|  | USD | 334889 | KRW | 481372797 | 09/17/25 | 5375 |
|  | USD | 735971 | MXN | 14759653 | 04/04/25 | 15127 |
|  | USD | 534509 | MXN | 10845193 | 04/21/25 | 6078 |
|  | USD | 123684 | MXN | 2514244 | 06/18/25 | 2106 |
|  | USD | 163091 | NOK | 1715699 | 06/18/25 | 16 |
|  | USD | 1448830 | NOK | 15192909 | 06/20/25 | 4772 |
|  | USD | 1135695 | NZD | 1973561 | 04/04/25 | 15117 |
|  | USD | 550668 | NZD | 957844 | 04/07/25 | 6777 |
|  | USD | 3018703 | NZD | 5255402 | 04/22/25 | 33290 |
|  | USD | 909797 | NZD | 1560811 | 04/24/25 | 23104 |
|  | USD | 1232024 | NZD | 2140788 | 05/05/25 | 15505 |
|  | USD | 2731915 | NZD | 4766488 | 05/20/25 | 22387 |
|  | USD | 2043686 | NZD | 3548739 | 06/18/25 | 24958 |
|  | USD | 557816 | PLN | 2160493 | 06/18/25 | 1649 |
|  | USD | 487000 | SEK | 4867760 | 06/18/25 | 466 |
|  | USD | 5250594 | SEK | 52354930 | 06/26/25 | 15342 |
|  | USD | 1584949 | SGD | 2119936 | 04/04/25 | 6735 |
|  | USD | 916193 | SGD | 1214951 | 06/18/25 | 8185 |
|  | USD | 459204 | TRY | 19004077 | 06/18/25 | 5098 |
|  | USD | 2963830 | TWD | 97479938 | 04/07/25 | 31883 |
|  | USD | 2299795 | TWD | 75390880 | 04/10/25 | 31691 |
|  | USD | 1615751 | TWD | 53014820 | 04/14/25 | 20316 |
|  | USD | 4351736 | TWD | 143996764 | 04/15/25 | 17937 |
|  | USD | 489480 | TWD | 16113683 | 04/17/25 | 4438 |
|  | USD | 1215000 | TWD | 40052500 | 04/21/25 | 8987 |
|  | USD | 243000 | TWD | 8036496 | 04/24/25 | 957 |
|  | USD | 365000 | TWD | 12068068 | 04/28/25 | 1419 |
|  | USD | 977000 | TWD | 32352315 | 05/02/25 | 2009 |
|  | USD | 2920187 | TWD | 96307756 | 06/03/25 | 11268 |
|  | USD | 724603 | TWD | 23864316 | 06/18/25 | 3059 |
| TOTAL |  |  |  |  |  | $3601948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | AUD | 1179946 | NZD | 1299211 | 04/04/25 | $(372) |
|  | AUD | 3352553 | USD | 2103901 | 04/04/25 | (8991) |
|  | AUD | 2309034 | USD | 1456981 | 04/07/25 | (14100) |
|  | AUD | 4625445 | USD | 2934466 | 04/22/25 | (43741) |
|  | AUD | 4262437 | USD | 2667063 | 06/12/25 | (2089) |
|  | AUD | 1274016 | USD | 806254 | 06/18/25 | (9666) |
|  | AUD | 706384 | USD | 449465 | 09/17/25 | (7466) |
|  | BRL | 1933299 | USD | 341000 | 04/02/25 | (2365) |
|  | CAD | 263843 | USD | 184792 | 04/04/25 | (1411) |
|  | CAD | 1027484 | USD | 715463 | 04/08/25 | (1184) |
|  | CAD | 5790587 | USD | 4067489 | 06/18/25 | (27805) |
|  | CHF | 206462 | EUR | 216864 | 04/01/25 | (1109) |
|  | CHF | 2237015 | EUR | 2347145 | 04/04/25 | (8737) |
|  | CHF | 3692785 | USD | 4230850 | 06/18/25 | (17642) |
|  | CLP | 211866638 | USD | 228629 | 04/07/25 | (5506) |
|  | CLP | 241267509 | USD | 260858 | 04/28/25 | (6794) |
|  | CLP | 492449813 | USD | 520890 | 05/02/25 | (2336) |
|  | CLP | 761479475 | USD | 821755 | 05/12/25 | (19985) |
|  | CLP | 246389478 | USD | 261335 | 06/18/25 | (2004) |
|  | CNH | 20819681 | USD | 2878353 | 04/22/25 | (8003) |
|  | CNH | 14603044 | USD | 2016911 | 04/24/25 | (3325) |
|  | CNH | 25626757 | USD | 3557455 | 06/18/25 | (11364) |
|  | CNH | 6739933 | USD | 934156 | 07/10/25 | (141) |
|  | CNH | 7950751 | USD | 1102739 | 07/14/25 | (622) |
|  | CNH | 5421466 | USD | 756818 | 07/23/25 | (4831) |
|  | CNH | 7227036 | USD | 1010747 | 09/17/25 | (4362) |
|  | CNH | 3471050 | USD | 486462 | 09/22/25 | (2939) |
|  | COP | 1114818522 | USD | 268376 | 04/03/25 | (1910) |
|  | COP | 1063752528 | USD | 256264 | 04/04/25 | (2040) |
|  | COP | 1123668685 | USD | 270438 | 04/07/25 | (2005) |
|  | COP | 1070195836 | USD | 258628 | 04/08/25 | (3003) |
|  | COP | 1084221807 | USD | 262523 | 04/10/25 | (3617) |
|  | COP | 890900697 | USD | 214898 | 04/14/25 | (2268) |
|  | COP | 1016958177 | USD | 246150 | 04/16/25 | (3498) |
|  | COP | 5270570039 | USD | 1280280 | 04/21/25 | (23520) |
|  | COP | 1082038735 | USD | 260858 | 04/28/25 | (3085) |
|  | CZK | 127107291 | USD | 5551152 | 06/18/25 | (34969) |
|  | EUR | 1378738 | GBP | 1157206 | 04/04/25 | (3665) |
|  | EUR | 1082773 | PLN | 4541210 | 04/04/25 | (1336) |
|  | EUR | 2013166 | USD | 2202605 | 04/14/25 | (24144) |
|  | EUR | 3979815 | USD | 4327053 | 04/17/25 | (19765) |
|  | EUR | 2954123 | USD | 3206701 | 04/24/25 | (8284) |
|  | EUR | 2086419 | USD | 2266686 | 05/06/25 | (6195) |
|  | EUR | 3667729 | USD | 4009232 | 06/18/25 | (25717) |
|  | EUR | 996346 | USD | 1090975 | 09/17/25 | (3212) |
|  | EUR | 997038 | USD | 1098037 | 09/19/25 | (9396) |
|  | GBP | 4237289 | EUR | 5080430 | 04/04/25 | (21154) |
|  | GBP | 473382 | EUR | 565000 | 05/02/25 | (544) |
|  | GBP | 715317 | USD | 927051 | 04/28/25 | (3099) |
|  | GBP | 391910 | USD | 508090 | 06/18/25 | (1878) |
|  | ILS | 851942 | USD | 233010 | 06/18/25 | (3461) |
|  | INR | 42001167 | USD | 488626 | 06/18/25 | (59) |
|  | JPY | 321421640 | USD | 2199561 | 06/18/25 | (37648) |
|  | JPY | 22340841 | USD | 152363 | 09/17/25 | (662) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD 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) | KRW | 933376490 | USD | 643001 | 04/10/25 | $(9458) |
|  | KRW | 4310904857 | USD | 2979079 | 06/18/25 | (42375) |
|  | MXN | 10516813 | USD | 519960 | 04/04/25 | (6331) |
|  | MXN | 23984357 | USD | 1178593 | 05/14/25 | (13638) |
|  | NOK | 5114011 | USD | 487000 | 06/18/25 | (921) |
|  | NOK | 16125616 | USD | 1537775 | 06/20/25 | (5065) |
|  | NZD | 9349956 | AUD | 8503000 | 04/04/25 | (4412) |
|  | NZD | 5042008 | USD | 2871208 | 04/04/25 | (8381) |
|  | NZD | 2423477 | USD | 1384290 | 04/07/25 | (8170) |
|  | NZD | 5169230 | USD | 2985765 | 04/22/25 | (49303) |
|  | NZD | 7994779 | USD | 4588382 | 04/24/25 | (46570) |
|  | NZD | 3651555 | USD | 2112601 | 05/05/25 | (37578) |
|  | NZD | 7740505 | USD | 4474676 | 05/20/25 | (74555) |
|  | NZD | 927845 | USD | 540159 | 06/17/25 | (12361) |
|  | NZD | 6651961 | USD | 3804637 | 06/18/25 | (20618) |
|  | PLN | 5292614 | EUR | 1269510 | 04/04/25 | (6638) |
|  | PLN | 5403215 | USD | 1396189 | 06/18/25 | (5262) |
|  | PLN | 2168740 | USD | 557816 | 09/17/25 | (1581) |
|  | SEK | 62508810 | EUR | 5773644 | 04/04/25 | (24171) |
|  | SEK | 5450897 | USD | 545207 | 06/18/25 | (389) |
|  | SEK | 54590762 | USD | 5474822 | 06/26/25 | (15997) |
|  | SGD | 1663063 | USD | 1244035 | 04/04/25 | (5947) |
|  | SGD | 2655923 | USD | 1994185 | 06/18/25 | (9250) |
|  | TRY | 26451410 | USD | 667432 | 06/18/25 | (35373) |
|  | TWD | 99193564 | USD | 3028780 | 04/07/25 | (45292) |
|  | TWD | 75408205 | USD | 2286282 | 04/10/25 | (17657) |
|  | TWD | 53080804 | USD | 1600736 | 04/14/25 | (3316) |
|  | TWD | 103954029 | USD | 3144574 | 04/15/25 | (15921) |
|  | TWD | 8604303 | USD | 260997 | 04/24/25 | (1853) |
|  | TWD | 63816193 | USD | 1955752 | 06/03/25 | (28222) |
|  | TWD | 44048599 | USD | 1339266 | 06/18/25 | (7447) |
|  | TWD | 63746722 | USD | 1936413 | 06/30/25 | (7442) |
|  | USD | 2478506 | AUD | 3985304 | 04/02/25 | (11751) |
|  | USD | 809829 | AUD | 1302814 | 04/22/25 | (4379) |
|  | USD | 3392723 | BRL | 19552995 | 04/02/25 | (32163) |
|  | USD | 262523 | BRL | 1523949 | 04/10/25 | (3970) |
|  | USD | 1056102 | BRL | 6183477 | 04/22/25 | (23073) |
|  | USD | 644959 | BRL | 3727498 | 05/05/25 | (3955) |
|  | USD | 800031 | CAD | 1150108 | 06/18/25 | (2317) |
|  | USD | 272648 | CAD | 391151 | 09/17/25 | (1403) |
|  | USD | 1883863 | CHF | 1689944 | 05/08/25 | (35059) |
|  | USD | 1975753 | CHF | 1751833 | 06/18/25 | (22965) |
|  | USD | 558794 | CLP | 531971460 | 05/12/25 | (1325) |
|  | USD | 3884845 | CNH | 28361164 | 04/22/25 | (25229) |
|  | USD | 1762272 | CNH | 12774799 | 06/18/25 | (5435) |
|  | USD | 1363759 | COP | 5725059400 | 04/21/25 | (1374) |
|  | USD | 4365187 | CZK | 103889267 | 06/18/25 | (143384) |
|  | USD | 15658386 | EUR | 14540577 | 04/04/25 | (67617) |
|  | USD | 2678989 | EUR | 2478709 | 04/07/25 | (2218) |
|  | USD | 13678814 | EUR | 13252354 | 04/09/25 | (657747) |
|  | USD | 1364686 | EUR | 1265121 | 04/24/25 | (5055) |
|  | USD | 1244359 | EUR | 1160242 | 04/28/25 | (12103) |
|  | USD | 1343909 | EUR | 1268762 | 05/12/25 | (31191) |
|  | USD | 3579114 | EUR | 3376363 | 06/18/25 | (87949) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 264814 | EUR | 243204 | 09/19/25 | $(734) |
|  | USD | 1123922 | GBP | 871799 | 06/04/25 | (2145) |
|  | USD | 557816 | GBP | 433481 | 06/17/25 | (2092) |
|  | USD | 2006945 | GBP | 1556912 | 06/18/25 | (4048) |
|  | USD | 545768 | GBP | 423780 | 09/17/25 | (1466) |
|  | USD | 1263243 | INR | 109380106 | 04/07/25 | (15832) |
|  | USD | 2224834 | INR | 195179735 | 06/17/25 | (45680) |
|  | USD | 586815 | INR | 51602998 | 06/18/25 | (13443) |
|  | USD | 541183 | INR | 47597748 | 09/17/25 | (9502) |
|  | USD | 897922 | JPY | 140224104 | 04/03/25 | (37277) |
|  | USD | 2219772 | JPY | 336295500 | 08/05/25 | (53604) |
|  | USD | 1079379 | MXN | 22463382 | 06/18/25 | (6849) |
|  | USD | 2124108 | NOK | 23310342 | 06/18/25 | (91504) |
|  | USD | 3426008 | NZD | 6111323 | 04/07/25 | (44178) |
|  | USD | 1410673 | NZD | 2514568 | 04/22/25 | (17767) |
|  | USD | 2387972 | NZD | 4239897 | 04/24/25 | (20702) |
|  | USD | 1143592 | NZD | 2021552 | 05/05/25 | (5170) |
|  | USD | 700464 | NZD | 1236448 | 05/07/25 | (2189) |
|  | USD | 3301964 | NZD | 5855833 | 06/18/25 | (29173) |
|  | USD | 1835836 | PLN | 7403991 | 06/18/25 | (70142) |
|  | USD | 5003491 | SEK | 55504580 | 04/01/25 | (518697) |
|  | USD | 3177311 | SEK | 32022082 | 06/18/25 | (23303) |
|  | USD | 238983 | SEK | 2399080 | 09/17/25 | (1965) |
|  | USD | 242834 | TRY | 10417595 | 06/18/25 | (6095) |
|  | USD | 552012 | ZAR | 10197947 | 06/18/25 | (669) |
| TOTAL |  |  |  |  |  | $(3246406) |

---

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 04/20/25 | $(2000000) | $(1771471) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 04/01/25 | (25000000) | (23924805) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 04/01/25 | (21000000) | (20582462) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/01/25 | (3000000) | (2386289) |
|  **(PROCEEDS RECEIVED: $(48489961))** |  |  |  |  | $(48665027) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 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.K. Long Gilt | 21 | 06/26/25 | $2487251 | $(18094) |
|  10 Year U.S. Treasury Notes | 307 | 06/18/25 | 34144156 | 27507 |
|  20 Year U.S. Treasury Bonds | 151 | 06/18/25 | 17709469 | 72527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 768 | 06/30/25 | $83064000 | $190948 |
|  ICE 3M Sonia Bonds | 92 | 03/17/26 | 28541137 | 3506 |
|  Ultra 10-Year U.S. Treasury Notes | 60 | 06/18/25 | 6847500 | 14705 |
|  Ultra Long U.S. Treasury Bonds | 149 | 06/18/25 | 18215250 | 86944 |
|  **Total** |  |  |  | $378043 |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (260) | 06/30/25 | (53864688) | 3998 |
|  30 Year German Euro-Buxl | (1) | 06/06/25 | (128956) | 7632 |
|  French 10 Year Government Bonds | (1) | 06/06/25 | (132665) | 3015 |
|  **Total** |  |  |  | $14645 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $392688 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the**<br> **Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  8.750%<sup>(a)</sup> <br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/18/26 | 141640 | $(36882) | $(9923) | $(26959) |
| 6.250<sup>(b)</sup> <br> 12M MIBOR<sup>(b)</sup> | 03/19/26 | 710210 | (12762) | 4190 | (16952) |
|  1M BID Average<sup>(b)</sup> <br> 13.750%<sup>(b)</sup> | 01/04/27 | 21120 | (47146) | (28963) | (18183) |
|  12M SOFR<sup>(c)</sup> <br> 3.851<sup>(c)</sup> | 03/31/27 | $101330 <sup>(d)</sup> | 343114 | 164690 | 178424 |
|  12M SOFR<sup>(c)</sup> <br> 3.851<sup>(c)</sup> | 03/31/27 | 6420 <sup>(d)</sup> | 21751 | (3750) | 25501 |
| 3.750<sup>(c)</sup> <br> 12M GBP<sup>(c)</sup> | 06/18/27 | 620 <sup>(d)</sup> | 3520 | 3684 | (164) |
| 0.500<sup>(c)</sup> <br> 12M JYOR<sup>(c)</sup> | 06/18/27 | 1886000 <sup>(d)</sup> | 101385 | 108283 | (6898) |
| 3.500<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/18/27 | $1770 <sup>(d)</sup> | 4244 | 7341 | (3097) |
| 3.250<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/18/27 | 5160 <sup>(d)</sup> | 36905 | 41466 | (4561) |
|  6M EURO<sup>(e)</sup> <br> 2.500<sup>(c)</sup> | 06/18/27 | 860 <sup>(d)</sup> | 5992 | 3900 | 2092 |
|  12M CDOR<sup>(e)</sup> <br> 3.000<sup>(e)</sup> | 06/18/27 | 3700 <sup>(d)</sup> | 35391 | 28953 | 6438 |
|  12M SOFR<sup>(c)</sup> <br> 3.250<sup>(c)</sup> | 06/18/27 | $1160 <sup>(d)</sup> | (8296) | (12722) | 4426 |
|  6M NIBOR<sup>(e)</sup> <br> 4.000<sup>(c)</sup> | 06/18/27 | 121240 <sup>(d)</sup> | (65127) | (80753) | 15626 |
| 1.750<sup>(c)</sup> <br> 6M EURO<sup>(c)</sup> | 06/18/27 | 3100 <sup>(d)</sup> | 12550 | 7990 | 4560 |
|  Mexico Interbank |  |  |  |  |  |
|  TIIE 28 Days<sup>(a)</sup> <br> 8.250<sup>(a)</sup> | 09/15/27 | 24190 <sup>(d)</sup> | 10989 | 7612 | 3377 |
|  1M CNRR<sup>(f)</sup> <br> 1.500<sup>(f)</sup> | 09/17/27 | 44110 <sup>(d)</sup> | (5538) | (3681) | (1857) |
|  12M THOR<sup>(f)</sup> <br> 1.750<sup>(f)</sup> | 09/17/27 | 9830 <sup>(d)</sup> | 2038 | 736 | 1302 |
| 5.500<sup>(e)</sup> <br> 12M CLICP<sup>(e)</sup> | 09/17/27 | 509200 <sup>(d)</sup> | (6149) | (4723) | (1426) |
| 8.250<sup>(f)</sup> <br> 12M CPIBR<sup>(f)</sup> | 09/17/27 | 5092170 <sup>(d)</sup> | 1612 | (8386) | 9998 |
|  3M KWCDC<sup>(f)</sup> <br> 2.500<sup>(f)</sup> | 09/17/27 | 6451330 <sup>(d)</sup> | (702) | (5026) | 4324 |
|  6M WIBOR<sup>(e)</sup> <br> 4.750<sup>(c)</sup> | 09/17/27 | 4160 <sup>(d)</sup> | 4980 | (588) | 5568 |
|  12M MIBOR<sup>(e)</sup> <br> 6.000<sup>(e)</sup> | 09/17/27 | 234080 <sup>(d)</sup> | 10967 | 7193 | 3774 |
| 6.250<sup>(c)</sup> <br> 6M BUBOR<sup>(e)</sup> | 09/17/27 | 302740 <sup>(d)</sup> | 4496 | 28 | 4468 |
| 3.500<sup>(c)</sup> <br> 6M PRIBO<sup>(e)</sup> | 09/17/27 | 37320 <sup>(d)</sup> | (2573) | 411 | (2984) |
|  3M JIBAR<sup>(f)</sup> <br> 7.500<sup>(f)</sup> | 09/17/27 | 25320 <sup>(d)</sup> | 3052 | 4415 | (1363) |
|  3M EURO<sup>(f)</sup> <br> 2.143<sup>(b)</sup> | 11/20/27 | 162760 <sup>(d)</sup> | (162265) | (14992) | (147273) |
| 2.180<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 11/20/27 | 162760 <sup>(d)</sup> | 196531 | 26156 | 170375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the**<br> **Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M MIBOR<sup>(e)</sup> <br> 6.000%<sup>(e)</sup> | 03/19/28 |  | 544290 | $24964 | $(15201) | $40165 |
|  6M EURO<sup>(e)</sup> <br> 2.500<sup>(c)</sup> | 05/14/28 |  | 5402 <sup>(d)</sup> | 22999 | (115665) | 138664 |
|  6M EURO<sup>(e)</sup> <br> 2.325<sup>(c)</sup> | 02/25/29 |  | 9872 <sup>(d)</sup> | (27397) | (208632) | 181235 |
|  3.799%<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 08/31/29 | $— | 97140 <sup>(d)</sup> | (722489) | (267701) | (454788) |
|  1M BID Average<sup>(b)</sup> <br> 13.250<sup>(b)</sup> | 01/02/30 |  | 2840 | (16163) | (11610) | (4553) |
| 6.000<sup>(e)</sup> <br> 12M MIBOR<sup>(e)</sup> | 03/19/30 |  | 176750 | (7793) | 12732 | (20525) |
|  12M JYOR<sup>(c)</sup> <br> 0.750<sup>(c)</sup> | 06/18/30 |  | 390000 <sup>(d)</sup> | (41452) | (46652) | 5200 |
|  3M STIBOR<sup>(f)</sup> <br> 2.500<sup>(c)</sup> | 06/18/30 |  | 31580 <sup>(d)</sup> | (28570) | (29029) | 459 |
|  12M GBP<sup>(c)</sup> <br> 3.500<sup>(c)</sup> | 06/18/30 |  | 3410 <sup>(d)</sup> | (95318) | (97535) | 2217 |
|  6M NIBOR<sup>(e)</sup> <br> 4.000<sup>(c)</sup> | 06/18/30 |  | 35710 <sup>(d)</sup> | (17292) | (32148) | 14856 |
| 2.250<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 06/18/30 |  | 910 <sup>(d)</sup> | 7660 | 11935 | (4275) |
| 2.000<sup>(f)</sup> <br> 12M THOR<sup>(f)</sup> | 09/17/30 |  | 40700 <sup>(d)</sup> | (25938) | (13295) | (12643) |
| 1.500<sup>(f)</sup> <br> 1M CNRR<sup>(f)</sup> | 09/17/30 |  | 14520 <sup>(d)</sup> | 7314 | 9409 | (2095) |
|  12M CPIBR<sup>(f)</sup> <br> 8.750<sup>(f)</sup> | 09/17/30 |  | 2129060 <sup>(d)</sup> | 946 | 10749 | (9803) |
| 3.822<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 01/31/32 | $— | 15870 <sup>(d)</sup> | (144668) | 6602 | (151270) |
|  12M SOFR<sup>(c)</sup> <br> 3.250<sup>(c)</sup> | 06/18/32 |  | 80 <sup>(d)</sup> | (2073) | (2500) | 427 |
| 1.295<sup>(c)</sup> <br> 12M JYOR<sup>(c)</sup> | 08/02/34 |  | 2952240 <sup>(d)</sup> | 193528 | 530 | 192998 |
| 3.864<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 11/15/34 | $— | 5820 <sup>(d)</sup> | (59143) | (5338) | (53805) |
| 3.750<sup>(c)</sup> <br> 6M PRIBOR<sup>(e)</sup> | 03/19/35 |  | 3980 | 401 | 2597 | (2196) |
|  6M EURO<sup>(e)</sup> <br> 3.000<sup>(c)</sup> | 03/28/35 |  | 5090 <sup>(d)</sup> | 11930 | 6565 | 5365 |
| 3.000<sup>(e)</sup> <br> 12M CDOR<sup>(e)</sup> | 06/18/35 |  | 2400 <sup>(d)</sup> | (39176) | (30451) | (8725) |
| 1.000<sup>(c)</sup> <br> 12M JYOR<sup>(c)</sup> | 06/18/35 |  | 2246000 <sup>(d)</sup> | 476636 | 539976 | (63340) |
| 3.250<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/18/35 | $— | 1910 <sup>(d)</sup> | 79425 | 98410 | (18985) |
|  6M EURO<sup>(e)</sup> <br> 2.500<sup>(c)</sup> | 06/18/35 |  | 4620 <sup>(d)</sup> | (74838) | (78557) | 3719 |
|  3M STIBOR<sup>(f)</sup> <br> 2.750<sup>(c)</sup> | 06/18/35 |  | 35570 <sup>(d)</sup> | (63387) | (59320) | (4067) |
|  12M SOFR<sup>(c)</sup> <br> 3.250<sup>(c)</sup> | 06/18/35 | $— | 2050 <sup>(d)</sup> | (85248) | (92291) | 7043 |
|  12M GBP<sup>(c)</sup> <br> 3.500<sup>(c)</sup> | 06/18/35 |  | 530 <sup>(d)</sup> | (37071) | (36315) | (756) |
|  3M NZDOR<sup>(f)</sup> <br> 4.250<sup>(e)</sup> | 06/18/35 |  | 3190 <sup>(d)</sup> | 15173 | 9284 | 5889 |
| 4.250<sup>(e)</sup> <br> 6M AUDOR<sup>(e)</sup> | 06/18/35 |  | 2620 <sup>(d)</sup> | 9372 | 16895 | (7523) |
| 4.000<sup>(c)</sup> <br> 6M NIBOR<sup>(e)</sup> | 06/18/35 |  | 3950 <sup>(d)</sup> | 2880 | 5045 | (2165) |
|  Mexico Interbank |  |  |  |  |  |  |
|  TIIE 28 Days<sup>(a)</sup> <br> 8.750<sup>(a)</sup> | 09/05/35 |  | 7300 <sup>(d)</sup> | 8781 | 6080 | 2701 |
| 5.750<sup>(e)</sup> <br> 12M CLICP<sup>(e)</sup> | 09/17/35 |  | 195000 <sup>(d)</sup> | (5496) | (5285) | (211) |
| 3.750<sup>(f)</sup> <br> 3M KWCDC<sup>(f)</sup> | 09/17/35 |  | 1498480 <sup>(d)</sup> | (100957) | (90338) | (10619) |
| 6.750<sup>(c)</sup> <br> 6M BUBOR<sup>(e)</sup> | 09/17/35 |  | 38870 <sup>(d)</sup> | 2237 | 2321 | (84) |
| 5.000<sup>(c)</sup> <br> 6M WIBOR<sup>(e)</sup> | 09/17/35 |  | 890 <sup>(d)</sup> | (3375) | 987 | (4362) |
|  12M CPIBR<sup>(f)</sup> <br> 9.250<sup>(f)</sup> | 09/17/35 | <sup></sup> | 811880<sup></sup> <sup>(d)</sup> | 106 | 6617 | (6511) |
|  3M JIBAR<sup>(f)</sup> <br> 9.250<sup>(f)</sup> | 09/17/35 |  | 3520 <sup>(d)</sup> | 3400 | 3129 | 271 |
| 4.250<sup>(c)</sup> <br> 12M GBP<sup>(c)</sup> | 09/07/37 |  | 2190 <sup>(d)</sup> | 4246 | (21662) | 25908 |
|  6M EURO<sup>(e)</sup> <br> 3.000<sup>(c)</sup> | 01/25/39 |  | 7960 <sup>(d)</sup> | (25370) | 21178 | (46548) |
| 3.000<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 03/28/40 |  | 6230 <sup>(d)</sup> | 15027 | 20295 | (5268) |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 01/25/44 |  | 19040 <sup>(d)</sup> | 211285 | (2459) | 213744 |
|  12M JYOR<sup>(c)</sup> <br> 2.160<sup>(c)</sup> | 08/02/44 |  | 3737250 <sup>(d)</sup> | (366524) | (245536) | (120988) |
|  6M EURO<sup>(e)</sup> <br> 2.500<sup>(c)</sup> | 06/18/45 |  | 1310 <sup>(d)</sup> | (57497) | (65254) | 7757 |
|  6M EURO<sup>(e)</sup> <br> 2.000<sup>(c)</sup> | 01/25/49 |  | 11360 <sup>(d)</sup> | (139186) | (11408) | (127778) |
| 2.000<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 05/17/53 |  | 1925 <sup>(d)</sup> | 96708 | (49729) | 146437 |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 11/10/53 |  | 3108 <sup>(d)</sup> | 2169 | (231377) | 233546 |
|  12M EURO<sup>(c)</sup> <br> 2.530<sup>(c)</sup> | 03/19/56 |  | 1980 <sup>(d)</sup> | (12473) | (14567) | 2094 |
| 2.610<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 03/19/56 |  | 1980 <sup>(d)</sup> | 13430 | 12728 | 702 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the**<br> **Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.000%<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 06/18/75 | EUR | 770 <sup>(d)</sup> | $108800 | $110960 | $(2160) |
| TOTAL |  |  |  | $(427400) | $(721290) | $293890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made quarterly.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit**<br> **Spread**<br> **at March 31,**<br> **2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.BBB.17 | 3.000% | 5.568% | JPMorgan Securities, Inc. | 12/15/56 | $1350 | $(192866) | $(168554) | $(24312) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)**<br> **by the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread at**<br> **March 31,**<br> **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:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 43 | 5.000% | 3.628% | 12/20/29 | $1575 | $86774 | $119825 | $(33051) |
|  CDX.NA.IG Index 43 | 1.000 | 0.558 | 12/20/29 | 23000 | 442807 | 446595 | (3788) |
| TOTAL |  |  |  |  | $529581 | $566420 | $(36839) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 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** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 1.950% | 05/11/2026 | 2980000 | $2980000 | $18204 | $37711 | $(19507) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 2980000 | 2980000 | 22128 | 40476 | (18348) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 3010000 | 3010000 | 25465 | 45243 | (19778) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 6830000 | 6830000 | 49626 | 46353 | 3273 |
|  6M IRS | BNP Paribas SA | 2.200 | 09/08/2025 | 4720000 | 4720000 | 20848 | 16592 | 4256 |
| Total purchased option contracts | Total purchased option contracts |  |  | 20520000 | $20520000 | $136271 | $186375 | $(50104) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065 | 05/11/2026 | (880000) | (880000) | (11086) | (37805) | 26719 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (870000) | (870000) | (12035) | (40186) | 28151 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (890000) | (890000) | (17544) | (45471) | 27927 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (640000) | (640000) | (36979) | (46584) | 9605 |
|  6M IRS | BNP Paribas SA | 2.463 | 09/08/2025 | (440000) | (440000) | (11988) | (16578) | 4590 |
|  1M IRS | BofA Securities LLC | 2.751 | 04/07/2025 | (1890000) | (1890000) | (18959) | (18807) | (152) |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (1810000) | (1810000) | (14059) | (15294) | 1235 |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (1870000) | (1870000) | (17797) | (18796) | 999 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (1860000) | (1860000) | (12140) | (16534) | 4394 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (2050000) | (2050000) | (20348) | (21371) | 1023 |
|  1M IRS | MS & Co. Int. PLC | 3.849 | 04/14/2025 | (2030000) | (2030000) | (22985) | (21112) | (1873) |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (1990000) | (1990000) | (20657) | (18134) | (2523) |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (1970000) | (1970000) | (33473) | (17434) | (16039) |
|  |  |  |  | (19190000) | $(19190000) | $(250050) | $(334106) | $84056 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.751 | 04/07/2025 | (1890000) | (1890000) | (2838) | (18807) | 15969 |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (1810000) | (1810000) | (15820) | (15294) | (526) |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (1870000) | (1870000) | (7007) | (18796) | 11789 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (1860000) | (1860000) | (15410) | (16534) | 1124 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (2050000) | (2050000) | (4779) | (21371) | 16592 |
|  1M IRS | MS & Co. Int. PLC | 3.849 | 04/14/2025 | (2030000) | (2030000) | (8254) | (21112) | 12858 |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (1990000) | (1990000) | (12341) | (18134) | 5793 |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (1970000) | (1970000) | (8243) | (17435) | 9192 |
|  |  |  |  | (15470000) | $(15470000) | $(74692) | $(147483) | $72791 |
| Total written option contracts | Total written option contracts |  |  | (34660000) | $(34660000) | $(324742) | $(481589) | $156847 |
| TOTAL |  |  |  | (14140000) | $(14140000) | $(188471) | $(295214) | $106743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call USD/Put CNY | Barclays Bank PLC | $7.360 | 04/16/2025 | 2449000 | $2449000 | $1031 | $20731 | $(19700) |
| Call USD/Put INR | Barclays Bank PLC | 89.200 | 06/13/2025 | 2480000 | 2480000 | 1652 | 16021 | (14369) |
| Call USD/Put BRL | BNP Paribas SA | 5.860 | 04/16/2025 | 2475000 | 2475000 | 11410 | 36078 | (24668) |
| Call USD/Put CNY | BNP Paribas SA | 7.470 | 05/15/2025 | 5012000 | 5012000 | 2401 | 35610 | (33209) |
| Call USD/Put CLP | BofA Securities LLC | 965.000 | 05/08/2025 | 2447000 | 2447000 | 26220 | 29350 | (3130) |
| Call USD/Put CNY | BofA Securities LLC | 7.255 | 04/16/2025 | 7316000 | 7316000 | 28101 | 53553 | (25452) |
| Call USD/Put CNY | BofA Securities LLC | 7.300 | 04/22/2025 | 5512500 | 5512500 | 11036 | 40583 | (29547) |
| Call USD/Put COP | BofA Securities LLC | 4280.000 | 05/08/2025 | 2449000 | 2449000 | 26951 | 37768 | (10817) |
| Call USD/Put MXN | BofA Securities LLC | 20.610 | 05/12/2025 | 3663000 | 3663000 | 62619 | 52212 | 10407 |
| Call USD/Put TWD | BofA Securities LLC | 32.900 | 04/11/2025 | 4900000 | 4900000 | 52165 | 39136 | 13029 |
| Call USD/Put CNY | Citibank NA | 7.320 | 07/08/2025 | 4917000 | 4917000 | 24865 | 48401 | (23536) |
| Call USD/Put CNY | Citibank NA | 7.540 | 07/10/2025 | 4910000 | 4910000 | 6103 | 35081 | (28978) |
| Call USD/Put CNY | Citibank NA | 7.208 | 07/21/2025 | 1225000 | 1225000 | 13318 | 20828 | (7510) |
| Call USD/Put CNY | Citibank NA | 7.165 | 09/18/2025 | 1214000 | 1214000 | 18318 | 15740 | 2578 |
| Call USD/Put CNY | Deutsche Bank AG (London) | 7.400 | 04/16/2025 | 7404000 | 7404000 | 1192 | 50310 | (49118) |
| Call USD/Put CAD | JPMorgan Securities, Inc. | 1.433 | 04/04/2025 | 1254000 | 1254000 | 8260 | 5768 | 2492 |
| Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/08/2025 | 4902000 | 4902000 | 5814 | 34535 | (28721) |
| Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | 4919000 | 4919000 | 30695 | 53947 | (23252) |
| Call USD/Put MXN | JPMorgan Securities, Inc. | 21.000 | 04/15/2025 | 3712000 | 3712000 | 17179 | 48553 | (31374) |
| Call USD/Put TWD | JPMorgan Securities, Inc. | 32.850 | 05/29/2025 | 4987000 | 4987000 | 64407 | 41292 | 23115 |
| Call USD/Put CNY | Standard Chartered Bank | 7.360 | 04/16/2025 | 5015000 | 5015000 | 2111 | 46143 | (44032) |
| Call USD/Put INR | Standard Chartered Bank | 86.450 | 06/13/2025 | 2519000 | 2519000 | 12794 | 18432 | (5638) |
| Call USD/Put TWD | Standard Chartered Bank | 33.100 | 06/26/2025 | 4859000 | 4859000 | 47982 | 41408 | 6574 |
|  |  |  |  | 90540500 | $90540500 | $476624 | $821480 | $(344856) |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call USD | Barclays Bank PLC | 0.614 | 04/16/2025 | 3992000 | 3992000 | 6021 | 21922 | (15901) |
| Put NZD/Call USD | Barclays Bank PLC | 0.568 | 04/22/2025 | 8662000 | 8662000 | 44738 | 50182 | (5444) |
| Put NZD/Call USD | Barclays Bank PLC | 0.566 | 05/01/2025 | 8529000 | 8529000 | 45252 | 54968 | (9716) |
| Put NZD/Call USD | Barclays Bank PLC | 0.581 | 05/01/2025 | 8359000 | 8359000 | 121963 | 54186 | 67777 |
| Put AUD/Call USD | BNP Paribas SA | 0.631 | 04/16/2025 | 7660000 | 7660000 | 65535 | 43005 | 22530 |
| Put AUD/Call USD | BNP Paribas SA | 0.625 | 04/16/2025 | 7732581 | 7732581 | 39345 | 43545 | (4200) |
| Put EUR/Call USD | BNP Paribas SA | 1.048 | 04/03/2025 | 9593000 | 9593000 | 145 | 65126 | (64981) |
| Put EUR/Call USD | BNP Paribas SA | 1.078 | 04/08/2025 | 9118000 | 9118000 | 35888 | 90756 | (54868) |
| Put EUR/Call USD | BNP Paribas SA | 1.090 | 04/15/2025 | 6697000 | 6697000 | 78903 | 55251 | 23652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put EUR/Call USD | BNP Paribas SA | $1.074 | 04/22/2025 | 6759000 | $6759000 | $33115 | $42375 | $(9260) |
| Put EUR/Call USD | BNP Paribas SA | 1.078 | 05/02/2025 | 6838000 | 6838000 | 53325 | 69469 | (16144) |
| Put GBP/Call USD | BNP Paribas SA | 1.292 | 04/24/2025 | 3760000 | 3760000 | 36165 | 32165 | 4000 |
| Put GBP/Call USD | BNP Paribas SA | 1.276 | 05/22/2025 | 2861000 | 2861000 | 22599 | 36845 | (14246) |
| Put EUR/Call USD | BofA Securities LLC | 1.065 | 04/03/2025 | 9529000 | 9529000 | 4018 | 76850 | (72832) |
| Put EUR/Call USD | BofA Securities LLC | 1.078 | 06/26/2025 | 4511000 | 4511000 | 53844 | 53136 | 708 |
| Put NZD/Call USD | BofA Securities LLC | 0.563 | 04/22/2025 | 8542000 | 8542000 | 28783 | 33550 | (4767) |
| Put NZD/Call USD | BofA Securities LLC | 0.561 | 05/01/2025 | 8542000 | 8542000 | 29900 | 37319 | (7419) |
| Put USD/Call JPY | BofA Securities LLC | 144.100 | 08/01/2025 | 4936000 | 4936000 | 68921 | 57174 | 11747 |
| Put AUD/Call USD | Citibank NA | 0.610 | 04/03/2025 | 5935000 | 5935000 | 545 | 49200 | (48655) |
| Put NZD/Call USD | Citibank NA | 0.569 | 04/22/2025 | 8607000 | 8607000 | 48607 | 51997 | (3390) |
| Put NZD/Call USD | Citibank NA | 0.555 | 05/01/2025 | 8846000 | 8846000 | 17965 | 57675 | (39710) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.036 | 04/02/2025 | 9593000 | 9593000 |  | 62405 | (62405) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.043 | 05/02/2025 | 7097000 | 7097000 | 5978 | 70746 | (64768) |
| Put GBP/Call USD | HSBC Bank PLC | 1.254 | 04/24/2025 | 3925000 | 3925000 | 3453 | 41048 | (37595) |
| Put GBP/Call USD | HSBC Bank PLC | 1.278 | 04/24/2025 | 3815000 | 3815000 | 16484 | 40794 | (24310) |
| Put NZD/Call USD | HSBC Bank PLC | 0.578 | 05/16/2025 | 8359000 | 8359000 | 111441 | 53447 | 57994 |
| Put EUR/Call USD | JPMorgan Securities, Inc. | 1.063 | 09/17/2025 | 2232000 | 2232000 | 24571 | 20723 | 3848 |
| Put NZD/Call USD | JPMorgan Securities, Inc. | 0.553 | 04/03/2025 | 8731000 | 8731000 | 307 | 66116 | (65809) |
| Put NZD/Call USD | JPMorgan Securities, Inc. | 0.569 | 04/03/2025 | 8730000 | 8730000 | 26309 | 57956 | (31647) |
| Put NZD/Call USD | JPMorgan Securities, Inc. | 0.571 | 04/16/2025 | 8536000 | 8536000 | 54725 | 49604 | 5121 |
| Put USD/Call CAD | JPMorgan Securities, Inc. | 1.433 | 04/04/2025 | 1254000 | 1254000 | 3014 | 5768 | (2754) |
| Put EUR/Call USD | MS & Co. Int. PLC | 1.031 | 05/08/2025 | 7178000 | 7178000 | 3749 | 83005 | (79256) |
| Put NZD/Call USD | Standard Chartered Bank | 0.557 | 04/16/2025 | 8846000 | 8846000 | 12064 | 55507 | (43443) |
| Put NZD/Call USD | Standard Chartered Bank | 0.570 | 04/22/2025 | 8433000 | 8433000 | 54237 | 40829 | 13408 |
| Put NZD/Call USD | Standard Chartered Bank | 0.578 | 05/16/2025 | 8421500 | 8421500 | 112275 | 82537 | 29738 |
| Put NZD/Call USD | Standard Chartered Bank | 0.570 | 05/16/2025 | 12707000 | 12707000 | 107841 | 137156 | (29315) |
| Put NZD/Call USD | UBS AG (London) | 0.579 | 04/16/2025 | 8456000 | 8456000 | 102581 | 45542 | 57039 |
|  |  |  |  | 266322081 | $266322081 | $1474606 | $1989879 | $(515273) |
| Total purchased option contracts | Total purchased option contracts |  |  | 356862581 | $356862581 | $1951230 | $2811359 | $(860129) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call AUD/Put NZD | Barclays Bank PLC | 1.103 | 04/08/2025 | (3859000) | (3859000) | (3639) | (11178) | 7539 |
| Call EUR/Put PLN | Barclays Bank PLC | 4.185 | 04/16/2025 | (1112000) | (1112000) | (7688) | (7955) | 267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Call USD/Put CAD | Barclays Bank PLC | $1.438 | 04/11/2025 | (1221000) | $(1221000) | $(7083) | $(10079) | $2996 |
| Call USD/Put INR | Barclays Bank PLC | 86.450 | 06/13/2025 | (2519000) | (2519000) | (12794) | (34284) | 21490 |
| Call USD/Put SGD | Barclays Bank PLC | 1.331 | 04/15/2025 | (1218000) | (1218000) | (12155) | (8081) | (4074) |
| Call EUR/Put CHF | BNP Paribas SA | 0.955 | 04/22/2025 | (2242000) | (2242000) | (14187) | (18902) | 4715 |
| Call EUR/Put GBP | BNP Paribas SA | 0.837 | 04/24/2025 | (2255000) | (2255000) | (14686) | (14173) | (513) |
| Call USD/Put BRL | BNP Paribas SA | 5.860 | 04/16/2025 | (2475000) | (2475000) | (11410) | (39353) | 27943 |
| Call USD/Put CNY | BNP Paribas SA | 7.300 | 04/22/2025 | (5512500) | (5512500) | (11036) | (10308) | (728) |
| Call EUR/Put SEK | BofA Securities LLC | 10.940 | 04/11/2025 | (2266000) | (2266000) | (5983) | (19084) | 13101 |
| Call USD/Put CNY | BofA Securities LLC | 7.360 | 04/16/2025 | (7464000) | (7464000) | (3142) | (25930) | 22788 |
| Call USD/Put CNY | BofA Securities LLC | 7.470 | 05/15/2025 | (5012000) | (5012000) | (2401) | (16449) | 14048 |
| Call USD/Put JPY | BofA Securities LLC | 158.500 | 08/01/2025 | (4936000) | (4936000) | (15800) | (51976) | 36176 |
| Call USD/Put MXN | BofA Securities LLC | 21.000 | 04/15/2025 | (3712000) | (3712000) | (17179) | (17988) | 809 |
| Call USD/Put TWD | BofA Securities LLC | 33.000 | 04/22/2025 | (1219000) | (1219000) | (10320) | (6412) | (3908) |
| Call USD/Put CNY | Citibank NA | 7.540 | 07/08/2025 | (4902000) | (4902000) | (5814) | (18587) | 12773 |
| Call AUD/Put NZD | Deutsche Bank AG (London) | 1.100 | 04/29/2025 | (1929000) | (1929000) | (5986) | (5553) | (433) |
| Call EUR/Put SEK | Deutsche Bank AG (London) | 10.960 | 04/08/2025 | (2279000) | (2279000) | (3295) | (18684) | 15389 |
| Call USD/Put CNY | Deutsche Bank AG (London) | 7.255 | 04/16/2025 | (7316000) | (7316000) | (28101) | (115629) | 87528 |
| Call USD/Put TWD | HSBC Bank PLC | 32.850 | 04/10/2025 | (1221000) | (1221000) | (14570) | (6600) | (7970) |
| Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.096 | 04/22/2025 | (3851000) | (3851000) | (16724) | (12657) | (4067) |
| Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.098 | 04/28/2025 | (1926000) | (1926000) | (7347) | (5716) | (1631) |
| Call EUR/Put GBP | JPMorgan Securities, Inc. | 0.840 | 04/08/2025 | (2279000) | (2279000) | (4921) | (16286) | 11365 |
| Call EUR/Put PLN | JPMorgan Securities, Inc. | 4.195 | 04/10/2025 | (1127000) | (1127000) | (4822) | (5687) | 865 |
| Call EUR/Put PLN | JPMorgan Securities, Inc. | 4.182 | 04/24/2025 | (1127000) | (1127000) | (9822) | (8436) | (1386) |
| Call EUR/Put SEK | JPMorgan Securities, Inc. | 11.020 | 04/16/2025 | (2232000) | (2232000) | (3311) | (18012) | 14701 |
| Call EUR/Put SEK | JPMorgan Securities, Inc. | 11.030 | 04/22/2025 | (2242000) | (2242000) | (4087) | (17994) | 13907 |
| Call EUR/Put USD | JPMorgan Securities, Inc. | 1.142 | 09/17/2025 | (2232000) | (2232000) | (15671) | (18649) | 2978 |
| Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/10/2025 | (4910000) | (4910000) | (6103) | (18236) | 12133 |
| Call USD/Put INR | JPMorgan Securities, Inc. | 89.200 | 06/13/2025 | (2480000) | (2480000) | (1652) | (10664) | 9012 |
| Call USD/Put TWD | JPMorgan Securities, Inc. | 32.780 | 04/08/2025 | (2454000) | (2454000) | (34567) | (14663) | (19904) |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.842 | 04/16/2025 | (2232000) | (2232000) | (6121) | (14749) | 8628 |
| Call USD/Put SGD | MS & Co. Int. PLC | 1.334 | 04/28/2025 | (1217000) | (1217000) | (10859) | (7296) | (3563) |
| Call USD/Put CAD | Royal Bank of Canada | 1.433 | 04/04/2025 | (1254000) | (1254000) | (8260) | (10914) | 2654 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Call AUD/Put NZD | Standard Chartered Bank | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.105 | 04/03/2025 | (4041000) | $(4041000) | $(1389) | $(11553) | $10164 |
| Call USD/Put CNY | Standard Chartered Bank | 7.400 | 04/16/2025 | (7404000) | (7404000) | (1192) | (31371) | 30179 |
| Call USD/Put INR | Standard Chartered Bank | 86.050 | 04/24/2025 | (1214000) | (1214000) | (3005) | (5915) | 2910 |
| Call USD/Put TWD | Standard Chartered Bank | 32.900 | 04/11/2025 | (4900000) | (4900000) | (52165) | (70726) | 18561 |
| Call USD/Put TWD | Standard Chartered Bank | 32.850 | 05/29/2025 | (4987000) | (4987000) | (64407) | (53635) | (10772) |
| Call EUR/Put GBP | UBS AG (London) | 0.842 | 04/14/2025 | (2266000) | (2266000) | (5525) | (17735) | 12210 |
| Call EUR/Put PLN | UBS AG (London) | 4.160 | 04/03/2025 | (1191000) | (1191000) | (9772) | (8365) | (1407) |
|  |  |  |  | (122235500) | $(122235500) | $(478991) | $(836464) | $357473 |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
| Put AUD/Call NZD | Barclays Bank PLC | 1.103 | 04/08/2025 | (3859000) | (3859000) | (8666) | (11177) | 2511 |
| Put EUR/Call PLN | Barclays Bank PLC | 4.185 | 04/16/2025 | (1112000) | (1112000) | (4699) | (7955) | 3256 |
| Put NZD/Call USD | Barclays Bank PLC | 0.555 | 05/01/2025 | (8846000) | (8846000) | (17965) | (28505) | 10540 |
| Put NZD/Call USD | Barclays Bank PLC | 0.566 | 05/01/2025 | (8529000) | (8529000) | (45252) | (17768) | (27484) |
| Put USD/Call CAD | Barclays Bank PLC | 1.438 | 04/11/2025 | (1221000) | (1221000) | (6630) | (10079) | 3449 |
| Put USD/Call SGD | Barclays Bank PLC | 1.331 | 04/15/2025 | (1218000) | (1218000) | (1826) | (8081) | 6255 |
| Put AUD/Call USD | BNP Paribas SA | 0.610 | 04/03/2025 | (5935000) | (5935000) | (545) | (18510) | 17965 |
| Put AUD/Call USD | BNP Paribas SA | 0.631 | 04/16/2025 | (7648705) | (7648705) | (65438) | (67179) | 1741 |
| Put EUR/Call CHF | BNP Paribas SA | 0.955 | 04/22/2025 | (2242000) | (2242000) | (13683) | (18902) | 5219 |
| Put EUR/Call GBP | BNP Paribas SA | 0.837 | 04/24/2025 | (2255000) | (2255000) | (10868) | (14173) | 3305 |
| Put EUR/Call USD | BNP Paribas SA | 1.036 | 04/02/2025 | (9593000) | (9593000) |  | (32819) | 32819 |
| Put EUR/Call USD | BNP Paribas SA | 1.065 | 04/03/2025 | (9529000) | (9529000) | (4018) | (45351) | 41333 |
| Put EUR/Call USD | BNP Paribas SA | 1.078 | 04/08/2025 | (9118000) | (9118000) | (35888) | (52025) | 16137 |
| Put EUR/Call USD | BNP Paribas SA | 1.090 | 04/15/2025 | (6697000) | (6697000) | (78903) | (79664) | 761 |
| Put EUR/Call USD | BNP Paribas SA | 1.043 | 05/02/2025 | (7097000) | (7097000) | (5978) | (15028) | 9050 |
| Put GBP/Call USD | BNP Paribas SA | 1.278 | 04/24/2025 | (3815000) | (3815000) | (16484) | (15851) | (633) |
| Put GBP/Call USD | BNP Paribas SA | 1.292 | 04/24/2025 | (3760000) | (3760000) | (36165) | (32038) | (4127) |
| Put NZD/Call USD | BNP Paribas SA | 0.578 | 05/16/2025 | (4179500) | (4179500) | (55721) | (44954) | (10767) |
| Put AUD/Call USD | BofA Securities LLC | 0.614 | 04/16/2025 | (3992000) | (3992000) | (6021) | (10137) | 4116 |
| Put EUR/Call SEK | BofA Securities LLC | 10.940 | 04/11/2025 | (2266000) | (2266000) | (22150) | (19084) | (3066) |
| Put EUR/Call USD | BofA Securities LLC | 1.048 | 04/03/2025 | (9593000) | (9593000) | (145) | (29028) | 28883 |
| Put NZD/Call USD | BofA Securities LLC | 0.570 | 04/22/2025 | (8433000) | (8433000) | (54232) | (61538) | 7306 |
| Put NZD/Call USD | BofA Securities LLC | 0.581 | 05/01/2025 | (8359000) | (8359000) | (121963) | (87060) | (34903) |
| Put USD/Call TWD | BofA Securities LLC | 33.000 | 04/22/2025 | (1219000) | (1219000) | (2749) | (6412) | 3663 |
| Put NZD/Call USD | Citibank NA | 0.569 | 04/03/2025 | (8730000) | (8730000) | (26309) | (102474) | 76165 |
| Put NZD/Call USD | Citibank NA | 0.568 | 04/22/2025 | (8662000) | (8662000) | (44738) | (106576) | 61838 |
| Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | (4910000) | (4910000) | (15476) | (33413) | 17937 |
| Put AUD/Call NZD | Deutsche Bank AG (London) | 1.100 | 04/29/2025 | (1929000) | (1929000) | (5716) | (5553) | (163) |
| Put EUR/Call SEK | Deutsche Bank AG (London) | 10.960 | 04/08/2025 | (2279000) | (2279000) | (23982) | (18683) | (5299) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put EUR/Call USD | Deutsche Bank AG (London) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.031 | 05/08/2025 | (4785625) | $(4785625) | $(2499) | $(25095) | $22596 |
| Put GBP/Call USD | HSBC Bank PLC | 1.254 | 04/24/2025 | (3925000) | (3925000) | (3453) | (16934) | 13481 |
| Put NZD/Call USD | HSBC Bank PLC | 0.569 | 04/22/2025 | (8607000) | (8607000) | (48607) | (17660) | (30947) |
| Put USD/Call TWD | HSBC Bank PLC | 32.850 | 04/10/2025 | (1221000) | (1221000) | (525) | (6600) | 6075 |
| Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.096 | 04/22/2025 | (3851000) | (3851000) | (5980) | (12657) | 6677 |
| Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.098 | 04/28/2025 | (1926000) | (1926000) | (4325) | (5716) | 1391 |
| Put EUR/Call GBP | JPMorgan Securities, Inc. | 0.840 | 04/08/2025 | (2279000) | (2279000) | (12351) | (16287) | 3936 |
| Put EUR/Call PLN | JPMorgan Securities, Inc. | 4.195 | 04/10/2025 | (1127000) | (1127000) | (5571) | (5687) | 116 |
| Put EUR/Call PLN | JPMorgan Securities, Inc. | 4.182 | 04/24/2025 | (1127000) | (1127000) | (5247) | (8436) | 3189 |
| Put EUR/Call SEK | JPMorgan Securities, Inc. | 11.020 | 04/16/2025 | (2232000) | (2232000) | (37095) | (18013) | (19082) |
| Put EUR/Call SEK | JPMorgan Securities, Inc. | 11.030 | 04/22/2025 | (2242000) | (2242000) | (40272) | (17995) | (22277) |
| Put NZD/Call USD | JPMorgan Securities, Inc. | 0.553 | 04/03/2025 | (8731000) | (8731000) | (307) | (17563) | 17256 |
| Put USD/Call CNY | JPMorgan Securities, Inc. | 7.085 | 07/08/2025 | (4902000) | (4902000) | (16775) | (33642) | 16867 |
| Put USD/Call TWD | JPMorgan Securities, Inc. | 32.780 | 04/08/2025 | (2454000) | (2454000) | (402) | (14663) | 14261 |
| Put EUR/Call GBP | MS & Co. Int. PLC | 0.842 | 04/16/2025 | (2232000) | (2232000) | (17563) | (14749) | (2814) |
| Put EUR/Call USD | MS & Co. Int. PLC | 1.031 | 05/08/2025 | (2389447) | (2389447) | (1248) | (6924) | 5676 |
| Put USD/Call SGD | MS & Co. Int. PLC | 1.334 | 04/28/2025 | (1217000) | (1217000) | (4120) | (7296) | 3176 |
| Put USD/Call CAD | Royal Bank of Canada | 1.433 | 04/04/2025 | (1254000) | (1254000) | (3015) | (10914) | 7899 |
| Put AUD/Call NZD | Standard Chartered Bank | 1.105 | 04/03/2025 | (4041000) | (4041000) | (11133) | (11553) | 420 |
| Put NZD/Call USD | Standard Chartered Bank | 0.571 | 04/16/2025 | (8536000) | (8536000) | (54725) | (117977) | 63252 |
| Put NZD/Call USD | Standard Chartered Bank | 0.579 | 04/16/2025 | (8456000) | (8456000) | (102581) | (74402) | (28179) |
| Put NZD/Call USD | Standard Chartered Bank | 0.578 | 05/16/2025 | (12601000) | (12601000) | (167995) | (136012) | (31983) |
| Put USD/Call INR | Standard Chartered Bank | 86.050 | 04/24/2025 | (1214000) | (1214000) | (8676) | (5914) | (2762) |
| Put EUR/Call GBP | UBS AG (London) | 0.842 | 04/14/2025 | (2266000) | (2266000) | (16492) | (17734) | 1242 |
| Put EUR/Call PLN | UBS AG (London) | 4.160 | 04/03/2025 | (1191000) | (1191000) | (623) | (8365) | 7742 |
| Put NZD/Call USD | UBS AG (London) | 0.557 | 04/16/2025 | (8846000) | (8846000) | (12064) | (21914) | 9850 |
|  |  |  |  | (260679277) | $(260679277) | $(1315854) | $(1650719) | $334865 |
| Total written option contracts | Total written option contracts |  |  | (382914777) | $(382914777) | $(1794845) | $(2487183) | $692338 |
| TOTAL |  |  |  | (26052196) | $(26052196) | $156385 | $324176 | $(167791) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| THB | —Thailand Baht |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| GO | —General Obligation |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| REIT | —Real Estate Investment Trust |
| REMICS | —Real Estate Mortgage Investment Conduits |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | —Secured Overnight Financing Rate |
| STACR | —Structured Agency Credit Risk |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: |  |
| 1M BID Avg | —1 Month Brazilian Interbank Deposit Average |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2Y IRS | —1 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 43 | —CDX North America High Yield Index 43 |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CLICP | —Sinacofi Chile Interbank Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| CNRR | —China Fixing Repo Rate |
| EURO | —Euro Offered Rate |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| JYOR | —Japanese Yen Offered Rate |
| KWCDC | —South Korean Won Certificate of Deposit |
| Mexico IB TIIE 28D | —Mexico Interbank TIIE 28 Days |
| MIBOR | —Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| PRIBOR | —Prague Interbank Offered Rate |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| STIBOR | —Stockholm Interbank Offered Rate |
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | —Warsaw Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 45.8% | Mortgage-Backed Obligations – 45.8% | Mortgage-Backed Obligations – 45.8% | Mortgage-Backed Obligations – 45.8% |
| Collateralized Mortgage Obligations – 2.8% | Collateralized Mortgage Obligations – 2.8% | Collateralized Mortgage Obligations – 2.8% | Collateralized Mortgage Obligations – 2.8% |
| Regular Floater<sup>(a)</sup> – 0.4% | Regular Floater<sup>(a)</sup> – 0.4% | Regular Floater<sup>(a)</sup> – 0.4% | Regular Floater<sup>(a)</sup> – 0.4% |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) |
| $4313402 | 5.340% | 02/25/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287663 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 5806703 | 5.340 | 03/25/55 | 5795735 |
|  |  |  | 10083398 |
| Sequential Fixed Rate – 0.7% | Sequential Fixed Rate – 0.7% | Sequential Fixed Rate – 0.7% | Sequential Fixed Rate – 0.7% |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| 63487 | 6.500 | 02/15/36 | 66457 |
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
| 153912 | 5.000 | 02/15/34 | 155419 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 280073 | 5.000 | 10/25/41 | 282135 |
| Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| 52960 | 7.000 | 10/25/42 | 56823 |
| Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| 184004 | 7.000 | 07/25/42 | 198984 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 302089 | 5.000 | 06/25/41 | 303948 |
| Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A |
| 12736664 | 2.000 <sup>(b)</sup> | 08/20/51 | 10427157 |
| JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 |
| 3282484 | 5.853 <sup>(b)(c)(d)</sup> | 11/25/64 | 3303787 |
|  |  |  | 14794710 |
| Sequential Floating Rate<sup>(a)(b)</sup> – 1.7% | Sequential Floating Rate<sup>(a)(b)</sup> – 1.7% | Sequential Floating Rate<sup>(a)(b)</sup> – 1.7% | Sequential Floating Rate<sup>(a)(b)</sup> – 1.7% |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 425000 | 6.000 <sup>(c)</sup> | 02/25/55 | 430489 |
| CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 |
| 1650000 | 2.841 <sup>(c)</sup> | 02/25/50 | 1432603 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| 275147 | 5.990 <sup>(c)</sup> | 01/25/34 | 276222 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) |
| 1550000 | 6.340 <sup>(c)</sup> | 03/25/44 | 1555293 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) |
| 3013333 | 5.590 <sup>(c)</sup> | 08/25/44 | 3020581 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| 705369 | 5.890 <sup>(c)</sup> | 10/25/41 | 708630 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| $884000 | 5.990 %<sup>(c)</sup> | 12/25/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884646 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| 739908 | 8.240 <sup>(c)</sup> | 04/25/43 | 784745 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| 730000 | 7.436 <sup>(c)</sup> | 06/25/43 | 757344 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1300000 | 6.140 <sup>(c)</sup> | 01/25/44 | 1302025 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 3525000 | 6.140 <sup>(c)</sup> | 02/25/44 | 3538507 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 1550214 | 5.340 <sup>(c)</sup> | 07/25/44 | 1548921 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) |
| 1100000 | 6.040 <sup>(c)</sup> | 07/25/44 | 1099995 |
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
| 35983 | 4.911 | 01/19/36 | 40170 |
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
| 23328 | 5.155 | 10/25/34 | 22506 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 2933791 | 2.520 <sup>(c)</sup> | 05/25/52 | 2435141 |
| JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A |
| 2125000 | 6.000 <sup>(c)</sup> | 10/25/54 | 2147406 |
| JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 |
| 2039935 | 6.000 <sup>(c)</sup> | 11/25/54 | 2045877 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 3116463 | 6.000 <sup>(c)</sup> | 06/25/54 | 3134831 |
| JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 |
| 1700000 | 6.000 <sup>(c)</sup> | 06/25/54 | 1719214 |
| JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 |
| 5771652 | 5.493 <sup>(c)</sup> | 08/25/55 | 5778195 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 186544 | 3.250 <sup>(c)</sup> | 07/25/59 | 180749 |
| PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 |
| 4132000 | 2.693 <sup>(c)</sup> | 11/25/56 | 2912804 |
| Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 |
| 3084037 | 3.288 <sup>(c)</sup> | 01/25/67 | 2763913 |
| WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 |
| 6910 | 5.676 | 02/25/33 | 6605 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| $74474 | 3.500 %<sup>(c)</sup> | 07/25/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66530 |
|  |  |  | 40593942 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 65472050 |
| Commercial Mortgage-Backed Securities – 6.9% | Commercial Mortgage-Backed Securities – 6.9% | Commercial Mortgage-Backed Securities – 6.9% | Commercial Mortgage-Backed Securities – 6.9% |
| Regular Floater<sup>(a)(c)</sup> – 0.1% | Regular Floater<sup>(a)(c)</sup> – 0.1% | Regular Floater<sup>(a)(c)</sup> – 0.1% | Regular Floater<sup>(a)(c)</sup> – 0.1% |
| BX Commercial Mortgage Trust Series 2024-GPA3, Class A (1 mo. USD Term SOFR + 1.293%) | BX Commercial Mortgage Trust Series 2024-GPA3, Class A (1 mo. USD Term SOFR + 1.293%) | BX Commercial Mortgage Trust Series 2024-GPA3, Class A (1 mo. USD Term SOFR + 1.293%) | BX Commercial Mortgage Trust Series 2024-GPA3, Class A (1 mo. USD Term SOFR + 1.293%) |
| $2531828 | 5.612% | 12/15/39 | $2524074 |
| Sequential Fixed Rate – 2.8% | Sequential Fixed Rate – 2.8% | Sequential Fixed Rate – 2.8% | Sequential Fixed Rate – 2.8% |
| Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 |
| 950000 | 2.851 <sup>(b)</sup> | 10/17/52 | 869363 |
| Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 |
| 3350000 | 5.745 <sup>(b)</sup> | 08/15/56 | 3499059 |
| Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 |
| 4353000 | 5.716 <sup>(b)</sup> | 06/15/57 | 4549094 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 3950000 | 5.769 <sup>(b)</sup> | 06/15/57 | 4078827 |
| Bank5 Series 2024-5YR8, Class A3 | Bank5 Series 2024-5YR8, Class A3 | Bank5 Series 2024-5YR8, Class A3 | Bank5 Series 2024-5YR8, Class A3 |
| 2250000 | 5.884 <sup>(b)</sup> | 08/15/57 | 2329578 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 3100000 | 5.893 <sup>(b)</sup> | 11/15/57 | 3225213 |
| BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 |
| 4450000 | 5.208 <sup>(b)</sup> | 09/15/57 | 4515592 |
| BMO Mortgage Trust Series 2023-C5, Class A5 | BMO Mortgage Trust Series 2023-C5, Class A5 | BMO Mortgage Trust Series 2023-C5, Class A5 | BMO Mortgage Trust Series 2023-C5, Class A5 |
| 4400000 | 5.765 <sup>(b)</sup> | 06/15/56 | 4576286 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 3000000 | 6.160 <sup>(b)</sup> | 12/15/56 | 3215655 |
| BMO Mortgage Trust Series 2024-C9, Class A5 | BMO Mortgage Trust Series 2024-C9, Class A5 | BMO Mortgage Trust Series 2024-C9, Class A5 | BMO Mortgage Trust Series 2024-C9, Class A5 |
| 3650000 | 5.759 <sup>(b)</sup> | 07/15/57 | 3816729 |
| BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 |
| 1900000 | 5.316 <sup>(b)</sup> | 09/15/57 | 1928876 |
| BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A |
| 2400000 | 5.760 <sup>(c)</sup> | 10/13/27 | 2427969 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 5425000 | 6.338 <sup>(c)</sup> | 08/10/44 | 5656283 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 4650000 | 2.956 <sup>(c)</sup> | 05/10/41 | 4072324 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 |
| 3450000 | 4.900 <sup>(a)(b)</sup> | 10/25/33 | 3524782 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| 3678000 | 3.024 <sup>(c)</sup> | 01/05/39 | 3416436 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 4000000 | 3.598 <sup>(b)(c)</sup> | 06/05/39 | 3676728 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 6850000 | 5.388 <sup>(c)</sup> | 11/13/41 | 6901375 |
|  |  |  | 66280169 |
| Sequential Floating Rate – 4.0% | Sequential Floating Rate – 4.0% | Sequential Floating Rate – 4.0% | Sequential Floating Rate – 4.0% |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 2526000 | 2.778 <sup>(a)</sup> | 11/15/54 | 2130857 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS |
| 3950000 | 6.182 %<sup>(a)(b)</sup> | 08/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092549 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 3372000 | 6.096 <sup>(a)(b)</sup> | 01/15/58 | 3479214 |
| BBCMS Mortgage Trust Series 2024-C26, Class B | BBCMS Mortgage Trust Series 2024-C26, Class B | BBCMS Mortgage Trust Series 2024-C26, Class B | BBCMS Mortgage Trust Series 2024-C26, Class B |
| 4040000 | 5.943 <sup>(a)(b)</sup> | 05/15/57 | 4110115 |
| Benchmark Mortgage Trust Series 2024-V8, Class A3 | Benchmark Mortgage Trust Series 2024-V8, Class A3 | Benchmark Mortgage Trust Series 2024-V8, Class A3 | Benchmark Mortgage Trust Series 2024-V8, Class A3 |
| 2800000 | 6.189 <sup>(a)(b)</sup> | 07/15/57 | 2934327 |
| BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS |
| 3400000 | 5.755 <sup>(a)(b)</sup> | 09/15/57 | 3472861 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 2961609 | 5.711 <sup>(a)(c)</sup> | 03/15/41 | 2962170 |
| BX Commercial Mortgage Trust Series 2024-MDHS, Class A (1 mo. USD Term SOFR + 1.641%) | BX Commercial Mortgage Trust Series 2024-MDHS, Class A (1 mo. USD Term SOFR + 1.641%) | BX Commercial Mortgage Trust Series 2024-MDHS, Class A (1 mo. USD Term SOFR + 1.641%) | BX Commercial Mortgage Trust Series 2024-MDHS, Class A (1 mo. USD Term SOFR + 1.641%) |
| 1633154 | 5.961 <sup>(a)(c)</sup> | 05/15/41 | 1632772 |
| BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) |
| 2015000 | 6.010 <sup>(a)(c)</sup> | 08/15/39 | 2016428 |
| BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) |
| 858719 | 6.770 <sup>(a)(c)</sup> | 08/15/39 | 858095 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 4725000 | 5.961 <sup>(a)(c)</sup> | 02/15/41 | 4717996 |
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| 1450000 | 6.409 <sup>(a)(c)</sup> | 03/15/41 | 1445922 |
| BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) |
| 500000 | 7.358 <sup>(a)(c)</sup> | 03/15/41 | 499476 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 |
| 3600000 | 3.780 <sup>(a)(b)</sup> | 11/25/32 | 3427084 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 2191990 | 5.033 <sup>(a)(b)</sup> | 02/25/33 | 2196169 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 |
| 1350000 | 5.069 <sup>(a)(b)</sup> | 10/25/28 | 1376697 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 3300000 | 5.462 <sup>(a)(c)</sup> | 02/05/45 | 3347036 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 5280000 | 5.467 <sup>(a)(c)</sup> | 01/13/40 | 5373611 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 8250000 | 5.295 <sup>(a)(b)(c)</sup> | 03/14/47 | 8220620 |
| IRV Trust Series 2025-200P, Class B | IRV Trust Series 2025-200P, Class B | IRV Trust Series 2025-200P, Class B | IRV Trust Series 2025-200P, Class B |
| 5300000 | 5.440 <sup>(a)(b)(c)</sup> | 03/14/47 | 5176289 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1975000 | 5.797 <sup>(a)(c)</sup> | 10/05/39 | 2005139 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 5150000 | 6.209 <sup>(a)(c)</sup> | 08/15/41 | 5145907 |
| NY Commercial Mortgage Trust Series 2025-299P, Class A | NY Commercial Mortgage Trust Series 2025-299P, Class A | NY Commercial Mortgage Trust Series 2025-299P, Class A | NY Commercial Mortgage Trust Series 2025-299P, Class A |
| 3250000 | 5.286 <sup>(a)(c)</sup> | 02/10/47 | 3335408 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| $1950000 | 5.533 %<sup>(a)(c)</sup> | 02/10/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980345 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 2300000 | 6.012 <sup>(a)(c)</sup> | 02/15/42 | 2276102 |
| ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B |
| 2250000 | 5.930 <sup>(c)</sup> | 11/13/41 | 2295811 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 4150000 | 4.954 <sup>(a)(c)</sup> | 07/15/35 | 4159948 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class A12 (1 mo. USD Term SOFR + 1.691%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class A12 (1 mo. USD Term SOFR + 1.691%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class A12 (1 mo. USD Term SOFR + 1.691%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class A12 (1 mo. USD Term SOFR + 1.691%) |
| 4900000 | 6.010 <sup>(a)(c)</sup> | 08/15/41 | 4880513 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) |
| 2700000 | 6.610 <sup>(a)(c)</sup> | 08/15/41 | 2682414 |
|  |  |  | 92231875 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED**<br> **SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED**<br> **SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED**<br> **SECURITIES** | $161036118 |
| **Federal Agencies – 36.1%** | **Federal Agencies – 36.1%** | **Federal Agencies – 36.1%** | **Federal Agencies – 36.1%** |
| **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** |
| (1 yr. CMT + 2.163%) | (1 yr. CMT + 2.163%) | (1 yr. CMT + 2.163%) | (1 yr. CMT + 2.163%) |
| $780 | 6.984% | 06/01/33 | $794 |
| (RFUCC 1 yr. Treasury + 1.640%) | (RFUCC 1 yr. Treasury + 1.640%) | (RFUCC 1 yr. Treasury + 1.640%) | (RFUCC 1 yr. Treasury + 1.640%) |
| 96711 | 7.488% | 07/01/34 | 99409 |
| (RFUCC 1 yr. Treasury + 1.566%) | (RFUCC 1 yr. Treasury + 1.566%) | (RFUCC 1 yr. Treasury + 1.566%) | (RFUCC 1 yr. Treasury + 1.566%) |
| 336153 | 7.030% | 09/01/34 | 344697 |
| (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) |
| 181827 | 6.809% | 05/01/35 | 188585 |
| (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) |
| 110034 | 6.633% | 06/01/35 | 112115 |
|  |  |  | 745600 |
| **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** |
| 1247 | 5.500% | 10/01/25 | 1248 |
| 6136 | 7.500 | 12/01/30 | 6504 |
| 3054 | 7.500 | 01/01/31 | 3233 |
| 3345 | 5.000 | 10/01/33 | 3363 |
| 343 | 5.000 | 04/01/35 | 345 |
| 5212 | 5.000 | 07/01/35 | 5253 |
| 32091 | 5.000 | 12/01/35 | 32508 |
| 77247 | 5.000 | 01/01/38 | 78244 |
| 154913 | 5.000 | 01/01/39 | 156917 |
| 61549 | 5.000 | 06/01/39 | 62103 |
| 6271 | 4.000 | 06/01/40 | 6044 |
| 3546 | 5.000 | 08/01/40 | 3599 |
| 973 | 4.500 | 11/01/40 | 963 |
| 42449 | 4.000 | 02/01/41 | 40915 |
| 3556 | 5.000 | 06/01/41 | 3607 |
| 3843 | 4.000 | 11/01/41 | 3695 |
| 896322 | 4.500 | 08/01/48 | 874218 |
|  |  |  | 1282759 |
| **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** |
| 2894 | 8.000 | 02/01/31 | 2925 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Federal National Mortgage Association – (continued)** | **Federal National Mortgage Association – (continued)** | **Federal National Mortgage Association – (continued)** | **Federal National Mortgage Association – (continued)** | **Federal National Mortgage Association – (continued)** | **Federal National Mortgage Association – (continued)** |
| $| 8922 | 7.000% | 03/01/31 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354 |
|  |  |  |  |  | 12279 |
|  **Government National Mortgage Association – 8.6%** | **Government National Mortgage Association – 8.6%** | **Government National Mortgage Association – 8.6%** | **Government National Mortgage Association – 8.6%** | **Government National Mortgage Association – 8.6%** | **Government National Mortgage Association – 8.6%** |
|  | 3951 | 6.000 | 11/15/38 |  | 4108 |
|  | 35229 | 5.000 | 07/15/40 |  | 35721 |
|  | 2221 | 4.000 | 02/20/41 |  | 2149 |
|  | 3572 | 4.000 | 11/20/41 |  | 3452 |
|  | 599 | 4.000 | 01/20/42 |  | 579 |
|  | 1923 | 4.000 | 04/20/42 |  | 1857 |
|  | 1198 | 4.000 | 10/20/42 |  | 1156 |
|  | 18096 | 4.000 | 08/20/43 |  | 17446 |
|  | 1697 | 4.000 | 03/20/44 |  | 1635 |
|  | 2096 | 4.000 | 05/20/44 |  | 2019 |
|  | 145504 | 4.000 | 11/20/44 |  | 140028 |
|  | 9598 | 4.000 | 05/20/45 |  | 9230 |
|  | 1289828 | 4.000 | 07/20/45 |  | 1232943 |
|  | 20498 | 4.000 | 10/20/45 |  | 19569 |
|  | 97534 | 4.500 | 02/20/48 |  | 95294 |
|  | 264092 | 4.500 | 04/20/48 |  | 257780 |
|  | 704547 | 4.500 | 05/20/48 |  | 687487 |
|  | 661987 | 5.000 | 07/20/48 |  | 662008 |
|  | 1133938 | 4.500 | 08/20/48 |  | 1106127 |
|  | 595098 | 5.000 | 08/20/48 |  | 594559 |
|  | 4836040 | 4.500 | 09/20/48 |  | 4717432 |
|  | 4935 | 3.500 | 09/20/48 |  | 4573 |
|  | 754208 | 5.000 | 10/20/48 |  | 753525 |
|  | 2351692 | 5.000 | 11/20/48 |  | 2349562 |
|  | 4347648 | 4.500 | 12/20/48 |  | 4234224 |
|  | 1325698 | 5.000 | 12/20/48 |  | 1324083 |
|  | 2482726 | 4.500 | 01/20/49 |  | 2417955 |
|  | 2145307 | 5.000 | 01/20/49 |  | 2142692 |
|  | 1696479 | 4.000 | 02/20/49 |  | 1605755 |
|  | 539332 | 4.500 | 02/20/49 |  | 524924 |
|  | 430050 | 4.500 | 03/20/49 |  | 418831 |
|  | 1521447 | 4.000 | 03/20/49 |  | 1440084 |
|  | 762496 | 5.000 | 03/20/49 |  | 761567 |
|  | 7017 | 3.500 | 04/20/49 |  | 6495 |
|  | 1719143 | 4.000 | 04/20/49 |  | 1627207 |
|  | 535060 | 4.000 | 05/20/49 |  | 506112 |
|  | 17102 | 3.500 | 08/20/49 |  | 15822 |
|  | 2800225 | 3.000 | 08/20/49 |  | 2500060 |
|  | 1771763 | 5.000 | 08/20/49 |  | 1771819 |
|  | 640771 | 4.500 | 10/20/49 |  | 624855 |
|  | 13696632 | 3.000 | 10/20/49 |  | 12209308 |
|  | 510108 | 3.500 | 12/20/49 |  | 471912 |
|  | 1487241 | 3.500 | 02/20/50 |  | 1375880 |
|  | 5091422 | 3.000 | 03/20/50 |  | 4529660 |
|  | 139721 | 3.500 | 06/20/50 |  | 129395 |
|  | 325844 | 3.500 | 07/20/50 |  | 301446 |
|  | 930032 | 4.000 | 01/20/51 |  | 878552 |
|  | 651506 | 3.000 | 07/20/51 |  | 577444 |
|  | 1354643 | 2.500 | 09/20/51 |  | 1146162 |
|  | 1598932 | 2.500 | 10/20/51 |  | 1358350 |
|  | 7111583 | 3.000 | 11/20/51 |  | 6284883 |
|  | 2495685 | 2.500 | 11/20/51 |  | 2119394 |
|  | 5918549 | 3.000 | 12/20/51 |  | 5251287 |
|  | 3048886 | 2.500 | 12/20/51 |  | 2591326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 31686471 | 4.500% | 09/20/52 | $| &nbsp;&nbsp;&nbsp;&nbsp;30561788 |
|  | 1674608 | 3.500 | 02/20/53 |  | 1548307 |
|  | 14000000 | 2.000 | TBA-30yr<sup>(e)</sup> |  | 11448854 |
|  | 16000000 | 2.500 | TBA-30yr<sup>(e)</sup> |  | 13643776 |
|  | 6000000 | 4.000 | TBA-30yr<sup>(e)</sup> |  | 5617585 |
|  | 8000000 | 3.500 | TBA-30yr<sup>(e)</sup> |  | 7299921 |
|  | 18000000 | 5.500 | TBA-30yr<sup>(e)</sup> |  | 18039461 |
|  | 7000000 | 5.000 | TBA-30yr<sup>(e)</sup> |  | 6886329 |
|  | 33000000 | 6.000 | TBA-30yr<sup>(e)</sup> |  | 33492423 |
|  |  |  |  |  | 202386167 |
| Uniform Mortgage-Backed Security – 27.4% | Uniform Mortgage-Backed Security – 27.4% | Uniform Mortgage-Backed Security – 27.4% | Uniform Mortgage-Backed Security – 27.4% | Uniform Mortgage-Backed Security – 27.4% | Uniform Mortgage-Backed Security – 27.4% |
|  | 3120 | 7.000 | 08/01/27 |  | 3157 |
|  | 166 | 6.500 | 09/01/27 |  | 167 |
|  | 13510 | 7.000 | 03/01/28 |  | 13733 |
|  | 512 | 6.500 | 05/01/28 |  | 521 |
|  | 4004 | 4.500 | 04/01/39 |  | 3962 |
|  | 3092 | 4.500 | 05/01/39 |  | 3063 |
|  | 3599 | 4.500 | 07/01/39 |  | 3562 |
|  | 12072 | 4.500 | 08/01/39 |  | 11956 |
|  | 104152 | 4.500 | 12/01/39 |  | 103161 |
|  | 6902 | 4.500 | 04/01/41 |  | 6820 |
|  | 225902 | 4.500 | 05/01/41 |  | 223237 |
|  | 31484 | 4.500 | 08/01/41 |  | 31134 |
|  | 10393 | 3.000 | 11/01/42 |  | 9462 |
|  | 233774 | 3.000 | 12/01/42 |  | 213212 |
|  | 338619 | 3.000 | 01/01/43 |  | 309395 |
|  | 51508 | 3.000 | 02/01/43 |  | 47084 |
|  | 384632 | 3.000 | 03/01/43 |  | 350435 |
|  | 684911 | 3.000 | 04/01/43 |  | 623356 |
|  | 461101 | 3.000 | 05/01/43 |  | 419250 |
|  | 49449 | 3.000 | 06/01/43 |  | 44828 |
|  | 393452 | 3.000 | 07/01/43 |  | 357472 |
|  | 230865 | 5.000 | 05/01/44 |  | 232396 |
|  | 1189857 | 4.500 | 04/01/45 |  | 1170925 |
|  | 142390 | 4.500 | 05/01/45 |  | 140125 |
|  | 365712 | 4.500 | 06/01/45 |  | 359501 |
|  | 2880627 | 4.000 | 08/01/45 |  | 2754013 |
|  | 55105 | 4.000 | 03/01/46 |  | 52246 |
|  | 29377 | 4.000 | 06/01/46 |  | 27796 |
|  | 8686 | 4.000 | 08/01/46 |  | 8218 |
|  | 69898 | 4.000 | 10/01/46 |  | 66136 |
|  | 102113 | 4.000 | 06/01/47 |  | 96918 |
|  | 1344936 | 4.500 | 07/01/47 |  | 1310928 |
|  | 343407 | 4.500 | 11/01/47 |  | 334617 |
|  | 166307 | 4.000 | 12/01/47 |  | 158106 |
|  | 620150 | 4.000 | 01/01/48 |  | 589566 |
|  | 1776662 | 4.000 | 02/01/48 |  | 1686529 |
|  | 41814 | 4.500 | 02/01/48 |  | 40652 |
|  | 1306136 | 4.000 | 03/01/48 |  | 1238702 |
|  | 70336 | 4.500 | 05/01/48 |  | 68338 |
|  | 955968 | 4.000 | 06/01/48 |  | 907926 |
|  | 11895 | 4.500 | 06/01/48 |  | 11550 |
|  | 10231 | 4.500 | 07/01/48 |  | 9932 |
|  | 897065 | 4.000 | 07/01/48 |  | 851554 |
|  | 1473085 | 4.000 | 08/01/48 |  | 1394912 |
|  | 7175 | 4.500 | 08/01/48 |  | 6960 |
|  | 869399 | 4.500 | 09/01/48 |  | 845493 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $2571398 | 5.000% | 11/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576268 |
| 1478216 | 4.500 | 11/01/48 | 1433982 |
| 973647 | 4.500 | 12/01/48 | 944254 |
| 1271762 | 4.500 | 01/01/49 | 1233322 |
| 915314 | 4.500 | 02/01/49 | 887702 |
| 760033 | 3.000 | 02/01/49 | 674833 |
| 3312 | 4.500 | 03/01/49 | 3212 |
| 440772 | 4.500 | 06/01/49 | 427676 |
| 1701340 | 4.500 | 07/01/49 | 1649032 |
| 171143 | 3.500 | 07/01/49 | 156910 |
| 833629 | 4.500 | 08/01/49 | 808215 |
| 5506404 | 3.000 | 09/01/49 | 4870489 |
| 2420807 | 5.000 | 10/01/49 | 2414800 |
| 1080467 | 3.000 | 10/01/49 | 955688 |
| 1524372 | 3.000 | 12/01/49 | 1345469 |
| 107803 | 4.500 | 02/01/50 | 104600 |
| 19376551 | 4.500 | 03/01/50 | 18900627 |
| 8020588 | 4.000 | 03/01/50 | 7577415 |
| 2147239 | 5.000 | 03/01/50 | 2141912 |
| 15079 | 4.500 | 04/01/50 | 14607 |
| 1335370 | 4.500 | 05/01/50 | 1293410 |
| 2352369 | 2.500 | 09/01/50 | 1989641 |
| 20240401 | 2.000 | 10/01/50 | 16239572 |
| 18826182 | 3.000 | 10/01/50 | 16587445 |
| 5443698 | 3.000 | 11/01/50 | 4796312 |
| 20226705 | 2.000 | 11/01/50 | 16204533 |
| 2649323 | 2.500 | 11/01/50 | 2239150 |
| 7155166 | 3.000 | 12/01/50 | 6313190 |
| 9714402 | 2.500 | 01/01/51 | 8147584 |
| 4268417 | 2.500 | 02/01/51 | 3573749 |
| 180736 | 4.500 | 03/01/51 | 175033 |
| 885613 | 2.000 | 03/01/51 | 711441 |
| 15263012 | 2.500 | 05/01/51 | 12854879 |
| 12195907 | 2.000 | 05/01/51 | 9759227 |
| 31796063 | 2.500 | 08/01/51 | 26863403 |
| 509871 | 2.000 | 08/01/51 | 407379 |
| 21893054 | 2.500 | 09/01/51 | 18452714 |
| 2368355 | 2.000 | 09/01/51 | 1894498 |
| 237182 | 4.500 | 10/01/51 | 227860 |
| 3241749 | 2.000 | 10/01/51 | 2590020 |
| 55828220 | 2.000 | 02/01/52 | 44463814 |
| 157860 | 4.500 | 03/01/52 | 151507 |
| 583148 | 2.000 | 03/01/52 | 464326 |
| 8696320 | 2.500 | 03/01/52 | 7247765 |
| 2741031 | 2.000 | 04/01/52 | 2182522 |
| 4282830 | 4.500 | 04/01/52 | 4113292 |
| 11766237 | 2.500 | 04/01/52 | 9801534 |
| 1350894 | 4.500 | 05/01/52 | 1296275 |
| 4847937 | 2.500 | 05/01/52 | 4040621 |
| 4916455 | 5.500 | 09/01/52 | 4971240 |
| 11780074 | 6.000 | 11/01/52 | 12124184 |
| 4424984 | 6.000 | 12/01/52 | 4557281 |
| 4880849 | 5.500 | 04/01/53 | 4925367 |
| 2511979 | 6.000 | 04/01/53 | 2584863 |
| 15592364 | 4.500 | 05/01/53 | 15115267 |
| 5618755 | 6.500 | 09/01/53 | 5839472 |
| 2554449 | 6.500 | 12/01/53 | 2670160 |
| 11771074 | 2.500 | 01/01/54 | 9810865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $20364184 | 6.500% | 06/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;21324820 |
| 48000000 | 2.500 | TBA-30yr<sup>(e)</sup> | 39915000 |
| 65000000 | 3.000 | TBA-30yr<sup>(e)</sup> | 56344333 |
| 21000000 | 4.000 | TBA-30yr<sup>(e)</sup> | 19578399 |
| 31000000 | 3.500 | TBA-30yr<sup>(e)</sup> | 27965391 |
| 103000000 | 5.500 | TBA-30yr<sup>(e)</sup> | 102867223 |
| 22000000 | 6.500 | TBA-30yr<sup>(e)</sup> | 22689218 |
|  |  |  | 644629798 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $849056603 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $1,098,140,349) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $1,098,140,349) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $1,098,140,349) | $1075564771 |
| Corporate Obligations – 25.8% | Corporate Obligations – 25.8% | Corporate Obligations – 25.8% | Corporate Obligations – 25.8% |
| **Aerospace & Defense<sup>(b)</sup> – 0.8%** | **Aerospace & Defense<sup>(b)</sup> – 0.8%** | **Aerospace & Defense<sup>(b)</sup> – 0.8%** | **Aerospace & Defense<sup>(b)</sup> – 0.8%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| $1575000 | 3.450% | 11/01/28 | $1503810 |
| 2211000 | 5.150 | 05/01/30 | 2224200 |
| 4599000 | 6.528 | 05/01/34 | 4925023 |
| 300000 | 3.250 | 02/01/35 | 246525 |
| 163000 | 3.375 | 06/15/46 | 109326 |
| 100000 | 3.625 | 03/01/48 | 68198 |
| 100000 | 3.850 | 11/01/48 | 70879 |
| 1225000 | 5.805 | 05/01/50 | 1165440 |
| 4093000 | 6.858 | 05/01/54 | 4448477 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 1728000 | 4.850 | 10/15/31 | 1723352 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 2300000 | 6.100 | 03/15/34 | 2466451 |
|  |  |  | 18951681 |
| **Agriculture<sup>(b)</sup> – 0.5%** | **Agriculture<sup>(b)</sup> – 0.5%** | **Agriculture<sup>(b)</sup> – 0.5%** | **Agriculture<sup>(b)</sup> – 0.5%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 2000000 | 2.259 | 03/25/28 | 1868900 |
| 5749000 | 6.000 | 02/20/34 | 5977695 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 1993000 | 4.200 | 09/17/29 | 1960115 |
| 1991000 | 4.650 | 09/17/34 | 1924262 |
|  |  |  | 11730972 |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 550000 | 4.000 | 04/01/25 | 550000 |
| General Motors Financial Co., Inc. <sup>(b)</sup> | General Motors Financial Co., Inc. <sup>(b)</sup> | General Motors Financial Co., Inc. <sup>(b)</sup> | General Motors Financial Co., Inc. <sup>(b)</sup> |
| 3200000 | 1.500 | 06/10/26 | 3077376 |
|  |  |  | 3627376 |
| **Banks – 6.5%** | **Banks – 6.5%** | **Banks – 6.5%** | **Banks – 6.5%** |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 400000 | 4.250 | 04/11/27 | 396768 |
| 800000 | 3.306 | 06/27/29 | 756384 |
| 800000 | 2.749 | 12/03/30 | 695040 |
| 4400000 | 6.921 | 08/08/33 | 4667080 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 237000 | 6.110 | 01/29/37 | 246004 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (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%) |
| $225000 | 2.496 %<sup>(a)(b)</sup> | 02/13/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201996 |
| (3 mo. USD Term SOFR + 1.632%) | (3 mo. USD Term SOFR + 1.632%) | (3 mo. USD Term SOFR + 1.632%) | (3 mo. USD Term SOFR + 1.632%) |
| 1550000 | 3.593 <sup>(a)(b)</sup> | 07/21/28 | 1516675 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
| 94000 | 2.482 <sup>(a)(b)</sup> | 09/21/36 | 78268 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 1375000 | 2.651 <sup>(a)(b)</sup> | 03/11/32 | 1210523 |
| 245000 | 2.299 <sup>(a)(b)</sup> | 07/21/32 | 209284 |
| (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) |
| 150000 | 5.511 <sup>(a)(b)</sup> | 01/24/36 | 152669 |
| (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) |
| 250000 | 2.972 <sup>(a)(b)</sup> | 02/04/33 | 219200 |
| (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) |
| 3150000 | 1.922 <sup>(a)(b)</sup> | 10/24/31 | 2694636 |
| (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) |
| 3725000 | 1.898 <sup>(a)(b)</sup> | 07/23/31 | 3201116 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 10680000 | 5.202 <sup>(a)(b)</sup> | 04/25/29 | 10847462 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 5000000 | 4.571 <sup>(a)(b)</sup> | 04/27/33 | 4828850 |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 5225000 | 2.592 <sup>(a)(b)</sup> | 04/29/31 | 4690691 |
| (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) |
| 1089000 | 5.015 <sup>(a)(b)</sup> | 07/22/33 | 1084350 |
| Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) |
| 315000 | 4.596 | 07/26/30 | 314906 |
| Barclays PLC <sup>(a)(b)</sup> | Barclays PLC <sup>(a)(b)</sup> | Barclays PLC <sup>(a)(b)</sup> | Barclays PLC <sup>(a)(b)</sup> |
| (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) |
| 4410000 | 7.437 | 11/02/33 | 4918385 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 4665000 | 5.785 | 02/25/36 | 4686879 |
| (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) |
| 800000 | 2.852 | 05/07/26 | 798344 |
| BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) |
| 3975000 | 5.786 | 01/13/33 | 4063801 |
| BPCE SA <sup>(c)</sup> | BPCE SA <sup>(c)</sup> | BPCE SA <sup>(c)</sup> | BPCE SA <sup>(c)</sup> |
| 1150000 | 4.625 | 09/12/28 | 1140869 |
| (Secured Overnight Financing Rate + 1.312%) | (Secured Overnight Financing Rate + 1.312%) | (Secured Overnight Financing Rate + 1.312%) | (Secured Overnight Financing Rate + 1.312%) |
| 1650000 | 2.277 <sup>(a)(b)</sup> | 01/20/32 | 1394828 |
| Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) |
| 3925000 | 5.245 | 01/13/31 | 3974808 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 2500000 | 4.600 | 03/09/26 | 2498075 |
| 3175000 | 3.400 | 05/01/26 | 3137821 |
| 2450000 | 4.450 | 09/29/27 | 2437015 |
| (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) |
| 3725000 | 3.057 <sup>(a)(b)</sup> | 01/25/33 | 3260641 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 1375000 | 2.976 <sup>(a)(b)</sup> | 11/05/30 | 1265866 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 2360000 | 6.020 <sup>(a)(b)</sup> | 01/24/36 | 2379140 |
| (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) |
| 2495000 | 4.910 <sup>(a)(b)</sup> | 05/24/33 | 2444027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) |
| $2190000 | 5.514% | 03/07/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200950 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 4.950 | 03/31/30 | 602208 |
| Huntington Bancshares, Inc. <sup>(b)</sup> | Huntington Bancshares, Inc. <sup>(b)</sup> | Huntington Bancshares, Inc. <sup>(b)</sup> | Huntington Bancshares, Inc. <sup>(b)</sup> |
| 1625000 | 4.000 | 05/15/25 | 1622059 |
| JPMorgan Chase & Co. <sup>(a)(b)</sup> | JPMorgan Chase & Co. <sup>(a)(b)</sup> | JPMorgan Chase & Co. <sup>(a)(b)</sup> | JPMorgan Chase & Co. <sup>(a)(b)</sup> |
| (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) |
| 2150000 | 3.782 | 02/01/28 | 2120631 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 675000 | 2.956 | 05/13/31 | 612981 |
| (3 mo. USD Term SOFR + 3.790%) | (3 mo. USD Term SOFR + 3.790%) | (3 mo. USD Term SOFR + 3.790%) | (3 mo. USD Term SOFR + 3.790%) |
| 275000 | 4.493 | 03/24/31 | 271455 |
| (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) |
| 3475000 | 2.963 | 01/25/33 | 3068355 |
| (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) |
| 3692000 | 4.586 | 04/26/33 | 3592574 |
| (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) |
| 75000 | 2.522 | 04/22/31 | 67267 |
| (Secured Overnight Financing Rate + 2.080%) | (Secured Overnight Financing Rate + 2.080%) | (Secured Overnight Financing Rate + 2.080%) | (Secured Overnight Financing Rate + 2.080%) |
| 2480000 | 4.912 | 07/25/33 | 2459862 |
| Kreditanstalt fuer Wiederaufbau <sup>(f)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(f)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(f)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(f)</sup> |
| 11340000 | 5.125 | 09/29/25 | 11382865 |
| M&T Bank Corp. <sup>(a)(b)</sup> | M&T Bank Corp. <sup>(a)(b)</sup> | M&T Bank Corp. <sup>(a)(b)</sup> | M&T Bank Corp. <sup>(a)(b)</sup> |
| (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) |
| 2280000 | 5.053 | 01/27/34 | 2203255 |
| (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) |
| 1930000 | 7.413 | 10/30/29 | 2078050 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 1631000 | 3.950 | 04/23/27 | 1612586 |
| (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) |
| 325000 | 4.431 <sup>(a)(b)</sup> | 01/23/30 | 320808 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 2625000 | 1.794 <sup>(a)(b)</sup> | 02/13/32 | 2195707 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 3900000 | 2.699 <sup>(a)(b)</sup> | 01/22/31 | 3535818 |
| (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) |
| 3175000 | 2.484 <sup>(a)(b)</sup> | 09/16/36 | 2629535 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 4320000 | 5.164 <sup>(a)(b)</sup> | 04/20/29 | 4377283 |
| (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) |
| 2470000 | 4.889 <sup>(a)(b)</sup> | 07/20/33 | 2435148 |
| (Secured Overnight Financing Rate + 3.120%) | (Secured Overnight Financing Rate + 3.120%) | (Secured Overnight Financing Rate + 3.120%) | (Secured Overnight Financing Rate + 3.120%) |
| 1100000 | 3.622 <sup>(a)(b)</sup> | 04/01/31 | 1037663 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 4750000 | 5.000 | 02/01/33 | 4737460 |
| Shinhan Bank Co. Ltd. <sup>(c)</sup> | Shinhan Bank Co. Ltd. <sup>(c)</sup> | Shinhan Bank Co. Ltd. <sup>(c)</sup> | Shinhan Bank Co. Ltd. <sup>(c)</sup> |
| 540000 | 4.500 | 04/12/28 | 539995 |
| State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) |
| 100000 | 3.152 | 03/30/31 | 92883 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 150000 | 4.456 | 06/08/32 | 144746 |
| Truist Bank <sup>(b)</sup> | Truist Bank <sup>(b)</sup> | Truist Bank <sup>(b)</sup> | Truist Bank <sup>(b)</sup> |
| 1250000 | 2.250 | 03/11/30 | 1096975 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) |
| $100000 | 6.047% | 06/08/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101687 |
| U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) |
| 4940000 | 5.775 | 06/12/29 | 5094128 |
| UBS AG | UBS AG | UBS AG | UBS AG |
| 4135000 | 1.250 | 08/07/26 | 3964514 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 683000 | 4.550 | 04/17/26 | 683478 |
| (3 mo. USD LIBOR + 1.410%) | (3 mo. USD LIBOR + 1.410%) | (3 mo. USD LIBOR + 1.410%) | (3 mo. USD LIBOR + 1.410%) |
| 1675000 | 3.869 <sup>(a)(b)(c)</sup> | 01/12/29 | 1636777 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 695000 | 9.250 <sup>(a)(b)(c)</sup> | 11/13/33 | 793294 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 315000 | 1.305 <sup>(a)(b)(c)</sup> | 02/02/27 | 306290 |
| (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) |
| 1545000 | 3.091 <sup>(a)(b)(c)</sup> | 05/14/32 | 1376518 |
| (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) |
| 1725000 | 9.016 <sup>(a)(b)(c)</sup> | 11/15/33 | 2106949 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 2700000 | 3.000 | 10/23/26 | 2640060 |
| 325000 | 4.300 | 07/22/27 | 323372 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 288000 | 4.897 <sup>(a)(b)</sup> | 07/25/33 | 283873 |
| Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) |
| 700000 | 4.110 | 07/24/34 | 668472 |
|  |  |  | 153430932 |
| **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> |
| 960000 | 4.700 | 02/01/36 | 925786 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 585000 | 8.200 | 01/15/39 | 745372 |
| Bacardi-Martini BV <sup>(b)(c)</sup> | Bacardi-Martini BV <sup>(b)(c)</sup> | Bacardi-Martini BV <sup>(b)(c)</sup> | Bacardi-Martini BV <sup>(b)(c)</sup> |
| 6350000 | 5.550 | 02/01/30 | 6467983 |
| Coca-Cola Consolidated, Inc. <sup>(b)</sup> | Coca-Cola Consolidated, Inc. <sup>(b)</sup> | Coca-Cola Consolidated, Inc. <sup>(b)</sup> | Coca-Cola Consolidated, Inc. <sup>(b)</sup> |
| 1421000 | 5.450 | 06/01/34 | 1454024 |
| Constellation Brands, Inc. <sup>(b)</sup> | Constellation Brands, Inc. <sup>(b)</sup> | Constellation Brands, Inc. <sup>(b)</sup> | Constellation Brands, Inc. <sup>(b)</sup> |
| 50000 | 3.600 | 02/15/28 | 48594 |
| 50000 | 3.150 | 08/01/29 | 46650 |
| 1900000 | 2.250 | 08/01/31 | 1611010 |
| JDE Peet's NV <sup>(b)(c)</sup> | JDE Peet's NV <sup>(b)(c)</sup> | JDE Peet's NV <sup>(b)(c)</sup> | JDE Peet's NV <sup>(b)(c)</sup> |
| 1650000 | 1.375 | 01/15/27 | 1550554 |
| Keurig Dr. Pepper, Inc. <sup>(b)</sup> | Keurig Dr. Pepper, Inc. <sup>(b)</sup> | Keurig Dr. Pepper, Inc. <sup>(b)</sup> | Keurig Dr. Pepper, Inc. <sup>(b)</sup> |
| 1968000 | 2.250 | 03/15/31 | 1709700 |
| Pernod Ricard International Finance LLC <sup>(b)(c)</sup> | Pernod Ricard International Finance LLC <sup>(b)(c)</sup> | Pernod Ricard International Finance LLC <sup>(b)(c)</sup> | Pernod Ricard International Finance LLC <sup>(b)(c)</sup> |
| 7265000 | 1.625 | 04/01/31 | 6018181 |
|  |  |  | 20577854 |
| **Biotechnology<sup>(b)</sup> – 0.6%** | **Biotechnology<sup>(b)</sup> – 0.6%** | **Biotechnology<sup>(b)</sup> – 0.6%** | **Biotechnology<sup>(b)</sup> – 0.6%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 3370000 | 5.250 | 03/02/30 | 3446971 |
| 4225000 | 4.200 | 03/01/33 | 4004920 |
| 2793000 | 5.250 | 03/02/33 | 2833079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Biotechnology<sup>(b)</sup> – (continued)** | **Biotechnology<sup>(b)</sup> – (continued)** | **Biotechnology<sup>(b)</sup> – (continued)** | **Biotechnology<sup>(b)</sup> – (continued)** |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 2844000 | 5.400% | 09/02/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808109 |
|  |  |  | 13093079 |
| **Building Materials<sup>(b)</sup> – 0.3%** | **Building Materials<sup>(b)</sup> – 0.3%** | **Building Materials<sup>(b)</sup> – 0.3%** | **Building Materials<sup>(b)</sup> – 0.3%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 3375000 | 2.493 | 02/15/27 | 3259710 |
| 2675000 | 2.700 | 02/15/31 | 2387010 |
| 2309000 | 5.900 | 03/15/34 | 2428329 |
|  |  |  | 8075049 |
| **Chemicals<sup>(b)</sup> – 0.2%** | **Chemicals<sup>(b)</sup> – 0.2%** | **Chemicals<sup>(b)</sup> – 0.2%** | **Chemicals<sup>(b)</sup> – 0.2%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 975000 | 4.493 | 11/15/25 | 972991 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 850000 | 4.500 | 05/01/29 | 814436 |
| International Flavors & Fragrances, Inc. <sup>(c)</sup> | International Flavors & Fragrances, Inc. <sup>(c)</sup> | International Flavors & Fragrances, Inc. <sup>(c)</sup> | International Flavors & Fragrances, Inc. <sup>(c)</sup> |
| 2300000 | 1.832 | 10/15/27 | 2141737 |
| 950000 | 3.268 | 11/15/40 | 690964 |
|  |  |  | 4620128 |
| **Commercial Services – 0.3%** | **Commercial Services – 0.3%** | **Commercial Services – 0.3%** | **Commercial Services – 0.3%** |
| Ashtead Capital, Inc. <sup>(b)(c)</sup> | Ashtead Capital, Inc. <sup>(b)(c)</sup> | Ashtead Capital, Inc. <sup>(b)(c)</sup> | Ashtead Capital, Inc. <sup>(b)(c)</sup> |
| 650000 | 1.500 | 08/12/26 | 621829 |
| 2087000 | 5.800 | 04/15/34 | 2101066 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 100000 | 6.850 <sup>(c)</sup> | 07/02/37 | 110753 |
| 600000 | 5.625 | 09/25/48 | 573000 |
| Quanta Services, Inc. <sup>(b)</sup> | Quanta Services, Inc. <sup>(b)</sup> | Quanta Services, Inc. <sup>(b)</sup> | Quanta Services, Inc. <sup>(b)</sup> |
| 2594000 | 5.250 | 08/09/34 | 2559396 |
|  |  |  | 5966044 |
| **Computers<sup>(b)</sup> – 0.2%** | **Computers<sup>(b)</sup> – 0.2%** | **Computers<sup>(b)</sup> – 0.2%** | **Computers<sup>(b)</sup> – 0.2%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 451000 | 5.300 | 10/01/29 | 459032 |
| 200000 | 6.200 | 07/15/30 | 211694 |
| 540000 | 8.100 | 07/15/36 | 644096 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2174000 | 5.000 | 10/15/34 | 2116824 |
|  |  |  | 3431646 |
| **Diversified Financial Services – 1.1%** | **Diversified Financial Services – 1.1%** | **Diversified Financial Services – 1.1%** | **Diversified Financial Services – 1.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> |
| 965000 | 6.500 | 07/15/25 | 968937 |
| 5125000 | 2.450 | 10/29/26 | 4953056 |
| 3472000 | 5.375 | 12/15/31 | 3498457 |
| 1536000 | 3.300 | 01/30/32 | 1359729 |
| 375000 | 3.400 | 10/29/33 | 323707 |
| Air Lease Corp. <sup>(b)</sup> | Air Lease Corp. <sup>(b)</sup> | Air Lease Corp. <sup>(b)</sup> | Air Lease Corp. <sup>(b)</sup> |
| 625000 | 2.875 | 01/15/26 | 615900 |
| 2200000 | 3.750 | 06/01/26 | 2176108 |
| 3750000 | 5.200 | 07/15/31 | 3766912 |
| American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.835%) | American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.835%) | American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.835%) | American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.835%) |
| 4785000 | 5.043 | 05/01/34 | 4778397 |
| Aviation Capital Group LLC <sup>(b)(c)</sup> | Aviation Capital Group LLC <sup>(b)(c)</sup> | Aviation Capital Group LLC <sup>(b)(c)</sup> | Aviation Capital Group LLC <sup>(b)(c)</sup> |
| 450000 | 1.950 | 01/30/26 | 439470 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **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)** |
| Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> | Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> | Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> | Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> |
| 873000 | 5.150% | 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865169 |
| Charles Schwab Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.500%) | Charles Schwab Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.500%) | Charles Schwab Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.500%) | Charles Schwab Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.500%) |
| 95000 | 5.853 | 05/19/34 | 99148 |
| Macquarie Airfinance Holdings Ltd. <sup>(b)(c)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(b)(c)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(b)(c)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(b)(c)</sup> |
| 415000 | 6.400 | 03/26/29 | 429355 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 950000 | 2.608 | 07/14/31 | 821123 |
| REC Ltd. <sup>(c)</sup> | REC Ltd. <sup>(c)</sup> | REC Ltd. <sup>(c)</sup> | REC Ltd. <sup>(c)</sup> |
| 200000 | 5.625 | 04/11/28 | 203400 |
|  |  |  | 25298868 |
| **Electrical<sup>(b)</sup> – 0.3%** | **Electrical<sup>(b)</sup> – 0.3%** | **Electrical<sup>(b)</sup> – 0.3%** | **Electrical<sup>(b)</sup> – 0.3%** |
| Alliant Energy Finance LLC <sup>(c)</sup> | Alliant Energy Finance LLC <sup>(c)</sup> | Alliant Energy Finance LLC <sup>(c)</sup> | Alliant Energy Finance LLC <sup>(c)</sup> |
| 225000 | 4.250 | 06/15/28 | 220259 |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| 400000 | 3.500 | 01/15/31 | 371496 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 850000 | 2.300 | 03/01/30 | 754418 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 425000 | 2.950 | 09/15/27 | 408931 |
| Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
| 50000 | 3.200 | 04/15/25 | 49960 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 1275000 | 3.700 | 07/15/30 | 1223477 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 1000000 | 4.050 | 04/15/30 | 969470 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 675000 | 2.600 | 04/01/30 | 610106 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 500000 | 3.300 | 08/01/40 | 366810 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| 1930000 | 5.800 | 01/15/55 | 1881846 |
|  |  |  | 6856773 |
| **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 1593000 | 5.600 | 05/29/34 | 1609981 |
| **Engineering & Construction<sup>(b)</sup> – 0.1%** | **Engineering & Construction<sup>(b)</sup> – 0.1%** | **Engineering & Construction<sup>(b)</sup> – 0.1%** | **Engineering & Construction<sup>(b)</sup> – 0.1%** |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 400000 | 4.250 | 10/31/26 | 392960 |
| 440000 | 3.875 <sup>(c)</sup> | 04/30/28 | 419927 |
| 200000 | 5.500 <sup>(c)</sup> | 10/31/46 | 163600 |
| 420000 | 5.500 | 07/31/47 | 345190 |
| 340000 | 5.500 <sup>(c)</sup> | 07/31/47 | 279439 |
|  |  |  | 1601116 |
| **Entertainment<sup>(b)</sup> – 0.1%** | **Entertainment<sup>(b)</sup> – 0.1%** | **Entertainment<sup>(b)</sup> – 0.1%** | **Entertainment<sup>(b)</sup> – 0.1%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 2325000 | 4.054 | 03/15/29 | 2190057 |
| 22000 | 4.279 | 03/15/32 | 19386 |
|  |  |  | 2209443 |
| **Environmental – 0.3%** | **Environmental – 0.3%** | **Environmental – 0.3%** | **Environmental – 0.3%** |
| Nature Conservancy | Nature Conservancy | Nature Conservancy | Nature Conservancy |
| 60000 | 0.944 | 07/01/26 | 56819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Environmental – (continued)** | **Environmental – (continued)** | **Environmental – (continued)** | **Environmental – (continued)** |
| 75000 | 1.304% | 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67008 |
| Veralto Corp. <sup>(b)</sup> | Veralto Corp. <sup>(b)</sup> | Veralto Corp. <sup>(b)</sup> | Veralto Corp. <sup>(b)</sup> |
| 5840000 | 5.450 | 09/18/33 | 5953121 |
| Waste Management, Inc. <sup>(b)</sup> | Waste Management, Inc. <sup>(b)</sup> | Waste Management, Inc. <sup>(b)</sup> | Waste Management, Inc. <sup>(b)</sup> |
| 1596000 | 4.950 | 07/03/31 | 1624696 |
|  |  |  | 7701644 |
| **Food & Drug Retailing<sup>(b)</sup> – 1.8%** | **Food & Drug Retailing<sup>(b)</sup> – 1.8%** | **Food & Drug Retailing<sup>(b)</sup> – 1.8%** | **Food & Drug Retailing<sup>(b)</sup> – 1.8%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 7343000 | 5.400 | 03/21/34 | 7400863 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 2498000 | 5.900 | 11/15/28 | 2612708 |
| 2495000 | 6.200 | 11/15/33 | 2656202 |
| 3535000 | 6.500 | 11/15/53 | 3821441 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 2056000 | 3.750 | 04/01/30 | 1967777 |
| Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. |
| 3096000 | 5.000 | 09/15/34 | 3027052 |
| Mars, Inc. <sup>(c)</sup> | Mars, Inc. <sup>(c)</sup> | Mars, Inc. <sup>(c)</sup> | Mars, Inc. <sup>(c)</sup> |
| 5800000 | 4.800 | 03/01/30 | 5835438 |
| 5175000 | 5.000 | 03/01/32 | 5198339 |
| 8975000 | 5.200 | 03/01/35 | 9020234 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 225000 | 6.600 | 04/01/40 | 245900 |
| 75000 | 6.600 | 04/01/50 | 81410 |
|  |  |  | 41867364 |
| **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** |
| East Ohio Gas Co. <sup>(c)</sup> | East Ohio Gas Co. <sup>(c)</sup> | East Ohio Gas Co. <sup>(c)</sup> | East Ohio Gas Co. <sup>(c)</sup> |
| 525000 | 1.300 | 06/15/25 | 520779 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 325000 | 3.600 | 05/01/30 | 307782 |
|  |  |  | 828561 |
| **Hand/Machine Tools<sup>(b)</sup> – 0.3%** | **Hand/Machine Tools<sup>(b)</sup> – 0.3%** | **Hand/Machine Tools<sup>(b)</sup> – 0.3%** | **Hand/Machine Tools<sup>(b)</sup> – 0.3%** |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 6578000 | 6.300 | 02/15/30 | 6838555 |
| **Healthcare Providers & Services<sup>(b)</sup> – 2.0%** | **Healthcare Providers & Services<sup>(b)</sup> – 2.0%** | **Healthcare Providers & Services<sup>(b)</sup> – 2.0%** | **Healthcare Providers & Services<sup>(b)</sup> – 2.0%** |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 540000 | 2.952 | 03/01/29 | 498523 |
| 1345000 | 5.757 | 12/01/34 | 1348641 |
| Alcon Finance Corp. <sup>(c)</sup> | Alcon Finance Corp. <sup>(c)</sup> | Alcon Finance Corp. <sup>(c)</sup> | Alcon Finance Corp. <sup>(c)</sup> |
| 5897000 | 3.000 | 09/23/29 | 5485802 |
| Banner Health | Banner Health | Banner Health | Banner Health |
| 3235000 | 2.338 | 01/01/30 | 2929550 |
| Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings |
| 1140000 | 1.777 | 11/15/30 | 980468 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 392000 | 4.250 | 12/15/27 | 382757 |
| 1276000 | 2.625 | 08/01/31 | 1073741 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 2385000 | 3.910 | 10/01/50 | 1760646 |
| 2655000 | 6.461 | 11/01/52 | 2824977 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 1590000 | 3.500 | 09/01/30 | 1475313 |
| 7985000 | 5.450 | 04/01/31 | 8108209 |
| 2760000 | 5.900 | 06/01/53 | 2632709 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| $785000 | 5.950% | 03/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802922 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 1719000 | 4.800 | 10/01/34 | 1654950 |
| Rush Obligated Group | Rush Obligated Group | Rush Obligated Group | Rush Obligated Group |
| 1320000 | 3.922 | 11/15/29 | 1276323 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 4135000 | 5.400 | 03/01/29 | 4217948 |
| 3040000 | 5.450 | 03/13/31 | 3099067 |
| 5675000 | 5.600 | 03/23/34 | 5757117 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 501000 | 2.700 | 03/15/31 | 443630 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 475000 | 3.375 | 11/01/25 | 471575 |
| 75000 | 1.950 | 06/15/30 | 65717 |
| Sutter Health | Sutter Health | Sutter Health | Sutter Health |
| 605000 | 2.294 | 08/15/30 | 536875 |
|  |  |  | 47827460 |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 300000 | 7.350 | 05/01/34 | 345297 |
| Willis North America, Inc. <sup>(b)</sup> | Willis North America, Inc. <sup>(b)</sup> | Willis North America, Inc. <sup>(b)</sup> | Willis North America, Inc. <sup>(b)</sup> |
| 700000 | 2.950 | 09/15/29 | 645631 |
|  |  |  | 990928 |
| **Internet – 0.7%** | **Internet – 0.7%** | **Internet – 0.7%** | **Internet – 0.7%** |
| Amazon.com, Inc. <sup>(b)</sup> | Amazon.com, Inc. <sup>(b)</sup> | Amazon.com, Inc. <sup>(b)</sup> | Amazon.com, Inc. <sup>(b)</sup> |
| 500000 | 4.800 | 12/05/34 | 504855 |
| Expedia Group, Inc. <sup>(b)</sup> | Expedia Group, Inc. <sup>(b)</sup> | Expedia Group, Inc. <sup>(b)</sup> | Expedia Group, Inc. <sup>(b)</sup> |
| 1212000 | 4.625 | 08/01/27 | 1211140 |
| 825000 | 3.800 | 02/15/28 | 804845 |
| 2039000 | 3.250 | 02/15/30 | 1901510 |
| 331000 | 2.950 | 03/15/31 | 296430 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 3010000 | 5.875 | 11/15/28 | 3148159 |
| 4129000 | 5.375 <sup>(c)</sup> | 11/15/29 | 4260468 |
| Prosus NV <sup>(b)(c)</sup> | Prosus NV <sup>(b)(c)</sup> | Prosus NV <sup>(b)(c)</sup> | Prosus NV <sup>(b)(c)</sup> |
| 100000 | 2.031 | 08/03/32 | 92746 |
| $230000 | 4.027 | 08/03/50 | 154029 |
| 210000 | 3.832 | 02/08/51 | 134925 |
| Uber Technologies, Inc. <sup>(b)</sup> | Uber Technologies, Inc. <sup>(b)</sup> | Uber Technologies, Inc. <sup>(b)</sup> | Uber Technologies, Inc. <sup>(b)</sup> |
| 2625000 | 4.500 <sup>(c)</sup> | 08/15/29 | 2579666 |
| 1930000 | 4.800 | 09/15/34 | 1879125 |
|  |  |  | 16967898 |
| **Investment Companies<sup>(b)</sup> – 0.1%** | **Investment Companies<sup>(b)</sup> – 0.1%** | **Investment Companies<sup>(b)</sup> – 0.1%** | **Investment Companies<sup>(b)</sup> – 0.1%** |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 950000 | 6.000 | 01/29/32 | 940624 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 1650000 | 5.875 | 11/15/27 | 1677274 |
| JAB Holdings BV <sup>(c)</sup> | JAB Holdings BV <sup>(c)</sup> | JAB Holdings BV <sup>(c)</sup> | JAB Holdings BV <sup>(c)</sup> |
| 500000 | 2.200 | 11/23/30 | 424785 |
|  |  |  | 3042683 |
| **Iron/Steel – 0.0%** | **Iron/Steel – 0.0%** | **Iron/Steel – 0.0%** | **Iron/Steel – 0.0%** |
| POSCO <sup>(c)</sup> | POSCO <sup>(c)</sup> | POSCO <sup>(c)</sup> | POSCO <sup>(c)</sup> |
| 260000 | 5.750 | 01/17/28 | 266229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Iron/Steel – (continued)** | **Iron/Steel – (continued)** | **Iron/Steel – (continued)** | **Iron/Steel – (continued)** |
| Steel Dynamics, Inc. <sup>(b)</sup> | Steel Dynamics, Inc. <sup>(b)</sup> | Steel Dynamics, Inc. <sup>(b)</sup> | Steel Dynamics, Inc. <sup>(b)</sup> |
| 490000 | 2.400% | 06/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487364 |
|  |  |  | 753593 |
| **Lodging<sup>(b)</sup> – 0.6%** | **Lodging<sup>(b)</sup> – 0.6%** | **Lodging<sup>(b)</sup> – 0.6%** | **Lodging<sup>(b)</sup> – 0.6%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 1639000 | 5.850 | 08/01/34 | 1640262 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 5295000 | 5.500 | 06/30/34 | 5200855 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 2100000 | 5.000 | 10/15/27 | 2126607 |
| 1307000 | 4.875 | 05/15/29 | 1313117 |
| 5300000 | 2.850 | 04/15/31 | 4712442 |
|  |  |  | 14993283 |
| **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.1%** |
| Weir Group PLC | Weir Group PLC | Weir Group PLC | Weir Group PLC |
| 2375000 | 2.200 | 05/13/26 | 2305745 |
| **Machinery-Diversified<sup>(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)</sup> – 0.2%** |
| AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. |
| 1298000 | 5.800 | 03/21/34 | 1314523 |
| IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. |
| 1515000 | 2.625 | 06/15/31 | 1320656 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 1270000 | 5.700 | 08/14/33 | 1311694 |
|  |  |  | 3946873 |
| **Media<sup>(b)</sup> – 0.4%** | **Media<sup>(b)</sup> – 0.4%** | **Media<sup>(b)</sup> – 0.4%** | **Media<sup>(b)</sup> – 0.4%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| 6675000 | 3.750 | 02/15/28 | 6465939 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 3511000 | 5.300 | 06/01/34 | 3566790 |
| 100000 | 3.750 | 04/01/40 | 82014 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 275000 | 5.875 | 11/15/40 | 251699 |
|  |  |  | 10366442 |
| **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** |
| GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. |
| 405000 | 4.418 | 11/15/35 | 383697 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 700000 | 5.875 | 01/14/38 | 739466 |
|  |  |  | 1123163 |
| **Multi-National<sup>(b)(c)</sup> – 0.0%** | **Multi-National<sup>(b)(c)</sup> – 0.0%** | **Multi-National<sup>(b)(c)</sup> – 0.0%** | **Multi-National<sup>(b)(c)</sup> – 0.0%** |
| African Export-Import Bank | African Export-Import Bank | African Export-Import Bank | African Export-Import Bank |
| 220000 | 3.798 | 05/17/31 | 194502 |
| **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** |
| Devon Energy Corp. <sup>(b)</sup> | Devon Energy Corp. <sup>(b)</sup> | Devon Energy Corp. <sup>(b)</sup> | Devon Energy Corp. <sup>(b)</sup> |
| 180000 | 5.600 | 07/15/41 | 167810 |
| Marathon Petroleum Corp. <sup>(b)</sup> | Marathon Petroleum Corp. <sup>(b)</sup> | Marathon Petroleum Corp. <sup>(b)</sup> | Marathon Petroleum Corp. <sup>(b)</sup> |
| 375000 | 3.800 | 04/01/28 | 366427 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 1034000 | 7.875 | 09/15/31 | 1162030 |
| Petronas Capital Ltd. <sup>(b)(c)</sup> | Petronas Capital Ltd. <sup>(b)(c)</sup> | Petronas Capital Ltd. <sup>(b)(c)</sup> | Petronas Capital Ltd. <sup>(b)(c)</sup> |
| 1200000 | 4.950 | 01/03/31 | 1202424 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1290000 | 5.340% | 04/03/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298798 |
| Phillips 66 <sup>(b)</sup> | Phillips 66 <sup>(b)</sup> | Phillips 66 <sup>(b)</sup> | Phillips 66 <sup>(b)</sup> |
| 725000 | 1.300 | 02/15/26 | 704584 |
| QatarEnergy <sup>(b)(c)</sup> | QatarEnergy <sup>(b)(c)</sup> | QatarEnergy <sup>(b)(c)</sup> | QatarEnergy <sup>(b)(c)</sup> |
| 410000 | 3.300 | 07/12/51 | 282773 |
| Reliance Industries Ltd. <sup>(c)</sup> | Reliance Industries Ltd. <sup>(c)</sup> | Reliance Industries Ltd. <sup>(c)</sup> | Reliance Industries Ltd. <sup>(c)</sup> |
| 480000 | 2.875 | 01/12/32 | 417600 |
| 250000 | 3.750 | 01/12/62 | 169250 |
| Saudi Arabian Oil Co. <sup>(b)(c)</sup> | Saudi Arabian Oil Co. <sup>(b)(c)</sup> | Saudi Arabian Oil Co. <sup>(b)(c)</sup> | Saudi Arabian Oil Co. <sup>(b)(c)</sup> |
| 1950000 | 5.750 | 07/17/54 | 1835418 |
|  |  |  | 7607114 |
| **Pharmaceuticals<sup>(b)</sup> – 0.7%** | **Pharmaceuticals<sup>(b)</sup> – 0.7%** | **Pharmaceuticals<sup>(b)</sup> – 0.7%** | **Pharmaceuticals<sup>(b)</sup> – 0.7%** |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 3830000 | 5.350 | 11/15/34 | 3841758 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 1263000 | 2.400 | 03/15/30 | 1134124 |
| 3515000 | 5.125 | 05/15/31 | 3563507 |
| 1025000 | 4.800 | 08/15/38 | 956899 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 7032000 | 4.780 | 03/25/38 | 6323385 |
|  |  |  | 15819673 |
| **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** |
| Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> |
| 1190000 | 4.600 | 11/02/47 | 1069215 |
| Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> |
| 1185000 | 5.950 | 06/30/33 | 1217457 |
| Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> |
| 3620000 | 6.036 | 11/15/33 | 3738808 |
| Enbridge, Inc. <sup>(b)</sup> | Enbridge, Inc. <sup>(b)</sup> | Enbridge, Inc. <sup>(b)</sup> | Enbridge, Inc. <sup>(b)</sup> |
| 1547000 | 5.700 | 03/08/33 | 1587439 |
| 2300000 | 2.500 | 08/01/33 | 1879767 |
| Energy Transfer LP <sup>(b)</sup> | Energy Transfer LP <sup>(b)</sup> | Energy Transfer LP <sup>(b)</sup> | Energy Transfer LP <sup>(b)</sup> |
| 50000 | 4.950 | 06/15/28 | 50335 |
| 375000 | 5.300 | 04/15/47 | 332179 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 <sup>(c)</sup> | 03/31/36 | 168380 |
| 2685049 | 2.940 | 09/30/40 | 2194437 |
| 320000 | 3.250 <sup>(c)</sup> | 09/30/40 | 248406 |
| Kinder Morgan, Inc. <sup>(b)</sup> | Kinder Morgan, Inc. <sup>(b)</sup> | Kinder Morgan, Inc. <sup>(b)</sup> | Kinder Morgan, Inc. <sup>(b)</sup> |
| 4835000 | 5.200 | 06/01/33 | 4793709 |
| MPLX LP <sup>(b)</sup> | MPLX LP <sup>(b)</sup> | MPLX LP <sup>(b)</sup> | MPLX LP <sup>(b)</sup> |
| 1300000 | 2.650 | 08/15/30 | 1158066 |
| 275000 | 4.500 | 04/15/38 | 241395 |
| 645000 | 5.500 | 02/15/49 | 586963 |
| Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> |
| 875000 | 3.800 | 09/15/30 | 823104 |
| Sabine Pass Liquefaction LLC <sup>(b)</sup> | Sabine Pass Liquefaction LLC <sup>(b)</sup> | Sabine Pass Liquefaction LLC <sup>(b)</sup> | Sabine Pass Liquefaction LLC <sup>(b)</sup> |
| 275000 | 5.000 | 03/15/27 | 276317 |
| Targa Resources Corp. <sup>(b)</sup> | Targa Resources Corp. <sup>(b)</sup> | Targa Resources Corp. <sup>(b)</sup> | Targa Resources Corp. <sup>(b)</sup> |
| 1010000 | 4.200 | 02/01/33 | 931917 |
| Western Midstream Operating LP <sup>(b)</sup> | Western Midstream Operating LP <sup>(b)</sup> | Western Midstream Operating LP <sup>(b)</sup> | Western Midstream Operating LP <sup>(b)</sup> |
| 475000 | 3.950 | 06/01/25 | 473903 |
| 225000 | 5.450 | 04/01/44 | 200455 |
| Williams Cos., Inc. <sup>(b)</sup> | Williams Cos., Inc. <sup>(b)</sup> | Williams Cos., Inc. <sup>(b)</sup> | Williams Cos., Inc. <sup>(b)</sup> |
| 800000 | 4.000 | 09/15/25 | 798680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1800000 | 5.650% | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844226 |
|  |  |  | 24615158 |
| **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 723000 | 4.900 | 02/15/29 | 724995 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 600000 | 4.000 | 11/15/25 | 596766 |
| 370000 | 2.500 | 02/15/32 | 312184 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 952000 | 2.900 | 12/15/31 | 824775 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 3595000 | 2.000 | 08/15/31 | 3007110 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 400000 | 3.950 | 08/15/27 | 395240 |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 475000 | 2.100 | 08/01/32 | 385975 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 1000000 | 3.850 | 07/15/29 | 961390 |
| 725000 | 2.400 | 02/01/31 | 628655 |
|  |  |  | 7837090 |
| **Retailing<sup>(b)</sup> – 0.3%** | **Retailing<sup>(b)</sup> – 0.3%** | **Retailing<sup>(b)</sup> – 0.3%** | **Retailing<sup>(b)</sup> – 0.3%** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 500000 | 1.950 | 08/01/28 | 454755 |
| 825000 | 4.750 | 06/01/30 | 809605 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 2331000 | 3.875 | 04/15/27 | 2299485 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 975000 | 4.000 | 05/15/25 | 973138 |
| Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
| 625000 | 3.250 | 04/15/32 | 569969 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 2500000 | 1.700 | 10/15/30 | 2133475 |
|  |  |  | 7240427 |
| **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** |
| Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) |
| 975000 | 3.960 | 07/18/30 | 937814 |
| **Semiconductors<sup>(b)</sup> – 0.7%** | **Semiconductors<sup>(b)</sup> – 0.7%** | **Semiconductors<sup>(b)</sup> – 0.7%** | **Semiconductors<sup>(b)</sup> – 0.7%** |
| Broadcom, Inc. <sup>(c)</sup> | Broadcom, Inc. <sup>(c)</sup> | Broadcom, Inc. <sup>(c)</sup> | Broadcom, Inc. <sup>(c)</sup> |
| 1284000 | 4.150 | 04/15/32 | 1217746 |
| 2770000 | 2.600 | 02/15/33 | 2334168 |
| 1156000 | 3.419 | 04/15/33 | 1029580 |
| 975000 | 3.469 | 04/15/34 | 858263 |
| 2175000 | 3.137 | 11/15/35 | 1803249 |
| 156000 | 3.187 | 11/15/36 | 127998 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 2750000 | 5.200 | 02/10/33 | 2713508 |
| 934000 | 5.150 | 02/21/34 | 916730 |
| 415000 | 5.700 | 02/10/53 | 381696 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 825000 | 3.400 | 05/01/30 | 769123 |
| 3125000 | 2.500 | 05/11/31 | 2706875 |
| 2250000 | 2.650 | 02/15/32 | 1926135 |
|  |  |  | 16785071 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Software<sup>(b)</sup> – 1.8%** | **Software<sup>(b)</sup> – 1.8%** | **Software<sup>(b)</sup> – 1.8%** | **Software<sup>(b)</sup> – 1.8%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| $6273000 | 5.500% | 12/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269236 |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 2109000 | 4.700 | 09/10/34 | 2057857 |
| Constellation Software, Inc. <sup>(c)</sup> | Constellation Software, Inc. <sup>(c)</sup> | Constellation Software, Inc. <sup>(c)</sup> | Constellation Software, Inc. <sup>(c)</sup> |
| 1366000 | 5.461 | 02/16/34 | 1390793 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 75000 | 4.200 | 10/01/28 | 73936 |
| MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> |
| 2625000 | 4.000 | 11/15/29 | 2507662 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2000000 | 4.500 | 05/06/28 | 1999700 |
| 1881000 | 2.950 | 04/01/30 | 1727623 |
| 2550000 | 4.650 | 05/06/30 | 2544288 |
| 5625000 | 2.875 | 03/25/31 | 5037300 |
| 3520000 | 5.250 | 02/03/32 | 3565197 |
| 2211000 | 4.900 | 02/06/33 | 2173745 |
| 350000 | 3.600 | 04/01/40 | 275044 |
| 2765000 | 5.550 | 02/06/53 | 2578860 |
| ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. |
| 7215000 | 1.400 | 09/01/30 | 6088450 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 2177000 | 5.000 | 04/01/32 | 2183009 |
| 1476000 | 5.150 | 04/01/35 | 1483498 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 700000 | 1.800 | 08/15/28 | 638085 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 50000 | 3.700 | 04/01/29 | 48163 |
| 675000 | 3.800 | 04/01/32 | 624591 |
|  |  |  | 43267037 |
| **Telecommunication Services – 1.8%** | **Telecommunication Services – 1.8%** | **Telecommunication Services – 1.8%** | **Telecommunication Services – 1.8%** |
| AT&T, Inc. <sup>(b)</sup> | AT&T, Inc. <sup>(b)</sup> | AT&T, Inc. <sup>(b)</sup> | AT&T, Inc. <sup>(b)</sup> |
| 2375000 | 2.750 | 06/01/31 | 2111019 |
| 2750000 | 2.550 | 12/01/33 | 2255440 |
| 1165000 | 4.900 | 08/15/37 | 1109150 |
| 2355000 | 4.850 | 03/01/39 | 2207954 |
| 450000 | 5.150 | 11/15/46 | 412767 |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
| 3265000 | 9.625 | 12/15/30 | 3985096 |
| Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> |
| 3295000 | 3.200 | 03/15/27 | 3206793 |
| Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
| 425000 | 4.665 | 03/06/38 | 383358 |
| T-Mobile USA, Inc. <sup>(b)</sup> | T-Mobile USA, Inc. <sup>(b)</sup> | T-Mobile USA, Inc. <sup>(b)</sup> | T-Mobile USA, Inc. <sup>(b)</sup> |
| 7463000 | 3.750 | 04/15/27 | 7354712 |
| 700000 | 4.750 | 02/01/28 | 700329 |
| 125000 | 2.050 | 02/15/28 | 116756 |
| 2333000 | 3.875 | 04/15/30 | 2235807 |
| 2205000 | 2.875 | 02/15/31 | 1974622 |
| 2150000 | 3.500 | 04/15/31 | 1991803 |
| 6025000 | 5.200 | 01/15/33 | 6069645 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 3758000 | 4.329 | 09/21/28 | 3739210 |
| 100000 | 1.750 <sup>(b)</sup> | 01/20/31 | 84492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| $1500000 | 2.550 %<sup>(b)</sup> | 03/21/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321710 |
|  |  |  | 41260663 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $618,688,756) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $618,688,756) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $618,688,756) | $606199683 |
| Asset-Backed Securities<sup>(b)</sup> – 9.0% | Asset-Backed Securities<sup>(b)</sup> – 9.0% | Asset-Backed Securities<sup>(b)</sup> – 9.0% | Asset-Backed Securities<sup>(b)</sup> – 9.0% |
| Automotive – 0.9% | Automotive – 0.9% | Automotive – 0.9% | Automotive – 0.9% |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| $3075000 | 4.700% | 09/15/27 | $3073850 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 1425000 | 4.670 | 08/15/28 | 1425352 |
| Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup> |
| 4900000 | 4.870 | 08/15/36 | 4958356 |
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> |
| 4700000 | 5.340 | 06/15/28 | 4746895 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 2225000 | 4.760 | 08/16/27 | 2225015 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 5075000 | 4.740 | 01/16/29 | 5091735 |
|  |  |  | 21521203 |
| Collateralized Loan Obligations<sup>(c)</sup> – 6.5% | Collateralized Loan Obligations<sup>(c)</sup> – 6.5% | Collateralized Loan Obligations<sup>(c)</sup> – 6.5% | Collateralized Loan Obligations<sup>(c)</sup> – 6.5% |
| 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) |
| 3250000 | 6.402 | 04/15/37 | 3256389 |
| AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 5600000 | 5.664 | 04/15/34 | 5598678 |
| ARES European CLO XXI DAC Series 21A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 1610000 | 4.111 | 04/15/38 | 1740879 |
| Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) |
| $2100000 | 7.202 | 04/22/31 | 2102157 |
| Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 3795000 | 5.713 | 07/20/37 | 3797144 |
| CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 4750000 | 5.893 | 01/20/37 | 4770762 |
| CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) |
| 3775000 | 6.593 | 01/20/37 | 3784502 |
| CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) | CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) | CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) | CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 6125000 | 5.493 | 01/20/35 | 6093248 |
| Crown City CLO I Series 2020-1A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 2.012%) | Crown City CLO I Series 2020-1A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 2.012%) | Crown City CLO I Series 2020-1A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 2.012%) | Crown City CLO I Series 2020-1A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 2.012%) |
| 4600000 | 6.305 | 07/20/34 | 4587732 |
| Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 3680000 | 4.306 | 02/15/38 | 3943589 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) |
| Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.562%) | Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.562%) | Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.562%) | Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.562%) |
| $1770876 | 5.864% | 07/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771901 |
| Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.410%) | Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.410%) | Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.410%) | Generate CLO 2 Ltd. Series 2A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.410%) |
| 4000000 | 5.700 | 10/22/37 | 4000492 |
| HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) |
| 2000000 | 5.767 | 07/30/37 | 2001840 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 2.250%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 2.250%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 2.250%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 2.250%) |
| 5200000 | 6.543 | 07/20/36 | 5202569 |
| Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 3000000 | 6.209 | 10/15/37 | 2999109 |
| Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.650%) | Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.650%) | Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.650%) | Katayma CLO I Ltd. Series 2023-1A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.650%) |
| 4400000 | 6.943 | 10/20/36 | 4406367 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 4475000 | 5.832 | 04/15/37 | 4482178 |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) |
| 3500000 | 5.547 | 04/14/33 | 3494900 |
| Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 3500000 | 5.652 | 01/15/38 | 3517391 |
| OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) | OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) | OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) | OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) |
| 3120636 | 5.551 | 04/10/33 | 3118239 |
| Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.040%) | Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.040%) | Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.040%) | Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.040%) |
| 4700000 | 5.343 | 01/20/35 | 4681209 |
| OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 4000000 | 5.813 | 07/19/37 | 4017000 |
| OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) |
| 5000000 | 5.773 | 04/20/37 | 5003770 |
| Palmer Square CLO Ltd. Series 2019-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.412%) | Palmer Square CLO Ltd. Series 2019-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.412%) | Palmer Square CLO Ltd. Series 2019-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.412%) | Palmer Square CLO Ltd. Series 2019-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.412%) |
| 6000000 | 5.730 | 11/14/34 | 6001524 |
| Palmer Square CLO Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) | Palmer Square CLO Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) | Palmer Square CLO Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) | Palmer Square CLO Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) |
| 5200000 | 5.543 | 01/20/38 | 5194270 |
| Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.320%) |
| 5025000 | 5.633 | 01/25/38 | 5014719 |
| Regatta XVIII Funding Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.160%) | Regatta XVIII Funding Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.160%) | Regatta XVIII Funding Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.160%) | Regatta XVIII Funding Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.160%) |
| 4100000 | 5.481 | 04/15/38 | 4097614 |
| RR 26 Ltd. Series 2023-26A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.120%) | RR 26 Ltd. Series 2023-26A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.120%) | RR 26 Ltd. Series 2023-26A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.120%) | RR 26 Ltd. Series 2023-26A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.120%) |
| 2800000 | 5.439 | 04/15/38 | 2793818 |
| Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) |
| 3730000 | 0.000 | 04/20/39 | 3990551 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 383425 | 5.750% | 12/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386949 |
| TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(a)</sup> (3 mo. USD Term SOFR + 2.070%) | TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(a)</sup> (3 mo. USD Term SOFR + 2.070%) | TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(a)</sup> (3 mo. USD Term SOFR + 2.070%) | TCW CLO Ltd. Series 2023-1A, Class A1N<sup>(a)</sup> (3 mo. USD Term SOFR + 2.070%) |
| 4500000 | 6.370 | 04/28/36 | 4501224 |
| Texas Debt Capital CLO Ltd. Series 2023-1A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) | Texas Debt Capital CLO Ltd. Series 2023-1A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) | Texas Debt Capital CLO Ltd. Series 2023-1A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) | Texas Debt Capital CLO Ltd. Series 2023-1A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) |
| 5500000 | 6.093 | 04/20/36 | 5502282 |
| Trinitas CLO XXXI Ltd. Series 2024-31A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) | Trinitas CLO XXXI Ltd. Series 2024-31A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) | Trinitas CLO XXXI Ltd. Series 2024-31A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) | Trinitas CLO XXXI Ltd. Series 2024-31A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 8000000 | 5.729 | 01/22/38 | 7999112 |
| Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 2854877 | 5.655 | 07/18/31 | 2855011 |
| Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.430%) |
| 8644000 | 5.723 | 01/20/34 | 8639816 |
| Venture 50 CLO Ltd. Series 2024-50A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Venture 50 CLO Ltd. Series 2024-50A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Venture 50 CLO Ltd. Series 2024-50A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Venture 50 CLO Ltd. Series 2024-50A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 3000000 | 5.743 | 10/20/37 | 3001452 |
| Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.490%) |
| 3250000 | 5.790 | 07/28/37 | 3253325 |
|  |  |  | 151603712 |
| Credit Card – 0.8% | Credit Card – 0.8% | Credit Card – 0.8% | Credit Card – 0.8% |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 8400000 | 4.720 | 02/15/29 | 8424738 |
| Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A |
| 2950000 | 3.490 | 05/15/27 | 2945982 |
| Capital One Multi-Asset Execution Trust Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust Series 2022-A3, Class A |
| 4200000 | 4.950 | 10/15/27 | 4208972 |
| Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A |
| 4300000 | 4.310 | 03/15/28 | 4296089 |
|  |  |  | 19875781 |
| Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% |
| Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL, Class A3 | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL, Class A3 | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL, Class A3 | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL, Class A3 |
| 2270000 | 4.275 | 02/01/36 | 2193066 |
| Student Loan<sup>(a)</sup> – 0.7% | Student Loan<sup>(a)</sup> – 0.7% | Student Loan<sup>(a)</sup> – 0.7% | Student Loan<sup>(a)</sup> – 0.7% |
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| 350952 | 4.834 | 09/26/33 | 346560 |
| Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.272%) |
| 1859381 | 5.565 | 04/20/31 | 1860119 |
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 4224546 | 5.493 | 01/20/32 | 4216545 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 4625000 | 5.702 | 04/15/31 | 4625130 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 815950 | 5.604 | 09/25/65 | 818932 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) |
| Student Loan<sup>(a)</sup> – (continued) | Student Loan<sup>(a)</sup> – (continued) | Student Loan<sup>(a)</sup> – (continued) | Student Loan<sup>(a)</sup> – (continued) |
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.630%) |
| $4950000 | 5.932% | 04/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960415 |
|  |  |  | 16827701 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $211,575,824) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $211,575,824) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $211,575,824) | $212021463 |
| Sovereign Debt Obligations – 1.2% | Sovereign Debt Obligations – 1.2% | Sovereign Debt Obligations – 1.2% | Sovereign Debt Obligations – 1.2% |
| Euro – 0.0% | Euro – 0.0% | Euro – 0.0% | Euro – 0.0% |
| Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> |
| 839000 | 1.450% | 10/25/33 | $691294 |
| Romania Government International Bonds <sup>(c)</sup> | Romania Government International Bonds <sup>(c)</sup> | Romania Government International Bonds <sup>(c)</sup> | Romania Government International Bonds <sup>(c)</sup> |
| 360000 | 3.375 | 01/28/50 | 230462 |
|  |  |  | 921756 |
| United States Dollar – 1.2% | United States Dollar – 1.2% | United States Dollar – 1.2% | United States Dollar – 1.2% |
| 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 | 397039 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 1700000 | 6.125 | 05/22/28 | 1741310 |
| Israel Government AID Bonds <sup>(f)</sup> | Israel Government AID Bonds <sup>(f)</sup> | Israel Government AID Bonds <sup>(f)</sup> | Israel Government AID Bonds <sup>(f)</sup> |
| 4700000 | 5.500 | 09/18/33 | 5002116 |
| Israel Government International Bonds <sup>(g)</sup> | Israel Government International Bonds <sup>(g)</sup> | Israel Government International Bonds <sup>(g)</sup> | Israel Government International Bonds <sup>(g)</sup> |
| 200000 | 4.500 | 04/03/20 | 140813 |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 200000 | 3.750 | 01/11/28 | 193900 |
| 240000 | 3.250 <sup>(b)</sup> | 04/16/30 | 216960 |
| 200000 | 4.750 <sup>(b)</sup> | 04/27/32 | 186800 |
| 1746000 | 3.500 <sup>(b)</sup> | 02/12/34 | 1432593 |
| 1960000 | 3.771 <sup>(b)</sup> | 05/24/61 | 1144640 |
| 600000 | 3.750 <sup>(b)</sup> | 04/19/71 | 338100 |
| Panama Government International Bonds <sup>(b)</sup> | Panama Government International Bonds <sup>(b)</sup> | Panama Government International Bonds <sup>(b)</sup> | Panama Government International Bonds <sup>(b)</sup> |
| 360000 | 6.875 | 01/31/36 | 346500 |
| 800000 | 6.853 | 03/28/54 | 700700 |
| 210000 | 4.500 | 01/19/63 | 127470 |
| Peru Government International Bonds <sup>(b)</sup> | Peru Government International Bonds <sup>(b)</sup> | Peru Government International Bonds <sup>(b)</sup> | Peru Government International Bonds <sup>(b)</sup> |
| 10000 | 2.780 | 12/01/60 | 5435 |
| 100000 | 3.230 <sup>(h)</sup> | 07/28/21 | 53750 |
| Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| 11760000 | 0.600 | 07/23/25 | 11619350 |
| Republic of Poland Government International Bonds <sup>(b)</sup> | Republic of Poland Government International Bonds <sup>(b)</sup> | Republic of Poland Government International Bonds <sup>(b)</sup> | Republic of Poland Government International Bonds <sup>(b)</sup> |
| 2600000 | 5.125 | 09/18/34 | 2566616 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 770000 | 3.000 <sup>(c)</sup> | 02/27/27 | 739296 |
| 690000 | 5.125 | 06/15/48 | 520950 |
| 580000 | 4.000 | 02/14/51 | 353258 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 680000 | 3.800 | 05/13/60 | 434772 |
|  |  |  | 28262368 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,812,708) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,812,708) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,812,708) | $29184124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Agency Debentures – 1.0% | Agency Debentures – 1.0% | Agency Debentures – 1.0% | Agency Debentures – 1.0% |
| United States Dollar – 1.0% | United States Dollar – 1.0% | United States Dollar – 1.0% | United States Dollar – 1.0% |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| $7050000 | 2.850% | 03/28/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216901 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 2500000 | 3.500 | 09/01/32 | 2365500 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 11930000 | 2.900 | 04/12/32 | 10967607 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 3840000 | 3.300 | 05/19/32 | 3593818 |
| TOTAL AGENCY DEBENTURES<br>(Cost $25,225,612) | TOTAL AGENCY DEBENTURES<br>(Cost $25,225,612) | TOTAL AGENCY DEBENTURES<br>(Cost $25,225,612) | $23143826 |
| Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% |
| Arizona<sup>(b)</sup> – 0.0% | Arizona<sup>(b)</sup> – 0.0% | Arizona<sup>(b)</sup> – 0.0% | Arizona<sup>(b)</sup> – 0.0% |
| Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 |
| $40000 | 5.000% | 07/01/34 | $43271 |
| California<sup>(b)</sup> – 0.1% | California<sup>(b)</sup> – 0.1% | California<sup>(b)</sup> – 0.1% | California<sup>(b)</sup> – 0.1% |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 2600000 | 7.550 | 04/01/39 | $3094899 |
| Florida<sup>(b)</sup> – 0.0% | Florida<sup>(b)</sup> – 0.0% | Florida<sup>(b)</sup> – 0.0% | Florida<sup>(b)</sup> – 0.0% |
| Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A |
| 595000 | 2.154 | 07/01/30 | 526807 |
| Illinois – 0.1% | Illinois – 0.1% | Illinois – 0.1% | Illinois – 0.1% |
| Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A |
| 40000 | 5.000 | 10/01/35 | 44917 |
| 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 |
| 1376291 | 7.350 | 07/01/35 | $1487670 |
| 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 |
| 1101177 | 5.100 | 06/01/33 | 1099055 |
| Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A |
| 40000 | 5.000 | 01/01/33 | 44029 |
|  |  |  | 2675671 |
| Maryland – 0.2% | Maryland – 0.2% | Maryland – 0.2% | Maryland – 0.2% |
| Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) |
| 3245000 | 4.827 | 11/30/30 | $3270750 |
| New Jersey<sup>(b)</sup> – 0.0% | New Jersey<sup>(b)</sup> – 0.0% | New Jersey<sup>(b)</sup> – 0.0% | New Jersey<sup>(b)</sup> – 0.0% |
| New Jersey Educational Facilities Authority RB Series A1 | New Jersey Educational Facilities Authority RB Series A1 | New Jersey Educational Facilities Authority RB Series A1 | New Jersey Educational Facilities Authority RB Series A1 |
| 40000 | 5.000 | 03/01/36 | 44963 |
| New York – 0.0% | New York – 0.0% | New York – 0.0% | New York – 0.0% |
| Metropolitan Transportation Authority Revenue Taxable Series 2020 | Metropolitan Transportation Authority Revenue Taxable Series 2020 | Metropolitan Transportation Authority Revenue Taxable Series 2020 | Metropolitan Transportation Authority Revenue Taxable Series 2020 |
| 210000 | 5.175 | 11/15/49 | 188970 |
| New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> |
| 40000 | 5.000 | 04/01/33 | 43603 |
|  |  |  | 232573 |
| Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 1505000 | 6.270 | 02/15/50 | 1562926 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Pennsylvania<sup>(b)</sup> – 0.0% | Pennsylvania<sup>(b)</sup> – 0.0% | Pennsylvania<sup>(b)</sup> – 0.0% | Pennsylvania<sup>(b)</sup> – 0.0% |
| Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 |
| $40000 | 5.000% | 08/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43034 |
| TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $11,095,541) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $11,095,541) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $11,095,541) | $11494894 |
| U.S. Treasury Obligations – 26.5% | U.S. Treasury Obligations – 26.5% | U.S. Treasury Obligations – 26.5% | U.S. Treasury Obligations – 26.5% |
| U.S. Treasury Bills<sup>(i)(j)</sup> | U.S. Treasury Bills<sup>(i)(j)</sup> | U.S. Treasury Bills<sup>(i)(j)</sup> | U.S. Treasury Bills<sup>(i)(j)</sup> |
| $70000000 | 0.000% | 05/20/25 | $69597518 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 6530000 | 4.250 | 05/15/39 | 6430009 |
| 6740000 | 4.375 | 05/15/40 | 6687344 |
| 75750000 | 4.250 | 11/15/40 | 73844414 |
| 210000 | 3.375 | 05/15/44 | 176597 |
| 51100000 | 3.000 | 02/15/47 | 39354984 |
| 6740000 | 3.125 | 05/15/48 | 5245616 |
| 6490000 | 3.375 | 11/15/48 | 5267041 |
| 6820000 | 2.875 | 05/15/49 | 5026553 |
| 7580000 | 2.375 | 11/15/49 | 5013459 |
| 7925500 | 4.000 | 11/15/52 | 7147810 |
| 5220000 | 4.750 | 11/15/53 | 5335819 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 9713370 | 1.500 | 02/15/53 | 8078792 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 21720000 | 0.750 | 05/31/26 | 20913985 |
| 46220000 | 0.875 | 06/30/26 | 44474112 |
| 59493500 | 4.375 <sup>(i)</sup> | 08/15/26 | 59802587 |
| 24880000 | 0.750 | 08/31/26 | 23787613 |
| 22370000 | 1.375 | 08/31/26 | 21578312 |
| 25100000 | 2.625 | 05/31/27 | 24435242 |
| 25680000 | 0.500 | 06/30/27 | 23820206 |
| 16320000 | 3.500 | 04/30/28 | 16131300 |
| 36750000 | 1.250 | 05/31/28 | 33878906 |
| 1000000 | 4.625 | 09/30/28 | 1023281 |
| 7010000 | 1.500 | 02/15/30 | 6253139 |
| 3831000 | 3.625 | 03/31/30 | 3772039 |
| 20420000 | 4.000 | 03/31/30 | 20459883 |
| 2512700 | 0.625 | 05/15/30 | 2125784 |
| 20580000 | 4.125 | 03/31/32 | 20634666 |
| 2490000 | 4.375 | 05/15/34 | 2523848 |
| U.S. Treasury STRIPS Coupon<sup>(j)</sup> | U.S. Treasury STRIPS Coupon<sup>(j)</sup> | U.S. Treasury STRIPS Coupon<sup>(j)</sup> | U.S. Treasury STRIPS Coupon<sup>(j)</sup> |
| 37781200 | 0.000 | 11/15/29 | 31355087 |
| 2540000 | 0.000 | 08/15/30 | 2039327 |
| 2540000 | 0.000 | 11/15/30 | 2016953 |
| 2540000 | 0.000 | 11/15/31 | 1928003 |
| 2540000 | 0.000 | 08/15/33 | 1776851 |
| 26090000 | 0.000 | 05/15/35 | 16765926 |
| U.S. Treasury STRIPS Principal<sup>(j)</sup> | U.S. Treasury STRIPS Principal<sup>(j)</sup> | U.S. Treasury STRIPS Principal<sup>(j)</sup> | U.S. Treasury STRIPS Principal<sup>(j)</sup> |
| 12660000 | 0.000 | 11/15/53 | 3454116 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $658,243,492) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $658,243,492) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $658,243,492) | $622157122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(k)</sup> – 3.4% | Investment Company<sup>(k)</sup> – 3.4% | Investment Company<sup>(k)</sup> – 3.4% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 78901571 | 4.259% | $78901571 |
| (Cost $78,901,571) |  |  |
| **TOTAL INVESTMENTS – 113.2%**<br> **(Cost $2,733,683,853)** | **TOTAL INVESTMENTS – 113.2%**<br> **(Cost $2,733,683,853)** | $2658667454 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (13.2)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (13.2)%** | (309822783) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2348844671 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $365,787,913 which represents approximately 15.6% of net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $16,384,981, which represents approximately 0.7% of the Fund's net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Actual maturity date is April 03, 2120.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Actual maturity date is July 28, 2121.

&nbsp;&nbsp;&nbsp;&nbsp;(i) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 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** |
|  BofA Securities LLC | USD | 4292407 | EUR | 4107205 | 04/09/25 | $(150818) |

---

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/15/25 | $(16000000) | $(15352838) |
|  Government National Mortgage Association | 3.000 | TBA - 30yr | 04/15/25 | (25000000) | (22143390) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 04/15/25 | (140000000) | (133978908) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 04/14/25 | (13000000) | (12741524) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/15/25 | (39000000) | (31021758) |
|  Uniform Mortgage-Backed Security | 6.000 | TBA - 30yr | 04/15/25 | (21000000) | (21328125) |
|  **(PROCEEDS RECEIVED: $(235586855))** |  |  |  |  | $(236566543) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 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.K. Long Gilt | 64 | 06/26/25 | $7580192 | $(55150) |
|  10 Year U.S. Treasury Notes | 774 | 06/18/25 | 86083312 | (117049) |
|  20 Year U.S. Treasury Bonds | 295 | 06/18/25 | 34597969 | 111534 |
|  30 Year German Euro-Buxl | 5 | 06/06/25 | 644779 | (37529) |
|  5 Year German Euro-Bund | 5 | 06/06/25 | 696519 | (16627) |
|  5 Year U.S. Treasury Notes | 3159 | 06/30/25 | 341665594 | 1272130 |
|  ICE 3M Sonia Bonds | 288 | 03/17/26 | 89346168 | 10397 |
|  Ultra Long U.S. Treasury Bonds | 834 | 06/18/25 | 101956500 | 711648 |
|  **Total** |  |  |  | $1879354 |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (777) | 06/30/25 | (160972548) | 37336 |
|  French 10 Year Government Bonds | (2) | 06/06/25 | (265329) | 6031 |
|  Ultra 10-Year U.S. Treasury Notes | (6) | 06/18/25 | (684750) | 832 |
|  **Total** |  |  |  | $44199 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $1923553 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.500%<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 04/19/25 | $2700 | $37705 | $(124) | $37829 |
|  12M SOFR<sup>(b)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;3.851%<sup>(b)</sup> | 03/31/27 | 319890 <sup>(c)</sup> | 1083179 | 574429 | 508750 |
|  12M SOFR<sup>(b)</sup><br> 3.851<sup>(b)</sup> | 03/31/27 | 19600 <sup>(c)</sup> | 66403 | (11449) | 77852 |
| 1.750<sup>(b)</sup><br> 12M EURO<sup>(b)</sup> | 06/18/27 | 8430 <sup>(c)</sup> | 34128 | 21356 | 12772 |
| 3.750<sup>(b)</sup><br> 12M GBP<sup>(b)</sup> | 06/18/27 | 1270 <sup>(c)</sup> | 7210 | 7546 | (336) |
| 0.500<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 06/18/27 | 5852000 <sup>(c)</sup> | 314582 | 335988 | (21406) |
| 3.500<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 06/18/27 | $1300 <sup>(c)</sup> | 3117 | 5392 | (2275) |
| 3.250<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 06/18/27 | 13810 <sup>(c)</sup> | 98771 | 110978 | (12207) |
|  6M EURO<sup>(d)</sup><br> 2.500<sup>(b)</sup> | 06/18/27 | 2520 <sup>(c)</sup> | 17558 | 11429 | 6129 |
|  12M CDOR<sup>(d)</sup><br> 3.000<sup>(d)</sup> | 06/18/27 | 8520 <sup>(c)</sup> | 81495 | 66670 | 14825 |
|  12M SOFR<sup>(b)</sup><br> 3.250<sup>(b)</sup> | 06/18/27 | $9970 <sup>(c)</sup> | (71307) | (109344) | 38037 |
|  6M NIBOR<sup>(d)</sup><br> 4.000<sup>(b)</sup> | 06/18/27 | 286840 <sup>(c)</sup> | (154084) | (191053) | 36969 |
|  3M EURO<sup>(e)</sup><br> 2.143<sup>(a)</sup> | 11/20/27 | 499040 <sup>(c)</sup> | (497522) | (77703) | (419819) |
| 2.180<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 11/20/27 | 499040 <sup>(c)</sup> | 602585 | 113836 | 488749 |
|  6M EURO<sup>(d)</sup><br> 2.500<sup>(b)</sup> | 05/14/28 | 16384 <sup>(c)</sup> | 69760 | (336635) | 406395 |
|  6M EURO<sup>(d)</sup><br> 2.325<sup>(b)</sup> | 02/25/29 | 30683 <sup>(c)</sup> | (85154) | (669123) | 583969 |
| 3.799<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/29 | $299870 <sup>(c)</sup> | (2230314) | (955294) | (1275020) |
|  12M JYOR<sup>(b)</sup><br> 0.750<sup>(b)</sup> | 06/18/30 | 3018000 <sup>(c)</sup> | (320773) | (379553) | 58780 |
|  3M STIBOR<sup>(e)</sup><br> 2.500<sup>(b)</sup> | 06/18/30 | 88420 <sup>(c)</sup> | (79992) | (81276) | 1284 |
|  12M GBP<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 06/18/30 | 8680 <sup>(c)</sup> | (242628) | (248271) | 5643 |
|  6M NIBOR<sup>(d)</sup><br> 4.000<sup>(b)</sup> | 06/18/30 | 109110 <sup>(c)</sup> | (52835) | (98227) | 45392 |
| 3.822<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 01/31/32 | $48430 <sup>(c)</sup> | (441478) | 20109 | (461587) |
|  12M SOFR<sup>(b)</sup><br> 3.250<sup>(b)</sup> | 06/18/32 | 340 <sup>(c)</sup> | (8812) | (10625) | 1813 |
| 1.295<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 08/02/34 | 8960680 <sup>(c)</sup> | 587400 | 42635 | 544765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.864%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 11/15/34 | $18770 <sup>(c)</sup> | $(190741) | $(17215) | $(173526) |
|  6M EURO<sup>(d)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;3.000%<sup>(b)</sup> | 03/28/35 | 15710 <sup>(c)</sup> | 36821 | 19996 | 16825 |
| 3.000<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/18/35 | 3340 <sup>(c)</sup> | (54519) | (42377) | (12142) |
| 1.000<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 06/18/35 | 6923000 <sup>(c)</sup> | 1469168 | 1663230 | (194062) |
| 3.250<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 06/18/35 | $5470 <sup>(c)</sup> | 227465 | 281673 | (54208) |
|  6M EURO<sup>(d)</sup><br> 2.500<sup>(b)</sup> | 06/18/35 | 12440 <sup>(c)</sup> | (201511) | (200382) | (1129) |
|  3M STIBOR<sup>(e)</sup><br> 2.750<sup>(b)</sup> | 06/18/35 | 74990 <sup>(c)</sup> | (133634) | (125060) | (8574) |
|  12M SOFR<sup>(b)</sup><br> 3.250<sup>(b)</sup> | 06/18/35 | $3070 <sup>(c)</sup> | (127663) | (137696) | 10033 |
|  12M GBP<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 06/18/35 | 180 <sup>(c)</sup> | (12590) | (12333) | (257) |
|  6M NIBOR<sup>(d)</sup><br> 4.000<sup>(b)</sup> | 06/18/35 | 690 <sup>(c)</sup> | (503) | (434) | (69) |
|  3M NZDOR<sup>(e)</sup><br> 4.250<sup>(d)</sup> | 06/18/35 | 6690 <sup>(c)</sup> | 31822 | 19471 | 12351 |
| 4.250<sup>(d)</sup><br> 6M AUDOR<sup>(d)</sup> | 06/18/35 | 7340 <sup>(c)</sup> | 26256 | 48216 | (21960) |
| 4.250<sup>(b)</sup><br> 12M GBP<sup>(b)</sup> | 09/07/37 | 6690 <sup>(c)</sup> | 12973 | (66172) | 79145 |
|  6M EURO<sup>(d)</sup><br> 3.000<sup>(b)</sup> | 01/25/39 | 22190 <sup>(c)</sup> | (70725) | 113176 | (183901) |
| 3.000<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 03/28/40 | 19630 <sup>(c)</sup> | 47347 | 63824 | (16477) |
| 2.500<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 01/25/44 | 52660 <sup>(c)</sup> | 584366 | (78023) | 662389 |
|  12M JYOR<sup>(b)</sup><br> 2.160<sup>(b)</sup> | 08/02/44 | 11358020 <sup>(c)</sup> | (1113918) | (710698) | (403220) |
|  6M EURO<sup>(d)</sup><br> 2.500<sup>(b)</sup> | 06/18/45 | 4080 <sup>(c)</sup> | (179074) | (203228) | 24154 |
|  6M EURO<sup>(d)</sup><br> 2.000<sup>(b)</sup> | 01/25/49 | 30980 <sup>(c)</sup> | (379577) | 9232 | (388809) |
| 2.000<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 05/17/53 | 5839 <sup>(c)</sup> | 293333 | (135758) | 429091 |
| 2.500<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 11/10/53 | 9665 <sup>(c)</sup> | 6745 | (703190) | 709935 |
|  12M EURO<sup>(b)</sup><br> 2.530<sup>(b)</sup> | 03/19/56 | 6180 <sup>(c)</sup> | (38931) | (45470) | 6539 |
| 2.610<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 03/19/56 | 6180 <sup>(c)</sup> | 41917 | 39725 | 2192 |
| 2.000<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 06/18/75 | 2390 <sup>(c)</sup> | 337703 | 344471 | (6768) |
| TOTAL |  |  | $(568476) | $(1733331) | $1164855 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made quarterly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **March 31,**<br> **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:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 42 | 1.000% | 0.502% | 06/20/29 | $102467 | $2015783 | $1818172 | $197611 |
|  CDX.NA.IG Index 43 | 1.000 | 0.558 | 12/20/29 | 145975 | 2810724 | 3089750 | (279026) |
|  CDX.NA.IG Index 44 | 1.000 | 0.613 | 06/20/30 | 73900 | 1362334 | 1484207 | (121873) |
|  Republic of Chile, 3.240%, 2/06/28 | 1.000 | 0.613 | 06/20/30 | 5440 | 101290 | 104732 | (3442) |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.903 | 06/20/30 | 5160 | 25311 | 26986 | (1675) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **March 31,**<br> **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) |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000% | 0.771% | 06/20/30 | $5150 | $57084 | $63376 | $(6292) |
| TOTAL |  |  |  |  | $6372526 | $6587223 | $(214697) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 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** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 1.950% | 05/11/2026 | 8300000 | $8300000 | $50704 | $105033 | $(54329) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 8320000 | 8320000 | 61780 | 113007 | (51227) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 8390000 | 8390000 | 70979 | 126107 | (55128) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 21170000 | 21170000 | 153819 | 143675 | 10144 |
|  6M IRS | BNP Paribas SA | 2.200 | 09/08/2025 | 14620000 | 14620000 | 64575 | 51392 | 13183 |
| Total purchased option contracts | Total purchased option contracts |  |  | 60800000 | $60800000 | $401857 | $539214 | $(137357) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065 | 05/11/2026 | (2440000) | (2440000) | (30739) | (104822) | 74083 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (2450000) | (2450000) | (33891) | (113166) | 79275 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (2470000) | (2470000) | (48690) | (126195) | 77505 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (1970000) | (1970000) | (113824) | (143390) | 29566 |
|  6M IRS | BNP Paribas SA | 2.463 | 09/08/2025 | (1360000) | (1360000) | (37054) | (51243) | 14189 |
|  1M IRS | BofA Securities LLC | 2.751 | 04/07/2025 | (5840000) | (5840000) | (58582) | (58114) | (468) |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (5650000) | (5650000) | (43885) | (47741) | 3856 |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (5810000) | (5810000) | (55293) | (58397) | 3104 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (5820000) | (5820000) | (37987) | (51734) | 13747 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (6350000) | (6350000) | (63029) | (66199) | 3170 |
|  1M IRS | MS & Co. Int. PLC | 3.849 | 04/14/2025 | (6320000) | (6320000) | (71560) | (65728) | (5832) |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (6250000) | (6250000) | (64876) | (56953) | (7923) |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (6140000) | (6140000) | (104328) | (54339) | (49989) |
|  |  |  |  | (58870000) | $(58870000) | $(763738) | $(998021) | $234283 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.751 | 04/07/2025 | (5840000) | (5840000) | (8768) | (58114) | 49346 |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (5650000) | (5650000) | (49383) | (47741) | (1642) |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (5810000) | (5810000) | (21769) | (58397) | 36628 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (5820000) | (5820000) | (48219) | (51734) | 3515 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (6350000) | (6350000) | (14804) | (66199) | 51395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M IRS | MS & Co. Int. PLC | 3.849% | 04/14/2025 | (6320000) | $(6320000) | $(25698) | $(65728) | $40030 |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (6250000) | (6250000) | (38761) | (56953) | 18192 |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (6140000) | (6140000) | (25691) | (54339) | 28648 |
|  |  |  |  | (48180000) | $(48180000) | $(233093) | $(459205) | $226112 |
| Total written option contracts | Total written option contracts |  |  | (107050000) | $(107050000) | $(996831) | $(1457226) | $460395 |
| TOTAL |  |  |  | (46250000) | $(46250000) | $(594974) | $(918012) | $323038 |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| EUR | —Euro |
| GBP | —British Pound |
| JPY | —Japanese Yen |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| GO | —General Obligation |
| LIBOR | —London Interbank Offered Rate |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| REMICS | —Real Estate Mortgage Investment Conduits |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | —Secured Overnight Financing Rate |
| STACR | —Structured Agency Credit Risk |
| STRIPS | —Separate Trading of Registered Interest and Principal of Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: |  |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2Y IRS | —1 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| CDOR | —Canadian Dollar Offered Rate |
| 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 |
| EURO | —Euro Offered Rate |
| JYOR | —Japanese Yen Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| SOFR | —Secured Overnight Financing Rate |
| STIBOR | —Stockholm Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 64.0% | Mortgage-Backed Obligations – 64.0% | Mortgage-Backed Obligations – 64.0% | Mortgage-Backed Obligations – 64.0% |
| Collateralized Mortgage Obligations – 8.4% | Collateralized Mortgage Obligations – 8.4% | Collateralized Mortgage Obligations – 8.4% | Collateralized Mortgage Obligations – 8.4% |
| Interest Only<sup>(a)</sup> – 0.8% | Interest Only<sup>(a)</sup> – 0.8% | Interest Only<sup>(a)</sup> – 0.8% | Interest Only<sup>(a)</sup> – 0.8% |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) |
| $3253330 | 1.637 %<sup>(b)</sup> | 05/15/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346698 |
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| 1549768 | 4.000 | 09/25/50 | 317774 |
| Federal National Mortgage Association REMICS Series 2011- 100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Federal National Mortgage Association REMICS Series 2011- 100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Federal National Mortgage Association REMICS Series 2011- 100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Federal National Mortgage Association REMICS Series 2011- 100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) |
| 1872962 | 1.996 <sup>(b)</sup> | 10/25/41 | 196367 |
| Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) |
| 1740270 | 2.216 <sup>(b)</sup> | 07/25/42 | 171225 |
| Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) |
| 756590 | 1.696 <sup>(b)</sup> | 01/25/48 | 88931 |
| Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) |
| 2409184 | 1.246 <sup>(b)(c)</sup> | 03/20/40 | 196298 |
| Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) |
| 2994168 | 1.716 <sup>(b)(c)</sup> | 07/20/43 | 305198 |
| Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) |
| 3281269 | 1.716 <sup>(b)(c)</sup> | 04/20/43 | 224645 |
| Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI |
| 580968 | 4.500 <sup>(c)</sup> | 12/16/42 | 19988 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 2976729 | 1.666 <sup>(b)(c)</sup> | 10/20/43 | 151994 |
| Government National Mortgage Association REMICS Series 2014-180, Class PI | Government National Mortgage Association REMICS Series 2014-180, Class PI | Government National Mortgage Association REMICS Series 2014-180, Class PI | Government National Mortgage Association REMICS Series 2014-180, Class PI |
| 2232386 | 4.000 <sup>(c)</sup> | 08/20/44 | 301327 |
| Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) |
| 1075047 | 1.266 <sup>(b)(c)</sup> | 09/20/45 | 101316 |
| Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) |
| 1390982 | 1.266 <sup>(b)(c)</sup> | 09/20/45 | 131413 |
| Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC |
| 841128 | 4.500 <sup>(c)</sup> | 09/16/45 | 159517 |
| Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) |
| 2971532 | 1.766 <sup>(b)(c)</sup> | 08/20/45 | 353811 |
| Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 3595813 | 1.266 <sup>(b)(c)</sup> | 10/20/45 | 307919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) |
| $1915828 | 1.766 %<sup>(b)(c)</sup> | 09/20/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228111 |
| Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) | Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) | Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) | Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) |
| 4481454 | 1.216 <sup>(b)(c)</sup> | 01/20/46 | 358208 |
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 869660 | 1.226 <sup>(b)(c)</sup> | 07/20/47 | 85246 |
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 965769 | 1.266 <sup>(b)(c)</sup> | 01/20/48 | 98232 |
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1401529 | 1.766 <sup>(b)(c)</sup> | 05/20/48 | 167687 |
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1249561 | 1.766 <sup>(b)(c)</sup> | 09/20/48 | 151433 |
| Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 594308 | 1.766 <sup>(b)(c)</sup> | 09/20/48 | 71036 |
| Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) |
| 864580 | 1.716 <sup>(b)(c)</sup> | 10/20/48 | 101453 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 346547 | 1.616 <sup>(b)(c)</sup> | 01/20/49 | 39054 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 981426 | 1.616 <sup>(b)(c)</sup> | 01/20/49 | 110363 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 590931 | 1.666 <sup>(b)(c)</sup> | 06/20/49 | 66250 |
| Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI |
| 2142476 | 3.500 <sup>(c)</sup> | 10/20/49 | 387253 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 2631560 | 1.616 <sup>(b)(c)</sup> | 02/20/50 | 321919 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 3035012 | 4.000 <sup>(c)</sup> | 06/20/50 | 654410 |
| Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI |
| 7842151 | 2.500 <sup>(c)</sup> | 10/20/50 | 1162215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM |
| 1076279 | 2.500 %<sup>(c)</sup> | 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157465 |
|  |  |  | 7534756 |
| Regular Floater<sup>(b)</sup> – 0.2% | Regular Floater<sup>(b)</sup> – 0.2% | Regular Floater<sup>(b)</sup> – 0.2% | Regular Floater<sup>(b)</sup> – 0.2% |
| Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) |
| 120748 | 4.833 | 03/15/41 | 120498 |
| Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) |
| 108944 | 4.813 | 10/15/36 | 108012 |
| Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) |
| 69345 | 4.863 | 12/15/36 | 68767 |
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| 126289 | 5.063 <sup>(c)</sup> | 09/15/37 | 125972 |
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| 32840 | 5.313 | 06/15/39 | 33092 |
| Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) |
| 217415 | 4.854 | 06/25/36 | 216041 |
| Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) |
| 257158 | 4.854 | 08/25/36 | 255623 |
| Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) |
| 255546 | 4.854 | 08/25/36 | 253387 |
| Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) |
| 88858 | 4.904 | 08/25/37 | 88457 |
| Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) |
| 32342 | 5.554 | 10/25/39 | 32842 |
|  |  |  | 1302691 |
| Sequential Fixed Rate<sup>(c)</sup> – 1.0% | Sequential Fixed Rate<sup>(c)</sup> – 1.0% | Sequential Fixed Rate<sup>(c)</sup> – 1.0% | Sequential Fixed Rate<sup>(c)</sup> – 1.0% |
| JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A2 |
| 1946044 | 6.106 <sup>(d)(e)</sup> | 11/25/64 | 1959222 |
| JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 |
| 2613821 | 5.695 <sup>(d)(e)</sup> | 08/25/55 | 2615351 |
| OBX Trust Series 2024-NQM5, Class A1 | OBX Trust Series 2024-NQM5, Class A1 | OBX Trust Series 2024-NQM5, Class A1 | OBX Trust Series 2024-NQM5, Class A1 |
| 968611 | 5.988 <sup>(d)(e)</sup> | 01/25/64 | 973502 |
| RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 |
| 286212 | 6.000 | 06/25/36 | 230895 |
| RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 |
| 505774 | 6.500 | 07/25/36 | 406916 |
| RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 |
| 183792 | 5.500 | 02/25/36 | 142921 |
| Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 |
| 653539 | 6.000 | 08/25/36 | 397927 |
| RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 |
| 1328326 | 6.000 | 10/25/37 | 649379 |
| Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 |
| 657661 | 1.829 <sup>(d)(e)</sup> | 10/25/66 | 584066 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate<sup>(c)</sup> – (continued) | Sequential Fixed Rate<sup>(c)</sup> – (continued) | Sequential Fixed Rate<sup>(c)</sup> – (continued) | Sequential Fixed Rate<sup>(c)</sup> – (continued) |
| Verus Securitization Trust Series 2024-1, Class A2 | Verus Securitization Trust Series 2024-1, Class A2 | Verus Securitization Trust Series 2024-1, Class A2 | Verus Securitization Trust Series 2024-1, Class A2 |
| 842962 | 5.915 %<sup>(d)(e)</sup> | 01/25/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843916 |
|  |  |  | 8804095 |
| Sequential Floating Rate<sup>(b)(c)</sup> – 6.4% | Sequential Floating Rate<sup>(b)(c)</sup> – 6.4% | Sequential Floating Rate<sup>(b)(c)</sup> – 6.4% | Sequential Floating Rate<sup>(b)(c)</sup> – 6.4% |
| Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| 314901 | 1.458 <sup>(d)</sup> | 09/25/66 | 261737 |
| Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 |
| 578694 | 2.805 <sup>(d)</sup> | 06/25/65 | 555243 |
| Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 |
| 654000 | 4.500 <sup>(d)</sup> | 01/26/65 | 594909 |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 1275000 | 3.941 <sup>(d)</sup> | 11/25/59 | 1174476 |
| Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 |
| 4301 | 4.922 | 03/25/37 | 4207 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 175000 | 6.000 <sup>(d)</sup> | 02/25/55 | 177260 |
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) |
| 1616774 | 4.935 | 08/25/37 | 1051061 |
| Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) |
| 222946 | 4.935 | 07/25/35 | 147883 |
| Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) |
| 247173 | 5.235 | 12/25/35 | 210158 |
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) |
| 241601 | 4.835 | 08/25/37 | 154580 |
| CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 |
| 700000 | 2.841 <sup>(d)</sup> | 02/25/50 | 607771 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + |
| 5.650%) |  |  |  |
| 600000 | 9.990 <sup>(d)</sup> | 12/25/50 | 677585 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + |
| 2.000%) |  |  |  |
| 625000 | 6.340 <sup>(d)</sup> | 03/25/44 | 627134 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + |
| 1.250%) |  |  |  |
| 1742083 | 5.590 <sup>(d)</sup> | 08/25/44 | 1746273 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class M2 (1 mo. USD Term SOFR + |
| 1.800%) |  |  |  |
| 2100000 | 6.140 <sup>(d)</sup> | 08/25/44 | 2104179 |
| Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) |
| 379729 | 6.504 <sup>(d)</sup> | 04/25/49 | 384827 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 279000 | 7.340 <sup>(d)</sup> | 04/25/42 | 284945 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| 508336 | 8.240 <sup>(d)</sup> | 04/25/43 | 539140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| $250000 | 7.436 %<sup>(d)</sup> | 06/25/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259364 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2M1 (1 mo. USD Term SOFR + 0.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2M1 (1 mo. USD Term SOFR + 0.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2M1 (1 mo. USD Term SOFR + 0.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2M1 (1 mo. USD Term SOFR + 0.900%) |
| 46391 | 5.240 <sup>(d)</sup> | 11/25/41 | 46397 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| 2185000 | 7.890 <sup>(d)</sup> | 10/25/43 | 2285622 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) |
| 2800000 | 7.040 <sup>(d)</sup> | 01/25/44 | 2856512 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 450000 | 6.140 <sup>(d)</sup> | 01/25/44 | 450701 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) |
| 1618617 | 5.486 <sup>(d)</sup> | 03/25/44 | 1617648 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1B1 (1 mo. USD Term SOFR + 2.200%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1B1 (1 mo. USD Term SOFR + 2.200%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1B1 (1 mo. USD Term SOFR + 2.200%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1B1 (1 mo. USD Term SOFR + 2.200%) |
| 975000 | 6.540 <sup>(d)</sup> | 05/25/44 | 979661 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 1350000 | 5.990 <sup>(d)</sup> | 05/25/44 | 1350829 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 500000 | 6.286 <sup>(d)</sup> | 03/25/44 | 501789 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) |
| 2275000 | 7.136 <sup>(d)</sup> | 03/25/44 | 2342220 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 486342 | 5.340 <sup>(d)</sup> | 07/25/44 | 485936 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) |
| 1300000 | 6.040 <sup>(d)</sup> | 07/25/44 | 1299994 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 2475000 | 5.940 <sup>(d)</sup> | 09/25/44 | 2471884 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) |
| 1400000 | 6.390 <sup>(d)</sup> | 09/25/44 | 1401097 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) |
| $1222000 | 6.036 %<sup>(d)</sup> | 01/25/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206610 |
| GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 |
| 1625000 | 3.589 <sup>(d)</sup> | 04/25/65 | 1470223 |
| Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
| 3772143 | 1.776 | 05/20/53 | 229007 |
| Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) |
| 7199160 | 2.156 | 09/20/53 | 480394 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 1182209 | 2.520 <sup>(d)</sup> | 05/25/52 | 981272 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 406739 | 3.515 <sup>(d)</sup> | 07/25/52 | 352599 |
| JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A |
| 1412691 | 5.000 <sup>(d)</sup> | 07/25/53 | 1369869 |
| JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 |
| 1444199 | 4.625 <sup>(d)</sup> | 07/25/63 | 1398932 |
| JP Morgan Mortgage Trust Series 2024-2, Class A5A | JP Morgan Mortgage Trust Series 2024-2, Class A5A | JP Morgan Mortgage Trust Series 2024-2, Class A5A | JP Morgan Mortgage Trust Series 2024-2, Class A5A |
| 600000 | 6.000 <sup>(d)</sup> | 08/25/54 | 609154 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 1446496 | 5.990 <sup>(d)</sup> | 07/25/64 | 1456003 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 2040270 | 3.000 <sup>(d)</sup> | 05/25/54 | 1827168 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 |
| 1621834 | 6.192 <sup>(d)</sup> | 07/25/64 | 1632162 |
| JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 |
| 616008 | 5.250 <sup>(d)</sup> | 11/25/63 | 608661 |
| JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 | JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 | JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 | JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 |
| 812295 | 4.750 <sup>(d)</sup> | 01/25/63 | 780712 |
| JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A |
| 725000 | 6.000 <sup>(d)</sup> | 10/25/54 | 732644 |
| JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 |
| 674216 | 6.000 <sup>(d)</sup> | 11/25/54 | 676180 |
| JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A |
| 875000 | 6.414 <sup>(d)</sup> | 02/25/64 | 879463 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 1055181 | 6.000 <sup>(d)</sup> | 06/25/54 | 1061400 |
| JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 |
| 575000 | 6.000 <sup>(d)</sup> | 06/25/54 | 581499 |
| MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 |
| 800000 | 3.661 <sup>(d)</sup> | 01/26/65 | 695665 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 275210 | 3.250 <sup>(d)</sup> | 07/25/59 | 266660 |
| OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 |
| 500000 | 3.001 <sup>(d)</sup> | 11/25/61 | 380927 |
| OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 |
| 1017413 | 3.500 <sup>(d)</sup> | 08/25/52 | 897470 |
| RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) |
| 57149 | 4.845 | 09/25/46 | 55111 |
| Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 |
| 152000 | 2.911 <sup>(d)</sup> | 05/25/60 | 144448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E |
| $1875000 | 3.000 %<sup>(d)</sup> | 04/25/60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777563 |
| Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A |
| 550000 | 3.100 <sup>(d)</sup> | 01/25/60 | 486842 |
| Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 |
| 213104 | 1.630 <sup>(d)</sup> | 10/25/66 | 183519 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 704869 | 1.824 <sup>(d)</sup> | 11/25/66 | 638233 |
| Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 |
| 657678 | 2.137 <sup>(d)</sup> | 10/25/66 | 567075 |
| Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 |
| 1077555 | 3.288 <sup>(d)</sup> | 01/25/67 | 965705 |
| Verus Securitization Trust Series 2023-3, Class M1 | Verus Securitization Trust Series 2023-3, Class M1 | Verus Securitization Trust Series 2023-3, Class M1 | Verus Securitization Trust Series 2023-3, Class M1 |
| 500000 | 7.784 <sup>(d)</sup> | 03/25/68 | 505982 |
| Verus Securitization Trust Series 2025-1, Class M1 | Verus Securitization Trust Series 2025-1, Class M1 | Verus Securitization Trust Series 2025-1, Class M1 | Verus Securitization Trust Series 2025-1, Class M1 |
| 1450000 | 6.512 <sup>(d)</sup> | 01/25/70 | 1459137 |
| Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 |
| 500000 | 4.450 <sup>(d)</sup> | 08/25/55 | 467058 |
|  |  |  | 57478369 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 75119911 |
| Commercial Mortgage-Backed Securities – 13.8% | Commercial Mortgage-Backed Securities – 13.8% | Commercial Mortgage-Backed Securities – 13.8% | Commercial Mortgage-Backed Securities – 13.8% |
| Regular Floater<sup>(b)(d)</sup> – 0.7% | Regular Floater<sup>(b)(d)</sup> – 0.7% | Regular Floater<sup>(b)(d)</sup> – 0.7% | Regular Floater<sup>(b)(d)</sup> – 0.7% |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| $1800000 | 5.812% | 11/15/41 | $1798041 |
| KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) |
| 1600000 | 6.361 | 12/15/39 | 1600002 |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) |
| 2550000 | 6.452 | 11/15/29 | 2543628 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) |
| 550000 | 7.249 | 11/15/29 | 554911 |
|  |  |  | 6496582 |
| Sequential Fixed Rate – 5.8% | Sequential Fixed Rate – 5.8% | Sequential Fixed Rate – 5.8% | Sequential Fixed Rate – 5.8% |
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| 2300000 | 3.901 <sup>(d)</sup> | 08/10/35 | 2256985 |
| Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 |
| 1050000 | 2.521 <sup>(c)</sup> | 12/15/64 | 902036 |
| Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 |
| 725000 | 5.203 <sup>(c)</sup> | 02/15/56 | 731831 |
| Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 |
| 1500000 | 3.584 <sup>(c)</sup> | 05/15/62 | 1408078 |
| Bank Series 2024-BNK48, Class A5 | Bank Series 2024-BNK48, Class A5 | Bank Series 2024-BNK48, Class A5 | Bank Series 2024-BNK48, Class A5 |
| 1800000 | 5.053 <sup>(c)</sup> | 10/15/57 | 1793210 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 1325000 | 5.769 <sup>(c)</sup> | 06/15/57 | 1368214 |
| Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 |
| 1250000 | 5.302 <sup>(c)</sup> | 10/15/57 | 1268150 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 1500000 | 5.893 <sup>(c)</sup> | 11/15/57 | 1560587 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| $675000 | 6.139 %<sup>(c)</sup> | 11/15/57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694716 |
| BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 |
| 1600000 | 5.991 <sup>(c)</sup> | 07/15/56 | 1630789 |
| BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C |
| 865000 | 4.178 <sup>(c)</sup> | 05/15/52 | 739614 |
| BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 |
| 1375000 | 6.014 <sup>(c)</sup> | 07/15/57 | 1434499 |
| BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 |
| 1450000 | 5.208 <sup>(c)</sup> | 09/15/57 | 1471373 |
| Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 |
| 1125000 | 3.458 <sup>(c)</sup> | 03/15/55 | 1017129 |
| Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 |
| 1000000 | 1.978 <sup>(c)</sup> | 12/17/53 | 851671 |
| Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 |
| 1325000 | 2.584 <sup>(c)</sup> | 03/15/54 | 1149467 |
| Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 |
| 1050000 | 1.973 <sup>(c)</sup> | 01/15/54 | 886363 |
| BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D |
| 1350000 | 4.000 <sup>(c)(d)</sup> | 02/15/57 | 1197473 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 1774653 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 1674073 |
| CFK Trust Series 2020-MF2, Class C | CFK Trust Series 2020-MF2, Class C | CFK Trust Series 2020-MF2, Class C | CFK Trust Series 2020-MF2, Class C |
| 1200000 | 2.995 <sup>(d)</sup> | 03/15/39 | 1075002 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1000000 | 3.000 <sup>(c)(d)</sup> | 09/15/50 | 598509 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 2500000 | 6.338 <sup>(d)</sup> | 08/10/44 | 2606582 |
| CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A |
| 1600000 | 3.646 <sup>(d)</sup> | 11/13/39 | 1423310 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1600000 | 2.956 <sup>(d)</sup> | 05/10/41 | 1401230 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class B |
| 1550000 | 3.460 <sup>(c)</sup> | 08/15/49 | 1408459 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| 1349000 | 3.024 <sup>(d)</sup> | 01/05/39 | 1253065 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A |
| 1950000 | 2.287 <sup>(d)</sup> | 03/05/42 | 1769577 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 1400000 | 3.598 <sup>(c)(d)</sup> | 06/05/39 | 1286855 |
| Morgan Stanley Capital I Trust Series 2014-150E, Class A | Morgan Stanley Capital I Trust Series 2014-150E, Class A | Morgan Stanley Capital I Trust Series 2014-150E, Class A | Morgan Stanley Capital I Trust Series 2014-150E, Class A |
| 1600000 | 3.912 <sup>(c)(d)</sup> | 09/09/32 | 1432961 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| 1575000 | 6.890 <sup>(c)</sup> | 12/15/56 | 1660187 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 3900000 | 5.388 <sup>(d)</sup> | 11/13/41 | 3929250 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 2350000 | 7.109 <sup>(d)</sup> | 11/13/41 | 2432722 |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 3000000 | 2.585 <sup>(d)</sup> | 07/15/41 | 2579542 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| 756000 | 3.250 <sup>(c)(d)</sup> | 01/15/60 | 658076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 1500000 | 2.626 %<sup>(c)</sup> | 04/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298307 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class D | Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class D | Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class D | Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class D |
| 825000 | 3.000 <sup>(c)(d)</sup> | 01/15/52 | 636371 |
| Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 |
| 45000 | 5.309 <sup>(c)</sup> | 08/15/57 | 45696 |
|  |  |  | 51531959 |
| Sequential Floating Rate – 7.3% | Sequential Floating Rate – 7.3% | Sequential Floating Rate – 7.3% | Sequential Floating Rate – 7.3% |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 1050000 | 2.778 <sup>(b)</sup> | 11/15/54 | 885748 |
| Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS |
| 1100000 | 3.989 <sup>(b)(c)</sup> | 09/15/48 | 1089546 |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 600000 | 2.618 <sup>(b)(c)</sup> | 11/15/64 | 519224 |
| Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS |
| 1900000 | 2.211 <sup>(b)(c)</sup> | 02/15/54 | 1590221 |
| Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 |
| 2400000 | 2.928 <sup>(b)(c)</sup> | 02/15/55 | 2119323 |
| Bank Series 2017-BNK5, Class C | Bank Series 2017-BNK5, Class C | Bank Series 2017-BNK5, Class C | Bank Series 2017-BNK5, Class C |
| 575000 | 4.211 <sup>(b)(c)</sup> | 06/15/60 | 551179 |
| Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS |
| 1470000 | 2.792 <sup>(c)</sup> | 05/15/64 | 1253477 |
| Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C |
| 300000 | 6.774 <sup>(b)(c)</sup> | 08/15/57 | 308534 |
| Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS |
| 1150000 | 6.182 <sup>(b)(c)</sup> | 08/15/57 | 1191501 |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 500000 | 5.637 <sup>(c)</sup> | 10/15/57 | 507407 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 2600000 | 5.239 <sup>(b)(d)</sup> | 03/15/37 | 2464716 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 750000 | 5.488 <sup>(b)(d)</sup> | 03/15/37 | 689187 |
| Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 |
| 1800000 | 3.002 <sup>(b)</sup> | 01/15/55 | 1562447 |
| BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 |
| 1361000 | 4.810 <sup>(b)</sup> | 07/15/54 | 1359009 |
| BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS |
| 1150000 | 5.755 <sup>(b)(c)</sup> | 09/15/57 | 1174644 |
| BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A |
| 850000 | 5.358 <sup>(b)(d)</sup> | 11/05/41 | 853453 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 1059262 | 5.711 <sup>(b)(d)</sup> | 03/15/41 | 1059462 |
| BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) |
| 1250000 | 5.861 <sup>(b)(d)</sup> | 03/15/34 | 1248031 |
| BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) |
| 1100000 | 6.010 <sup>(b)(d)</sup> | 08/15/39 | 1100779 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 1000000 | 5.050 <sup>(b)(d)</sup> | 11/13/46 | 989311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) |
| $1097253 | 6.770 %<sup>(b)(d)</sup> | 08/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096455 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1425000 | 5.961 <sup>(b)(d)</sup> | 02/15/41 | 1422888 |
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| 500000 | 6.409 <sup>(b)(d)</sup> | 03/15/41 | 498594 |
| BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) |
| 150000 | 7.358 <sup>(b)(d)</sup> | 03/15/41 | 149843 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 1975000 | 6.160 <sup>(b)(d)</sup> | 04/15/26 | 1974503 |
| BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) |
| 1700000 | 6.859 <sup>(b)(d)</sup> | 04/15/26 | 1700418 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 1700000 | 5.463 <sup>(b)(d)</sup> | 03/15/30 | 1687264 |
| COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) |
| 1625000 | 6.160 <sup>(b)(d)</sup> | 06/15/41 | 1612308 |
| CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS |
| 1750000 | 4.463 <sup>(b)(c)</sup> | 08/15/51 | 1672158 |
| CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A |
| 1675000 | 4.764 <sup>(b)(d)</sup> | 11/10/41 | 1648386 |
| Fashion Show Mall LLC Series 2024-SHOW, Class A | Fashion Show Mall LLC Series 2024-SHOW, Class A | Fashion Show Mall LLC Series 2024-SHOW, Class A | Fashion Show Mall LLC Series 2024-SHOW, Class A |
| 1450000 | 4.764 <sup>(b)(d)</sup> | 10/10/41 | 1450351 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 1150000 | 5.462 <sup>(b)(d)</sup> | 02/05/45 | 1166391 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C |
| 1070000 | 5.952 <sup>(b)(d)</sup> | 01/13/40 | 1087622 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 900000 | 6.340 <sup>(b)(d)</sup> | 01/13/40 | 914273 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 2150000 | 5.467 <sup>(b)(d)</sup> | 01/13/40 | 2188118 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 3100000 | 5.295 <sup>(b)(c)(d)</sup> | 03/14/47 | 3088960 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 950000 | 6.166 <sup>(b)(c)(d)</sup> | 03/14/47 | 935246 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) |
| 1195942 | 5.426 <sup>(b)(d)</sup> | 04/15/37 | 1168214 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 650000 | 5.797 <sup>(b)(d)</sup> | 10/05/39 | 659919 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 950000 | 6.209 <sup>(b)(d)</sup> | 08/15/41 | 949245 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 1350000 | 4.874 <sup>(b)(c)(d)</sup> | 10/13/33 | 1340274 |
| Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 |
| 550000 | 3.793 <sup>(b)(c)</sup> | 04/15/55 | 504027 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
| 1300000 | 6.014 <sup>(b)(c)</sup> | 12/15/56 | 1383454 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| $1050000 | 5.533 %<sup>(b)(d)</sup> | 02/10/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066340 |
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| 1650000 | 5.385 <sup>(b)(d)</sup> | 01/15/36 | 1582201 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) |
| 800000 | 7.401 <sup>(b)(d)</sup> | 04/15/42 | 797503 |
| WB Commercial Mortgage Trust Series 2024-HQ, Class A | WB Commercial Mortgage Trust Series 2024-HQ, Class A | WB Commercial Mortgage Trust Series 2024-HQ, Class A | WB Commercial Mortgage Trust Series 2024-HQ, Class A |
| 1875000 | 5.541 <sup>(b)(d)</sup> | 03/15/40 | 1883865 |
| WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B |
| 2425000 | 5.992 <sup>(b)(d)</sup> | 03/15/40 | 2433249 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, |
| Class A |  |  |  |
| 1750000 | 4.954 <sup>(b)(d)</sup> | 07/15/35 | 1754195 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, |
| Class B |  |  |  |
| 1100000 | 5.360 <sup>(b)(d)</sup> | 07/15/35 | 1099973 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%) |
| 1825000 | 6.610 <sup>(b)(d)</sup> | 08/15/41 | 1813113 |
|  |  |  | 65246549 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $123275090 |
| Federal Agencies – 41.8% | Federal Agencies – 41.8% | Federal Agencies – 41.8% | Federal Agencies – 41.8% |
| Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% |
| $5382 | 5.000% | 01/01/33 | $5420 |
| 234 | 5.000 | 03/01/33 | 235 |
| 3320 | 5.000 | 04/01/33 | 3338 |
| 393 | 5.000 | 05/01/33 | 395 |
| 1332 | 5.000 | 06/01/33 | 1339 |
| 8243 | 5.000 | 07/01/33 | 8288 |
| 12584 | 5.000 | 08/01/33 | 12660 |
| 1307 | 5.000 | 09/01/33 | 1316 |
| 3024 | 5.000 | 10/01/33 | 3040 |
| 5462 | 5.000 | 11/01/33 | 5492 |
| 2790 | 5.000 | 12/01/33 | 2805 |
| 2384 | 5.000 | 01/01/34 | 2397 |
| 8156 | 5.000 | 02/01/34 | 8203 |
| 4618 | 5.000 | 03/01/34 | 4652 |
| 6954 | 5.000 | 04/01/34 | 7010 |
| 9416 | 5.000 | 05/01/34 | 9470 |
| 140601 | 5.000 | 06/01/34 | 141415 |
| 3825 | 5.000 | 11/01/34 | 3855 |
| 33024 | 5.000 | 04/01/35 | 33204 |
| 9 | 5.000 | 11/01/35 | 9 |
|  |  |  | 254543 |
| Government National Mortgage Association – 12.6% | Government National Mortgage Association – 12.6% | Government National Mortgage Association – 12.6% | Government National Mortgage Association – 12.6% |
| 6916713 | 4.500 | 12/20/48 | 6736266 |
| 2535254 | 5.000 | 12/20/48 | 2532165 |
| 3954801 | 4.500 | 01/20/49 | 3851626 |
| 1598932 | 2.500 | 10/20/51 | 1358350 |
| 1996399 | 2.500 | 11/20/51 | 1695389 |
| 2758556 | 2.500 | 12/20/51 | 2345043 |
| 8000000 | 2.000 | TBA-30yr<sup>(f)</sup> | 6542202 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $29000000 | 4.500% | TBA-30yr<sup>(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;27827020 |
| 3000000 | 2.500 | TBA-30yr<sup>(f)</sup> | 2558208 |
| 4000000 | 4.000 | TBA-30yr<sup>(f)</sup> | 3745056 |
| 47000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 47701329 |
| 5000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 5118485 |
|  |  |  | 112011139 |
| Uniform Mortgage-Backed Security – 29.2% | Uniform Mortgage-Backed Security – 29.2% | Uniform Mortgage-Backed Security – 29.2% | Uniform Mortgage-Backed Security – 29.2% |
| 12972 | 4.500 | 08/01/37 | 12894 |
| 2629 | 4.500 | 04/01/39 | 2604 |
| 4270 | 4.000 | 08/01/39 | 4110 |
| 1903 | 4.000 | 09/01/39 | 1832 |
| 14904 | 4.500 | 10/01/39 | 14780 |
| 2056 | 4.500 | 05/01/41 | 2031 |
| 7802 | 4.500 | 06/01/41 | 7717 |
| 8057 | 4.500 | 08/01/41 | 7958 |
| 2387 | 4.500 | 10/01/41 | 2359 |
| 597 | 4.500 | 11/01/42 | 589 |
| 10044 | 4.500 | 12/01/43 | 9908 |
| 396383 | 4.500 | 11/01/48 | 384502 |
| 72978 | 4.500 | 01/01/49 | 70768 |
| 476600 | 4.500 | 06/01/49 | 462233 |
| 350149 | 4.500 | 08/01/49 | 339435 |
| 359071 | 4.500 | 01/01/50 | 348368 |
| 6427553 | 6.000 | 01/01/53 | 6580703 |
| 1719188 | 5.500 | 04/01/53 | 1736196 |
| 2511978 | 6.000 | 04/01/53 | 2584863 |
| 24000000 | 3.000 | TBA-30yr<sup>(f)</sup> | 20804062 |
| 19000000 | 4.000 | TBA-30yr<sup>(f)</sup> | 17713789 |
| 32000000 | 3.500 | TBA-30yr<sup>(f)</sup> | 28867501 |
| 125000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 125148941 |
| 55000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 56020149 |
|  |  |  | 261128292 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES |  | $373393974 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $571,334,512)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $571,334,512)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $571,334,512)** | $571788975 |
| Corporate Obligations – 21.2% | Corporate Obligations – 21.2% | Corporate Obligations – 21.2% | Corporate Obligations – 21.2% |
| Advertising<sup>(c)</sup> – 0.1% | Advertising<sup>(c)</sup> – 0.1% | Advertising<sup>(c)</sup> – 0.1% | Advertising<sup>(c)</sup> – 0.1% |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| $535000 | 3.625% | 01/15/31 | $477830 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(d)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(d)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(d)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(d)</sup> |
| 254000 | 5.000 | 08/15/27 | 248999 |
|  |  |  | 726829 |
| Aerospace & Defense<sup>(c)</sup> – 0.6% | Aerospace & Defense<sup>(c)</sup> – 0.6% | Aerospace & Defense<sup>(c)</sup> – 0.6% | Aerospace & Defense<sup>(c)</sup> – 0.6% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 3900000 | 5.150 | 05/01/30 | 3923283 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 470000 | 5.500 | 11/15/27 | 464684 |
| 795000 | 6.750 <sup>(d)</sup> | 08/15/28 | 807060 |
|  |  |  | 5195027 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Airlines<sup>(c)(d)</sup> – 0.1% | Airlines<sup>(c)(d)</sup> – 0.1% | Airlines<sup>(c)(d)</sup> – 0.1% | Airlines<sup>(c)(d)</sup> – 0.1% |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| $915000 | 7.250% | 02/15/28 | $910352 |
| Apparel<sup>(c)(d)</sup> – 0.2% | Apparel<sup>(c)(d)</sup> – 0.2% | Apparel<sup>(c)(d)</sup> – 0.2% | Apparel<sup>(c)(d)</sup> – 0.2% |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 1360000 | 8.375 | 12/01/31 | 1410524 |
| Automotive<sup>(c)(d)</sup> – 0.2% | Automotive<sup>(c)(d)</sup> – 0.2% | Automotive<sup>(c)(d)</sup> – 0.2% | Automotive<sup>(c)(d)</sup> – 0.2% |
| Phinia, Inc. | Phinia, Inc. | Phinia, Inc. | Phinia, Inc. |
| 370000 | 6.750 | 04/15/29 | 374936 |
| 460000 | 6.625 | 10/15/32 | 451379 |
| ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
| 885000 | 6.875 | 04/14/28 | 869734 |
|  |  |  | 1696049 |
| Banks<sup>(c)</sup> – 4.2% | Banks<sup>(c)</sup> – 4.2% | Banks<sup>(c)</sup> – 4.2% | Banks<sup>(c)</sup> – 4.2% |
| AIB Group PLC <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.629%) | AIB Group PLC <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.629%) | AIB Group PLC <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.629%) | AIB Group PLC <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.629%) |
| 372000 | 6.250 | 06/23/25 | 404259 |
| Banco Mercantil del Norte SA <sup>(b)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(d)</sup> (5 yr. CMT + 4.643%) |
| $1190000 | 5.875 | 01/24/27 | 1149076 |
| Banco Santander SA <sup>(b)</sup> (-1X 5 yr. EUR Swap + 4.534%) | Banco Santander SA <sup>(b)</sup> (-1X 5 yr. EUR Swap + 4.534%) | Banco Santander SA <sup>(b)</sup> (-1X 5 yr. EUR Swap + 4.534%) | Banco Santander SA <sup>(b)</sup> (-1X 5 yr. EUR Swap + 4.534%) |
| 2400000 | 4.375 | 01/14/26 | 2582299 |
| Bank of America Corp. <sup>(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp. <sup>(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp. <sup>(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp. <sup>(b)</sup> (5 yr. CMT + 2.760%) |
| $2565000 | 4.375 | 01/27/27 | 2503106 |
| Barclays PLC <sup>(b)</sup> | Barclays PLC <sup>(b)</sup> | Barclays PLC <sup>(b)</sup> | Barclays PLC <sup>(b)</sup> |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 415000 | 8.000 | 03/15/29 | 428072 |
| (5 yr. CMT + 5.867%) | (5 yr. CMT + 5.867%) | (5 yr. CMT + 5.867%) | (5 yr. CMT + 5.867%) |
| 2500000 | 6.125 | 12/15/25 | 2499500 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) |
| 435000 | 7.625 | 03/15/35 | 425878 |
| Citigroup, Inc. <sup>(b)</sup> | Citigroup, Inc. <sup>(b)</sup> | Citigroup, Inc. <sup>(b)</sup> | Citigroup, Inc. <sup>(b)</sup> |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 2365000 | 7.375 | 05/15/28 | 2437582 |
| (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) |
| 2545000 | 4.000 | 12/10/25 | 2509472 |
| (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) |
| 3160000 | 4.658 | 05/24/28 | 3162086 |
| Commerzbank AG <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.363%) | Commerzbank AG <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.363%) | Commerzbank AG <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.363%) | Commerzbank AG <sup>(b)</sup> (-1X 5 yr. EUR Swap + 6.363%) |
| 2200000 | 6.125 | 10/09/25 | 2394750 |
| Deutsche Bank AG <sup>(b)</sup> | Deutsche Bank AG <sup>(b)</sup> | Deutsche Bank AG <sup>(b)</sup> | Deutsche Bank AG <sup>(b)</sup> |
| (5 yr. CMT + 4.524%) | (5 yr. CMT + 4.524%) | (5 yr. CMT + 4.524%) | (5 yr. CMT + 4.524%) |
| $1400000 | 6.000 | 10/30/25 | 1384390 |
| (5 yr. USD ICE Swap + 5.003%) | (5 yr. USD ICE Swap + 5.003%) | (5 yr. USD ICE Swap + 5.003%) | (5 yr. USD ICE Swap + 5.003%) |
| 2400000 | 7.500 | 04/30/25 | 2402976 |
| Intesa Sanpaolo SpA <sup>(b)(d)</sup> (5 yr. USD Swap + 5.462%) | Intesa Sanpaolo SpA <sup>(b)(d)</sup> (5 yr. USD Swap + 5.462%) | Intesa Sanpaolo SpA <sup>(b)(d)</sup> (5 yr. USD Swap + 5.462%) | Intesa Sanpaolo SpA <sup>(b)(d)</sup> (5 yr. USD Swap + 5.462%) |
| 2476000 | 7.700 | 09/17/25 | 2486597 |
| JPMorgan Chase & Co. <sup>(b)</sup> (5 yr. CMT + 2.737%) | JPMorgan Chase & Co. <sup>(b)</sup> (5 yr. CMT + 2.737%) | JPMorgan Chase & Co. <sup>(b)</sup> (5 yr. CMT + 2.737%) | JPMorgan Chase & Co. <sup>(b)</sup> (5 yr. CMT + 2.737%) |
| 2325000 | 6.875 | 06/01/29 | 2439204 |
| PNC Financial Services Group, Inc. <sup>(b)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(b)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(b)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(b)</sup> (5 yr. CMT + 3.238%) |
| 2445000 | 6.200 | 09/15/27 | 2487519 |
| Societe Generale SA <sup>(b)</sup> | Societe Generale SA <sup>(b)</sup> | Societe Generale SA <sup>(b)</sup> | Societe Generale SA <sup>(b)</sup> |
| (5 yr. USD ICE Swap + 5.873%) | (5 yr. USD ICE Swap + 5.873%) | (5 yr. USD ICE Swap + 5.873%) | (5 yr. USD ICE Swap + 5.873%) |
| 2471000 | 8.000 <sup>(d)</sup> | 09/29/25 | 2489335 |
| (5 yr. USD Swap + 3.929%) | (5 yr. USD Swap + 3.929%) | (5 yr. USD Swap + 3.929%) | (5 yr. USD Swap + 3.929%) |
| 224000 | 6.750 | 04/06/28 | 217533 |
| UBS Group AG <sup>(b)(d)</sup> (5 yr. CMT + 4.745%) | UBS Group AG <sup>(b)(d)</sup> (5 yr. CMT + 4.745%) | UBS Group AG <sup>(b)(d)</sup> (5 yr. CMT + 4.745%) | UBS Group AG <sup>(b)(d)</sup> (5 yr. CMT + 4.745%) |
| 470000 | 9.250 | 11/13/28 | 510317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks<sup>(c)</sup> – (continued) | Banks<sup>(c)</sup> – (continued) | Banks<sup>(c)</sup> – (continued) | Banks<sup>(c)</sup> – (continued) |
| Walker & Dunlop, Inc. <sup>(d)</sup> | Walker & Dunlop, Inc. <sup>(d)</sup> | Walker & Dunlop, Inc. <sup>(d)</sup> | Walker & Dunlop, Inc. <sup>(d)</sup> |
| 505000 | 6.625% | 04/01/33 | 503788 |
| Wells Fargo & Co. <sup>(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co. <sup>(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co. <sup>(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co. <sup>(b)</sup> (5 yr. CMT + 3.453%) |
| 2565000 | 3.900 | 03/15/26 | 2490846 |
|  |  |  | 37908585 |
| Building Materials<sup>(c)(d)</sup> – 0.1% | Building Materials<sup>(c)(d)</sup> – 0.1% | Building Materials<sup>(c)(d)</sup> – 0.1% | Building Materials<sup>(c)(d)</sup> – 0.1% |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 610000 | 6.500 | 08/15/32 | 610256 |
| Chemicals<sup>(c)</sup> – 0.8% | Chemicals<sup>(c)</sup> – 0.8% | Chemicals<sup>(c)</sup> – 0.8% | Chemicals<sup>(c)</sup> – 0.8% |
| Chemours Co. | Chemours Co. | Chemours Co. | Chemours Co. |
| 285000 | 5.375 | 05/15/27 | 277972 |
| 450000 | 5.750 <sup>(d)</sup> | 11/15/28 | 415953 |
| 415000 | 8.000 <sup>(d)</sup> | 01/15/33 | 387871 |
| Ingevity Corp. <sup>(d)</sup> | Ingevity Corp. <sup>(d)</sup> | Ingevity Corp. <sup>(d)</sup> | Ingevity Corp. <sup>(d)</sup> |
| 1461000 | 3.875 | 11/01/28 | 1363990 |
| Methanex U.S. Operations, Inc. <sup>(d)</sup> | Methanex U.S. Operations, Inc. <sup>(d)</sup> | Methanex U.S. Operations, Inc. <sup>(d)</sup> | Methanex U.S. Operations, Inc. <sup>(d)</sup> |
| 630000 | 6.250 | 03/15/32 | 613885 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 1800000 | 6.750 <sup>(d)</sup> | 05/02/34 | 1847250 |
| 420000 | 7.500 | 05/02/54 | 429975 |
| Olympus Water U.S. Holding Corp. <sup>(d)</sup> | Olympus Water U.S. Holding Corp. <sup>(d)</sup> | Olympus Water U.S. Holding Corp. <sup>(d)</sup> | Olympus Water U.S. Holding Corp. <sup>(d)</sup> |
| 895000 | 7.250 | 06/15/31 | 880716 |
| WR Grace Holdings LLC <sup>(d)</sup> | WR Grace Holdings LLC <sup>(d)</sup> | WR Grace Holdings LLC <sup>(d)</sup> | WR Grace Holdings LLC <sup>(d)</sup> |
| 1315000 | 5.625 | 08/15/29 | 1131636 |
|  |  |  | 7349248 |
| Commercial Services<sup>(c)</sup> – 0.6% | Commercial Services<sup>(c)</sup> – 0.6% | Commercial Services<sup>(c)</sup> – 0.6% | Commercial Services<sup>(c)</sup> – 0.6% |
| ADT Security Corp. <sup>(d)</sup> | ADT Security Corp. <sup>(d)</sup> | ADT Security Corp. <sup>(d)</sup> | ADT Security Corp. <sup>(d)</sup> |
| 1525000 | 4.125 | 08/01/29 | 1431213 |
| Belron U.K. Finance PLC <sup>(d)</sup> | Belron U.K. Finance PLC <sup>(d)</sup> | Belron U.K. Finance PLC <sup>(d)</sup> | Belron U.K. Finance PLC <sup>(d)</sup> |
| 470000 | 5.750 | 10/15/29 | 466748 |
| Garda World Security Corp. <sup>(d)</sup> | Garda World Security Corp. <sup>(d)</sup> | Garda World Security Corp. <sup>(d)</sup> | Garda World Security Corp. <sup>(d)</sup> |
| 360000 | 8.375 | 11/15/32 | 354632 |
| Herc Holdings, Inc. <sup>(d)</sup> | Herc Holdings, Inc. <sup>(d)</sup> | Herc Holdings, Inc. <sup>(d)</sup> | Herc Holdings, Inc. <sup>(d)</sup> |
| 884000 | 5.500 | 07/15/27 | 880826 |
| TriNet Group, Inc. <sup>(d)</sup> | TriNet Group, Inc. <sup>(d)</sup> | TriNet Group, Inc. <sup>(d)</sup> | TriNet Group, Inc. <sup>(d)</sup> |
| 525000 | 3.500 | 03/01/29 | 476065 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 424000 | 3.875 | 02/15/31 | 384687 |
| VT Topco, Inc. <sup>(d)</sup> | VT Topco, Inc. <sup>(d)</sup> | VT Topco, Inc. <sup>(d)</sup> | VT Topco, Inc. <sup>(d)</sup> |
| 1114000 | 8.500 | 08/15/30 | 1168040 |
|  |  |  | 5162211 |
| Computers<sup>(c)</sup> – 0.3% | Computers<sup>(c)</sup> – 0.3% | Computers<sup>(c)</sup> – 0.3% | Computers<sup>(c)</sup> – 0.3% |
| KBR, Inc. <sup>(d)</sup> | KBR, Inc. <sup>(d)</sup> | KBR, Inc. <sup>(d)</sup> | KBR, Inc. <sup>(d)</sup> |
| 498000 | 4.750 | 09/30/28 | 473767 |
| McAfee Corp. <sup>(d)</sup> | McAfee Corp. <sup>(d)</sup> | McAfee Corp. <sup>(d)</sup> | McAfee Corp. <sup>(d)</sup> |
| 1575000 | 7.375 | 02/15/30 | 1395513 |
| Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
| 430000 | 8.250 | 12/15/29 | 457619 |
|  |  |  | 2326899 |
| Diversified Financial Services<sup>(c)</sup> – 2.0% | Diversified Financial Services<sup>(c)</sup> – 2.0% | Diversified Financial Services<sup>(c)</sup> – 2.0% | Diversified Financial Services<sup>(c)</sup> – 2.0% |
| AG Issuer LLC <sup>(d)</sup> | AG Issuer LLC <sup>(d)</sup> | AG Issuer LLC <sup>(d)</sup> | AG Issuer LLC <sup>(d)</sup> |
| 1193000 | 6.250 | 03/01/28 | 1173471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services<sup>(c)</sup> – (continued) | Diversified Financial Services<sup>(c)</sup> – (continued) | Diversified Financial Services<sup>(c)</sup> – (continued) | Diversified Financial Services<sup>(c)</sup> – (continued) |
| American Express Co. <sup>(b)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(b)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(b)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(b)</sup> (5 yr. CMT + 2.854%) |
| $2635000 | 3.550% | 09/15/26 | $2550706 |
| Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(b)</sup> (5 yr. CMT + 4.971%) |
| 4030000 | 5.375 | 06/01/25 | 4021698 |
| Focus Financial Partners LLC <sup>(d)</sup> | Focus Financial Partners LLC <sup>(d)</sup> | Focus Financial Partners LLC <sup>(d)</sup> | Focus Financial Partners LLC <sup>(d)</sup> |
| 1100000 | 6.750 | 09/15/31 | 1084622 |
| Freedom Mortgage Holdings LLC <sup>(d)</sup> | Freedom Mortgage Holdings LLC <sup>(d)</sup> | Freedom Mortgage Holdings LLC <sup>(d)</sup> | Freedom Mortgage Holdings LLC <sup>(d)</sup> |
| 1395000 | 9.250 | 02/01/29 | 1416106 |
| Jane Street Group/JSG Finance, Inc. <sup>(d)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(d)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(d)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(d)</sup> |
| 905000 | 6.125 | 11/01/32 | 890982 |
| Midcap Financial Issuer Trust <sup>(d)</sup> | Midcap Financial Issuer Trust <sup>(d)</sup> | Midcap Financial Issuer Trust <sup>(d)</sup> | Midcap Financial Issuer Trust <sup>(d)</sup> |
| 1176000 | 6.500 | 05/01/28 | 1128901 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 615000 | 5.500 | 03/15/29 | 582018 |
| 860000 | 9.375 | 07/25/30 | 916665 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 645000 | 3.875 | 09/15/28 | 597896 |
| 1055000 | 4.000 | 09/15/30 | 931132 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(d)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(d)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(d)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(d)</sup> |
| 1490000 | 2.875 | 10/15/26 | 1430370 |
| StoneX Group, Inc. <sup>(d)</sup> | StoneX Group, Inc. <sup>(d)</sup> | StoneX Group, Inc. <sup>(d)</sup> | StoneX Group, Inc. <sup>(d)</sup> |
| 685000 | 7.875 | 03/01/31 | 716202 |
|  |  |  | 17440769 |
| Electrical<sup>(c)(d)</sup> – 0.6% | Electrical<sup>(c)(d)</sup> – 0.6% | Electrical<sup>(c)(d)</sup> – 0.6% | Electrical<sup>(c)(d)</sup> – 0.6% |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |
| 960000 | 6.375 | 02/15/32 | 929453 |
| Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 733000 | 4.625 | 02/01/29 | 703350 |
| Lightning Power LLC | Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
| 720000 | 7.250 | 08/15/32 | 742118 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 535000 | 3.375 | 02/15/29 | 491617 |
| Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| 1226000 | 5.500 | 09/01/28 | 1186682 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 1015000 | 4.375 | 05/01/29 | 963946 |
|  |  |  | 5017166 |
| Electronics<sup>(c)(d)</sup> – 0.3% | Electronics<sup>(c)(d)</sup> – 0.3% | Electronics<sup>(c)(d)</sup> – 0.3% | Electronics<sup>(c)(d)</sup> – 0.3% |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 495000 | 4.750 | 05/15/29 | 470146 |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| 515000 | 4.000 | 04/15/29 | 473203 |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| 1059000 | 4.375 | 02/15/30 | 979077 |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |
| 1040000 | 4.000 | 03/01/29 | 957809 |
|  |  |  | 2880235 |
| Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0% | Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0% | Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0% | Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0% |
| Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV |
| 176000 | 3.850 | 03/29/26 | 170500 |
| Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. |
| 167000 | 4.300 | 12/13/28 | 153974 |
|  |  |  | 324474 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Engineering & Construction<sup>(c)</sup> – 0.2% | Engineering & Construction<sup>(c)</sup> – 0.2% | Engineering & Construction<sup>(c)</sup> – 0.2% | Engineering & Construction<sup>(c)</sup> – 0.2% |
| Dycom Industries, Inc. <sup>(d)</sup> | Dycom Industries, Inc. <sup>(d)</sup> | Dycom Industries, Inc. <sup>(d)</sup> | Dycom Industries, Inc. <sup>(d)</sup> |
| $505000 | 4.500% | 04/15/29 | $472039 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 320000 | 4.250 <sup>(d)</sup> | 10/31/26 | 314368 |
| 1726000 | 5.500 | 07/31/47 | 1418565 |
|  |  |  | 2204972 |
| Entertainment<sup>(c)(d)</sup> – 0.4% | Entertainment<sup>(c)(d)</sup> – 0.4% | Entertainment<sup>(c)(d)</sup> – 0.4% | Entertainment<sup>(c)(d)</sup> – 0.4% |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 670000 | 6.000 | 10/15/32 | 625713 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 510000 | 7.000 | 08/01/32 | 515085 |
| Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
| 310000 | 7.375 | 02/15/31 | 293920 |
| Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
| 567000 | 6.625 | 11/15/27 | 541672 |
| WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
| 1855000 | 3.750 | 12/01/29 | 1729380 |
|  |  |  | 3705770 |
| Environmental<sup>(c)(d)</sup> – 0.5% | Environmental<sup>(c)(d)</sup> – 0.5% | Environmental<sup>(c)(d)</sup> – 0.5% | Environmental<sup>(c)(d)</sup> – 0.5% |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 2300000 | 3.500 | 09/01/28 | 2177663 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 654000 | 5.875 | 06/30/29 | 617801 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 2015000 | 7.000 | 02/01/33 | 2028158 |
|  |  |  | 4823622 |
| Food & Drug Retailing<sup>(c)</sup> – 1.1% | Food & Drug Retailing<sup>(c)</sup> – 1.1% | Food & Drug Retailing<sup>(c)</sup> – 1.1% | Food & Drug Retailing<sup>(c)</sup> – 1.1% |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 2205000 | 6.200 | 11/15/33 | 2347465 |
| Lamb Weston Holdings, Inc. <sup>(d)</sup> | Lamb Weston Holdings, Inc. <sup>(d)</sup> | Lamb Weston Holdings, Inc. <sup>(d)</sup> | Lamb Weston Holdings, Inc. <sup>(d)</sup> |
| 1540000 | 4.125 | 01/31/30 | 1434987 |
| Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> |
| 1900000 | 5.000 | 03/01/32 | 1908569 |
| 2625000 | 5.200 | 03/01/35 | 2638230 |
| Performance Food Group, Inc. <sup>(d)</sup> | Performance Food Group, Inc. <sup>(d)</sup> | Performance Food Group, Inc. <sup>(d)</sup> | Performance Food Group, Inc. <sup>(d)</sup> |
| 701000 | 5.500 | 10/15/27 | 694530 |
| United Natural Foods, Inc. <sup>(d)</sup> | United Natural Foods, Inc. <sup>(d)</sup> | United Natural Foods, Inc. <sup>(d)</sup> | United Natural Foods, Inc. <sup>(d)</sup> |
| 1060000 | 6.750 | 10/15/28 | 1047248 |
|  |  |  | 10071029 |
| Healthcare Providers & Services<sup>(c)</sup> – 0.6% | Healthcare Providers & Services<sup>(c)</sup> – 0.6% | Healthcare Providers & Services<sup>(c)</sup> – 0.6% | Healthcare Providers & Services<sup>(c)</sup> – 0.6% |
| Charles River Laboratories International, Inc. <sup>(d)</sup> | Charles River Laboratories International, Inc. <sup>(d)</sup> | Charles River Laboratories International, Inc. <sup>(d)</sup> | Charles River Laboratories International, Inc. <sup>(d)</sup> |
| 1035000 | 3.750 | 03/15/29 | 952852 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 451000 | 4.500 | 02/01/28 | 437921 |
| LifePoint Health, Inc. <sup>(d)</sup> | LifePoint Health, Inc. <sup>(d)</sup> | LifePoint Health, Inc. <sup>(d)</sup> | LifePoint Health, Inc. <sup>(d)</sup> |
| 1485000 | 5.375 | 01/15/29 | 1303518 |
| Medline Borrower LP <sup>(d)</sup> | Medline Borrower LP <sup>(d)</sup> | Medline Borrower LP <sup>(d)</sup> | Medline Borrower LP <sup>(d)</sup> |
| 1257000 | 5.250 | 10/01/29 | 1206330 |
| Prime Healthcare Services, Inc. <sup>(d)</sup> | Prime Healthcare Services, Inc. <sup>(d)</sup> | Prime Healthcare Services, Inc. <sup>(d)</sup> | Prime Healthcare Services, Inc. <sup>(d)</sup> |
| 790000 | 9.375 | 09/01/29 | 748004 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 591000 | 6.125 | 10/01/28 | 588193 |
|  |  |  | 5236818 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Holding Companies-Diversified<sup>(c)(d)</sup> – 0.1% | Holding Companies-Diversified<sup>(c)(d)</sup> – 0.1% | Holding Companies-Diversified<sup>(c)(d)</sup> – 0.1% | Holding Companies-Diversified<sup>(c)(d)</sup> – 0.1% |
| Benteler International AG | Benteler International AG | Benteler International AG | Benteler International AG |
| $790000 | 10.500% | 05/15/28 | $828915 |
| Housewares<sup>(c)</sup> – 0.1% | Housewares<sup>(c)</sup> – 0.1% | Housewares<sup>(c)</sup> – 0.1% | Housewares<sup>(c)</sup> – 0.1% |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 235000 | 6.375 | 05/15/30 | 229050 |
| 370000 | 6.625 | 05/15/32 | 360354 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589404 |
| Insurance<sup>(c)(d)</sup> – 0.8% | Insurance<sup>(c)(d)</sup> – 0.8% | Insurance<sup>(c)(d)</sup> – 0.8% | Insurance<sup>(c)(d)</sup> – 0.8% |
| Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| 835000 | 8.250 | 02/01/29 | 857637 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| 510000 | 6.750 | 10/15/27 | 508424 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC |
| 1590000 | 7.875 | 11/01/29 | 1566690 |
| Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. |
| 2093000 | 8.875 | 02/15/32 | 2135195 |
| BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
| 1244000 | 5.875 | 04/15/29 | 1192648 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| 585000 | 7.375 | 01/31/32 | 595811 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| 320000 | 7.500 | 01/15/32 | 327136 |
|  |  |  | 7183541 |
| Internet<sup>(c)(d)</sup> – 0.4% | Internet<sup>(c)(d)</sup> – 0.4% | Internet<sup>(c)(d)</sup> – 0.4% | Internet<sup>(c)(d)</sup> – 0.4% |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 780000 | 6.250 | 04/01/33 | 777559 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 520000 | 3.500 | 03/01/29 | 481754 |
| ION Trading Technologies SARL | ION Trading Technologies SARL | ION Trading Technologies SARL | ION Trading Technologies SARL |
| 863000 | 9.500 | 05/30/29 | 868782 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 984000 | 4.625 | 06/01/28 | 944315 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 490000 | 6.875 | 03/01/33 | 490157 |
|  |  |  | 3562567 |
| Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% |
| Cleveland-Cliffs, Inc. <sup>(d)</sup> | Cleveland-Cliffs, Inc. <sup>(d)</sup> | Cleveland-Cliffs, Inc. <sup>(d)</sup> | Cleveland-Cliffs, Inc. <sup>(d)</sup> |
| 610000 | 6.875 | 11/01/29 | 597367 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 1320000 | 6.400 | 06/28/54 | 1300860 |
|  |  |  | 1898227 |
| Leisure Time<sup>(c)(d)</sup> – 0.1% | Leisure Time<sup>(c)(d)</sup> – 0.1% | Leisure Time<sup>(c)(d)</sup> – 0.1% | Leisure Time<sup>(c)(d)</sup> – 0.1% |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 895000 | 5.625 | 09/30/31 | 879230 |
| 355000 | 6.250 | 03/15/32 | 358369 |
|  |  |  | 1237599 |
| Lodging<sup>(c)</sup> – 0.7% | Lodging<sup>(c)</sup> – 0.7% | Lodging<sup>(c)</sup> – 0.7% | Lodging<sup>(c)</sup> – 0.7% |
| Genting New York LLC/GENNY Capital, Inc. <sup>(d)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(d)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(d)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(d)</sup> |
| 2190000 | 7.250 | 10/01/29 | 2235005 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 1174000 | 4.875 | 01/15/30 | 1135152 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Lodging<sup>(c)</sup> – (continued) | Lodging<sup>(c)</sup> – (continued) | Lodging<sup>(c)</sup> – (continued) | Lodging<sup>(c)</sup> – (continued) |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(d)</sup> |
| 1263000 | 5.000% | 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180753 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 1005000 | 4.750 | 10/15/28 | 967946 |
| Travel & Leisure Co. <sup>(d)</sup> | Travel & Leisure Co. <sup>(d)</sup> | Travel & Leisure Co. <sup>(d)</sup> | Travel & Leisure Co. <sup>(d)</sup> |
| 525000 | 4.500 | 12/01/29 | 490723 |
|  |  |  | 6009579 |
| Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1% | Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1% | Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1% | Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.1% |
| Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
| 520000 | 6.250 | 10/15/32 | 505055 |
| Machinery-Diversified<sup>(c)(d)</sup> – 0.2% | Machinery-Diversified<sup>(c)(d)</sup> – 0.2% | Machinery-Diversified<sup>(c)(d)</sup> – 0.2% | Machinery-Diversified<sup>(c)(d)</sup> – 0.2% |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |
| 585000 | 9.000 | 02/15/29 | 586193 |
| TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
| 1185000 | 7.625 | 07/15/28 | 1186778 |
|  |  |  | 1772971 |
| Media<sup>(c)(d)</sup> – 0.6% | Media<sup>(c)(d)</sup> – 0.6% | Media<sup>(c)(d)</sup> – 0.6% | Media<sup>(c)(d)</sup> – 0.6% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| 610000 | 6.375 | 09/01/29 | 608383 |
| 934000 | 4.250 | 02/01/31 | 827505 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
| 505000 | 5.875 | 08/15/27 | 489547 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 177332 | 10.875 | 05/01/30 | 88184 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 1830000 | 3.875 | 05/15/29 | 1726276 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 549000 | 5.625 | 07/15/27 | 541237 |
| Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| 1525000 | 4.000 | 07/15/28 | 1421407 |
|  |  |  | 5702539 |
| Miscellaneous Manufacturing<sup>(c)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(c)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(c)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(c)</sup> – 0.1% |
| Axon Enterprise, Inc. <sup>(d)</sup> | Axon Enterprise, Inc. <sup>(d)</sup> | Axon Enterprise, Inc. <sup>(d)</sup> | Axon Enterprise, Inc. <sup>(d)</sup> |
| 255000 | 6.125 | 03/15/30 | 257608 |
| 260000 | 6.250 | 03/15/33 | 263224 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 436000 | 6.250 | 02/15/29 | 437500 |
|  |  |  | 958332 |
| Oil Field Services – 1.7% | Oil Field Services – 1.7% | Oil Field Services – 1.7% | Oil Field Services – 1.7% |
| Aethon United BR LP/Aethon United Finance Corp. <sup>(c)(d)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(c)(d)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(c)(d)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(c)(d)</sup> |
| 478000 | 7.500 | 10/01/29 | 486379 |
| Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(c)(d)</sup> |
| 620000 | 6.625 | 09/01/32 | 622524 |
| Civitas Resources, Inc. <sup>(c)(d)</sup> | Civitas Resources, Inc. <sup>(c)(d)</sup> | Civitas Resources, Inc. <sup>(c)(d)</sup> | Civitas Resources, Inc. <sup>(c)(d)</sup> |
| 435000 | 8.375 | 07/01/28 | 449377 |
| Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> |
| 120000 | 8.625 | 01/19/29 | 127440 |
| 1890000 | 6.875 | 04/29/30 | 1868832 |
| 1215000 | 7.750 | 02/01/32 | 1189485 |
| 140000 | 8.875 | 01/13/33 | 144165 |
| Kodiak Gas Services LLC <sup>(c)(d)</sup> | Kodiak Gas Services LLC <sup>(c)(d)</sup> | Kodiak Gas Services LLC <sup>(c)(d)</sup> | Kodiak Gas Services LLC <sup>(c)(d)</sup> |
| 240000 | 7.250 | 02/15/29 | 244898 |

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| **The accompanying notes are an integral part of these financial statements.** | **59** |

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GOLDMAN SACHS DYNAMIC BOND FUND

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Schedule of Investments (continued) *March 31, 2025*

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Matador Resources Co. <sup>(c)(d)</sup> | Matador Resources Co. <sup>(c)(d)</sup> | Matador Resources Co. <sup>(c)(d)</sup> | Matador Resources Co. <sup>(c)(d)</sup> |
| $696000 | 6.250% | 04/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680083 |
| Murphy Oil Corp. <sup>(c)</sup> | Murphy Oil Corp. <sup>(c)</sup> | Murphy Oil Corp. <sup>(c)</sup> | Murphy Oil Corp. <sup>(c)</sup> |
| 712000 | 6.000 | 10/01/32 | 684253 |
| Nabors Industries, Inc. <sup>(c)(d)</sup> | Nabors Industries, Inc. <sup>(c)(d)</sup> | Nabors Industries, Inc. <sup>(c)(d)</sup> | Nabors Industries, Inc. <sup>(c)(d)</sup> |
| 660000 | 9.125 | 01/31/30 | 660337 |
| Noble Finance II LLC <sup>(c)(d)</sup> | Noble Finance II LLC <sup>(c)(d)</sup> | Noble Finance II LLC <sup>(c)(d)</sup> | Noble Finance II LLC <sup>(c)(d)</sup> |
| 800000 | 8.000 | 04/15/30 | 799376 |
| Petrobras Global Finance BV <sup>(c)</sup> | Petrobras Global Finance BV <sup>(c)</sup> | Petrobras Global Finance BV <sup>(c)</sup> | Petrobras Global Finance BV <sup>(c)</sup> |
| 250000 | 6.000 | 01/13/35 | 238125 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 110000 | 6.500 | 01/23/29 | 103362 |
| 1050000 | 8.750 <sup>(c)</sup> | 06/02/29 | 1044645 |
| 410000 | 6.840 <sup>(c)</sup> | 01/23/30 | 373879 |
| Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> |
| 530000 | 4.950 | 01/03/31 | 531071 |
| 520000 | 5.340 | 04/03/35 | 523546 |
| Raizen Fuels Finance SA <sup>(c)</sup> | Raizen Fuels Finance SA <sup>(c)</sup> | Raizen Fuels Finance SA <sup>(c)</sup> | Raizen Fuels Finance SA <sup>(c)</sup> |
| 210000 | 5.700 | 01/17/35 | 198881 |
| 440000 | 6.700 <sup>(d)</sup> | 02/25/37 | 439362 |
| 210000 | 6.950 <sup>(d)</sup> | 03/05/54 | 204777 |
| 200000 | 6.950 | 03/05/54 | 195026 |
| SM Energy Co. <sup>(c)(d)</sup> | SM Energy Co. <sup>(c)(d)</sup> | SM Energy Co. <sup>(c)(d)</sup> | SM Energy Co. <sup>(c)(d)</sup> |
| 330000 | 6.750 | 08/01/29 | 325416 |
| 530000 | 7.000 | 08/01/32 | 521631 |
| Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> |
| 895000 | 7.000 <sup>(d)</sup> | 09/15/28 | 915558 |
| 495000 | 4.500 | 05/15/29 | 468790 |
| Transocean, Inc. <sup>(c)(d)</sup> | Transocean, Inc. <sup>(c)(d)</sup> | Transocean, Inc. <sup>(c)(d)</sup> | Transocean, Inc. <sup>(c)(d)</sup> |
| 295000 | 8.250 | 05/15/29 | 288073 |
| 300000 | 8.500 | 05/15/31 | 291738 |
| USA Compression Partners LP/USA Compression Finance Corp. <sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(c)(d)</sup> |
| 880000 | 7.125 | 03/15/29 | 895127 |
|  |  |  | 15516156 |
| Packaging<sup>(c)</sup> – 0.5% | Packaging<sup>(c)</sup> – 0.5% | Packaging<sup>(c)</sup> – 0.5% | Packaging<sup>(c)</sup> – 0.5% |
| ARD Finance SA <sup>(g)</sup> | ARD Finance SA <sup>(g)</sup> | ARD Finance SA <sup>(g)</sup> | ARD Finance SA <sup>(g)</sup> |
| (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) |
| 242954 | 5.000 | 06/30/27 | 10219 |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| $2402643 | 6.500 <sup>(d)</sup> | 06/30/27 | 151390 |
| Berry Global, Inc. <sup>(d)</sup> | Berry Global, Inc. <sup>(d)</sup> | Berry Global, Inc. <sup>(d)</sup> | Berry Global, Inc. <sup>(d)</sup> |
| 364000 | 4.500 | 02/15/26 | 361823 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 2058000 | 5.250 | 04/01/30 | 2005089 |
| LABL, Inc. <sup>(d)</sup> | LABL, Inc. <sup>(d)</sup> | LABL, Inc. <sup>(d)</sup> | LABL, Inc. <sup>(d)</sup> |
| 171000 | 10.500 | 07/15/27 | 152474 |
| Sealed Air Corp./Sealed Air Corp. U.S. <sup>(d)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(d)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(d)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(d)</sup> |
| 1375000 | 6.125 | 02/01/28 | 1375385 |
| Trivium Packaging Finance BV <sup>(d)</sup> | Trivium Packaging Finance BV <sup>(d)</sup> | Trivium Packaging Finance BV <sup>(d)</sup> | Trivium Packaging Finance BV <sup>(d)</sup> |
| 276000 | 5.500 | 08/15/26 | 271860 |
| 353000 | 8.500 | 08/15/27 | 351546 |
|  |  |  | 4679786 |
| Pharmaceuticals<sup>(c)(d)</sup> – 0.2% | Pharmaceuticals<sup>(c)(d)</sup> – 0.2% | Pharmaceuticals<sup>(c)(d)</sup> – 0.2% | Pharmaceuticals<sup>(c)(d)</sup> – 0.2% |
| Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
| 990000 | 4.375 | 01/15/29 | 940916 |

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|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pharmaceuticals<sup>(c)(d)</sup> – (continued) | Pharmaceuticals<sup>(c)(d)</sup> – (continued) | Pharmaceuticals<sup>(c)(d)</sup> – (continued) | Pharmaceuticals<sup>(c)(d)</sup> – (continued) |
| Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
| 985000 | 4.125% | 04/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920610 |
|  |  |  | 1861526 |
| Pipelines – 1.2% | Pipelines – 1.2% | Pipelines – 1.2% | Pipelines – 1.2% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. (c)(d) | Antero Midstream Partners LP/Antero Midstream Finance Corp. (c)(d) | Antero Midstream Partners LP/Antero Midstream Finance Corp. (c)(d) | Antero Midstream Partners LP/Antero Midstream Finance Corp. (c)(d) |
| 480000 | 5.375 | 06/15/29 | 469594 |
| Buckeye Partners LP <sup>(c)</sup> | Buckeye Partners LP <sup>(c)</sup> | Buckeye Partners LP <sup>(c)</sup> | Buckeye Partners LP <sup>(c)</sup> |
| 734000 | 3.950 | 12/01/26 | 714659 |
| 1070000 | 6.875 <sup>(d)</sup> | 07/01/29 | 1087484 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(c)(d)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(c)(d)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(c)(d)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(c)(d)</sup> |
| 1241000 | 5.500 | 06/15/31 | 1189920 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(c)(d)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(c)(d)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(c)(d)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(c)(d)</sup> |
| 725000 | 8.625 | 03/15/29 | 750781 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 240000 | 2.625 <sup>(d)</sup> | 03/31/36 | 202056 |
| 1731151 | 2.940 | 09/30/40 | 1414835 |
| Genesis Energy LP/Genesis Energy Finance Corp. <sup>(c)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(c)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(c)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(c)</sup> |
| 910000 | 7.875 | 05/15/32 | 916452 |
| Prairie Acquiror LP <sup>(c)(d)</sup> | Prairie Acquiror LP <sup>(c)(d)</sup> | Prairie Acquiror LP <sup>(c)(d)</sup> | Prairie Acquiror LP <sup>(c)(d)</sup> |
| 535000 | 9.000 | 08/01/29 | 544769 |
| Summit Midstream Holdings LLC <sup>(c)(d)</sup> | Summit Midstream Holdings LLC <sup>(c)(d)</sup> | Summit Midstream Holdings LLC <sup>(c)(d)</sup> | Summit Midstream Holdings LLC <sup>(c)(d)</sup> |
| 1490000 | 8.625 | 10/31/29 | 1522601 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (c)(d) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (c)(d) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (c)(d) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (c)(d) |
| 710000 | 7.375 | 02/15/29 | 712854 |
| Venture Global LNG, Inc. <sup>(c)(d)</sup> | Venture Global LNG, Inc. <sup>(c)(d)</sup> | Venture Global LNG, Inc. <sup>(c)(d)</sup> | Venture Global LNG, Inc. <sup>(c)(d)</sup> |
| 1310000 | 9.500 | 02/01/29 | 1404634 |
|  |  |  | 10930639 |
| Real Estate Investment Trust<sup>(c)</sup> – 0.1% | Real Estate Investment Trust<sup>(c)</sup> – 0.1% | Real Estate Investment Trust<sup>(c)</sup> – 0.1% | Real Estate Investment Trust<sup>(c)</sup> – 0.1% |
| Iron Mountain, Inc. <sup>(d)</sup> | Iron Mountain, Inc. <sup>(d)</sup> | Iron Mountain, Inc. <sup>(d)</sup> | Iron Mountain, Inc. <sup>(d)</sup> |
| 460000 | 7.000 | 02/15/29 | 470557 |
| MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
| 903000 | 4.625 | 08/01/29 | 691147 |
|  |  |  | 1161704 |
| Retailing<sup>(c)</sup> – 0.5% | Retailing<sup>(c)</sup> – 0.5% | Retailing<sup>(c)</sup> – 0.5% | Retailing<sup>(c)</sup> – 0.5% |
| Asbury Automotive Group, Inc. <sup>(d)</sup> | Asbury Automotive Group, Inc. <sup>(d)</sup> | Asbury Automotive Group, Inc. <sup>(d)</sup> | Asbury Automotive Group, Inc. <sup>(d)</sup> |
| 510000 | 4.625 | 11/15/29 | 477748 |
| Cougar JV Subsidiary LLC <sup>(d)</sup> | Cougar JV Subsidiary LLC <sup>(d)</sup> | Cougar JV Subsidiary LLC <sup>(d)</sup> | Cougar JV Subsidiary LLC <sup>(d)</sup> |
| 1114000 | 8.000 | 05/15/32 | 1150305 |
| Group 1 Automotive, Inc. <sup>(d)</sup> | Group 1 Automotive, Inc. <sup>(d)</sup> | Group 1 Automotive, Inc. <sup>(d)</sup> | Group 1 Automotive, Inc. <sup>(d)</sup> |
| 219000 | 4.000 | 08/15/28 | 206015 |
| LCM Investments Holdings II LLC <sup>(d)</sup> | LCM Investments Holdings II LLC <sup>(d)</sup> | LCM Investments Holdings II LLC <sup>(d)</sup> | LCM Investments Holdings II LLC <sup>(d)</sup> |
| 1273000 | 4.875 | 05/01/29 | 1193896 |
| Lithia Motors, Inc. <sup>(d)</sup> | Lithia Motors, Inc. <sup>(d)</sup> | Lithia Motors, Inc. <sup>(d)</sup> | Lithia Motors, Inc. <sup>(d)</sup> |
| 520000 | 3.875 | 06/01/29 | 477090 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 662000 | 3.500 | 09/01/25 | 657690 |
| Sonic Automotive, Inc. <sup>(d)</sup> | Sonic Automotive, Inc. <sup>(d)</sup> | Sonic Automotive, Inc. <sup>(d)</sup> | Sonic Automotive, Inc. <sup>(d)</sup> |
| 525000 | 4.625 | 11/15/29 | 482816 |
|  |  |  | 4645560 |
| Semiconductors<sup>(c)(d)</sup> – 0.1% | Semiconductors<sup>(c)(d)</sup> – 0.1% | Semiconductors<sup>(c)(d)</sup> – 0.1% | Semiconductors<sup>(c)(d)</sup> – 0.1% |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| 470000 | 5.950 | 06/15/30 | 467697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software<sup>(c)</sup> – 0.4% | Software<sup>(c)</sup> – 0.4% | Software<sup>(c)</sup> – 0.4% | Software<sup>(c)</sup> – 0.4% |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| $740000 | 5.500% | 12/01/34 | $739556 |
| Camelot Finance SA <sup>(d)</sup> | Camelot Finance SA <sup>(d)</sup> | Camelot Finance SA <sup>(d)</sup> | Camelot Finance SA <sup>(d)</sup> |
| 107000 | 4.500 | 11/01/26 | 105094 |
| Castle U.S. Holding Corp. <sup>(d)</sup> | Castle U.S. Holding Corp. <sup>(d)</sup> | Castle U.S. Holding Corp. <sup>(d)</sup> | Castle U.S. Holding Corp. <sup>(d)</sup> |
| 574000 | 9.500 | 02/15/28 | 254913 |
| Clarivate Science Holdings Corp. <sup>(d)</sup> | Clarivate Science Holdings Corp. <sup>(d)</sup> | Clarivate Science Holdings Corp. <sup>(d)</sup> | Clarivate Science Holdings Corp. <sup>(d)</sup> |
| 510000 | 3.875 | 07/01/28 | 473005 |
| Open Text Corp. <sup>(d)</sup> | Open Text Corp. <sup>(d)</sup> | Open Text Corp. <sup>(d)</sup> | Open Text Corp. <sup>(d)</sup> |
| 1585000 | 3.875 | 12/01/29 | 1443840 |
| Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
| 525000 | 3.625 | 03/15/29 | 487253 |
|  |  |  | 3503661 |
| Telecommunication Services – 0.1% | Telecommunication Services – 0.1% | Telecommunication Services – 0.1% | Telecommunication Services – 0.1% |
| Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. |
| 650000 | 6.625 | 08/01/26 | 535646 |
| Transportation<sup>(c)(d)</sup> – 0.1% | Transportation<sup>(c)(d)</sup> – 0.1% | Transportation<sup>(c)(d)</sup> – 0.1% | Transportation<sup>(c)(d)</sup> – 0.1% |
| Rand Parent LLC | Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
| 725000 | 8.500 | 02/15/30 | 716981 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $190,275,473)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $190,275,473)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $190,275,473)** | $&nbsp;&nbsp;&nbsp;&nbsp;189268920 |
| Asset-Backed Securities – 17.9% | Asset-Backed Securities – 17.9% | Asset-Backed Securities – 17.9% | Asset-Backed Securities – 17.9% |
| Automotive<sup>(c)</sup> – 1.2% | Automotive<sup>(c)</sup> – 1.2% | Automotive<sup>(c)</sup> – 1.2% | Automotive<sup>(c)</sup> – 1.2% |
| Citizens Auto Receivables Trust Series 2024-1, Class A2A<sup>(d)</sup> | Citizens Auto Receivables Trust Series 2024-1, Class A2A<sup>(d)</sup> | Citizens Auto Receivables Trust Series 2024-1, Class A2A<sup>(d)</sup> | Citizens Auto Receivables Trust Series 2024-1, Class A2A<sup>(d)</sup> |
| $839380 | 5.430% | 10/15/26 | $840484 |
| Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 |
| 244269 | 5.630 | 10/15/26 | 244351 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 1075000 | 4.700 | 09/15/27 | 1074598 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 500000 | 4.670 | 08/15/28 | 500123 |
| GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> |
| 1550000 | 4.980 | 12/11/36 | 1574546 |
| Santander Drive Auto Receivables Trust Series 2023-6, Class A2 | Santander Drive Auto Receivables Trust Series 2023-6, Class A2 | Santander Drive Auto Receivables Trust Series 2023-6, Class A2 | Santander Drive Auto Receivables Trust Series 2023-6, Class A2 |
| 202517 | 6.080 | 05/17/27 | 202761 |
| Santander Drive Auto Receivables Trust Series 2024-1, Class A2 | Santander Drive Auto Receivables Trust Series 2024-1, Class A2 | Santander Drive Auto Receivables Trust Series 2024-1, Class A2 | Santander Drive Auto Receivables Trust Series 2024-1, Class A2 |
| 152368 | 5.710 | 02/16/27 | 152487 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 800000 | 4.760 | 08/16/27 | 800005 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 1800000 | 4.740 | 01/16/29 | 1805936 |
| SBNA Auto Receivables Trust Series 2024-A, Class A2<sup>(d)</sup> | SBNA Auto Receivables Trust Series 2024-A, Class A2<sup>(d)</sup> | SBNA Auto Receivables Trust Series 2024-A, Class A2<sup>(d)</sup> | SBNA Auto Receivables Trust Series 2024-A, Class A2<sup>(d)</sup> |
| 197656 | 5.700 | 03/15/27 | 197729 |
| Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> |
| 800000 | 5.300 | 06/21/27 | 804015 |
| Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 |
| 2650000 | 4.710 | 02/15/28 | 2653279 |
|  |  |  | 10850314 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – 12.3% | Collateralized Loan Obligations – 12.3% | Collateralized Loan Obligations – 12.3% | Collateralized Loan Obligations – 12.3% |
| 1988 CLO 3 Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) |
| $2500000 | 6.302% | 10/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;2510485 |
| 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) |
| 2100000 | 6.902 | 04/15/37 | 2109087 |
| 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 2700000 | 8.552 | 04/15/37 | 2729908 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) |
| 1900000 | 7.602 | 07/15/37 | 1900988 |
| 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 4.900%) |
| 2100000 | 0.000 | 04/15/38 | 2091197 |
| 37 Capital CLO III Ltd. Series 2023-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 9.030%) | 37 Capital CLO III Ltd. Series 2023-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 9.030%) | 37 Capital CLO III Ltd. Series 2023-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 9.030%) | 37 Capital CLO III Ltd. Series 2023-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 9.030%) |
| 1700000 | 13.332 | 04/15/36 | 1700347 |
| 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.360%) |
| 1750000 | 10.662 | 04/15/36 | 1759879 |
| AB BSL CLO 4 Ltd. Series 2023-4A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.500%) | AB BSL CLO 4 Ltd. Series 2023-4A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.500%) | AB BSL CLO 4 Ltd. Series 2023-4A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.500%) | AB BSL CLO 4 Ltd. Series 2023-4A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.500%) |
| 2600000 | 6.793 | 04/20/36 | 2600023 |
| Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) |
| 2600000 | 5.367 | 04/15/33 | 2599995 |
| Ballyrock CLO 23 Ltd. Series 2023-23A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.980%) | Ballyrock CLO 23 Ltd. Series 2023-23A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.980%) | Ballyrock CLO 23 Ltd. Series 2023-23A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.980%) | Ballyrock CLO 23 Ltd. Series 2023-23A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.980%) |
| 2600000 | 6.280 | 04/25/36 | 2600949 |
| Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.750%) | Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.750%) | Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.750%) | Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.750%) |
| 2700000 | 6.043 | 04/20/36 | 2700959 |
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 2000000 | 8.550 | 01/25/36 | 2025424 |
| Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) |
| 1000000 | 10.400 | 04/25/37 | 1001214 |
| Birch Grove CLO 7 Ltd. Series 2023-7A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) | Birch Grove CLO 7 Ltd. Series 2023-7A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) | Birch Grove CLO 7 Ltd. Series 2023-7A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) | Birch Grove CLO 7 Ltd. Series 2023-7A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) |
| 2070000 | 6.093 | 10/20/36 | 2073693 |
| Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) |
| 800000 | 5.785 | 04/15/35 | 865266 |
| Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.050%) | Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.050%) | Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.050%) | Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.050%) |
| $2000000 | 6.343 | 10/18/36 | 2009160 |
| Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) |
| 625000 | 10.293 | 07/20/37 | 627001 |
| Cathedral Lake VII Ltd. Series 2021-7RA, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Cathedral Lake VII Ltd. Series 2021-7RA, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Cathedral Lake VII Ltd. Series 2021-7RA, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Cathedral Lake VII Ltd. Series 2021-7RA, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.150%) |
| 2000000 | 6.452 | 01/15/32 | 2000218 |
| CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) |
| 1025000 | 11.943 | 01/20/37 | 1023672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) |
| $1300000 | 6.593% | 01/20/37 | $&nbsp;&nbsp;&nbsp;&nbsp;1303272 |
| CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) | CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) | CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) | CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) |
| 2000000 | 5.703 | 04/21/35 | 2000542 |
| Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.452%) | Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.452%) | Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.452%) | Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.452%) |
| 2000000 | 5.745 | 07/20/34 | 1999926 |
| Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 1300000 | 8.793 | 04/20/37 | 1310720 |
| Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 1700000 | 5.893 | 04/20/37 | 1703594 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) |
| 1600000 | 0.000 | 05/26/38 | 1722033 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) |
| 1800000 | 0.000 | 04/20/38 | 1939957 |
| Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) |
| $1325000 | 5.993 | 04/20/37 | 1328469 |
| Empower CLO Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.500%) | Empower CLO Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.500%) | Empower CLO Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.500%) | Empower CLO Ltd. Series 2023-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.500%) |
| 1000000 | 9.800 | 04/25/36 | 1002810 |
| Generate CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) | Generate CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) | Generate CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) | Generate CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) |
| 2000000 | 5.863 | 07/20/37 | 2003650 |
| Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 5000000 | 5.743 | 10/20/37 | 5002420 |
| Halseypoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) | Halseypoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) | Halseypoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) | Halseypoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) |
| 1425000 | 7.893 | 07/20/37 | 1430796 |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.600%) |
| 398991 | 5.944 | 05/25/54 | 401546 |
| Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) |
| 1000000 | 6.023 | 01/20/37 | 1005391 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1500000 | 5.832 | 04/15/37 | 1502406 |
| Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) |
| 6700000 | 5.864 | 07/15/34 | 6701581 |
| Marathon CLO XIII Ltd. Series 2019-1A, Class A2R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.950%) | Marathon CLO XIII Ltd. Series 2019-1A, Class A2R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.950%) | Marathon CLO XIII Ltd. Series 2019-1A, Class A2R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.950%) | Marathon CLO XIII Ltd. Series 2019-1A, Class A2R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.950%) |
| 2050000 | 6.252 | 04/15/32 | 2049990 |
| MF1 Ltd. Series 2021-FL6, Class A<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.214%) | MF1 Ltd. Series 2021-FL6, Class A<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.214%) | MF1 Ltd. Series 2021-FL6, Class A<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.214%) | MF1 Ltd. Series 2021-FL6, Class A<sup>(b)(c)(d)</sup> (1 mo. USD Term SOFR + 1.214%) |
| 400710 | 5.531 | 07/16/36 | 399989 |
| Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) | Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) | Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) | Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) |
| 1700000 | 5.762 | 04/15/34 | 1701416 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> |
| $2725000 | 5.050% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;2747459 |
| North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) |
| 1200000 | 5.506 | 05/15/34 | 1273796 |
| OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 2000000 | 4.062 | 01/20/38 | 2148415 |
| OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) | OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) | OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) | OZLM XVII Ltd. Series 2017-17A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) |
| $1266662 | 5.443 | 07/20/30 | 1266606 |
| Palmer Square CLO Ltd. Series 2021-4A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.312%) | Palmer Square CLO Ltd. Series 2021-4A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.312%) | Palmer Square CLO Ltd. Series 2021-4A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.312%) | Palmer Square CLO Ltd. Series 2021-4A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.312%) |
| 260000 | 10.614 | 10/15/34 | 259739 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) |
| 3000000 | 7.302 | 04/15/31 | 3000036 |
| Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.950%) |
| 1300000 | 7.247 | 08/08/32 | 1298203 |
| Park Blue CLO Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) | Park Blue CLO Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) | Park Blue CLO Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) | Park Blue CLO Ltd. Series 2023-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.000%) |
| 2000000 | 6.293 | 04/20/36 | 2000580 |
| Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) | Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) | Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) | Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) |
| 1350000 | 9.700 | 01/25/37 | 1370949 |
| Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 1200000 | 5.713 | 10/20/37 | 1200164 |
| Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1350000 | 3.986 | 04/15/38 | 1449472 |
| RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 2200000 | 4.535 | 01/15/37 | 2376019 |
| Silver Point CLO 3 Ltd. Series 2023-3A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.900%) | Silver Point CLO 3 Ltd. Series 2023-3A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.900%) | Silver Point CLO 3 Ltd. Series 2023-3A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.900%) | Silver Point CLO 3 Ltd. Series 2023-3A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.900%) |
| $1500000 | 10.200 | 11/29/36 | 1511793 |
| Sound Point CLO 38 Ltd. Series 2024-38A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Sound Point CLO 38 Ltd. Series 2024-38A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Sound Point CLO 38 Ltd. Series 2024-38A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Sound Point CLO 38 Ltd. Series 2024-38A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 2400000 | 5.922 | 02/20/37 | 2401474 |
| Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> |
| 1069296 | 3.967 | 10/15/41 | 1032728 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> |
| 157881 | 5.750 | 12/20/50 | 159332 |
| Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) |
| 1870000 | 6.140 | 01/23/37 | 1877895 |
| Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.430%) | Venture 41 CLO Ltd. Series 2021-41A, Class A1NR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.430%) |
| 2925000 | 5.723 | 01/20/34 | 2923584 |
| Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) |
| 1700000 | 6.943 | 04/20/37 | 1704609 |
| Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 2495397 | 5.493 | 07/20/32 | 2492350 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) |
| $1375000 | 7.952% | 04/15/37 | $1385813 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;109320989 |
| Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.2% | Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.2% | Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.2% | Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.2% |
| Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) |
| 1700000 | 5.793 | 04/19/37 | 1702086 |
| Credit Card<sup>(c)</sup> – 0.8% | Credit Card<sup>(c)</sup> – 0.8% | Credit Card<sup>(c)</sup> – 0.8% | Credit Card<sup>(c)</sup> – 0.8% |
| American Express Credit Account Master Trust Series 2022-2, Class A | American Express Credit Account Master Trust Series 2022-2, Class A | American Express Credit Account Master Trust Series 2022-2, Class A | American Express Credit Account Master Trust Series 2022-2, Class A |
| 1950000 | 3.390 | 05/15/27 | 1947077 |
| Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) |
| 4100000 | 5.249 | 08/15/28 | 4111549 |
| Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 |
| 1350000 | 5.230 | 12/08/27 | 1356228 |
|  |  |  | 7414854 |
| Home Equity<sup>(b)(c)</sup> – 0.1% | Home Equity<sup>(b)(c)</sup> – 0.1% | Home Equity<sup>(b)(c)</sup> – 0.1% | Home Equity<sup>(b)(c)</sup> – 0.1% |
| JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) |
| 752120 | 6.094 | 11/25/53 | 756945 |
| Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) |
| 50427 | 5.190 | 03/25/37 | 52905 |
| Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) |
| 641020 | 4.775 | 11/25/36 | 105222 |
|  |  |  | 915072 |
| Student Loan<sup>(b)(c)(d)</sup> – 3.3% | Student Loan<sup>(b)(c)(d)</sup> – 3.3% | Student Loan<sup>(b)(c)(d)</sup> – 3.3% | Student Loan<sup>(b)(c)(d)</sup> – 3.3% |
| AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) | AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) | AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) | AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) |
| 1000000 | 12.032 | 01/15/37 | 1020434 |
| Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) |
| 610543 | 5.565 | 04/20/31 | 610785 |
| Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) | Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) | Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) | Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) |
| 1000000 | 8.158 | 04/16/37 | 1010736 |
| Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) |
| 3900000 | 6.097 | 07/24/36 | 3909083 |
| Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) | Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) | Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) | Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) |
| 1325000 | 8.293 | 01/20/37 | 1339641 |
| Benefit Street Partners CLO XXX Ltd. Series 2023-30A, Class C (3 mo. USD Term SOFR + 3.550%) | Benefit Street Partners CLO XXX Ltd. Series 2023-30A, Class C (3 mo. USD Term SOFR + 3.550%) | Benefit Street Partners CLO XXX Ltd. Series 2023-30A, Class C (3 mo. USD Term SOFR + 3.550%) | Benefit Street Partners CLO XXX Ltd. Series 2023-30A, Class C (3 mo. USD Term SOFR + 3.550%) |
| 2000000 | 7.850 | 04/25/36 | 2000000 |
| Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) |
| 1250000 | 8.202 | 04/15/37 | 1260614 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) |
| 3900000 | 6.132 | 01/15/37 | 3915382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Student Loan<sup>(b)(c)(d)</sup> – (continued) | Student Loan<sup>(b)(c)(d)</sup> – (continued) | Student Loan<sup>(b)(c)(d)</sup> – (continued) | Student Loan<sup>(b)(c)(d)</sup> – (continued) |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) |
| $2875000 | 5.813% | 04/18/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870739 |
| Flatiron CLO 20 Ltd. Series 2020-1A, Class AR (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR (3 mo. USD Term SOFR + 1.380%) |
| 2300000 | 5.702 | 05/20/36 | 2300515 |
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) |
| 2000000 | 5.823 | 04/20/38 | 1997980 |
| Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) |
| 1975000 | 7.790 | 04/23/38 | 1984609 |
| Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class E (3 mo. USD Term SOFR + 6.350%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class E (3 mo. USD Term SOFR + 6.350%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class E (3 mo. USD Term SOFR + 6.350%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class E (3 mo. USD Term SOFR + 6.350%) |
| 600000 | 10.640 | 04/23/38 | 602338 |
| Parallel Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR +2.200%) | Parallel Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR +2.200%) | Parallel Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR +2.200%) | Parallel Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR +2.200%) |
| 2000000 | 6.493 | 07/20/36 | 2001876 |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) |
| 1325000 | 8.793 | 01/20/37 | 1337007 |
| Wellington Management CLO 2 Ltd. Series 2024-2A, Class D (3 mo. USD Term SOFR + 3.900%) | Wellington Management CLO 2 Ltd. Series 2024-2A, Class D (3 mo. USD Term SOFR + 3.900%) | Wellington Management CLO 2 Ltd. Series 2024-2A, Class D (3 mo. USD Term SOFR + 3.900%) | Wellington Management CLO 2 Ltd. Series 2024-2A, Class D (3 mo. USD Term SOFR + 3.900%) |
| 1650000 | 8.193 | 04/20/37 | 1662859 |
|  |  |  | 29824598 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $160,143,382) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $160,143,382) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $160,143,382) | $160027913 |
| Bank Loans<sup>(h)</sup> – 6.0% | Bank Loans<sup>(h)</sup> – 6.0% | Bank Loans<sup>(h)</sup> – 6.0% | Bank Loans<sup>(h)</sup> – 6.0% |
| Aerospace & Defense – 0.3% | Aerospace & Defense – 0.3% | Aerospace & Defense – 0.3% | Aerospace & Defense – 0.3% |
| Bleriot U.S. Bidco, Inc.(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc.(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc.(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc.(3 mo. USD Term SOFR + 2.750%) |
| $694759 | 7.049% | 10/31/30 | $688791 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| 2400000 | 0.000 <sup>(i)</sup> | 02/26/32 | $2365992 |
|  |  |  | 3054783 |
| Automotive - Parts – 0.2% | Automotive - Parts – 0.2% | Automotive - Parts – 0.2% | Automotive - Parts – 0.2% |
| Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%) |
| 1683000 | 6.575 | 01/31/31 | 1658597 |
| Banks – 0.1% | Banks – 0.1% | Banks – 0.1% | Banks – 0.1% |
| Nouryon Finance BV(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV(3 mo. USD Term SOFR + 3.250%) |
| 1238249 | 7.553 | 04/03/28 | 1233605 |
| Building & Construction – 0.5% | Building & Construction – 0.5% | Building & Construction – 0.5% | Building & Construction – 0.5% |
| AAL Delaware Holdco, Inc.(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc.(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc.(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 2512391 | 7.075 | 07/30/31 | 2488850 |
| Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) |
| 1451362 | 6.825 | 09/23/31 | 1439113 |
| Construction Partners, Inc.(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc.(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc.(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc.(1 mo. USD Term SOFR + 2.500%) |
| 349125 | 6.827 | 11/03/31 | 346653 |
|  |  |  | 4274616 |
| Commercial Services – 0.7% | Commercial Services – 0.7% | Commercial Services – 0.7% | Commercial Services – 0.7% |
| Anticimex International AB(3 mo. USD Term SOFR + 3.400%) | Anticimex International AB(3 mo. USD Term SOFR + 3.400%) | Anticimex International AB(3 mo. USD Term SOFR + 3.400%) | Anticimex International AB(3 mo. USD Term SOFR + 3.400%) |
| 3341250 | 7.740 | 11/16/28 | 3330391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(h)</sup> – (continued) | Bank Loans<sup>(h)</sup> – (continued) | Bank Loans<sup>(h)</sup> – (continued) | Bank Loans<sup>(h)</sup> – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| Fleet Midco I Ltd.(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd.(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd.(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd.(6 mo. USD Term SOFR + 2.750%) |
| 2364949 | 7.055% | 02/21/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356081 |
| Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) |
| 250000 | 7.496 | 01/09/32 | 249452 |
|  |  |  | 5935924 |
| Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% |
| IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) |
| 2382030 | 6.825 | 12/15/27 | 2365546 |
| Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% |
| FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) |
| 1950000 | 9.291 | 11/05/31 | 1793181 |
| Gen II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) | Gen II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) | Gen II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) | Gen II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) |
| 1395000 | 6.967 | 11/26/31 | 1384538 |
| VFH Parent LLC(1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC(1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC(1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC(1 mo. USD Term SOFR + 2.500%) |
| 1825000 | 6.825 | 06/21/31 | 1823868 |
|  |  |  | 5001587 |
| Diversified Manufacturing – 0.2% | Diversified Manufacturing – 0.2% | Diversified Manufacturing – 0.2% | Diversified Manufacturing – 0.2% |
| Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) |
| 2326426 | 6.805 | 03/15/30 | 2323517 |
| Energy - Exploration & Production – 0.3% | Energy - Exploration & Production – 0.3% | Energy - Exploration & Production – 0.3% | Energy - Exploration & Production – 0.3% |
| CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) |
| 2369063 | 6.299 | 12/31/30 | 2361079 |
| Kohler Energy Co. LLC(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC(3 mo. USD Term SOFR + 3.750%) |
| 482078 | 8.049 | 05/01/31 | 473791 |
|  |  |  | 2834870 |
| Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% |
| Crown Finance U.S., Inc.(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc.(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc.(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc.(1 mo. USD Term SOFR + 5.250%) |
| 1496250 | 9.573 | 12/02/31 | 1486629 |
| Healthcare – 0.2% | Healthcare – 0.2% | Healthcare – 0.2% | Healthcare – 0.2% |
| LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.750%) |
| 1691511 | 8.052 | 05/17/31 | 1637941 |
| Internet – 0.2% | Internet – 0.2% | Internet – 0.2% | Internet – 0.2% |
| BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) |
| 545882 | 7.575 | 04/25/31 | 545882 |
| Plano HoldCo, Inc.(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc.(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc.(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc.(3 mo. USD Term SOFR + 3.500%) |
| 1300000 | 7.799 | 10/02/31 | 1293500 |
|  |  |  | 1839382 |
| Machinery – 0.3% | Machinery – 0.3% | Machinery – 0.3% | Machinery – 0.3% |
| TK Elevator U.S. Newco, Inc.(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc.(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc.(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc.(6 mo. USD Term SOFR + 3.500%) |
| 2376090 | 7.737 | 04/30/30 | 2368035 |
| Media - Cable – 0.1% | Media - Cable – 0.1% | Media - Cable – 0.1% | Media - Cable – 0.1% |
| iHeartCommunications, Inc.(1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc.(1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc.(1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc.(1 mo. USD Term SOFR + 5.775%) |
| 1231912 | 10.209 | 05/01/29 | 998872 |
| Midstream – 0.0% | Midstream – 0.0% | Midstream – 0.0% | Midstream – 0.0% |
| AL GCX Holdings LLC(1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC(1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC(1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC(1 mo. USD Term SOFR + 2.000%) |
| 522902 | 6.314 | 05/17/29 | 520193 |
| Mining – 0.2% | Mining – 0.2% | Mining – 0.2% | Mining – 0.2% |
| Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) |
| 1654125 | 7.825 | 08/16/29 | 1653662 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Pipelines – 0.7% | Pipelines – 0.7% | Pipelines – 0.7% | Pipelines – 0.7% |
| Epic Y-Grade Services LP(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP(3 mo. USD Term SOFR + 5.750%) |
| 2263625 | 10.044% | 06/29/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261158 |
| Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) |
| 1990000 | 8.575 | 08/01/29 | 1988766 |
| WhiteWater DBR HoldCo LLC(3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC(3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC(3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC(3 mo. USD Term SOFR + 2.250%) |
| 1666635 | 6.549 | 03/03/31 | 1658302 |
|  |  |  | 5908226 |
| Retailers – 0.3% | Retailers – 0.3% | Retailers – 0.3% | Retailers – 0.3% |
| Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.500%) |
| 2412875 | 6.825 | 06/11/31 | 2349272 |
| Technology – 0.0% | Technology – 0.0% | Technology – 0.0% | Technology – 0.0% |
| McAfee LLC(1 mo. USD Term SOFR + 3.000%) 348,252 7.323 03/01/29 331,797 | McAfee LLC(1 mo. USD Term SOFR + 3.000%) 348,252 7.323 03/01/29 331,797 | McAfee LLC(1 mo. USD Term SOFR + 3.000%) 348,252 7.323 03/01/29 331,797 | McAfee LLC(1 mo. USD Term SOFR + 3.000%) 348,252 7.323 03/01/29 331,797 |
| Technology - Software – 0.7% | Technology - Software – 0.7% | Technology - Software – 0.7% | Technology - Software – 0.7% |
| Athenahealth Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 1711832 | 7.325 | 02/15/29 | 1687764 |
| Camelot U.S. Acquisition LLC(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC(1 mo. USD Term SOFR + 2.750%) |
| 1831968 | 7.075 | 01/31/31 | 1806010 |
| Drake Software LLC(3 mo. USD Term SOFR + 4.250%) | Drake Software LLC(3 mo. USD Term SOFR + 4.250%) | Drake Software LLC(3 mo. USD Term SOFR + 4.250%) | Drake Software LLC(3 mo. USD Term SOFR + 4.250%) |
| 870593 | 8.549 | 06/26/31 | 834681 |
| Epicor Software Corp.(1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp.(1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp.(1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp.(1 mo. USD Term SOFR + 2.750%) |
| 393025 | 7.075 | 05/30/31 | 391708 |
| iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) |
| 634712 | 7.575 | 10/15/30 | 634521 |
| Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR +8.000%) | Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR +8.000%) | Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR +8.000%) | Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR +8.000%) |
| 12471 | 12.197 | 09/30/28 | 11211 |
| UKG, Inc.(3 mo. USD Term SOFR + 3.000%) | UKG, Inc.(3 mo. USD Term SOFR + 3.000%) | UKG, Inc.(3 mo. USD Term SOFR + 3.000%) | UKG, Inc.(3 mo. USD Term SOFR + 3.000%) |
| 678725 | 7.300 | 02/10/31 | 676926 |
|  |  |  | 6042821 |
| TOTAL BANK LOANS (Cost $54,652,774) | TOTAL BANK LOANS (Cost $54,652,774) | TOTAL BANK LOANS (Cost $54,652,774) | $53819875 |
| Municipal Debt Obligations – 0.9% | Municipal Debt Obligations – 0.9% | Municipal Debt Obligations – 0.9% | Municipal Debt Obligations – 0.9% |
| Illinois – 0.9% | Illinois – 0.9% | Illinois – 0.9% | Illinois – 0.9% |
| 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 |
| 3512143 | 7.350% | 07/01/35 | $3809070 |
| 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 |
| 4028235 | 5.100 | 06/01/33 | 4020474 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $7,785,684)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $7,785,684)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $7,785,684)** | $7829544 |
| Sovereign Debt Obligations – 0.8% | Sovereign Debt Obligations – 0.8% | Sovereign Debt Obligations – 0.8% | Sovereign Debt Obligations – 0.8% |
| Euro – 0.2% | Euro – 0.2% | Euro – 0.2% | Euro – 0.2% |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 530000 | 4.875% | 01/30/32 | $506109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Euro – (continued) | Euro – (continued) | Euro – (continued) | Euro – (continued) | Euro – (continued) |
| Romania Government International Bonds <sup>(d)</sup> | Romania Government International Bonds <sup>(d)</sup> | Romania Government International Bonds <sup>(d)</sup> | Romania Government International Bonds <sup>(d)</sup> | Romania Government International Bonds <sup>(d)</sup> |
|  | 1250000 | 3.624% | 05/26/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259917 |
|  |  |  |  | 1766026 |
| United States Dollar – 0.6% | United States Dollar – 0.6% | United States Dollar – 0.6% | United States Dollar – 0.6% | United States Dollar – 0.6% |
| Dominican Republic International Bonds <sup>(c)</sup> | Dominican Republic International Bonds <sup>(c)</sup> | Dominican Republic International Bonds <sup>(c)</sup> | Dominican Republic International Bonds <sup>(c)</sup> | Dominican Republic International Bonds <sup>(c)</sup> |
| $— | 236000 | 7.050 | 02/03/31 | 244024 |
|  | 185000 | 6.600 <sup>(d)</sup> | 06/01/36 | 184260 |
|  | 1289000 | 6.950 <sup>(d)</sup> | 03/15/37 | 1301890 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  | 1896000 | 6.125 | 06/15/33 | 1685657 |
|  | 560000 | 8.075 <sup>(d)</sup> | 04/01/36 | 534800 |
| Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> |
|  | 1090000 | 3.771 | 05/24/61 | 636560 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  | 930000 | 3.000 | 02/14/31 | 777480 |
|  |  |  |  | 5364671 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $7,536,977)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $7,536,977)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $7,536,977)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $7,536,977)** | $7130697 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Description** | **Value** |
| Common Stocks<sup>(j)</sup> – 0.1% | Common Stocks<sup>(j)</sup> – 0.1% | Common Stocks<sup>(j)</sup> – 0.1% | Common Stocks<sup>(j)</sup> – 0.1% |
| Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% |
| 242215 | iHeartMedia, Inc. Class A | iHeartMedia, Inc. Class A | $399655 |
| **(Cost $641,642)** | **(Cost $641,642)** | **(Cost $641,642)** |  |
| **Units** | **Expiration<br>Date** |  | **Value** |
| Rights<sup>(j)</sup> – 0.0% | Rights<sup>(j)</sup> – 0.0% | Rights<sup>(j)</sup> – 0.0% | Rights<sup>(j)</sup> – 0.0% |
| Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
| 16800 | 12/31/99 |  | $353220 |
| **(Cost $426,888)** | **(Cost $426,888)** | **(Cost $426,888)** |  |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations – 15.0% | U.S. Treasury Obligations – 15.0% | U.S. Treasury Obligations – 15.0% | U.S. Treasury Obligations – 15.0% |
| U.S. Treasury Inflation-Indexed Bonds<sup>(k)</sup> | U.S. Treasury Inflation-Indexed Bonds<sup>(k)</sup> | U.S. Treasury Inflation-Indexed Bonds<sup>(k)</sup> | U.S. Treasury Inflation-Indexed Bonds<sup>(k)</sup> |
| 25788351 | 1.500% | 02/15/53 | $21448655 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 11400 | 3.875 | 11/30/29 | 11364 |
| 55840000 | 4.000 | 03/31/30 | 55949063 |
| 56500000 | 4.125 | 03/31/32 | 56650078 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $133,713,966)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $133,713,966)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $133,713,966)** | $134059160 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(l)</sup> – 7.2% | Investment Company<sup>(l)</sup> – 7.2% | Investment Company<sup>(l)</sup> – 7.2% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 64025049 | 4.259% | $&nbsp;&nbsp;&nbsp;&nbsp;64025049 |
| **(Cost $64,025,049)** | **(Cost $64,025,049)** |  |
| **TOTAL INVESTMENTS – 133.1%**<br> **(Cost $1,190,536,347)** | **TOTAL INVESTMENTS – 133.1%**<br> **(Cost $1,190,536,347)** | $1188703008 |
| **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (33.1)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (33.1)%** | (295555905) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $893147103 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $342,046,742 which represents approximately 38.3% of net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Pay-in-kind securities.

&nbsp;&nbsp;&nbsp;&nbsp;(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 March 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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Security is currently in default and/or non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. | AUD | 27298876 | NZD | 29974735 | 04/04/25 | $38745 |
|  | AUD | 2270207 | USD | 1409245 | 04/02/25 | 9317 |
|  | AUD | 12903897 | USD | 7928154 | 04/07/25 | 135298 |
|  | AUD | 28257223 | USD | 17651213 | 06/18/25 | 16819 |
|  | BRL | 100479113 | USD | 17417480 | 04/02/25 | 182359 |
|  | BRL | 8591284 | USD | 1492548 | 04/10/25 | 9813 |
|  | BRL | 25156016 | USD | 4362819 | 04/22/25 | 27549 |
|  | BRL | 43402351 | USD | 7352140 | 05/05/25 | 203715 |
|  | BRL | 1284923 | USD | 217372 | 06/18/25 | 4066 |
|  | CAD | 6233552 | USD | 4327723 | 04/08/25 | 5669 |
|  | CAD | 12286383 | USD | 8561818 | 06/18/25 | 9525 |
|  | CHF | 2188718 | USD | 2492493 | 06/18/25 | 4680 |
|  | CLP | 4390316474 | USD | 4610999 | 04/21/25 | 12310 |
|  | CNH | 20789142 | USD | 2860355 | 04/11/25 | 3391 |
|  | CNH | 32497983 | USD | 4457885 | 04/22/25 | 22520 |
|  | CNH | 38616014 | USD | 5331494 | 05/19/25 | 2040 |
|  | CNH | 11233885 | USD | 1553195 | 06/18/25 | 1289 |
|  | CNH | 81933223 | USD | 11215740 | 07/10/25 | 138497 |
|  | CNH | 83656229 | USD | 11461327 | 07/14/25 | 134934 |
|  | COP | 5480125503 | USD | 1306036 | 04/14/25 | 1900 |
|  | COP | 6275329870 | USD | 1491108 | 04/25/25 | 4447 |
|  | COP | &nbsp;&nbsp;&nbsp;&nbsp;18704221125 | USD | 4441753 | 05/12/25 | 5183 |
|  | EUR | 1174778 | CHF | 1123322 | 04/01/25 | 480 |
|  | EUR | 11403158 | CHF | 10867167 | 04/04/25 | 43514 |
|  | EUR | 13604800 | PLN | 56823267 | 04/04/25 | 44134 |
|  | EUR | 42792537 | USD | 45469835 | 04/04/25 | 811379 |
|  | EUR | 31485272 | USD | 33380851 | 04/07/25 | 676600 |
|  | EUR | 8705957 | USD | 9039530 | 04/09/25 | 378683 |
|  | EUR | 23176900 | USD | 25054229 | 04/10/25 | 20192 |
|  | EUR | 14432775 | USD | 15161630 | 04/28/25 | 468080 |
|  | EUR | 18266947 | USD | 19065803 | 05/06/25 | 725169 |
|  | EUR | 13664335 | USD | 14231405 | 05/12/25 | 578166 |
|  | EUR | 44284625 | USD | 47087115 | 06/18/25 | 1010357 |
|  | EUR | 11051944 | USD | 11980307 | 06/30/25 | 31616 |
|  | GBP | 6107103 | USD | 7869926 | 04/04/25 | 18841 |
|  | GBP | 12371786 | USD | 15743566 | 04/28/25 | 236673 |
|  | GBP | 9190622 | USD | 11678272 | 05/27/25 | 192916 |
|  | GBP | 6547086 | USD | 8351012 | 06/18/25 | 105565 |
|  | HUF | 2883164190 | USD | 7494575 | 06/18/25 | 213373 |
|  | INR | 596286600 | USD | 6846000 | 04/07/25 | 126889 |
|  | INR | 1017676777 | USD | 11561478 | 06/17/25 | 277089 |
|  | INR | 908482969 | USD | 10440799 | 06/18/25 | 126889 |
|  | JPY | 205987375 | USD | 1318412 | 04/03/25 | 55383 |
|  | MXN | 118802640 | USD | 5774126 | 04/21/25 | 14527 |
|  | MXN | 53654161 | USD | 2531779 | 06/18/25 | 62696 |
|  | NOK | 175362232 | USD | 15975327 | 06/18/25 | 692585 |
|  | NZD | 18901515 | USD | 10520583 | 04/07/25 | 212243 |
|  | NZD | 17872612 | USD | 10087302 | 04/22/25 | 65513 |
|  | NZD | 17768797 | USD | 9966518 | 05/05/25 | 130731 |
|  | NZD | 2338833 | USD | 1325131 | 05/07/25 | 3989 |
|  | PLN | 27063828 | EUR | 6453741 | 04/04/25 | 7059 |
|  | PLN | 23007495 | USD | 5704743 | 05/08/25 | 227363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 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) | PLN | 6127536 | USD | 1539855 | 06/18/25 | $37531 |
|  | SEK | 21723550 | USD | 1974682 | 04/01/25 | 186609 |
|  | SEK | &nbsp;&nbsp;&nbsp;&nbsp;182059512 | USD | 17170529 | 06/18/25 | 1026360 |
|  | SGD | 4500096 | USD | 3350949 | 06/18/25 | 12249 |
|  | USD | 133663 | AUD | 212366 | 04/02/25 | 964 |
|  | USD | 7107246 | AUD | 11245511 | 04/04/25 | 80263 |
|  | USD | 4575501 | AUD | 7178382 | 04/07/25 | 89837 |
|  | USD | 6793278 | AUD | 10804466 | 04/22/25 | 40905 |
|  | USD | 24834023 | AUD | 39380546 | 06/18/25 | 211051 |
|  | USD | 1212437 | BRL | 6882401 | 04/02/25 | 6922 |
|  | USD | 2942289 | BRL | 16877131 | 05/05/25 | 4172 |
|  | USD | 883735 | CAD | 1265067 | 04/07/25 | 4339 |
|  | USD | 7887896 | CAD | 11327903 | 04/08/25 | 13053 |
|  | USD | 3061634 | CAD | 4361236 | 06/17/25 | 19257 |
|  | USD | 21059315 | CAD | 30115473 | 06/18/25 | 49875 |
|  | USD | 1259884 | CAD | 1780631 | 09/17/25 | 12325 |
|  | USD | 11916948 | CHF | 10373026 | 06/18/25 | 82055 |
|  | USD | 2794539 | CHF | 2415627 | 09/17/25 | 9637 |
|  | USD | 1472862 | CLP | 1396714987 | 04/07/25 | 1939 |
|  | USD | 2028840 | CLP | 1879516913 | 04/21/25 | 49577 |
|  | USD | 1524522 | CLP | 1402865374 | 04/28/25 | 47250 |
|  | USD | 4693665 | CLP | 4373054785 | 06/18/25 | 90916 |
|  | USD | 10482310 | CNH | 76034176 | 04/11/25 | 8447 |
|  | USD | 5554649 | CNH | 40065681 | 04/24/25 | 30067 |
|  | USD | 3543025 | CNH | 25619616 | 05/19/25 | 4516 |
|  | USD | 33222455 | CNH | 239108397 | 06/18/25 | 135937 |
|  | USD | 1670265 | CNH | 11962842 | 09/17/25 | 4408 |
|  | USD | 1468464 | COP | 6076502418 | 04/03/25 | 16051 |
|  | USD | 1318081 | COP | 5453045052 | 04/04/25 | 14867 |
|  | USD | 1478955 | COP | 6096253334 | 04/07/25 | 22624 |
|  | USD | 1311208 | COP | 5452430197 | 04/08/25 | 8852 |
|  | USD | 1478703 | COP | 6089300848 | 04/10/25 | 24609 |
|  | USD | 2967734 | COP | 12326515408 | 04/14/25 | 25779 |
|  | USD | 455874 | COP | 1880828571 | 04/16/25 | 7098 |
|  | USD | 1488422 | COP | 6086157149 | 04/21/25 | 37186 |
|  | USD | 3012662 | COP | 12522949105 | 04/28/25 | 29334 |
|  | USD | 232915 | COP | 971468245 | 06/18/25 | 3074 |
|  | USD | 3731547 | EUR | 3439154 | 04/04/25 | 12015 |
|  | USD | 3080726 | EUR | 2844975 | 04/09/25 | 2997 |
|  | USD | 17180443 | EUR | 15771372 | 04/10/25 | 117849 |
|  | USD | 16933329 | EUR | 15606755 | 04/14/25 | 45155 |
|  | USD | 23456641 | EUR | 21619024 | 04/17/25 | 58730 |
|  | USD | 43073814 | EUR | 39342239 | 06/18/25 | 344262 |
|  | USD | 4474958 | EUR | 4074882 | 09/17/25 | 26196 |
|  | USD | 26090020 | GBP | 20145767 | 04/04/25 | 67004 |
|  | USD | 12960263 | GBP | 10015659 | 04/28/25 | 23357 |
|  | USD | 1024127 | GBP | 792920 | 09/17/25 | 217 |
|  | USD | 12426777 | HUF | 4580177756 | 06/18/25 | 181978 |
|  | USD | 3776482 | ILS | 13652509 | 06/18/25 | 97931 |
|  | USD | 3267265 | INR | 280636041 | 06/18/25 | 2841 |
|  | USD | 8822184 | JPY | 1295769995 | 06/18/25 | 106710 |
|  | USD | 2199243 | JPY | 321388560 | 09/17/25 | 16926 |
|  | USD | 3206171 | KRW | 4639008415 | 04/10/25 | 57377 |
|  | USD | 1837972 | KRW | 2687299534 | 04/24/25 | 12572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 8053412 | KRW | 11562632681 | 06/18/25 | $176637 |
|  | USD | 1915254 | KRW | 2753005252 | 09/17/25 | 30738 |
|  | USD | 4113479 | MXN | 82494383 | 04/04/25 | 84554 |
|  | USD | 2932889 | MXN | 59508325 | 04/21/25 | 33349 |
|  | USD | 6654257 | NZD | 11563612 | 04/04/25 | 88496 |
|  | USD | 3272747 | NZD | 5692685 | 04/07/25 | 40276 |
|  | USD | 17291141 | NZD | 30102962 | 04/22/25 | 190685 |
|  | USD | 5117037 | NZD | 8778585 | 04/24/25 | 129948 |
|  | USD | 7052411 | NZD | 12254406 | 05/05/25 | 88755 |
|  | USD | 867782 | NZD | 1513431 | 05/07/25 | 7724 |
|  | USD | 15701829 | NZD | 27395875 | 05/20/25 | 128539 |
|  | USD | 11628033 | NZD | 20188233 | 06/18/25 | 143799 |
|  | USD | 3042780 | PLN | 11785079 | 06/18/25 | 8997 |
|  | USD | 2854000 | SEK | 28526872 | 06/18/25 | 2733 |
|  | USD | 9250979 | SGD | 12373661 | 04/04/25 | 39245 |
|  | USD | 6403 | SGD | 8512 | 06/04/25 | 46 |
|  | USD | 5823770 | SGD | 7723846 | 06/18/25 | 51264 |
|  | USD | 2624302 | TRY | 108606396 | 06/18/25 | 29139 |
|  | USD | 15551451 | TWD | 511449731 | 04/07/25 | 168348 |
|  | USD | 12936345 | TWD | 424073698 | 04/10/25 | 178262 |
|  | USD | 9152844 | TWD | 300316305 | 04/14/25 | 115089 |
|  | USD | 24108483 | TWD | 797764510 | 04/15/25 | 98564 |
|  | USD | 2777070 | TWD | 91421161 | 04/17/25 | 25178 |
|  | USD | 6952000 | TWD | 229172730 | 04/21/25 | 51426 |
|  | USD | 1427000 | TWD | 47193744 | 04/24/25 | 5621 |
|  | USD | 2139000 | TWD | 70722185 | 04/28/25 | 8317 |
|  | USD | 5726000 | TWD | 189610231 | 05/02/25 | 11779 |
|  | USD | 16066004 | TWD | 529856807 | 06/03/25 | 61992 |
|  | USD | 4093453 | TWD | 134818151 | 06/18/25 | 17196 |
|  | ZAR | 14747900 | USD | 788590 | 05/28/25 | 11984 |
|  **TOTAL** |  |  |  |  |  | $14185492 |

---

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 | 6912559 | NZD | 7611260 | 04/04/25 | $(2185) |
|  | AUD | 1656821 | USD | 1045367 | 04/02/25 | (10085) |
|  | AUD | 19595464 | USD | 12296970 | 04/04/25 | (52352) |
|  | AUD | 15351880 | USD | 9689996 | 04/07/25 | (96836) |
|  | AUD | 26105261 | USD | 16560838 | 04/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;(246059) |
|  | AUD | 1272333 | USD | 796064 | 06/12/25 | (573) |
|  | AUD | 7148639 | USD | 4523957 | 06/18/25 | (54219) |
|  | AUD | 3969259 | USD | 2525600 | 09/17/25 | (41955) |
|  | BRL | 11055539 | USD | 1950000 | 04/02/25 | (13521) |
|  | CAD | 2048252 | USD | 1434565 | 04/04/25 | (10954) |
|  | CAD | 5229370 | USD | 3641339 | 04/08/25 | (6026) |
|  | CAD | 32604644 | USD | 22902844 | 06/18/25 | (156887) |
|  | CHF | 1123322 | EUR | 1179913 | 04/01/25 | (6034) |
|  | CHF | 12171164 | EUR | 12770362 | 04/04/25 | (47536) |
|  | CHF | 19296341 | USD | 22107733 | 06/18/25 | (91965) |
|  | CLP | 1093015729 | USD | 1179494 | 04/07/25 | (28406) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | CLP | 1410030629 | USD | 1524522 | 04/28/25 | $(39705) |
|  | CLP | 2888971509 | USD | 3055819 | 05/02/25 | (13701) |
|  | CLP | 4291749285 | USD | 4631467 | 05/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;(112638) |
|  | CLP | 1394524036 | USD | 1479115 | 06/18/25 | (11343) |
|  | CNH | 109338747 | USD | 15117375 | 04/22/25 | (43151) |
|  | CNH | 78441593 | USD | 10834025 | 04/24/25 | (17862) |
|  | CNH | 142074211 | USD | 19722981 | 06/18/25 | (63525) |
|  | CNH | 36216344 | USD | 5019590 | 07/10/25 | (760) |
|  | CNH | 45152311 | USD | 6262456 | 07/14/25 | (3532) |
|  | CNH | 29081184 | USD | 4059633 | 07/23/25 | (25912) |
|  | CNH | 41530897 | USD | 5808251 | 09/17/25 | (24965) |
|  | CNH | 19874194 | USD | 2785334 | 09/22/25 | (16826) |
|  | COP | 6069594341 | USD | 1458949 | 04/03/25 | (8187) |
|  | COP | 5421353900 | USD | 1306036 | 04/04/25 | (10396) |
|  | COP | 6119741402 | USD | 1472862 | 04/07/25 | (10920) |
|  | COP | 5454191782 | USD | 1318081 | 04/08/25 | (15303) |
|  | COP | 6107045290 | USD | 1478703 | 04/10/25 | (20372) |
|  | COP | 3181249240 | USD | 767363 | 04/14/25 | (8098) |
|  | COP | 5611948901 | USD | 1358345 | 04/16/25 | (19301) |
|  | COP | 29712186126 | USD | 7217177 | 04/21/25 | (132346) |
|  | COP | 6323718293 | USD | 1524522 | 04/28/25 | (18030) |
|  | CZK | 690934148 | USD | 30174391 | 06/18/25 | (189338) |
|  | EUR | 8086196 | GBP | 6786939 | 04/04/25 | (21509) |
|  | EUR | 6349158 | PLN | 26628752 | 04/04/25 | (7847) |
|  | EUR | 11399233 | USD | 12471901 | 04/14/25 | (136714) |
|  | EUR | 22637870 | USD | 24613361 | 04/17/25 | (112769) |
|  | EUR | 16887922 | USD | 18331839 | 04/24/25 | (47356) |
|  | EUR | 11735573 | USD | 12749526 | 05/06/25 | (34846) |
|  | EUR | 20715861 | USD | 22644841 | 06/18/25 | (145373) |
|  | EUR | 2807419 | USD | 3066737 | 09/17/25 | (1732) |
|  | EUR | 5711971 | USD | 6290593 | 09/19/25 | (53827) |
|  | GBP | 24768043 | EUR | 29696481 | 04/04/25 | (123722) |
|  | GBP | 2773267 | EUR | 3310000 | 05/02/25 | (3190) |
|  | GBP | 4173191 | USD | 5408456 | 04/28/25 | (18079) |
|  | GBP | 984860 | USD | 1273793 | 06/18/25 | (1693) |
|  | HKD | 6378741 | USD | 820167 | 04/15/25 | (50) |
|  | ILS | 4873247 | USD | 1332854 | 06/18/25 | (19799) |
|  | INR | 245781946 | USD | 2859336 | 06/18/25 | (343) |
|  | JPY | 1650940562 | USD | 11289833 | 06/18/25 | (185448) |
|  | JPY | 127769035 | USD | 871376 | 09/17/25 | (3789) |
|  | KRW | 5135836163 | USD | 3538039 | 04/10/25 | (52016) |
|  | KRW | 24196782063 | USD | 16722341 | 06/18/25 | (238845) |
|  | MXN | 61737585 | USD | 3052357 | 04/04/25 | (37168) |
|  | MXN | 135786951 | USD | 6672577 | 05/14/25 | (77211) |
|  | MXN | 2058332 | USD | 101218 | 06/18/25 | (1687) |
|  | NOK | 29969997 | USD | 2854000 | 06/18/25 | (5398) |
|  | NZD | 54569037 | AUD | 49626000 | 04/04/25 | (25773) |
|  | NZD | 29525417 | USD | 16813426 | 04/04/25 | (49041) |
|  | NZD | 13320241 | USD | 7608522 | 04/07/25 | (44904) |
|  | NZD | 29186332 | USD | 16859049 | 04/22/25 | (279299) |
|  | NZD | 44892552 | USD | 25765161 | 04/24/25 | (261831) |
|  | NZD | 20777432 | USD | 12021634 | 05/05/25 | (214705) |
|  | NZD | 1390714 | USD | 793081 | 05/07/25 | (2761) |
|  | NZD | 44617571 | USD | 25792289 | 05/20/25 | (429259) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | NZD | 5306410 | USD | 3089206 | 06/17/25 | $(70694) |
|  | NZD | 38171681 | USD | 21851900 | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;(137643) |
|  | PLN | 30945376 | EUR | 7422674 | 04/04/25 | (38785) |
|  | PLN | 27968036 | USD | 7226265 | 06/18/25 | (26572) |
|  | PLN | 11830064 | USD | 3042780 | 09/17/25 | (8622) |
|  | SEK | 363994572 | EUR | 33620407 | 04/04/25 | (140683) |
|  | SEK | 30690214 | USD | 3069682 | 06/18/25 | (2189) |
|  | SGD | 9146805 | USD | 6842166 | 04/04/25 | (32707) |
|  | SGD | 16196189 | USD | 12168831 | 06/18/25 | (64420) |
|  | TRY | 133415559 | USD | 3366519 | 06/18/25 | (178538) |
|  | TWD | 543907482 | USD | 16607876 | 04/07/25 | (248525) |
|  | TWD | 424180428 | USD | 12859344 | 04/10/25 | (98049) |
|  | TWD | 300690097 | USD | 9067785 | 04/14/25 | (18783) |
|  | TWD | 553220472 | USD | 16735118 | 04/15/25 | (85119) |
|  | TWD | 49157372 | USD | 1491108 | 04/24/25 | (10589) |
|  | TWD | 351097833 | USD | 10759970 | 06/03/25 | (155268) |
|  | TWD | 232178167 | USD | 7059000 | 06/18/25 | (39039) |
|  | TWD | 374307001 | USD | 11370201 | 06/30/25 | (43696) |
|  | USD | 1484444 | AUD | 2379764 | 04/02/25 | (2576) |
|  | USD | 4443753 | AUD | 7148895 | 04/22/25 | (24030) |
|  | USD | 18153442 | BRL | 104627195 | 04/02/25 | (172971) |
|  | USD | 1478703 | BRL | 8583874 | 04/10/25 | (22361) |
|  | USD | 5794266 | BRL | 33925427 | 04/22/25 | (126588) |
|  | USD | 3380595 | BRL | 19539038 | 05/05/25 | (20930) |
|  | USD | 4341348 | CAD | 6240965 | 06/18/25 | (12533) |
|  | USD | 1534817 | CAD | 2201905 | 09/17/25 | (7899) |
|  | USD | 10647304 | CHF | 9440602 | 06/18/25 | (123760) |
|  | USD | 3149398 | CLP | 2998226753 | 05/12/25 | (7468) |
|  | USD | 20994983 | CNH | 153273164 | 04/22/25 | (136352) |
|  | USD | 9427359 | CNH | 68337021 | 06/18/25 | (28746) |
|  | USD | 7553678 | COP | 31710339069 | 04/21/25 | (7611) |
|  | USD | 23523924 | CZK | 559857631 | 06/18/25 | (772691) |
|  | USD | 85175034 | EUR | 79097532 | 04/04/25 | (370953) |
|  | USD | 14626620 | EUR | 13533142 | 04/07/25 | (12108) |
|  | USD | 21576043 | EUR | 20795365 | 04/09/25 | (920639) |
|  | USD | 7801541 | EUR | 7232355 | 04/24/25 | (28900) |
|  | USD | 6868626 | EUR | 6404313 | 04/28/25 | (66808) |
|  | USD | 7275420 | EUR | 6868605 | 05/12/25 | (168858) |
|  | USD | 23985843 | EUR | 22527054 | 06/18/25 | (480760) |
|  | USD | 1444510 | EUR | 1326630 | 09/19/25 | (4006) |
|  | USD | 1063544 | GBP | 824719 | 06/04/25 | (1713) |
|  | USD | 3042780 | GBP | 2364557 | 06/17/25 | (11412) |
|  | USD | 9778125 | GBP | 7584930 | 06/18/25 | (18987) |
|  | USD | 3066739 | GBP | 2381273 | 09/17/25 | (8236) |
|  | USD | 6895769 | INR | 597134092 | 04/07/25 | (87030) |
|  | USD | 11664574 | INR | 1023379825 | 06/17/25 | (240337) |
|  | USD | 3153065 | INR | 277272298 | 06/18/25 | (72232) |
|  | USD | 3073031 | INR | 270277071 | 09/17/25 | (53953) |
|  | USD | 1334976 | JPY | 205813759 | 04/03/25 | (37661) |
|  | USD | 11995135 | JPY | 1817262944 | 08/05/25 | (289663) |
|  | USD | 5803845 | MXN | 120786808 | 06/18/25 | (36864) |
|  | USD | 11847757 | NOK | 129931422 | 06/18/25 | (502025) |
|  | USD | 18830485 | NZD | 33589877 | 04/07/25 | (242817) |
|  | USD | 7847942 | NZD | 13989201 | 04/22/25 | (98842) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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 | 13384784 | NZD | 23762600 | 04/24/25 | $(114681) |
|  | USD | 6537716 | NZD | 11556860 | 05/05/25 | (29555) |
|  | USD | 2044073 | NZD | 3608039 | 05/07/25 | (6316) |
|  | USD | 17707860 | NZD | 31403819 | 06/18/25 | (156447) |
|  | USD | 5691603 | PLN | 22954502 | 05/08/25 | (226840) |
|  | USD | 9895681 | PLN | 39909616 | 06/18/25 | (378083) |
|  | USD | 2381157 | SEK | 26356799 | 04/01/25 | (241099) |
|  | USD | 17079796 | SEK | 172057680 | 06/18/25 | (117406) |
|  | USD | 1342877 | SEK | 13480746 | 09/17/25 | (11042) |
|  | USD | 1391322 | TRY | 59687699 | 06/18/25 | (34923) |
|  | USD | 2874154 | ZAR | 53097504 | 06/18/25 | (3481) |
|  **TOTAL** |  |  |  |  |  | $(12250902) |

---

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 04/15/25 | $(8000000) | $(7085885) |
|  Government National Mortgage Association | 5.500 | TBA - 30yr | 04/15/25 | (6000000) | (6013154) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/15/25 | (6000000) | (5902568) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 04/15/25 | (155000000) | (148333791) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 04/14/25 | (57000000) | (55866680) |
|  Uniform Mortgage-Backed Security | 2.500 | TBA - 30yr | 04/15/25 | (18000000) | (14968125) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/15/25 | (8000000) | (6363437) |
|  **(PROCEEDS RECEIVED: $(243534961))** |  |  |  |  | $(244533640) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 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.K. Long Gilt | 170 | 06/26/25 | $20134884 | $(146501) |
|  10 Year U.S. Treasury Notes | 1638 | 06/18/25 | 182176312 | 862766 |
|  30 Year German Euro-Buxl | 1 | 06/06/25 | 128956 | (7506) |
|  5 Year German Euro-Bund | 175 | 06/06/25 | 24378172 | (582139) |
|  5 Year U.S. Treasury Notes | 4908 | 06/30/25 | 530830875 | 628996 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  ICE 3M Sonia Bonds | 792 | 03/17/26 | $245701962 | $31135 |
|  Ultra 10-Year U.S. Treasury Notes | 290 | 06/18/25 | 33096250 | 117618 |
|  **Total** |  |  |  | $904369 |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (3105) | 06/30/25 | (643268675) | (536412) |
|  French 10 Year Government Bonds | (177) | 06/06/25 | (23481644) | 534018 |
|  Ultra Long U.S. Treasury Bonds | (84) | 06/18/25 | (10269000) | 38983 |
|  **Total** |  |  |  | $36589 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $940958 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by**<br> **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)** |
|  8.750%<sup>(a)</sup><br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/18/26 | 1346090 | $(350508) | $(90632) | $(259876) |
| 6.250<sup>(b)</sup><br> 12M MIBOR<sup>(b)</sup> | 03/19/26 | 6816950 | (122489) | 35893 | (158382) |
|  1M BID |  |  |  |  |  |
|  Average<sup>(b)</sup><br> 13.750%<sup>(b)</sup> | 01/04/27 | 204880 | (457360) | (281207) | (176153) |
|  12M SOFR<sup>(c)</sup><br> 3.851<sup>(c)</sup> | 03/31/27 | $836300 <sup>(d)</sup> | 2831795 | 1370008 | 1461787 |
|  12M SOFR<sup>(c)</sup><br> 3.851<sup>(c)</sup> | 03/31/27 | 47400 <sup>(d)</sup> | 160586 | (27689) | 188275 |
| 3.490<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 05/31/27 | 10 | 164 | (16) | 180 |
| 3.500<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/18/27 | 5050 <sup>(d)</sup> | 12109 | 20945 | (8836) |
| 3.250<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/18/27 | 50940 <sup>(d)</sup> | 364328 | 471459 | (107131) |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 06/18/27 | 7790 <sup>(d)</sup> | 54276 | 35329 | 18947 |
|  6M CDOR<sup>(e)</sup><br> 3.000<sup>(e)</sup> | 06/18/27 | 26080 <sup>(d)</sup> | 249461 | 204080 | 45381 |
|  6M NIBOR<sup>(e)</sup><br> 4.000<sup>(c)</sup> | 06/18/27 | 1087920 <sup>(d)</sup> | (584408) | (724623) | 140215 |
| 1.750<sup>(c)</sup><br> 6M EURO<sup>(c)</sup> | 06/18/27 | 24260 <sup>(d)</sup> | 98214 | 61844 | 36370 |
| 3.750<sup>(c)</sup><br> 6M GBP<sup>(c)</sup> | 06/18/27 | 3320 <sup>(d)</sup> | 18847 | 19726 | (879) |
| 0.500<sup>(c)</sup><br> 6M JYOR<sup>(c)</sup> | 06/18/27 | 15545000 <sup>(d)</sup> | 835641 | 892554 | (56913) |
|  Mexico |  |  |  |  |  |
|  Interbank TIIE |  |  |  |  |  |
|  28 Days<sup>(a)</sup><br> 8.250<sup>(a)</sup> | 09/15/27 | 190560 <sup>(d)</sup> | 86568 | 59964 | 26604 |
|  1M CNRR<sup>(f)</sup><br> 1.500<sup>(f)</sup> | 09/17/27 | 482880 <sup>(d)</sup> | (60635) | (40301) | (20334) |
|  12M THOR<sup>(f)</sup><br> 1.750<sup>(f)</sup> | 09/17/27 | 90060 <sup>(d)</sup> | 18675 | 6746 | 11929 |
| 5.500<sup>(e)</sup><br> 12M CLICP<sup>(e)</sup> | 09/17/27 | 4286810 <sup>(d)</sup> | (51768) | (39765) | (12003) |
| 8.250<sup>(f)</sup><br> 12M CPIBR<sup>(f)</sup> | 09/17/27 | 47527720 <sup>(d)</sup> | 15046 | (78267) | 93313 |
|  3M KWCDC<sup>(f)</sup><br> 2.500<sup>(f)</sup> | 09/17/27 | 60803160 <sup>(d)</sup> | (6615) | (47366) | 40751 |
|  6M WIBOR<sup>(e)</sup><br> 4.750<sup>(c)</sup> | 09/17/27 | 36440 <sup>(d)</sup> | 43626 | (5148) | 48774 |
|  12M MIBOR<sup>(e)</sup><br> 6.000<sup>(e)</sup> | 09/17/27 | 2240820 <sup>(d)</sup> | 104986 | 68855 | 36131 |
| 6.25<sup>(c)</sup><br> 6M BUBOR<sup>(e)</sup> | 09/17/27 | 2702890 <sup>(d)</sup> | 40136 | 248 | 39888 |
| 3.500<sup>(c)</sup><br> 6M PRIBOR<sup>(e)</sup> | 09/17/27 | 360720 <sup>(d)</sup> | (24870) | 3972 | (28842) |
|  3M JIBAR<sup>(f)</sup><br> 7.500<sup>(f)</sup> | 09/17/27 | 207540 <sup>(d)</sup> | 25019 | 36190 | (11171) |
|  6M EURO<sup>(f)</sup><br> 2.143<sup>(b)</sup> | 11/20/27 | 1281400 <sup>(d)</sup> | (1277502) | (259910) | (1017592) |
| 2.180<sup>(b)</sup><br> 6M EURO<sup>(e)</sup> | 11/20/27 | 1281400 <sup>(d)</sup> | 1547275 | 353580 | 1193695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by**<br> **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)** |
|  12M MIBOR<sup>(e)</sup><br> 6.000%<sup>(e)</sup> | 03/19/28 | 5224420 | $239621 | $(144700) | $384321 |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 05/14/28 | 42728 <sup>(d)</sup> | 181926 | (882544) | 1064470 |
|  2.250%<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 06/18/28 | 2240 <sup>(d)</sup> | 474 | 8148 | (7674) |
| 1.250<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 12/19/28 | 2630 | 120160 | (30171) | 150331 |
|  6M EURO<sup>(e)</sup><br> 2.325<sup>(c)</sup> | 02/25/29 | 84389 <sup>(d)</sup> | (234203) | (1799973) | 1565770 |
| 3.799 <sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/29 | $794540 <sup>(d)</sup> | (5909471) | (2207005) | (3702466) |
|  1M BID |  |  |  |  |  |
|  Average<sup>(b)</sup><br> 13.250<sup>(b)</sup> | 01/02/30 | 28020 | (159468) | (114429) | (45039) |
| 6.000<sup>(e)</sup><br> 12M MIBOR<sup>(e)</sup> | 03/19/30 | 1696540 | (74807) | 113080 | (187887) |
|  6M JYOR<sup>(c)</sup><br> 0.750<sup>(c)</sup> | 06/18/30 | 5736000 <sup>(d)</sup> | (609659) | (690904) | 81245 |
|  3M STIBOR<sup>(f)</sup><br> 2.500<sup>(c)</sup> | 06/18/30 | 275980 <sup>(d)</sup> | (249674) | (253682) | 4008 |
|  6M GBP<sup>(c)</sup><br> 3.500<sup>(c)</sup> | 06/18/30 | 26550 <sup>(d)</sup> | (742140) | (759401) | 17261 |
|  6M NIBOR<sup>(e)</sup><br> 4.000<sup>(c)</sup> | 06/18/30 | 288080 <sup>(d)</sup> | (139499) | (259347) | 119848 |
| 2.000<sup>(f)</sup><br> 12M THOR<sup>(f)</sup> | 09/17/30 | 356110 <sup>(d)</sup> | (226945) | (116324) | (110621) |
| 1.500<sup>(f)</sup><br> 1M CNRR<sup>(f)</sup> | 09/17/30 | 141030 <sup>(d)</sup> | 71042 | 91388 | (20346) |
|  12M CPIBR<sup>(f)</sup><br> 8.750<sup>(f)</sup> | 09/17/30 | 18087610 <sup>(d)</sup> | 8037 | 91321 | (83284) |
| 3.822<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/31/32 | $127340 <sup>(d)</sup> | (1160806) | 53217 | (1214023) |
|  12M SOFR<sup>(c)</sup><br> 3.250<sup>(c)</sup> | 06/18/32 | 1200 <sup>(d)</sup> | (31101) | (37501) | 6400 |
| 1.295<sup>(c)</sup><br> 6M JYOR<sup>(c)</sup> | 08/02/34 | 23311770 <sup>(d)</sup> | 1528158 | 116185 | 1411973 |
| 3.864<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 11/15/34 | $46090 <sup>(d)</sup> | (468367) | (42271) | (426096) |
| 3.750<sup>(c)</sup><br> 6M PRIBOR<sup>(e)</sup> | 03/19/35 | 39580 | 3982 | 25825 | (21843) |
|  6M EURO<sup>(e)</sup><br> 3.000<sup>(c)</sup> | 03/28/35 | 43450 <sup>(d)</sup> | 101839 | 55978 | 45861 |
|  6M CHFOR<sup>(c)</sup><br> 0.750<sup>(c)</sup> | 06/18/35 | 440 <sup>(d)</sup> | 4192 | (6720) | 10912 |
| 3.250<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/18/35 | $13280 <sup>(d)</sup> | 552237 | 685440 | (133203) |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 06/18/35 | 38200 <sup>(d)</sup> | (618788) | (643245) | 24457 |
|  3M STIBOR<sup>(f)</sup><br> 2.750<sup>(c)</sup> | 06/18/35 | 224290 <sup>(d)</sup> | (399691) | (374047) | (25644) |
|  12M SOFR<sup>(c)</sup><br> 3.250<sup>(c)</sup> | 06/18/35 | $24570 <sup>(d)</sup> | (1021721) | (1107323) | 85602 |
|  6M GBP<sup>(c)</sup><br> 3.500<sup>(c)</sup> | 06/18/35 | 3700 <sup>(d)</sup> | (258798) | (253519) | (5279) |
|  3M NZDOR<sup>(f)</sup><br> 4.250<sup>(e)</sup> | 06/18/35 | 22300 <sup>(d)</sup> | 106073 | 64903 | 41170 |
| 4.250<sup>(e)</sup><br> 6M AUDOR<sup>(e)</sup> | 06/18/35 | 20550 <sup>(d)</sup> | 73511 | 135243 | (61732) |
| 3.000<sup>(e)</sup><br> 6M CDOR<sup>(e)</sup> | 06/18/35 | 14040 <sup>(d)</sup> | (229175) | (178136) | (51039) |
| 1.000<sup>(c)</sup><br> 6M JYOR<sup>(c)</sup> | 06/18/35 | 18509000 <sup>(d)</sup> | 3927896 | 4450259 | (522363) |
| 4.000<sup>(c)</sup><br> 6M NIBOR<sup>(e)</sup> | 06/18/35 | 46710 <sup>(d)</sup> | 34058 | 59663 | (25605) |
|  Mexico |  |  |  |  |  |
|  Interbank TIIE |  |  |  |  |  |
|  28 Days<sup>(a)</sup><br> 8.750<sup>(a)</sup> | 09/05/35 | 63810 <sup>(d)</sup> | 76753 | 53144 | 23609 |
| 5.750<sup>(e)</sup><br> 12M CLICP<sup>(e)</sup> | 09/17/35 | 1121980 <sup>(d)</sup> | (31622) | (30409) | (1213) |
| 3.750<sup>(f)</sup><br> 3M KWCDC<sup>(f)</sup> | 09/17/35 | 13996130 <sup>(d)</sup> | (942961) | (843774) | (99187) |
| 6.75<sup>(c)</sup><br> 6M BUBOR<sup>(e)</sup> | 09/17/35 | 387550 <sup>(d)</sup> | 22303 | 23145 | (842) |
| 5.000<sup>(c)</sup><br> 6M WIBOR<sup>(e)</sup> | 09/17/35 | 13920 <sup>(d)</sup> | (52801) | 15430 | (68231) |
|  12M CPIBR<sup>(f)</sup><br> 9.250<sup>(f)</sup> | 09/17/35 | 9441180 <sup>(d)</sup> | 1242 | 76953 | (75711) |
|  3M JIBAR<sup>(f)</sup><br> 9.250<sup>(f)</sup> | 09/17/35 | 27130 <sup>(d)</sup> | 26204 | 23528 | 2676 |
| 4.250<sup>(c)</sup><br> 6M GBP<sup>(c)</sup> | 09/07/37 | 17780 <sup>(d)</sup> | 34479 | (175864) | 210343 |
|  6M EURO<sup>(e)</sup><br> 3.000<sup>(c)</sup> | 01/25/39 | 56110 <sup>(d)</sup> | (178836) | 319385 | (498221) |
| 3.000<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 03/28/40 | 53700 <sup>(d)</sup> | 129522 | 174899 | (45377) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 01/25/44 | 132980 <sup>(d)</sup> | 1475672 | (247391) | 1723063 |
|  6M JYOR<sup>(c)</sup><br> 2.160<sup>(c)</sup> | 08/02/44 | 29507280 <sup>(d)</sup> | (2893874) | (1871419) | (1022455) |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 06/18/45 | 11040 <sup>(d)</sup> | (484552) | (549813) | 65261 |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 06/18/45 | 560 <sup>(d)</sup> | 24579 | 26638 | (2059) |
|  6M EURO<sup>(e)</sup><br> 2.000<sup>(c)</sup> | 01/25/49 | 77980 <sup>(d)</sup> | (955436) | 51118 | (1006554) |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 05/17/53 | 15227 <sup>(d)</sup> | 764977 | (369104) | 1134081 |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 11/10/53 | 26555 <sup>(d)</sup> | 18532 | (1892076) | 1910608 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by**<br> **the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Notional**<br> **Amount**<br> (000s) | **Market**<br> **Value** | **Upfront<br>Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M EURO<sup>(c)</sup><br> 2.530%<sup>(c)</sup> | 03/19/56 | EUR | 16560 <sup>(d)</sup> | $(104319) | $(121841) | $17522 |
|  2.610%<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 03/19/56 |  | 16560 <sup>(d)</sup> | 112320 | 106448 | 5872 |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 06/18/75 |  | 6470 <sup>(d)</sup> | 914198 | 932701 | (18503) |
|  **TOTAL** |  |  |  | $(4054130) | $(6202425) | $2148295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made quarterly.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/<br>Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread<br>at March 31,<br>2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.BBB.17 | 3.000% | 5.568% | JPMorgan Securities, Inc. | 12/15/56 | $10500 | $(1500072) | $(1310976) | $(189096) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 39 | 5.000% | 2.669% | 12/20/27 | $21533 | $1281422 | $1154076 | $127346 |
|  CDX.NA.HY Index 43 | 5.000 | 3.628 | 12/20/29 | 62900 | 3463518 | 4325975 | (862457) |
|  CDX.NA.IG Index 40 | 1.000 | 0.389 | 06/20/28 | 26349 | 496999 | 275402 | 221597 |
|  CDX.NA.IG Index 43 | 1.000 | 0.558 | 12/20/29 | 27450 | 528481 | 517237 | 11244 |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.613 | 06/20/30 | 5200 | 96822 | 100112 | (3290) |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.962 | 06/20/30 | 5230 | 10977 | 29813 | (18836) |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.903 | 06/20/30 | 5190 | 25458 | 27142 | (1684) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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)** |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000% | 0.771% | 06/20/30 | $5170 | $57305 | $63622 | $(6317) |
|  **TOTAL** |  |  |  |  | $5960982 | $6493379 | $(532397) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  JPMBKTL3 Index | 12MSOFR-0.570% | JPMorgan Securities, Inc. | 04/21/25 | $52515 | $(636251) |

---

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **A basket (JPMBKTL3) of Corporate Obligations** |  |  |  |  |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  Kinder Morgan Energy Partners LP, 6.950, 01/15/38 | Energy | (211) | $(23259) | 2.1 |
|  Cisco Systems Inc, 5.900, 02/15/39 | Industrials | (216) | (23143) | 2.0 |
|  RTX Corp, 6.400, 03/15/54 | Communications | (209) | (22921) | 2.0 |
|  Anheuser-Busch InBev Worldwide Inc, 5.550, 01/23/49 | Energy | (226) | (22642) | 2.0 |
|  Enbridge Inc, 6.700, 11/15/53 | Energy | (209) | (22622) | 2.0 |
|  Energy Transfer LP, 6.250, 04/15/49 | Consumer Staples | (226) | (22445) | 2.0 |
|  HCA Inc, 6.000, 04/01/54 | Consumer Staples | (226) | (21889) | 1.9 |
|  BlackRock Funding Inc, 5.250, 03/14/54 | Technology | (226) | (21794) | 1.9 |
|  Oracle Corp, 5.550, 02/06/53 | Financials | (226) | (21151) | 1.9 |
|  Cigna Group/The, 4.800, 08/15/38 | Consumer Staples | (226) | (21135) | 1.9 |
|  TotalEnergies Capital SA, 5.488, 04/05/54 | Industrials | (199) | (19279) | 1.7 |
|  Altria Group Inc, 5.800, 02/14/39 | Energy | (191) | (19220) | 1.7 |
|  Novartis Capital Corp, 4.000, 11/20/45 | Consumer Staples | (226) | (18956) | 1.7 |
|  Southern Co/The, 4.400, 07/01/46 | Utilities | (226) | (18732) | 1.7 |
|  FedEx Corp, 4.750, 11/15/45 | Consumer Staples | (226) | (18706) | 1.7 |
|  Kraft Heinz Foods Co, 4.375, 06/01/46 | Consumer Staples | (226) | (18551) | 1.6 |
|  Walt Disney Co/The, 3.500, 05/13/40 | Communications | (226) | (18417) | 1.6 |
|  Broadcom Inc, 3.500, 02/15/41 | Technology | (226) | (17724) | 1.6 |
|  Molson Coors Beverage Co, 5.000, 05/01/42 | Consumer Staples | (192) | (17708) | 1.6 |
|  Comcast Corp, 3.250, 11/01/39 | Communications | (226) | (17523) | 1.6 |
|  CVS Health Corp, 5.875, 06/01/53 | Financials | (185) | (17518) | 1.6 |
|  Morgan Stanley, 3.971, 07/22/38 | Consumer Staples | (200) | (17357) | 1.5 |
|  Wells Fargo & Co, 3.068, 04/30/41 | Financials | (226) | (16939) | 1.5 |
|  Commonwealth Bank of Australia, 3.305, 03/11/41 | Consumer Staples | (226) | (16880) | 1.5 |
|  Siemens Financieringsmaatschappij NV, 2.875, 03/11/41 | Financials | (226) | (16704) | 1.5 |
|  Bristol-Myers Squibb Co, 4.250, 11/21/49 | Industrials | (204) | (16691) | 1.5 |
|  Equitable Holdings Inc, 5.000, 04/20/48 | Financials | (180) | (16110) | 1.4 |
|  AbbVie Inc, 4.250, 11/21/49 | Utilities | (191) | (15861) | 1.4 |
|  Pfizer Investment Enterprises Pte Ltd, 5.300, 05/19/53 | Consumer Staples | (166) | (15795) | 1.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **A basket (JPMBKTL3) of Corporate Obligations (continued)** |  |  |  |  |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  PacifiCorp, 5.800, 01/15/55 | Consumer Staples | (162) | $(15793) | 1.4 |
|  BNP Paribas SA, 2.824, 01/26/41 | Financials | (226) | (15573) | 1.4 |
|  National Australia Bank Ltd, 2.648, 01/14/41 | Financials | (226) | (15454) | 1.4 |
|  Medtronic Inc, 4.625, 03/15/45 | Consumer Staples | (172) | (15406) | 1.4 |
|  Credit Agricole SA, 2.811, 01/11/41 | Financials | (226) | (15402) | 1.4 |
|  NextEra Energy Capital Holdings Inc, 5.250, 02/28/53 | Utilities | (152) | (13974) | 1.2 |
|  Philip Morris International Inc, 4.250, 11/10/44 | Technology | (152) | (12688) | 1.1 |
|  Apple Inc, 3.750, 11/13/47 | Consumer Staples | (159) | (12645) | 1.1 |
|  MPLX LP, 5.500, 02/15/49 | Energy | (131) | (11944) | 1.1 |
|  Honeywell International Inc, 5.250, 03/01/54 | Industrials | (123) | (11718) | 1 |
|  UBS Group AG, 3.179, 02/11/43 | Financials | (156) | (11474) | 1 |
|  Pacific Gas and Electric Co, 4.950, 07/01/50 | Utilities | (129) | (10778) | 1 |
|  UnitedHealth Group Inc, 4.750, 07/15/45 | Consumer Staples | (110) | (9818) | 0.9 |
|  PacifiCorp, 5.500, 05/15/64 | Utilities | (81) | (7632) | 0.7 |
|  Exxon Mobil Corp, 4.227, 03/19/40 | Energy | (85) | (7567) | 0.7 |
|  UnitedHealth Group Inc, 3.050, 05/15/41 | Consumer Staples | (103) | (7547) | 0.7 |
|  Freeport-McMoRan Inc, 5.450, 03/15/43 | Materials | (77) | (7234) | 0.6 |
|  AbbVie Inc, 5.500, 03/15/64 | Utilities | (72) | (7109) | 0.6 |
|  Electricite de France SA, 6.950, 01/26/39 | Consumer Staples | (64) | (7099) | 0.6 |
|  Pfizer Inc, 4.125, 12/15/46 | Consumer Staples | (86) | (7028) | 0.6 |
|  Amgen Inc, 4.400, 05/01/45 | Consumer Staples | (81) | (6892) | 0.6 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 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** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 1.950% | 05/11/2026 | 21520000 | $21520000 | $131461 | $272326 | $(140865) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 21790000 | 21790000 | 161802 | 295965 | (134163) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 21760000 | 21760000 | 184089 | 327067 | (142978) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 56160000 | 56160000 | 408053 | 381142 | 26911 |
|  6M IRS | BNP Paribas SA | 2.200 | 09/08/2025 | 38790000 | 38790000 | 171331 | 136354 | 34977 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 160020000 | $160020000 | $1056736 | $1412854 | $(356118) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065 | 05/11/2026 | (6340000) | (6340000) | (79870) | (272365) | 192495 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (6410000) | (6410000) | (88671) | (296080) | 207409 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (6400000) | (6400000) | (126162) | (326983) | 200821 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (5240000) | (5240000) | (302762) | (381404) | 78642 |
|  6M IRS | BNP Paribas SA | 2.463 | 09/08/2025 | (3620000) | (3620000) | (98628) | (136395) | 37767 |
|  1M IRS | BofA Securities LLC | 2.751 | 04/07/2025 | (15520000) | (15520000) | (155684) | (154440) | (1244) |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (15520000) | (15520000) | (120547) | (131139) | 10592 |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (15520000) | (15520000) | (147701) | (155994) | 8293 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (15520000) | (15520000) | (101298) | (137958) | 36660 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (16870000) | (16870000) | (167447) | (175870) | 8423 |
|  1M IRS | MS & Co. Int. PLC | 3.849 | 04/14/2025 | (16870000) | (16870000) | (191016) | (175448) | (15568) |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (16870000) | (16870000) | (175114) | (153728) | (21386) |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (16870000) | (16870000) | (286648) | (149299) | (137349) |
|  |  |  |  | (157570000) | $(157570000) | $(2041548) | $(2647103) | $605555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.751% | 04/07/2025 | (15520000) | $(15520000) | $(23301) | $(154440) | $131139 |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (15520000) | (15520000) | (135650) | (131139) | (4511) |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (15520000) | (15520000) | (58152) | (155994) | 97842 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (15520000) | (15520000) | (128585) | (137958) | 9373 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (16870000) | (16870000) | (39329) | (175870) | 136541 |
|  1M IRS | MS & Co. Int. PLC | 3.849 | 04/14/2025 | (16870000) | (16870000) | (68595) | (175448) | 106853 |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (16870000) | (16870000) | (104623) | (153728) | 49105 |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (16870000) | (16870000) | (70587) | (149298) | 78711 |
|  |  |  |  | (129560000) | $(129560000) | $(628822) | $(1233875) | $605053 |
| Total written option contracts | Total written option contracts |  |  | (287130000) | $(287130000) | $(2670370) | $(3880978) | $1210608 |
| TOTAL |  |  |  | (127110000) | $(127110000) | $(1613634) | $(2468124) | $854490 |

---

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call USD/Put CNY | Barclays Bank PLC | $7.360 | 04/16/2025 | 13137000 | $13137000 | $5530 | $111206 | $(105676) |
|  Call USD/Put INR | Barclays Bank PLC | 89.200 | 06/13/2025 | 13390000 | 13390000 | 8918 | 86499 | (77581) |
|  Call USD/Put BRL | BNP Paribas SA | 5.860 | 04/16/2025 | 13579000 | 13579000 | 62599 | 197941 | (135342) |
|  Call USD/Put CNY | BNP Paribas SA | 7.470 | 05/15/2025 | 25745000 | 25745000 | 12332 | 182918 | (170586) |
|  Call USD/Put CLP | BofA Securities LLC | 965.000 | 05/08/2025 | 14330000 | 14330000 | 153546 | 171874 | (18328) |
|  Call USD/Put CNY | BofA Securities LLC | 7.255 | 04/16/2025 | 39522000 | 39522000 | 151804 | 289301 | (137497) |
|  Call USD/Put CNY | BofA Securities LLC | 7.300 | 04/22/2025 | 29610900 | 29610900 | 59281 | 217995 | (158714) |
|  Call USD/Put COP | BofA Securities LLC | 4280.000 | 05/08/2025 | 13874000 | 13874000 | 152683 | 213965 | (61282) |
|  Call USD/Put MXN | BofA Securities LLC | 20.610 | 05/12/2025 | 20738000 | 20738000 | 354516 | 295599 | 58917 |
|  Call USD/Put TWD | BofA Securities LLC | 32.900 | 04/11/2025 | 26321000 | 26321000 | 280213 | 210226 | 69987 |
|  Call USD/Put CNY | Citibank NA | 7.320 | 07/08/2025 | 26421000 | 26421000 | 133611 | 260079 | (126468) |
|  Call USD/Put CNY | Citibank NA | 7.540 | 07/10/2025 | 25826000 | 25826000 | 32102 | 184523 | (152421) |
|  Call USD/Put CNY | Citibank NA | 7.208 | 07/21/2025 | 6571000 | 6571000 | 71440 | 111723 | (40283) |
|  Call USD/Put CNY | Citibank NA | 7.165 | 09/18/2025 | 6951000 | 6951000 | 104884 | 90120 | 14764 |
|  Call USD/Put CNY | Deutsche Bank AG (London) | 7.400 | 04/16/2025 | 40009000 | 40009000 | 6441 | 271861 | (265420) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call USD/Put CAD | JPMorgan Securities, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.433 | 04/04/2025 | 6846000 | $6846000 | $45095 | $31492 | $13603 |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/08/2025 | 25754000 | 25754000 | 30544 | 181437 | (150893) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | 27935000 | 27935000 | 174314 | 306363 | (132049) |
|  Call USD/Put MXN | JPMorgan Securities, Inc. | 21.000 | 04/15/2025 | 20368000 | 20368000 | 94263 | 266413 | (172150) |
|  Call USD/Put TWD | JPMorgan Securities, Inc. | 32.850 | 05/29/2025 | 27437000 | 27437000 | 354349 | 227178 | 127171 |
|  Call USD/Put CNY | Standard Chartered Bank | 7.360 | 04/16/2025 | 25729000 | 25729000 | 10832 | 236733 | (225901) |
|  Call USD/Put INR | Standard Chartered Bank | 86.450 | 06/13/2025 | 12880000 | 12880000 | 65418 | 94243 | (28825) |
|  Call USD/Put TWD | Standard Chartered Bank | 33.100 | 06/26/2025 | 28531000 | 28531000 | 281744 | 243141 | 38603 |
|  |  |  |  | 491504900 | $491504900 | $2646459 | $4482830 | $(1836371) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call USD | Barclays Bank PLC | 0.614 | 04/16/2025 | 21747000 | 21747000 | 32803 | 119422 | (86619) |
|  Put NZD/Call USD | Barclays Bank PLC | 0.568 | 04/22/2025 | 47713000 | 47713000 | 246429 | 276417 | (29988) |
|  Put NZD/Call USD | Barclays Bank PLC | 0.566 | 05/01/2025 | 48068000 | 48068000 | 255031 | 309790 | (54759) |
|  Put NZD/Call USD | Barclays Bank PLC | 0.581 | 05/01/2025 | 47849000 | 47849000 | 698146 | 310175 | 387971 |
|  Put AUD/Call USD | BNP Paribas SA | 0.631 | 04/16/2025 | 43772000 | 43772000 | 374489 | 245748 | 128741 |
|  Put AUD/Call USD | BNP Paribas SA | 0.625 | 04/16/2025 | 44320548 | 44320548 | 225510 | 249585 | (24075) |
|  Put EUR/Call USD | BNP Paribas SA | 1.048 | 04/03/2025 | 52156000 | 52156000 | 790 | 354080 | (353290) |
|  Put EUR/Call USD | BNP Paribas SA | 1.078 | 04/08/2025 | 51283000 | 51283000 | 201846 | 510444 | (308598) |
|  Put EUR/Call USD | BNP Paribas SA | 1.090 | 04/15/2025 | 38360000 | 38360000 | 451951 | 316476 | 135475 |
|  Put EUR/Call USD | BNP Paribas SA | 1.074 | 04/22/2025 | 39693000 | 39693000 | 194471 | 248853 | (54382) |
|  Put EUR/Call USD | BNP Paribas SA | 1.078 | 05/02/2025 | 38462000 | 38462000 | 299940 | 390743 | (90803) |
|  Put GBP/Call USD | BNP Paribas SA | 1.292 | 04/24/2025 | 21936000 | 21936000 | 210988 | 187650 | 23338 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put GBP/Call USD | BNP Paribas SA | $1.276 | 05/22/2025 | 16091000 | $16091000 | $127104 | $207228 | $(80124) |
|  Put EUR/Call USD | BofA Securities LLC | 1.065 | 04/03/2025 | 52026000 | 52026000 | 21940 | 419583 | (397643) |
|  Put EUR/Call USD | BofA Securities LLC | 1.078 | 06/26/2025 | 26405000 | 26405000 | 315182 | 311033 | 4149 |
|  Put NZD/Call USD | BofA Securities LLC | 0.563 | 04/22/2025 | 50031000 | 50031000 | 168584 | 196506 | (27922) |
|  Put NZD/Call USD | BofA Securities LLC | 0.561 | 05/01/2025 | 50031000 | 50031000 | 175117 | 218577 | (43460) |
|  Put USD/Call JPY | BofA Securities LLC | 144.100 | 08/01/2025 | 26673000 | 26673000 | 372435 | 308953 | 63482 |
|  Put AUD/Call USD | Citibank NA | 0.610 | 04/03/2025 | 32072000 | 32072000 | 2946 | 265869 | (262923) |
|  Put NZD/Call USD | Citibank NA | 0.569 | 04/22/2025 | 48409000 | 48409000 | 273385 | 292249 | (18864) |
|  Put NZD/Call USD | Citibank NA | 0.555 | 05/01/2025 | 48198000 | 48198000 | 97883 | 314247 | (216364) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.036 | 04/02/2025 | 52266000 | 52266000 |  | 340002 | (340002) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.043 | 05/02/2025 | 39007000 | 39007000 | 32857 | 388839 | (355982) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.254 | 04/24/2025 | 21666000 | 21666000 | 19059 | 226584 | (207525) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.278 | 04/24/2025 | 21455000 | 21455000 | 92705 | 229419 | (136714) |
|  Put NZD/Call USD | HSBC Bank PLC | 0.578 | 05/16/2025 | 47849000 | 47849000 | 637918 | 305943 | 331975 |
|  Put EUR/Call USD | JPMorgan Securities, Inc. | 1.063 | 09/17/2025 | 12787000 | 12787000 | 140768 | 118724 | 22044 |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.553 | 04/03/2025 | 47180000 | 47180000 | 1661 | 357275 | (355614) |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.569 | 04/03/2025 | 47983000 | 47983000 | 144602 | 318545 | (173943) |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.571 | 04/16/2025 | 47488000 | 47488000 | 304447 | 275961 | 28486 |
|  Put USD/Call CAD | JPMorgan Securities, Inc. | 1.433 | 04/04/2025 | 6846000 | 6846000 | 16458 | 31492 | (15034) |
|  Put EUR/Call USD | MS & Co. Int. PLC | 1.031 | 05/08/2025 | 38859000 | 38859000 | 20295 | 449357 | (429062) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.557 | 04/16/2025 | 48198000 | 48198000 | 65729 | 302433 | (236704) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.570 | 04/22/2025 | 48210000 | 48210000 | 310061 | 233411 | 76650 |
|  Put NZD/Call USD | Standard Chartered Bank | 0.578 | 05/16/2025 | 48795500 | 48795500 | 650537 | 477476 | 173061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
| Put NZD/Call USD | Standard Chartered Bank | $0.570 | 05/16/2025 | 74586000 | $74586000 | $632991 | $492072 | $140919 |
| Put NZD/Call USD | UBS AG (London) | 0.579 | 04/16/2025 | 48436000 | 48436000 | 587583 | 260867 | 326716 |
|  |  |  |  | 1496907048 | $1496907048 | $8404641 | $10862028 | $(2457387) |
| Total purchased option contracts | Total purchased option contracts |  |  | 1988411948 | $1988411948 | $11051100 | $15344858 | $(4293758) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call AUD/Put NZD | Barclays Bank PLC | 1.103 | 04/08/2025 | (21750000) | (21750000) | (20507) | (62999) | 42492 |
| Call EUR/Put PLN | Barclays Bank PLC | 4.185 | 04/16/2025 | (6364000) | (6364000) | (44000) | (45526) | 1526 |
| Call USD/Put CAD | Barclays Bank PLC | 1.438 | 04/11/2025 | (6913000) | (6913000) | (40102) | (57067) | 16965 |
| Call USD/Put INR | Barclays Bank PLC | 86.450 | 06/13/2025 | (12880000) | (12880000) | (65418) | (175297) | 109879 |
| Call USD/Put SGD | Barclays Bank PLC | 1.331 | 04/15/2025 | (6907000) | (6907000) | (68932) | (45828) | (23104) |
| Call EUR/Put CHF | BNP Paribas SA | 0.955 | 04/22/2025 | (12815000) | (12815000) | (81090) | (108040) | 26950 |
| Call EUR/Put GBP | BNP Paribas SA | 0.837 | 04/24/2025 | (13097000) | (13097000) | (85296) | (82314) | (2982) |
| Call USD/Put BRL | BNP Paribas SA | 5.860 | 04/16/2025 | (13579000) | (13579000) | (62599) | (215906) | 153307 |
| Call USD/Put CNY | BNP Paribas SA | 7.300 | 04/22/2025 | (29610900) | (29610900) | (59281) | (55372) | (3909) |
| Call EUR/Put SEK | BofA<br> Securities LLC | 10.940 | 04/11/2025 | (12769000) | (12769000) | (33717) | (107541) | 73824 |
| Call USD/Put CNY | BofA<br> Securities LLC | 7.360 | 04/16/2025 | (38866000) | (38866000) | (16363) | (135020) | 118657 |
| Call USD/Put CNY | BofA<br> Securities LLC | 7.470 | 05/15/2025 | (25745000) | (25745000) | (12332) | (84495) | 72163 |
| Call USD/Put JPY | BofA<br> Securities LLC | 158.500 | 08/01/2025 | (26673000) | (26673000) | (85380) | (280867) | 195487 |
| Call USD/Put MXN | BofA<br> Securities LLC | 21.000 | 04/15/2025 | (20368000) | (20368000) | (94263) | (98703) | 4440 |
| Call USD/Put TWD | BofA<br> Securities LLC | 33.000 | 04/22/2025 | (6969000) | (6969000) | (59000) | (36657) | (22343) |
| Call USD/Put CNY | Citibank NA | 7.540 | 07/08/2025 | (25754000) | (25754000) | (30544) | (97653) | 67109 |
| Call AUD/Put NZD | Deutsche Bank AG (London) | 1.100 | 04/29/2025 | (11325000) | (11325000) | (35142) | (32600) | (2542) |
| Call EUR/Put SEK | Deutsche Bank AG (London) | 10.960 | 04/08/2025 | (12821000) | (12821000) | (18535) | (105108) | 86573 |
| Call USD/Put CNY | Deutsche Bank AG (London) | 7.255 | 04/16/2025 | (39522000) | (39522000) | (151804) | (624645) | 472841 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
| Call USD/Put TWD | HSBC Bank PLC | $&nbsp;&nbsp;&nbsp;&nbsp;32.850 | 04/10/2025 | (6913000) | $(6913000) | $(82493) | $(37365) | $(45128) |
| Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.096 | 04/22/2025 | (22019000) | (22019000) | (95622) | (72369) | (23253) |
| Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.098 | 04/28/2025 | (11313000) | (11313000) | (43156) | (33574) | (9582) |
| Call EUR/Put GBP | JPMorgan Securities, Inc. | 0.840 | 04/08/2025 | (12821000) | (12821000) | (27685) | (91624) | 63939 |
| Call EUR/Put PLN | JPMorgan Securities, Inc. | 4.195 | 04/10/2025 | (6615000) | (6615000) | (28304) | (33382) | 5078 |
| Call EUR/Put PLN | JPMorgan Securities, Inc. | 4.182 | 04/24/2025 | (6548000) | (6548000) | (57068) | (49016) | (8052) |
| Call EUR/Put SEK | JPMorgan Securities, Inc. | 11.020 | 04/16/2025 | (12787000) | (12787000) | (18970) | (103193) | 84223 |
| Call EUR/Put SEK | JPMorgan Securities, Inc. | 11.030 | 04/22/2025 | (12815000) | (12815000) | (23363) | (102855) | 79492 |
| Call EUR/Put USD | JPMorgan Securities, Inc. | 1.142 | 09/17/2025 | (12787000) | (12787000) | (89776) | (106839) | 17063 |
| Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/10/2025 | (25826000) | (25826000) | (32102) | (95918) | 63816 |
| Call USD/Put INR | JPMorgan Securities, Inc. | 89.200 | 06/13/2025 | (13390000) | (13390000) | (8918) | (57577) | 48659 |
| Call USD/Put TWD | JPMorgan Securities, Inc. | 32.780 | 04/08/2025 | (13800000) | (13800000) | (194387) | (82455) | (111932) |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.842 | 04/16/2025 | (12787000) | (12787000) | (35064) | (84494) | 49430 |
| Call USD/Put SGD | MS & Co. Int. PLC | 1.334 | 04/28/2025 | (7134000) | (7134000) | (63657) | (42768) | (20889) |
| Call USD/Put CAD | Royal Bank of Canada (UK) | 1.433 | 04/04/2025 | (6846000) | (6846000) | (45095) | (59584) | 14489 |
| Call AUD/Put NZD | Standard Chartered Bank | 1.105 | 04/03/2025 | (22062000) | (22062000) | (7582) | (63072) | 55490 |
| Call USD/Put CNY | Standard Chartered Bank | 7.400 | 04/16/2025 | (40009000) | (40009000) | (6441) | (169518) | &nbsp;&nbsp;&nbsp;&nbsp;163077 |
| Call USD/Put INR | Standard Chartered Bank | 86.050 | 04/24/2025 | (7081000) | (7081000) | (17525) | (34499) | 16974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
| Call USD/Put TWD | Standard Chartered Bank | $&nbsp;&nbsp;&nbsp;&nbsp;32.900 | 04/11/2025 | (26321000) | $(26321000) | $(280213) | $(379917) | $99704 |
| Call USD/Put TWD | Standard Chartered Bank | 32.850 | 05/29/2025 | (27437000) | (27437000) | (354349) | (295085) | (59264) |
| Call EUR/Put GBP | UBS AG (London) | 0.842 | 04/14/2025 | (12769000) | (12769000) | (31135) | (99936) | 68801 |
| Call EUR/Put PLN | UBS AG (London) | 4.160 | 04/03/2025 | (6503000) | (6503000) | (53356) | (45676) | (7680) |
|  |  |  |  | (671310900) | $(671310900) | $(2660566) | $(4592354) | $1931788 |
| **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call NZD | Barclays Bank PLC | 1.103 | 04/08/2025 | (21750000) | (21750000) | (48844) | (62999) | 14155 |
| Put EUR/Call PLN | Barclays Bank PLC | 4.185 | 04/16/2025 | (6364000) | (6364000) | (26892) | (45525) | 18633 |
| Put NZD/Call USD | Barclays Bank PLC | 0.555 | 05/01/2025 | (48198000) | (48198000) | (97882) | (155314) | 57432 |
| Put NZD/Call USD | Barclays Bank PLC | 0.566 | 05/01/2025 | (48068000) | (48068000) | (255031) | (100135) | (154896) |
| Put USD/Call CAD | Barclays Bank PLC | 1.438 | 04/11/2025 | (6913000) | (6913000) | (37538) | (57067) | 19529 |
| Put USD/Call SGD | Barclays Bank PLC | 1.331 | 04/15/2025 | (6907000) | (6907000) | (10354) | (45828) | 35474 |
| Put AUD/Call USD | BNP Paribas SA | 0.610 | 04/03/2025 | (32072000) | (32072000) | (2946) | (100024) | 97078 |
| Put AUD/Call USD | BNP Paribas SA | 0.631 | 04/16/2025 | (43707453) | (43707453) | (373937) | (383885) | 9948 |
| Put EUR/Call CHF | BNP Paribas SA | 0.955 | 04/22/2025 | (12815000) | (12815000) | (78208) | (108040) | 29832 |
| Put EUR/Call GBP | BNP Paribas SA | 0.837 | 04/24/2025 | (13097000) | (13097000) | (63119) | (82314) | 19195 |
| Put EUR/Call USD | BNP Paribas SA | 1.036 | 04/02/2025 | (52266000) | (52266000) |  | (178810) | 178810 |
| Put EUR/Call USD | BNP Paribas SA | 1.065 | 04/03/2025 | (52026000) | (52026000) | (21940) | (247718) | 225778 |
| Put EUR/Call USD | BNP Paribas SA | 1.078 | 04/08/2025 | (51283000) | (51283000) | (201846) | (292610) | 90764 |
| Put EUR/Call USD | BNP Paribas SA | 1.090 | 04/15/2025 | (38360000) | (38360000) | (451951) | (456309) | 4358 |
| Put EUR/Call USD | BNP Paribas SA | 1.043 | 05/02/2025 | (39007000) | (39007000) | (32857) | (82597) | 49740 |
| Put GBP/Call USD | BNP Paribas SA | 1.278 | 04/24/2025 | (21455000) | (21455000) | (92705) | (89142) | (3563) |
| Put GBP/Call USD | BNP Paribas SA | 1.292 | 04/24/2025 | (21936000) | (21936000) | (210988) | (186912) | (24076) |
| Put NZD/Call USD | BNP Paribas SA | 0.578 | 05/16/2025 | (23924500) | (23924500) | (318959) | (257327) | (61632) |
| Put AUD/Call USD | BofA Securities LLC | 0.614 | 04/16/2025 | (21747000) | (21747000) | (32803) | (55228) | 22425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
| Put EUR/Call SEK | BofA Securities LLC | $&nbsp;&nbsp;&nbsp;&nbsp;10.940 | 04/11/2025 | (12769000) | $(12769000) | $(124816) | $(107541) | $(17275) |
| Put EUR/Call USD | BofA Securities LLC | 1.048 | 04/03/2025 | (52156000) | (52156000) | (790) | (157823) | 157033 |
| Put NZD/Call USD | BofA Securities LLC | 0.570 | 04/22/2025 | (48210000) | (48210000) | (310034) | (351802) | 41768 |
| Put NZD/Call USD | BofA Securities LLC | 0.581 | 05/01/2025 | (47849000) | (47849000) | (698146) | (498356) | (199790) |
| Put USD/Call TWD | BofA Securities LLC | 33.000 | 04/22/2025 | (6969000) | (6969000) | (15715) | (36657) | 20942 |
| Put NZD/Call USD | Citibank NA | 0.569 | 04/03/2025 | (47983000) | (47983000) | (144602) | (563231) | 418629 |
| Put NZD/Call USD | Citibank NA | 0.568 | 04/22/2025 | (47713000) | (47713000) | (246429) | (587056) | 340627 |
| Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | (25826000) | (25826000) | (81404) | (175746) | 94342 |
| Put AUD/Call NZD | Deutsche Bank AG (London) | 1.100 | 04/29/2025 | (11325000) | (11325000) | (33556) | (32600) | (956) |
| Put EUR/Call SEK | Deutsche Bank AG (London) | 10.960 | 04/08/2025 | (12821000) | (12821000) | (134918) | (105108) | (29810) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.031 | 05/08/2025 | (25907579) | (25907579) | (13531) | (135853) | 122322 |
| Put GBP/Call USD | HSBC Bank PLC | 1.254 | 04/24/2025 | (21666000) | (21666000) | (19059) | (93474) | 74415 |
| Put NZD/Call USD | HSBC Bank PLC | 0.569 | 04/22/2025 | (48409000) | (48409000) | (273385) | (99325) | (174060) |
| Put USD/Call TWD | HSBC Bank PLC | 32.850 | 04/10/2025 | (6913000) | (6913000) | (2973) | (37365) | 34392 |
| Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.096 | 04/22/2025 | (22019000) | (22019000) | (34190) | (72369) | 38179 |
| Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.098 | 04/28/2025 | (11313000) | (11313000) | (25406) | (33574) | 8168 |
| Put EUR/Call GBP | JPMorgan Securities, Inc. | 0.840 | 04/08/2025 | (12821000) | (12821000) | (69483) | (91624) | 22141 |
| Put EUR/Call PLN | JPMorgan Securities, Inc. | 4.195 | 04/10/2025 | (6615000) | (6615000) | (32703) | (33382) | 679 |
| Put EUR/Call PLN | JPMorgan Securities, Inc. | 4.182 | 04/24/2025 | (6548000) | (6548000) | (30488) | (49016) | 18528 |
| Put EUR/Call SEK | JPMorgan Securities, Inc. | 11.020 | 04/16/2025 | (12787000) | (12787000) | (212515) | (103193) | (109322) |
| Put EUR/Call SEK | JPMorgan Securities, Inc. | 11.030 | 04/22/2025 | (12815000) | (12815000) | (230190) | (102855) | (127335) |
| Put NZD/Call USD | JPMorgan Securities, Inc. | 0.553 | 04/03/2025 | (47180000) | (47180000) | (1661) | (94904) | 93243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
| Put USD/Call CNY | JPMorgan Securities, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.085 | 07/08/2025 | (25754000) | $(25754000) | $(88130) | $(176750) | $88620 |
| Put USD/Call TWD | JPMorgan Securities, Inc. | 32.780 | 04/08/2025 | (13800000) | (13800000) | (2263) | (82455) | 80192 |
| Put EUR/Call GBP | MS & Co. Int. PLC | 0.842 | 04/16/2025 | (12787000) | (12787000) | (100616) | (84494) | (16122) |
| Put EUR/Call USD | MS & Co. Int. PLC | 1.031 | 05/08/2025 | (12935571) | (12935571) | (6756) | (37483) | 30727 |
| Put USD/Call SGD | MS & Co. Int. PLC | 1.334 | 04/28/2025 | (7134000) | (7134000) | (24149) | (42768) | 18619 |
| Put USD/Call CAD | Royal Bank of Canada (UK) | 1.433 | 04/04/2025 | (6846000) | (6846000) | (16458) | (59584) | 43126 |
| Put AUD/Call NZD | Standard Chartered Bank | 1.105 | 04/03/2025 | (22062000) | (22062000) | (60780) | (63072) | 2292 |
| Put NZD/Call USD | Standard Chartered Bank | 0.571 | 04/16/2025 | (47488000) | (47488000) | (304447) | (656337) | 351890 |
| Put NZD/Call USD | Standard Chartered Bank | 0.579 | 04/16/2025 | (48436000) | (48436000) | (587582) | (426177) | (161405) |
| Put NZD/Call USD | Standard Chartered Bank | 0.578 | 05/16/2025 | (72720000) | (72720000) | (969495) | (784921) | (184574) |
| Put USD/Call INR | Standard Chartered Bank | 86.050 | 04/24/2025 | (7081000) | (7081000) | (50608) | (34499) | (16109) |
| Put EUR/Call GBP | UBS AG (London) | 0.842 | 04/14/2025 | (12769000) | (12769000) | (92936) | (99936) | 7000 |
| Put EUR/Call PLN | UBS AG (London) | 4.160 | 04/03/2025 | (6503000) | (6503000) | (3403) | (45676) | 42273 |
| Put NZD/Call USD | UBS AG (London) | 0.557 | 04/16/2025 | (48198000) | (48198000) | (65729) | (119401) | 53672 |
|  |  |  |  | (1455024103) | $(1455024103) | $(7468146) | $(9264191) | $1796045 |
| Total written option contracts | Total written option contracts |  |  | (2126335003) | $(2126335003) | $(10128712) | $(13856545) | $3727833 |
| TOTAL |  |  |  | (137923055) | $(137923055) | $922388 | $1488313 | $(565925) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| 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 |
| HKD | —Hong Kong Dollar |
| HUF | —Hungarian Forint |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| THB | —Thailand Baht |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| GO | —General Obligation |
| ICE | —Inter-Continental Exchange |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| PI | —Private Investment |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| REMICS | —Real Estate Mortgage Investment Conduits |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |
| STACR | —Structured Agency Credit Risk |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: |  |
| 1M BID Avg | —1 Month Brazilian Interbank Deposit Average |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2Y IRS | —1 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 39 | —CDX North America High Yield Index 39 |
| CDX.NA.HY Ind 43 | —CDX North America High Yield Index 43 |
| CDX.NA.IG Ind 40 | —CDX North America Investment Grade Index 40 |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CHFOR | —Swiss Franc Offered Rate |
| CLICP | —Sinacofi Chile Interbank Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| CNRR | —China Fixing Repo Rate |
| EURO | —Euro Offered Rate |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| JYOR | —Japanese Yen Offered Rate |
| KWCDC | —South Korean Won Certificate of Deposit |
| MIBOR | —Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| PRIBOR | —Prague Interbank Offered Rate |
| SOFR | —Secured Overnight Financing Rate |
| STIBOR | —Stockholm Interbank Offered Rate |
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | —Warsaw Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 35.2% | Mortgage-Backed Obligations – 35.2% | Mortgage-Backed Obligations – 35.2% | Mortgage-Backed Obligations – 35.2% |
| Collateralized Mortgage Obligations – 5.6% | Collateralized Mortgage Obligations – 5.6% | Collateralized Mortgage Obligations – 5.6% | Collateralized Mortgage Obligations – 5.6% |
| Interest Only<sup>(a)</sup> – 0.1% | Interest Only<sup>(a)</sup> – 0.1% | Interest Only<sup>(a)</sup> – 0.1% | Interest Only<sup>(a)</sup> – 0.1% |
| Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) |
| 860929 | 1.646 %<sup>(b)</sup> | 07/25/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102596 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| 365698 | 1.537 <sup>(b)</sup> | 05/15/46 | 39740 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| 101134 | 1.587 <sup>(b)</sup> | 03/15/44 | 9707 |
| Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI |
| 760066 | 4.000 | 08/25/50 | 154141 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| 289607 | 1.646 <sup>(b)</sup> | 05/25/47 | 34366 |
| Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) |
| 134823 | 1.496 <sup>(b)</sup> | 02/25/42 | 13128 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 104208 | 1.666 <sup>(b)(c)</sup> | 10/20/43 | 5321 |
| Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC |
| 84113 | 4.500 <sup>(c)</sup> | 09/16/45 | 15952 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 129284 | 1.616 <sup>(b)(c)</sup> | 01/20/49 | 14538 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 87524 | 1.666 <sup>(b)(c)</sup> | 06/20/49 | 9812 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 514266 | 4.000 <sup>(c)</sup> | 06/20/50 | 110886 |
| Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI |
| 1069384 | 2.500 <sup>(c)</sup> | 10/20/50 | 158484 |
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 208466 | 1.616 <sup>(b)(c)</sup> | 08/20/43 | 22285 |
| Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 127182 | 1.816 <sup>(b)(c)</sup> | 09/20/45 | 15382 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 87906 | 4.000 <sup>(c)</sup> | 06/20/45 | 12525 |
| Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 262872 | 1.766 <sup>(b)(c)</sup> | 09/20/48 | 31736 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| $248729 | 1.816 %<sup>(b)(c)</sup> | 02/20/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27415 |
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| 94393 | 1.766 <sup>(b)(c)</sup> | 01/20/46 | 11014 |
| Government National Mortgage Association REMICS Series 2019-151, Class IA | Government National Mortgage Association REMICS Series 2019-151, Class IA | Government National Mortgage Association REMICS Series 2019-151, Class IA | Government National Mortgage Association REMICS Series 2019-151, Class IA |
| 1183396 | 3.500 <sup>(c)</sup> | 12/20/49 | 224668 |
| Government National Mortgage Association REMICS Series 2016-138, Class GI | Government National Mortgage Association REMICS Series 2016-138, Class GI | Government National Mortgage Association REMICS Series 2016-138, Class GI | Government National Mortgage Association REMICS Series 2016-138, Class GI |
| 222027 | 4.000 <sup>(c)</sup> | 10/20/46 | 46043 |
| Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) |
| 76144 | 1.816 <sup>(b)(c)</sup> | 11/20/45 | 8916 |
|  |  |  | 1068655 |
| Regular Floater<sup>(b)</sup> – 0.5% | Regular Floater<sup>(b)</sup> – 0.5% | Regular Floater<sup>(b)</sup> – 0.5% | Regular Floater<sup>(b)</sup> – 0.5% |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 1277152 | 5.340 | 02/25/55 | 1269531 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) |
| 523125 | 5.390 <sup>(c)(d)</sup> | 10/25/44 | 522981 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 1769425 | 5.340 | 03/25/55 | 1766082 |
|  |  |  | 3558594 |
| Sequential Fixed Rate – 1.5% | Sequential Fixed Rate – 1.5% | Sequential Fixed Rate – 1.5% | Sequential Fixed Rate – 1.5% |
| CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 |
| 1176937 | 5.908 <sup>(c)(d)(e)</sup> | 10/25/69 | 1182061 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 115324 | 5.000 | 10/25/41 | 116173 |
| Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| 16295 | 7.000 | 10/25/42 | 17484 |
| Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| 64943 | 7.000 | 07/25/42 | 70230 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 130712 | 5.000 | 06/25/41 | 131516 |
| JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 |
| 1828813 | 5.853 <sup>(c)(d)(e)</sup> | 11/25/64 | 1840681 |
| New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 |
| 1098565 | 5.643 <sup>(c)(d)(e)</sup> | 01/25/65 | 1105147 |
| OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 |
| 1307021 | 5.878 <sup>(c)(d)(e)</sup> | 12/25/63 | 1311157 |
| Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 |
| 1700000 | 5.545 <sup>(c)(d)(e)</sup> | 01/25/65 | 1698887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| Verus Securitization Trust Series 2024-1, Class A1 | Verus Securitization Trust Series 2024-1, Class A1 | Verus Securitization Trust Series 2024-1, Class A1 | Verus Securitization Trust Series 2024-1, Class A1 |
| 1007888 | 5.712 %<sup>(c)(d)(e)</sup> | 01/25/69 | &nbsp;&nbsp;&nbsp;&nbsp;1008947 |
| Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 |
| 725165 | 7.079 <sup>(c)(d)(e)</sup> | 08/25/68 | 731586 |
| Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 |
| 1257169 | 5.332 <sup>(c)(d)(e)</sup> | 08/26/69 | 1253882 |
|  |  |  | 10467751 |
| Sequential Floating Rate<sup>(b)(c)</sup> – 3.5% | Sequential Floating Rate<sup>(b)(c)</sup> – 3.5% | Sequential Floating Rate<sup>(b)(c)</sup> – 3.5% | Sequential Floating Rate<sup>(b)(c)</sup> – 3.5% |
| Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 |
| 620364 | 1.068 <sup>(d)</sup> | 05/25/66 | 535348 |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 1025000 | 3.941 <sup>(d)</sup> | 11/25/59 | 944187 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 |
| 275000 | 6.000 <sup>(d)</sup> | 02/25/55 | 277473 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| 425000 | 5.500 <sup>(d)</sup> | 02/25/55 | 417138 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 200000 | 6.000 <sup>(d)</sup> | 02/25/55 | 202583 |
| Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) |
| 32645 | 6.135 | 09/25/35 | 28613 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| 89132 | 5.990 <sup>(d)</sup> | 01/25/34 | 89480 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M1 (1 mo. USD Term SOFR + 1.250%) |
| 1024225 | 5.590 <sup>(d)</sup> | 03/25/44 | 1024220 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) |
| 525000 | 6.340 <sup>(d)</sup> | 03/25/44 | 526793 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) |
| 1600313 | 5.540 <sup>(d)</sup> | 05/25/44 | 1601514 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + |
| 1.250%) |  |  |  |
| 1553750 | 5.590 <sup>(d)</sup> | 08/25/44 | 1557487 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| 229353 | 5.890 <sup>(d)</sup> | 10/25/41 | 230413 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 285000 | 5.990 <sup>(d)</sup> | 12/25/41 | 285208 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 96836 | 6.240 <sup>(d)</sup> | 04/25/42 | 97475 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 227000 | 7.340 <sup>(d)</sup> | 04/25/42 | 231837 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| $457298 | 8.240 %<sup>(d)</sup> | 04/25/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485010 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| 230000 | 7.436 <sup>(d)</sup> | 06/25/43 | 238615 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 450000 | 6.140 <sup>(d)</sup> | 01/25/44 | 450701 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1425000 | 6.140 <sup>(d)</sup> | 02/25/44 | 1430460 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 450000 | 5.990 <sup>(d)</sup> | 05/25/44 | 450276 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 500000 | 6.286 <sup>(d)</sup> | 03/25/44 | 501789 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 410351 | 5.340 <sup>(d)</sup> | 07/25/44 | 410009 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) |
| 325000 | 6.040 <sup>(d)</sup> | 07/25/44 | 324998 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 775000 | 5.940 <sup>(d)</sup> | 09/25/44 | 774024 |
| HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A |
| 140357 | 5.008 | 08/19/36 | 112984 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 954750 | 2.520 <sup>(d)</sup> | 05/25/52 | 792473 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 320698 | 3.515 <sup>(d)</sup> | 07/25/52 | 278011 |
| JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 |
| 742731 | 4.625 <sup>(d)</sup> | 07/25/63 | 719451 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 1446496 | 5.990 <sup>(d)</sup> | 07/25/64 | 1456003 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 1774148 | 3.000 <sup>(d)</sup> | 05/25/54 | 1588841 |
| JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 | JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 | JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 | JP Morgan Mortgage Trust Series 2022-DSC1, Class A3 |
| 772671 | 4.750 <sup>(d)</sup> | 01/25/63 | 742628 |
| JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A |
| 700000 | 6.000 <sup>(d)</sup> | 10/25/54 | 707381 |
| JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A | JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A |
| 750000 | 6.414 <sup>(d)</sup> | 02/25/64 | 753826 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 1012237 | 6.000 <sup>(d)</sup> | 06/25/54 | 1018203 |
| JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 | JP Morgan Mortgage Trust Series 2024-1, Class A5 |
| 555000 | 6.000 <sup>(d)</sup> | 06/25/54 | 561273 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1 |
| $1758744 | 5.493 %<sup>(d)</sup> | 08/25/55 | $&nbsp;&nbsp;&nbsp;&nbsp;1760738 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 113999 | 3.250 <sup>(d)</sup> | 07/25/59 | 110458 |
| Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) |
| 24869 | 5.504 | 11/20/34 | 22888 |
| Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A |
| 530000 | 3.100 <sup>(d)</sup> | 01/25/60 | 469139 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 104538 | 1.824 <sup>(d)</sup> | 11/25/66 | 94656 |
|  |  |  | 24304604 |
| TOTAL COLLATERALIZED MORTGAGE<br>OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE<br>OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE<br>OBLIGATIONS | 39399604 |
| Commercial Mortgage-Backed Securities – 9.7% | Commercial Mortgage-Backed Securities – 9.7% | Commercial Mortgage-Backed Securities – 9.7% | Commercial Mortgage-Backed Securities – 9.7% |
| Regular Floater<sup>(b)(d)</sup> – 0.6% | Regular Floater<sup>(b)(d)</sup> – 0.6% | Regular Floater<sup>(b)(d)</sup> – 0.6% | Regular Floater<sup>(b)(d)</sup> – 0.6% |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| $1600000 | 5.812% | 11/15/41 | $1598259 |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) |
| 1900000 | 6.452 | 11/15/29 | 1895252 |
| WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) |
| 900000 | 5.811 | 11/15/41 | 898510 |
|  |  |  | 4392021 |
| Sequential Fixed Rate – 4.1% | Sequential Fixed Rate – 4.1% | Sequential Fixed Rate – 4.1% | Sequential Fixed Rate – 4.1% |
| Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 |
| 1700000 | 5.745 <sup>(c)</sup> | 08/15/56 | 1775642 |
| Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 |
| 1250000 | 5.716 <sup>(c)</sup> | 06/15/57 | 1306310 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 1200000 | 5.769 <sup>(c)</sup> | 06/15/57 | 1239137 |
| Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 |
| 1150000 | 5.302 <sup>(c)</sup> | 10/15/57 | 1166698 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 900000 | 5.893 <sup>(c)</sup> | 11/15/57 | 936352 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 575000 | 6.139 <sup>(c)</sup> | 11/15/57 | 591795 |
| Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 |
| 1500000 | 5.646 <sup>(c)</sup> | 04/15/58 | 1545000 |
| Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| 1125000 | 5.754 <sup>(c)</sup> | 07/15/56 | 1174734 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 2300000 | 6.160 <sup>(c)</sup> | 12/15/56 | 2465336 |
| BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 |
| 1600000 | 5.316 <sup>(c)</sup> | 09/15/57 | 1624317 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 1249756 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 1178925 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 400000 | 3.000 <sup>(c)(d)</sup> | 09/15/50 | 239404 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 1825000 | 6.338 <sup>(d)</sup> | 08/10/44 | 1902805 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1500000 | 2.956 <sup>(d)</sup> | 05/10/41 | 1313653 |

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---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 |
| 950000 | 3.430 %<sup>(c)</sup> | 08/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913875 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| 1223000 | 3.024 <sup>(d)</sup> | 01/05/39 | 1136025 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A |
| 700000 | 2.287 <sup>(d)</sup> | 03/05/42 | 635233 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 1300000 | 3.598 <sup>(c)(d)</sup> | 06/05/39 | 1194937 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 2850000 | 5.388 <sup>(d)</sup> | 11/13/41 | 2871375 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 1750000 | 7.109 <sup>(d)</sup> | 11/13/41 | 1811601 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 1100000 | 2.626 <sup>(c)</sup> | 04/15/54 | 952092 |
| Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 |
| 530000 | 5.309 <sup>(c)</sup> | 08/15/57 | 538193 |
|  |  |  | 28513439 |
| Sequential Floating Rate – 5.0% | Sequential Floating Rate – 5.0% | Sequential Floating Rate – 5.0% | Sequential Floating Rate – 5.0% |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 850000 | 2.778 <sup>(b)</sup> | 11/15/54 | 717034 |
| Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS |
| 975000 | 3.989 <sup>(b)(c)</sup> | 09/15/48 | 965734 |
| Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 |
| 1150000 | 3.393 <sup>(b)(c)</sup> | 03/15/64 | 1038883 |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 400000 | 5.637 <sup>(c)</sup> | 10/15/57 | 405925 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 1050000 | 6.096 <sup>(b)(c)</sup> | 01/15/58 | 1083385 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 1775000 | 5.239 <sup>(b)(d)</sup> | 03/15/37 | 1682643 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 475000 | 5.488 <sup>(b)(d)</sup> | 03/15/37 | 436485 |
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| 1162313 | 5.661 <sup>(b)(d)</sup> | 03/15/41 | 1160140 |
| BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS |
| 1000000 | 5.755 <sup>(b)(c)</sup> | 09/15/57 | 1021430 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 951174 | 5.711 <sup>(b)(d)</sup> | 03/15/41 | 951354 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 900000 | 5.050 <sup>(b)(d)</sup> | 11/13/46 | 890380 |
| BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) | BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) |
| 572480 | 6.770 <sup>(b)(d)</sup> | 08/15/39 | 572063 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 2050000 | 5.961 <sup>(b)(d)</sup> | 02/15/41 | 2046961 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

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------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| $1500000 | 5.463 %<sup>(b)(d)</sup> | 03/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;1488762 |
| COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) |
| 1575000 | 6.160 <sup>(b)(d)</sup> | 06/15/41 | 1562699 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 674459 | 5.033 <sup>(b)(c)</sup> | 02/25/33 | 675744 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 975000 | 5.462 <sup>(b)(d)</sup> | 02/05/45 | 988897 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 750000 | 6.340 <sup>(b)(d)</sup> | 01/13/40 | 761894 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 1550000 | 5.467 <sup>(b)(d)</sup> | 01/13/40 | 1577480 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 2100000 | 5.295 <sup>(b)(c)(d)</sup> | 03/14/47 | 2092522 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 675000 | 5.730 <sup>(b)(c)(d)</sup> | 03/14/47 | 663562 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 750000 | 6.166 <sup>(b)(c)(d)</sup> | 03/14/47 | 738352 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) |
| 1000686 | 5.426 <sup>(b)(d)</sup> | 04/15/37 | 977485 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 550000 | 5.797 <sup>(b)(d)</sup> | 10/05/39 | 558393 |
| KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) |
| 1700000 | 5.620 <sup>(b)(d)</sup> | 03/15/42 | 1692254 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 1875000 | 4.874 <sup>(b)(c)(d)</sup> | 10/13/33 | 1861492 |
| Morgan Stanley Capital I Trust Series 2018-L1, Class AS | Morgan Stanley Capital I Trust Series 2018-L1, Class AS | Morgan Stanley Capital I Trust Series 2018-L1, Class AS | Morgan Stanley Capital I Trust Series 2018-L1, Class AS |
| 1250000 | 4.637 <sup>(b)(c)</sup> | 10/15/51 | 1219354 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 1200000 | 6.012 <sup>(b)(d)</sup> | 02/15/42 | 1187532 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) |
| 350000 | 6.452 <sup>(b)(d)</sup> | 04/15/42 | 348908 |
| UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS |
| 1125000 | 3.740 <sup>(b)(c)</sup> | 08/15/50 | 1088554 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 1600000 | 4.954 <sup>(b)(d)</sup> | 07/15/35 | 1603835 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1000000 | 5.360 <sup>(b)(d)</sup> | 07/15/35 | 999975 |
|  |  |  | 35060111 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $67965571 |
| Federal Agencies – 19.9% | Federal Agencies – 19.9% | Federal Agencies – 19.9% | Federal Agencies – 19.9% |
| Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% |
| $885 | 5.000% | 01/01/33 | $892 |
| 133 | 5.000 | 06/01/33 | 134 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 1356 | 5.000% | 07/01/33 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 |
|  | 1777 | 5.000 | 08/01/33 |  | 1788 |
|  | 326 | 5.000 | 10/01/33 |  | 328 |
|  | 899 | 5.000 | 11/01/33 |  | 903 |
|  | 396 | 5.000 | 12/01/33 |  | 398 |
|  | 1247 | 5.000 | 02/01/34 |  | 1255 |
|  | 630 | 5.000 | 03/01/34 |  | 635 |
|  | 971 | 5.000 | 04/01/34 |  | 977 |
|  | 1426 | 5.000 | 05/01/34 |  | 1434 |
|  | 23132 | 5.000 | 06/01/34 |  | 23265 |
|  | 550 | 5.000 | 11/01/34 |  | 554 |
|  | 5433 | 5.000 | 04/01/35 |  | 5462 |
|  | 2 | 5.000 | 11/01/35 |  | 2 |
|  | 5939 | 5.000 | 01/01/40 |  | 6023 |
|  | 4703 | 4.000 | 06/01/40 |  | 4533 |
|  | 31837 | 4.000 | 02/01/41 |  | 30686 |
|  | 2882 | 4.000 | 11/01/41 |  | 2771 |
|  |  |  |  |  | 83404 |
| Government National Mortgage Association – 6.7% | Government National Mortgage Association – 6.7% | Government National Mortgage Association – 6.7% | Government National Mortgage Association – 6.7% | Government National Mortgage Association – 6.7% | Government National Mortgage Association – 6.7% |
|  | 145504 | 4.000 | 11/20/44 |  | 140029 |
|  | 13732 | 4.000 | 05/20/45 |  | 13207 |
|  | 313040 | 4.000 | 07/20/45 |  | 299234 |
|  | 217445 | 4.000 | 01/20/46 |  | 207583 |
|  | 73116 | 4.500 | 02/20/48 |  | 71437 |
|  | 25009 | 4.500 | 03/20/48 |  | 24419 |
|  | 88031 | 4.500 | 04/20/48 |  | 85927 |
|  | 197952 | 4.500 | 05/20/48 |  | 193159 |
|  | 795407 | 4.000 | 07/20/48 |  | 754362 |
|  | 275467 | 4.500 | 08/20/48 |  | 268711 |
|  | 155243 | 5.000 | 08/20/48 |  | 155102 |
|  | 803430 | 4.000 | 09/20/48 |  | 762468 |
|  | 1289245 | 4.500 | 09/20/48 |  | 1257625 |
|  | 180643 | 5.000 | 09/20/48 |  | 180479 |
|  | 182259 | 5.000 | 10/20/48 |  | 182093 |
|  | 719048 | 5.000 | 11/20/48 |  | 718397 |
|  | 297984 | 5.000 | 12/20/48 |  | 297620 |
|  | 993275 | 4.500 | 01/20/49 |  | 967362 |
|  | 511651 | 5.000 | 01/20/49 |  | 511027 |
|  | 269666 | 4.500 | 02/20/49 |  | 262462 |
|  | 191234 | 4.500 | 03/20/49 |  | 186245 |
|  | 292096 | 5.000 | 03/20/49 |  | 291740 |
|  | 560045 | 3.000 | 08/20/49 |  | 500012 |
|  | 424487 | 4.500 | 10/20/49 |  | 413944 |
|  | 161615 | 4.500 | 12/20/49 |  | 157399 |
|  | 1818365 | 3.000 | 03/20/50 |  | 1617736 |
|  | 678075 | 3.000 | 07/20/51 |  | 600993 |
|  | 338661 | 2.500 | 09/20/51 |  | 286540 |
|  | 799834 | 2.500 | 10/20/51 |  | 679488 |
|  | 499286 | 2.500 | 11/20/51 |  | 424005 |
|  | 739819 | 3.000 | 12/20/51 |  | 656411 |
|  | 1549443 | 2.500 | 12/20/51 |  | 1315435 |
|  | 11808547 | 4.500 | 10/20/52 |  | 11389413 |
|  | 5000000 | 2.000 | TBA-30yr<sup>(f)</sup> |  | 4088877 |
|  | 5000000 | 5.500 | TBA-30yr<sup>(f)</sup> |  | 5010962 |
|  | 11000000 | 6.000 | TBA-30yr<sup>(f)</sup> |  | 11164141 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 1000000 | 6.500% | TBA-30yr<sup>(f)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1023697 |
|  |  |  |  |  | 47159741 |
| Uniform Mortgage-Backed Security – 13.2% | Uniform Mortgage-Backed Security – 13.2% | Uniform Mortgage-Backed Security – 13.2% | Uniform Mortgage-Backed Security – 13.2% | Uniform Mortgage-Backed Security – 13.2% | Uniform Mortgage-Backed Security – 13.2% |
|  | 125064 | 4.500 | 07/01/36 |  | 123588 |
|  | 6061 | 4.500 | 12/01/36 |  | 5989 |
|  | 4014 | 4.500 | 05/01/38 |  | 3974 |
|  | 9632 | 4.500 | 05/01/39 |  | 9544 |
|  | 5595 | 4.500 | 06/01/39 |  | 5542 |
|  | 2930 | 4.500 | 08/01/39 |  | 2902 |
|  | 4085 | 4.500 | 09/01/39 |  | 4045 |
|  | 7795 | 4.500 | 10/01/39 |  | 7718 |
|  | 3200 | 4.500 | 03/01/40 |  | 3169 |
|  | 40770 | 4.500 | 04/01/40 |  | 40313 |
|  | 4315 | 4.500 | 12/01/40 |  | 4267 |
|  | 38093 | 4.500 | 01/01/41 |  | 37666 |
|  | 12808 | 4.500 | 04/01/41 |  | 12657 |
|  | 19383 | 4.500 | 06/01/41 |  | 19154 |
|  | 19415 | 4.500 | 07/01/41 |  | 19186 |
|  | 28625 | 4.500 | 08/01/41 |  | 28299 |
|  | 83017 | 4.500 | 09/01/41 |  | 82039 |
|  | 41467 | 4.500 | 10/01/41 |  | 40978 |
|  | 53639 | 4.500 | 11/01/41 |  | 53007 |
|  | 46586 | 4.500 | 12/01/41 |  | 46037 |
|  | 38056 | 4.500 | 01/01/42 |  | 37607 |
|  | 3085 | 4.500 | 03/01/42 |  | 3046 |
|  | 8919 | 4.500 | 04/01/42 |  | 8806 |
|  | 39747 | 3.000 | 12/01/42 |  | 36527 |
|  | 97588 | 3.000 | 01/01/43 |  | 89277 |
|  | 141637 | 3.000 | 04/01/43 |  | 128920 |
|  | 182856 | 4.500 | 06/01/45 |  | 179751 |
|  | 1440314 | 4.000 | 08/01/45 |  | 1377007 |
|  | 769701 | 4.500 | 11/01/47 |  | 750238 |
|  | 2353462 | 4.000 | 01/01/48 |  | 2232248 |
|  | 13174 | 4.500 | 08/01/48 |  | 12779 |
|  | 232241 | 4.500 | 09/01/48 |  | 226223 |
|  | 154887 | 5.000 | 11/01/48 |  | 155181 |
|  | 760033 | 3.000 | 02/01/49 |  | 674833 |
|  | 10659 | 4.500 | 03/01/49 |  | 10337 |
|  | 85571 | 3.500 | 07/01/49 |  | 78455 |
|  | 768506 | 4.000 | 07/01/49 |  | 726390 |
|  | 351672 | 4.500 | 10/01/50 |  | 341131 |
|  | 2201589 | 3.000 | 12/01/50 |  | 1942520 |
|  | 133682 | 2.500 | 03/01/51 |  | 112985 |
|  | 5523227 | 2.000 | 03/01/51 |  | 4436984 |
|  | 2401504 | 2.500 | 05/01/51 |  | 2022746 |
|  | 666783 | 2.000 | 07/01/51 |  | 533725 |
|  | 876927 | 2.000 | 08/01/51 |  | 699448 |
|  | 2397444 | 2.500 | 09/01/51 |  | 2020642 |
|  | 668188 | 2.500 | 10/01/51 |  | 564529 |
|  | 700778 | 2.500 | 11/01/51 |  | 592063 |
|  | 1738182 | 2.000 | 01/01/52 |  | 1396528 |
|  | 747263 | 2.000 | 02/01/52 |  | 595894 |
|  | 1266702 | 2.500 | 02/01/52 |  | 1055988 |
|  | 414214 | 2.000 | 03/01/52 |  | 329814 |
|  | 710058 | 2.500 | 03/01/52 |  | 591334 |
|  | 919422 | 4.500 | 04/01/52 |  | 884169 |
|  | 1001655 | 2.000 | 04/01/52 |  | 797559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $818362 | 3.000% | 08/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719249 |
| 819409 | 5.500 | 09/01/52 | 828540 |
| 351732 | 2.500 | 09/01/52 | 293159 |
| 1658647 | 5.500 | 11/01/52 | 1677648 |
| 2346592 | 6.000 | 11/01/52 | 2422404 |
| 1559285 | 6.000 | 12/01/52 | 1604494 |
| 808674 | 6.000 | 01/01/53 | 832121 |
| 804251 | 5.500 | 04/01/53 | 811454 |
| 5197455 | 4.500 | 05/01/53 | 5038423 |
| 440341 | 2.500 | 01/01/54 | 367012 |
| 17000000 | 2.500 | TBA-30yr<sup>(f)</sup> | 14136562 |
| 7000000 | 3.000 | TBA-30yr<sup>(f)</sup> | 6067851 |
| 5000000 | 4.000 | TBA-30yr<sup>(f)</sup> | 4661523 |
| 10000000 | 3.500 | TBA-30yr<sup>(f)</sup> | 9021094 |
| 9000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 8988398 |
| 7000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 7219297 |
| 2000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 2031250 |
|  |  |  | 92916237 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $140159382 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $250,795,043) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $250,795,043) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $250,795,043) | $247524557 |
| Corporate Obligations – 28.5% | Corporate Obligations – 28.5% | Corporate Obligations – 28.5% | Corporate Obligations – 28.5% |
| Aerospace & Defense<sup>(c)</sup> – 1.0% | Aerospace & Defense<sup>(c)</sup> – 1.0% | Aerospace & Defense<sup>(c)</sup> – 1.0% | Aerospace & Defense<sup>(c)</sup> – 1.0% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| $4954000 | 5.150% | 05/01/30 | $4983575 |
| 1634000 | 6.528 | 05/01/34 | 1749834 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 50000 | 4.400 | 06/15/28 | 49644 |
|  |  |  | 6783053 |
| Agriculture<sup>(c)</sup> – 0.5% | Agriculture<sup>(c)</sup> – 0.5% | Agriculture<sup>(c)</sup> – 0.5% | Agriculture<sup>(c)</sup> – 0.5% |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 50000 | 3.557 | 08/15/27 | 48793 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 948000 | 2.250 | 06/26/28 | 1121677 |
| 200000 | 2.250 | 01/16/30 | 206117 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| $1350000 | 4.200 | 09/17/29 | 1327725 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 525000 | 5.625 | 11/17/29 | 547344 |
|  |  |  | 3251656 |
| Automotive<sup>(c)</sup> – 0.5% | Automotive<sup>(c)</sup> – 0.5% | Automotive<sup>(c)</sup> – 0.5% | Automotive<sup>(c)</sup> – 0.5% |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 975000 | 5.800 | 03/05/27 | 979641 |
| 818000 | 5.850 | 05/17/27 | 822425 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 195000 | 0.850 | 02/26/26 | 207562 |
| $249000 | 1.500 | 06/10/26 | 239458 |
| 650000 | 5.000 | 04/09/27 | 650845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive<sup>(c)</sup> – (continued) | Automotive<sup>(c)</sup> – (continued) | Automotive<sup>(c)</sup> – (continued) | Automotive<sup>(c)</sup> – (continued) |
| Hyundai Capital America <sup>(d)</sup> | Hyundai Capital America <sup>(d)</sup> | Hyundai Capital America <sup>(d)</sup> | Hyundai Capital America <sup>(d)</sup> |
| $941000 | 1.650% | 09/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900961 |
|  |  |  | 3800892 |
| Banks – 10.3% | Banks – 10.3% | Banks – 10.3% | Banks – 10.3% |
| ABN AMRO Bank NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV <sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) |
| 1200000 | 1.542 | 06/16/27 | 1155852 |
| AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) |
| 805000 | 2.875 | 05/30/31 | 866155 |
| Australia & New Zealand Banking Group Ltd. <sup>(b)(c)(d)</sup> (5 yr. CMT + 1.288%) | Australia & New Zealand Banking Group Ltd. <sup>(b)(c)(d)</sup> (5 yr. CMT + 1.288%) | Australia & New Zealand Banking Group Ltd. <sup>(b)(c)(d)</sup> (5 yr. CMT + 1.288%) | Australia & New Zealand Banking Group Ltd. <sup>(b)(c)(d)</sup> (5 yr. CMT + 1.288%) |
| $750000 | 2.950 | 07/22/30 | 745050 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1000000 | 3.800 | 02/23/28 | 976120 |
| 200000 | 3.875 | 04/22/29 | 221189 |
| (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) |
| $1000000 | 5.552 <sup>(b)(c)</sup> | 03/14/28 | 1015340 |
| (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) |
| 600000 | 4.750 <sup>(b)(c)</sup> | 11/12/26 | 575346 |
| Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.000%) | (Secured Overnight Financing Rate + 1.000%) | (Secured Overnight Financing Rate + 1.000%) | (Secured Overnight Financing Rate + 1.000%) |
| 1051000 | 5.162 | 01/24/31 | 1065325 |
| (Secured Overnight Financing Rate + 1.320%) | (Secured Overnight Financing Rate + 1.320%) | (Secured Overnight Financing Rate + 1.320%) | (Secured Overnight Financing Rate + 1.320%) |
| 350000 | 2.687 | 04/22/32 | 308074 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 2125000 | 5.202 | 04/25/29 | 2158320 |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 375000 | 2.592 | 04/29/31 | 336652 |
| Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) |
| 400000 | 6.750 | 03/01/33 | 465811 |
| Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) |
| $1250000 | 5.367 | 02/25/31 | 1263700 |
| (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) |
| 605000 | 5.674 | 03/12/28 | 615485 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 639000 | 4.942 | 09/10/30 | 636610 |
| (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) |
| 573000 | 5.690 | 03/12/30 | 586781 |
| BNP Paribas SA <sup>(b)(c)(d)</sup> | BNP Paribas SA <sup>(b)(c)(d)</sup> | BNP Paribas SA <sup>(b)(c)(d)</sup> | BNP Paribas SA <sup>(b)(c)(d)</sup> |
| (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) |
| 575000 | 1.323 | 01/13/27 | 559849 |
| (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) |
| 550000 | 2.219 | 06/09/26 | 547250 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 300000 | 1.750 | 04/26/27 | 318239 |
| (Secured Overnight Financing Rate + 1.520%) | (Secured Overnight Financing Rate + 1.520%) | (Secured Overnight Financing Rate + 1.520%) | (Secured Overnight Financing Rate + 1.520%) |
| $1000000 | 1.652 <sup>(b)(c)(d)</sup> | 10/06/26 | 983620 |
| CaixaBank SA <sup>(b)(c)</sup> | CaixaBank SA <sup>(b)(c)</sup> | CaixaBank SA <sup>(b)(c)</sup> | CaixaBank SA <sup>(b)(c)</sup> |
| (-1X 3 mo. EUR EURIBOR + 0.850%) | (-1X 3 mo. EUR EURIBOR + 0.850%) | (-1X 3 mo. EUR EURIBOR + 0.850%) | (-1X 3 mo. EUR EURIBOR + 0.850%) |
| 700000 | 0.375 | 11/18/26 | 745821 |
| (-1X 3 mo. EUR EURIBOR + 1.000%) | (-1X 3 mo. EUR EURIBOR + 1.000%) | (-1X 3 mo. EUR EURIBOR + 1.000%) | (-1X 3 mo. EUR EURIBOR + 1.000%) |
| 300000 | 0.750 | 05/26/28 | 310318 |
| (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) |
| 300000 | 0.625 | 01/21/28 | 312443 |
| Citigroup, Inc. <sup>(b)(c)</sup> | Citigroup, Inc. <sup>(b)(c)</sup> | Citigroup, Inc. <sup>(b)(c)</sup> | Citigroup, Inc. <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) |
| $1750000 | 5.174 | 02/13/30 | 1770685 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 2.842%) | (Secured Overnight Financing Rate + 2.842%) | (Secured Overnight Financing Rate + 2.842%) | (Secured Overnight Financing Rate + 2.842%) |
| $1700000 | 3.106% | 04/08/26 | $&nbsp;&nbsp;&nbsp;&nbsp;1699167 |
| (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) |
| 300000 | 4.412 | 03/31/31 | 292230 |
| Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) |
| 600000 | 3.250 | 12/29/26 | 628603 |
| Credit Agricole SA <sup>(b)(c)(d)</sup> | Credit Agricole SA <sup>(b)(c)(d)</sup> | Credit Agricole SA <sup>(b)(c)(d)</sup> | Credit Agricole SA <sup>(b)(c)(d)</sup> |
| (Secured Overnight Financing Rate + 0.892%) | (Secured Overnight Financing Rate + 0.892%) | (Secured Overnight Financing Rate + 0.892%) | (Secured Overnight Financing Rate + 0.892%) |
| $1100000 | 1.247 | 01/26/27 | 1069827 |
| (Secured Overnight Financing Rate + 1.676%) | (Secured Overnight Financing Rate + 1.676%) | (Secured Overnight Financing Rate + 1.676%) | (Secured Overnight Financing Rate + 1.676%) |
| 300000 | 1.907 | 06/16/26 | 298164 |
| Danske Bank AS <sup>(b)(c)(d)</sup> | Danske Bank AS <sup>(b)(c)(d)</sup> | Danske Bank AS <sup>(b)(c)(d)</sup> | Danske Bank AS <sup>(b)(c)(d)</sup> |
| (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) |
| 750000 | 4.613 | 10/02/30 | 739290 |
| (1 yr. CMT + 1.750%) | (1 yr. CMT + 1.750%) | (1 yr. CMT + 1.750%) | (1 yr. CMT + 1.750%) |
| 1275000 | 4.298 | 04/01/28 | 1265794 |
| Deutsche Bank AG <sup>(b)(c)</sup> | Deutsche Bank AG <sup>(b)(c)</sup> | Deutsche Bank AG <sup>(b)(c)</sup> | Deutsche Bank AG <sup>(b)(c)</sup> |
| (-1X 3 mo. EUR EURIBOR + 2.050%) | (-1X 3 mo. EUR EURIBOR + 2.050%) | (-1X 3 mo. EUR EURIBOR + 2.050%) | (-1X 3 mo. EUR EURIBOR + 2.050%) |
| 400000 | 1.750 | 11/19/30 | 397875 |
| (3 mo. EUR EURIBOR + 2.950%) | (3 mo. EUR EURIBOR + 2.950%) | (3 mo. EUR EURIBOR + 2.950%) | (3 mo. EUR EURIBOR + 2.950%) |
| 2100000 | 5.000 | 09/05/30 | 2395915 |
| (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) |
| $275000 | 2.129 | 11/24/26 | 270072 |
| Fifth Third Bancorp <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.486%) | Fifth Third Bancorp <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.486%) | Fifth Third Bancorp <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.486%) | Fifth Third Bancorp <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.486%) |
| 1091000 | 4.895 | 09/06/30 | 1088360 |
| HSBC Holdings PLC <sup>(b)(c)</sup> | HSBC Holdings PLC <sup>(b)(c)</sup> | HSBC Holdings PLC <sup>(b)(c)</sup> | HSBC Holdings PLC <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) |
| 975000 | 5.130 | 11/19/28 | 982488 |
| (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) |
| 1200000 | 5.130 | 03/03/31 | 1203744 |
| Huntington Bancshares, Inc. <sup>(b)(c)</sup> | Huntington Bancshares, Inc. <sup>(b)(c)</sup> | Huntington Bancshares, Inc. <sup>(b)(c)</sup> | Huntington Bancshares, Inc. <sup>(b)(c)</sup> |
| (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) |
| 100000 | 6.141 | 11/18/39 | 100818 |
| (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) |
| 750000 | 5.272 | 01/15/31 | 757140 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 817000 | 6.208 | 08/21/29 | 850391 |
| ING Groep NV <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.830%) | ING Groep NV <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.830%) | ING Groep NV <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.830%) | ING Groep NV <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.830%) |
| 400000 | 4.017 | 03/28/28 | 395452 |
| JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) |
| 1750000 | 5.581 | 04/22/30 | 1804862 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 3125000 | 4.323 | 04/26/28 | 3109687 |
| Kreditanstalt fuer Wiederaufbau <sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(g)</sup> |
| 3500000 | 3.125 | 10/10/28 | 3873826 |
| 4070000 | 2.625 | 04/26/29 | 4427251 |
| M&T Bank Corp. <sup>(b)(c)</sup> | M&T Bank Corp. <sup>(b)(c)</sup> | M&T Bank Corp. <sup>(b)(c)</sup> | M&T Bank Corp. <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| $525000 | 4.833 | 01/16/29 | 524748 |
| (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) |
| 630000 | 7.413 | 10/30/29 | 678327 |
| Macquarie Group Ltd. <sup>(b)(c)(d)</sup> | Macquarie Group Ltd. <sup>(b)(c)(d)</sup> | Macquarie Group Ltd. <sup>(b)(c)(d)</sup> | Macquarie Group Ltd. <sup>(b)(c)(d)</sup> |
| (3 mo. USD LIBOR + 1.372%) | (3 mo. USD LIBOR + 1.372%) | (3 mo. USD LIBOR + 1.372%) | (3 mo. USD LIBOR + 1.372%) |
| 380000 | 3.763 | 11/28/28 | 370314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) |
| $400000 | 1.340% | 01/12/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389916 |
| Morgan Stanley <sup>(b)(c)</sup> | Morgan Stanley <sup>(b)(c)</sup> | Morgan Stanley <sup>(b)(c)</sup> | Morgan Stanley <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) |
| 1150000 | 5.173 | 01/16/30 | 1165122 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 3325000 | 5.164 | 04/20/29 | 3369089 |
| NatWest Group PLC <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 0.889%) | NatWest Group PLC <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 0.889%) | NatWest Group PLC <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 0.889%) | NatWest Group PLC <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 0.889%) |
| 1750000 | 0.670 | 09/14/29 | 1736048 |
| Permanent TSB Group Holdings PLC <sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC <sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC <sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC <sup>(b)(c)</sup> |
| (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) |
| 265000 | 6.625 | 04/25/28 | 306623 |
| 1020000 | 6.625 | 06/30/29 | 1210318 |
| PNC Financial Services Group, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.259%) | PNC Financial Services Group, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.259%) | PNC Financial Services Group, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.259%) | PNC Financial Services Group, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.259%) |
| $1360000 | 4.812 | 10/21/32 | 1344754 |
| Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.250%) | Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.250%) | Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.250%) | Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.250%) |
| 1000000 | 1.532 | 08/21/26 | 986500 |
| Shinhan Bank Co. Ltd. <sup>(d)</sup> | Shinhan Bank Co. Ltd. <sup>(d)</sup> | Shinhan Bank Co. Ltd. <sup>(d)</sup> | Shinhan Bank Co. Ltd. <sup>(d)</sup> |
| 240000 | 4.500 | 04/12/28 | 239998 |
| Societe Generale SA <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) | Societe Generale SA <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) | Societe Generale SA <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) | Societe Generale SA <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.100%) |
| 1500000 | 1.488 | 12/14/26 | 1465440 |
| Standard Chartered PLC <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) | Standard Chartered PLC <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) | Standard Chartered PLC <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) | Standard Chartered PLC <sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) |
| 1550000 | 1.456 | 01/14/27 | 1510413 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 1375000 | 0.632 | 10/23/29 | 1323270 |
| Truist Financial Corp. <sup>(b)(c)</sup> | Truist Financial Corp. <sup>(b)(c)</sup> | Truist Financial Corp. <sup>(b)(c)</sup> | Truist Financial Corp. <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.571%) | (Secured Overnight Financing Rate + 1.571%) | (Secured Overnight Financing Rate + 1.571%) | (Secured Overnight Financing Rate + 1.571%) |
| $455000 | 5.153 | 08/05/32 | 455469 |
| (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) |
| 225000 | 6.047 | 06/08/27 | 228796 |
| U.S. Bancorp <sup>(b)(c)</sup> | U.S. Bancorp <sup>(b)(c)</sup> | U.S. Bancorp <sup>(b)(c)</sup> | U.S. Bancorp <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 725000 | 5.384 | 01/23/30 | 739159 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 700000 | 5.775 | 06/12/29 | 721840 |
| UBS AG | UBS AG | UBS AG | UBS AG |
| 1000000 | 2.950 | 04/09/25 | 999590 |
| UBS Group AG <sup>(b)(c)</sup> | UBS Group AG <sup>(b)(c)</sup> | UBS Group AG <sup>(b)(c)</sup> | UBS Group AG <sup>(b)(c)</sup> |
| (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) |
| 1112000 | 5.428 <sup>(d)</sup> | 02/08/30 | 1131104 |
| (1 yr. CMT + 1.770%) | (1 yr. CMT + 1.770%) | (1 yr. CMT + 1.770%) | (1 yr. CMT + 1.770%) |
| 560000 | 5.699 <sup>(d)</sup> | 02/08/35 | 574269 |
| (1 yr. EURIBOR ICE Swap + 4.950%) | (1 yr. EURIBOR ICE Swap + 4.950%) | (1 yr. EURIBOR ICE Swap + 4.950%) | (1 yr. EURIBOR ICE Swap + 4.950%) |
| 200000 | 7.750 | 03/01/29 | 243411 |
| (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) |
| 509000 | 0.650 | 01/14/28 | 528779 |
| (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) |
| 750000 | 1.000 | 06/24/27 | 793166 |
| (3 mo. USD LIBOR + 1.410%) | (3 mo. USD LIBOR + 1.410%) | (3 mo. USD LIBOR + 1.410%) | (3 mo. USD LIBOR + 1.410%) |
| $2800000 | 3.869 <sup>(d)</sup> | 01/12/29 | 2736104 |
| Wells Fargo & Co. <sup>(b)(c)</sup> | Wells Fargo & Co. <sup>(b)(c)</sup> | Wells Fargo & Co. <sup>(b)(c)</sup> | Wells Fargo & Co. <sup>(b)(c)</sup> |
| (3 mo. USD Term SOFR + 1.432%) | (3 mo. USD Term SOFR + 1.432%) | (3 mo. USD Term SOFR + 1.432%) | (3 mo. USD Term SOFR + 1.432%) |
| 325000 | 2.879 | 10/30/30 | 299523 |
| (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) |
| 175000 | 5.198 | 01/23/30 | 177926 |
|  |  |  | 72441007 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Beverages<sup>(c)</sup> – 0.5% | Beverages<sup>(c)</sup> – 0.5% | Beverages<sup>(c)</sup> – 0.5% | Beverages<sup>(c)</sup> – 0.5% |
| Bacardi Ltd. <sup>(d)</sup> | Bacardi Ltd. <sup>(d)</sup> | Bacardi Ltd. <sup>(d)</sup> | Bacardi Ltd. <sup>(d)</sup> |
| $1200000 | 4.700% | 05/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;1194408 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 1500000 | 4.400 | 11/15/25 | 1496565 |
| 25000 | 4.650 | 11/15/28 | 24957 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 776000 | 4.417 | 05/25/25 | 775061 |
|  |  |  | 3490991 |
| Biotechnology<sup>(c)</sup> – 0.6% | Biotechnology<sup>(c)</sup> – 0.6% | Biotechnology<sup>(c)</sup> – 0.6% | Biotechnology<sup>(c)</sup> – 0.6% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 650000 | 5.150 | 03/02/28 | 661648 |
| 1450000 | 5.250 | 03/02/30 | 1483118 |
| 1275000 | 5.250 | 03/02/33 | 1293296 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 650000 | 5.400 | 09/02/34 | 641797 |
|  |  |  | 4079859 |
| Building Materials<sup>(c)</sup> – 0.2% | Building Materials<sup>(c)</sup> – 0.2% | Building Materials<sup>(c)</sup> – 0.2% | Building Materials<sup>(c)</sup> – 0.2% |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 145000 | 2.493 | 02/15/27 | 140047 |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 975000 | 3.500 | 02/15/30 | 917992 |
|  |  |  | 1058039 |
| Chemicals<sup>(c)</sup> – 0.3% | Chemicals<sup>(c)</sup> – 0.3% | Chemicals<sup>(c)</sup> – 0.3% | Chemicals<sup>(c)</sup> – 0.3% |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 600000 | 4.493 | 11/15/25 | 598764 |
| International Flavors & Fragrances, Inc. <sup>(d)</sup> | International Flavors & Fragrances, Inc. <sup>(d)</sup> | International Flavors & Fragrances, Inc. <sup>(d)</sup> | International Flavors & Fragrances, Inc. <sup>(d)</sup> |
| 450000 | 1.230 | 10/01/25 | 441652 |
| 200000 | 1.832 | 10/15/27 | 186238 |
| 600000 | 2.300 | 11/01/30 | 518562 |
| Syngenta Finance NV <sup>(d)</sup> | Syngenta Finance NV <sup>(d)</sup> | Syngenta Finance NV <sup>(d)</sup> | Syngenta Finance NV <sup>(d)</sup> |
| 400000 | 4.892 | 04/24/25 | 399840 |
|  |  |  | 2145056 |
| Commercial Services – 0.3% | Commercial Services – 0.3% | Commercial Services – 0.3% | Commercial Services – 0.3% |
| Ashtead Capital, Inc. <sup>(c)(d)</sup> | Ashtead Capital, Inc. <sup>(c)(d)</sup> | Ashtead Capital, Inc. <sup>(c)(d)</sup> | Ashtead Capital, Inc. <sup>(c)(d)</sup> |
| 225000 | 5.800 | 04/15/34 | 226516 |
| DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
| 200000 | 4.848 | 09/26/28 | 199810 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 390000 | 5.625 | 09/25/48 | 372450 |
| Motability Operations Group PLC <sup>(c)</sup> | Motability Operations Group PLC <sup>(c)</sup> | Motability Operations Group PLC <sup>(c)</sup> | Motability Operations Group PLC <sup>(c)</sup> |
| 225000 | 3.625 | 07/24/29 | 248032 |
| Quanta Services, Inc. <sup>(c)</sup> | Quanta Services, Inc. <sup>(c)</sup> | Quanta Services, Inc. <sup>(c)</sup> | Quanta Services, Inc. <sup>(c)</sup> |
| $847000 | 4.750 | 08/09/27 | 848279 |
|  |  |  | 1895087 |
| Computers<sup>(c)</sup> – 0.3% | Computers<sup>(c)</sup> – 0.3% | Computers<sup>(c)</sup> – 0.3% | Computers<sup>(c)</sup> – 0.3% |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 893000 | 6.020 | 06/15/26 | 904502 |
| 875000 | 5.300 | 10/01/29 | 890584 |
| 75000 | 6.200 | 07/15/30 | 79385 |
|  |  |  | 1874471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – 1.1% | Diversified Financial Services – 1.1% | Diversified Financial Services – 1.1% |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> |
| $1375000 | 4.875% | 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;1379510 |
| 244000 | 3.000 | 10/29/28 | 229175 |
| 350000 | 5.100 | 01/19/29 | 352835 |
| 208000 | 3.300 | 01/30/32 | 184130 |
| Air Lease Corp. <sup>(c)</sup> | Air Lease Corp. <sup>(c)</sup> | Air Lease Corp. <sup>(c)</sup> | Air Lease Corp. <sup>(c)</sup> |
| 575000 | 2.875 | 01/15/26 | 566628 |
| 1300000 | 5.300 | 02/01/28 | 1322191 |
| Ally Financial, Inc. <sup>(c)</sup> | Ally Financial, Inc. <sup>(c)</sup> | Ally Financial, Inc. <sup>(c)</sup> | Ally Financial, Inc. <sup>(c)</sup> |
| 650000 | 7.100 | 11/15/27 | 684248 |
| Aviation Capital Group LLC <sup>(c)(d)</sup> | Aviation Capital Group LLC <sup>(c)(d)</sup> | Aviation Capital Group LLC <sup>(c)(d)</sup> | Aviation Capital Group LLC <sup>(c)(d)</sup> |
| 400000 | 1.950 | 01/30/26 | 390640 |
| Avolon Holdings Funding Ltd. <sup>(c)(d)</sup> | Avolon Holdings Funding Ltd. <sup>(c)(d)</sup> | Avolon Holdings Funding Ltd. <sup>(c)(d)</sup> | Avolon Holdings Funding Ltd. <sup>(c)(d)</sup> |
| 1036000 | 4.950 | 01/15/28 | 1032074 |
| Macquarie Airfinance Holdings Ltd. <sup>(c)(d)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(c)(d)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(c)(d)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(c)(d)</sup> |
| 850000 | 5.200 | 03/27/28 | 851538 |
| ORIX Corp. | ORIX Corp. | ORIX Corp. | ORIX Corp. |
| 1011000 | 4.650 | 09/10/29 | 1009008 |
|  |  |  | 8001977 |
| Electrical – 0.8% | Electrical – 0.8% | Electrical – 0.8% |  |
| DTE Energy Co. <sup>(c)</sup> | DTE Energy Co. <sup>(c)</sup> | DTE Energy Co. <sup>(c)</sup> | DTE Energy Co. <sup>(c)</sup> |
| 700000 | 4.950 | 07/01/27 | 705474 |
| E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
| 417000 | 6.375 | 06/07/32 | 565388 |
| Electricite de France SA <sup>(c)(d)</sup> | Electricite de France SA <sup>(c)(d)</sup> | Electricite de France SA <sup>(c)(d)</sup> | Electricite de France SA <sup>(c)(d)</sup> |
| $1450000 | 4.500 | 09/21/28 | 1437893 |
| Enel SpA <sup>(b)(c)</sup> | Enel SpA <sup>(b)(c)</sup> | Enel SpA <sup>(b)(c)</sup> | Enel SpA <sup>(b)(c)</sup> |
| (-1X 5 yr. EUR Swap + 1.719%) | (-1X 5 yr. EUR Swap + 1.719%) | (-1X 5 yr. EUR Swap + 1.719%) | (-1X 5 yr. EUR Swap + 1.719%) |
| 523000 | 1.375 | 06/08/27 | 532493 |
| (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) |
| 935000 | 3.375 | 08/24/26 | 1009751 |
| Exelon Corp. <sup>(c)</sup> | Exelon Corp. <sup>(c)</sup> | Exelon Corp. <sup>(c)</sup> | Exelon Corp. <sup>(c)</sup> |
| $600000 | 5.150 | 03/15/29 | 610578 |
| Sempra <sup>(c)</sup> | Sempra <sup>(c)</sup> | Sempra <sup>(c)</sup> | Sempra <sup>(c)</sup> |
| 700000 | 3.400 | 02/01/28 | 676312 |
| Teollisuuden Voima OYJ <sup>(c)</sup> | Teollisuuden Voima OYJ <sup>(c)</sup> | Teollisuuden Voima OYJ <sup>(c)</sup> | Teollisuuden Voima OYJ <sup>(c)</sup> |
| 250000 | 1.375 | 06/23/28 | 255933 |
|  |  |  | 5793822 |
| Engineering & Construction<sup>(c)</sup> – 0.1% | Engineering & Construction<sup>(c)</sup> – 0.1% | Engineering & Construction<sup>(c)</sup> – 0.1% |  |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| $540000 | 3.875 <sup>(d)</sup> | 04/30/28 | 515365 |
| 200000 | 5.500 <sup>(d)</sup> | 10/31/46 | 163600 |
| 200000 | 5.500 | 07/31/47 | 164376 |
|  |  |  | 843341 |
| Entertainment<sup>(c)</sup> – 0.0% | Entertainment<sup>(c)</sup> – 0.0% | Entertainment<sup>(c)</sup> – 0.0% |  |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 325000 | 4.054 | 03/15/29 | 306137 |
| Environmental<sup>(c)</sup> – 0.2% | Environmental<sup>(c)</sup> – 0.2% | Environmental<sup>(c)</sup> – 0.2% |  |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 1050000 | 5.350 | 09/18/28 | 1075221 |
| Food & Drug Retailing<sup>(c)</sup> – 1.3% | Food & Drug Retailing<sup>(c)</sup> – 1.3% | Food & Drug Retailing<sup>(c)</sup> – 1.3% |  |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 1000000 | 5.200 | 03/21/29 | 1015410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>(c)</sup> – (continued) | Food & Drug Retailing<sup>(c)</sup> – (continued) | Food & Drug Retailing<sup>(c)</sup> – (continued) |  |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 128000 | 3.650% | 10/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140373 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| $1225000 | 5.900 | 11/15/28 | 1281252 |
| Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. |
| 1300000 | 5.000 | 09/15/34 | 1271049 |
| Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> | Mars, Inc. <sup>(d)</sup> |
| 875000 | 4.800 | 03/01/30 | 880346 |
| 800000 | 5.000 | 03/01/32 | 803608 |
| 3575000 | 5.200 | 03/01/35 | 3593018 |
|  |  |  | 8985056 |
| Gas<sup>(c)</sup> – 0.1% | Gas<sup>(c)</sup> – 0.1% | Gas<sup>(c)</sup> – 0.1% |  |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 600000 | 5.200 | 07/01/29 | 611016 |
| Healthcare Providers & Services<sup>(c)</sup> – 1.0% | Healthcare Providers & Services<sup>(c)</sup> – 1.0% | Healthcare Providers & Services<sup>(c)</sup> – 1.0% |  |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 250000 | 3.375 | 03/15/29 | 236385 |
| 1431000 | 3.500 | 09/01/30 | 1327782 |
| 1575000 | 3.625 | 03/15/32 | 1423879 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 359000 | 5.375 | 04/15/31 | 361728 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 1020000 | 4.350 | 04/01/30 | 998641 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 975000 | 5.400 | 03/01/29 | 994559 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 1775000 | 4.250 | 01/15/29 | 1764492 |
|  |  |  | 7107466 |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |  |
| Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) |
| 10000 | 6.125 | 11/14/36 | 13119 |
| Corebridge Global Funding <sup>(d)</sup> | Corebridge Global Funding <sup>(d)</sup> | Corebridge Global Funding <sup>(d)</sup> | Corebridge Global Funding <sup>(d)</sup> |
| $925000 | 5.200 | 06/24/29 | 940420 |
|  |  |  | 953539 |
| Internet – 0.6% | Internet – 0.6% | Internet – 0.6% |  |
| Booking Holdings, Inc. <sup>(c)</sup> | Booking Holdings, Inc. <sup>(c)</sup> | Booking Holdings, Inc. <sup>(c)</sup> | Booking Holdings, Inc. <sup>(c)</sup> |
| 729000 | 3.500 | 03/01/29 | 803024 |
| Expedia Group, Inc. <sup>(c)</sup> | Expedia Group, Inc. <sup>(c)</sup> | Expedia Group, Inc. <sup>(c)</sup> | Expedia Group, Inc. <sup>(c)</sup> |
| $1150000 | 3.250 | 02/15/30 | 1072455 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 1800000 | 4.625 | 05/15/29 | 2069679 |
| Prosus NV <sup>(c)(d)</sup> | Prosus NV <sup>(c)(d)</sup> | Prosus NV <sup>(c)(d)</sup> | Prosus NV <sup>(c)(d)</sup> |
| $200000 | 3.832 | 02/08/51 | 128500 |
|  |  |  | 4073658 |
| Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% |  |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 1275000 | 1.650 | 10/15/27 | 1185304 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 350000 | 6.400 | 06/28/54 | 344925 |
|  |  |  | 1530229 |
| Lodging<sup>(c)</sup> – 0.3% | Lodging<sup>(c)</sup> – 0.3% | Lodging<sup>(c)</sup> – 0.3% |  |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 248000 | 3.700 | 01/15/31 | 227180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Lodging<sup>(c)</sup> – (continued) | Lodging<sup>(c)</sup> – (continued) | Lodging<sup>(c)</sup> – (continued) |  |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| $575000 | 5.500% | 06/30/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564777 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 515000 | 5.000 | 10/15/27 | 521525 |
| 573000 | 4.650 | 12/01/28 | 573487 |
| 135000 | 4.875 | 05/15/29 | 135632 |
|  |  |  | 2022601 |
| Machinery-Diversified<sup>(c)</sup> – 0.0% | Machinery-Diversified<sup>(c)</sup> – 0.0% | Machinery-Diversified<sup>(c)</sup> – 0.0% |  |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 225000 | 5.250 | 08/16/28 | 229916 |
| Media<sup>(c)</sup> – 0.2% | Media<sup>(c)</sup> – 0.2% | Media<sup>(c)</sup> – 0.2% |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| 784000 | 4.908 | 07/23/25 | 783726 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 300000 | 4.150 | 10/15/28 | 296685 |
|  |  |  | 1080411 |
| Mining<sup>(c)</sup> – 0.4% | Mining<sup>(c)</sup> – 0.4% | Mining<sup>(c)</sup> – 0.4% |  |
| Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. |
| 125000 | 3.125 | 03/26/26 | 158817 |
| Glencore Funding LLC <sup>(d)</sup> | Glencore Funding LLC <sup>(d)</sup> | Glencore Funding LLC <sup>(d)</sup> | Glencore Funding LLC <sup>(d)</sup> |
| $455000 | 1.625 | 04/27/26 | 441214 |
| 775000 | 4.875 | 03/12/29 | 773737 |
| 1150000 | 5.371 | 04/04/29 | 1168170 |
|  |  |  | 2541938 |
| Multi-National – 2.2% | Multi-National – 2.2% | Multi-National – 2.2% |  |
| Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
| 4200000 | 1.125 | 06/10/25 | 5390299 |
| European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
| 1240000 | 0.875 | 01/14/28 | 1289566 |
| 3500000 | 3.000 | 11/15/28 | 3854904 |
| 4410000 | 2.250 | 03/15/30 | 4689612 |
|  |  |  | 15224381 |
| Oil & Gas<sup>(c)</sup> – 0.1% | Oil & Gas<sup>(c)</sup> – 0.1% | Oil & Gas<sup>(c)</sup> – 0.1% |  |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| $750000 | 8.500 | 07/15/27 | 795833 |
| Oil Field Services – 0.6% | Oil Field Services – 0.6% | Oil Field Services – 0.6% |  |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| 300000 | 1.594 | 07/03/28 | 312566 |
| Diamondback Energy, Inc. <sup>(c)</sup> | Diamondback Energy, Inc. <sup>(c)</sup> | Diamondback Energy, Inc. <sup>(c)</sup> | Diamondback Energy, Inc. <sup>(c)</sup> |
| $491000 | 6.250 | 03/15/33 | 518707 |
| 501000 | 5.400 | 04/18/34 | 499973 |
| Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> | Petronas Capital Ltd. <sup>(c)(d)</sup> |
| 430000 | 5.340 | 04/03/35 | 432933 |
| QatarEnergy <sup>(c)(d)</sup> | QatarEnergy <sup>(c)(d)</sup> | QatarEnergy <sup>(c)(d)</sup> | QatarEnergy <sup>(c)(d)</sup> |
| 820000 | 3.300 | 07/12/51 | 565546 |
| Raizen Fuels Finance SA <sup>(c)</sup> | Raizen Fuels Finance SA <sup>(c)</sup> | Raizen Fuels Finance SA <sup>(c)</sup> | Raizen Fuels Finance SA <sup>(c)</sup> |
| 610000 | 5.700 | 01/17/35 | 577700 |
| 580000 | 6.950 <sup>(d)</sup> | 03/05/54 | 565575 |
| Saudi Arabian Oil Co. <sup>(c)(d)</sup> | Saudi Arabian Oil Co. <sup>(c)(d)</sup> | Saudi Arabian Oil Co. <sup>(c)(d)</sup> | Saudi Arabian Oil Co. <sup>(c)(d)</sup> |
| 530000 | 5.750 | 07/17/54 | 498857 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |  |
| TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) |
| 300000 | 3.369% | 10/06/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324390 |
|  |  |  | 4296247 |
| Packaging<sup>(c)(d)</sup> – 0.0% | Packaging<sup>(c)(d)</sup> – 0.0% | Packaging<sup>(c)(d)</sup> – 0.0% |  |
| Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
| $200000 | 5.200 | 01/15/30 | 202770 |
| Pharmaceuticals<sup>(c)</sup> – 0.6% | Pharmaceuticals<sup>(c)</sup> – 0.6% | Pharmaceuticals<sup>(c)</sup> – 0.6% |  |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 325000 | 3.200 | 11/21/29 | 307024 |
| Bayer U.S. Finance II LLC <sup>(d)</sup> | Bayer U.S. Finance II LLC <sup>(d)</sup> | Bayer U.S. Finance II LLC <sup>(d)</sup> | Bayer U.S. Finance II LLC <sup>(d)</sup> |
| 1000000 | 4.250 | 12/15/25 | 994990 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 185000 | 0.034 | 08/13/25 | 198020 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| $345000 | 5.125 | 02/15/29 | 350268 |
| 950000 | 5.350 | 11/15/34 | 952917 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 300000 | 4.375 | 10/15/28 | 297753 |
| 714000 | 5.400 | 03/15/33 | 726616 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 325000 | 4.780 | 03/25/38 | 292250 |
| McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. |
| 125000 | 1.500 | 11/17/25 | 134312 |
|  |  |  | 4254150 |
| Pipelines – 0.7% | Pipelines – 0.7% | Pipelines – 0.7% |  |
| Abu Dhabi Crude Oil Pipeline LLC <sup>(d)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(d)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(d)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(d)</sup> |
| $1260000 | 4.600 | 11/02/47 | 1132110 |
| Enbridge, Inc. <sup>(c)</sup> | Enbridge, Inc. <sup>(c)</sup> | Enbridge, Inc. <sup>(c)</sup> | Enbridge, Inc. <sup>(c)</sup> |
| 350000 | 6.000 | 11/15/28 | 364332 |
| 700000 | 5.700 | 03/08/33 | 718298 |
| Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> |
| 750000 | 6.100 | 12/01/28 | 783045 |
| 250000 | 5.250 | 04/15/29 | 253060 |
| 500000 | 6.400 | 12/01/30 | 532965 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 <sup>(d)</sup> | 03/31/36 | 168380 |
| 547609 | 2.940 | 09/30/40 | 447550 |
| Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> |
| 350000 | 2.600 | 03/15/31 | 307475 |
|  |  |  | 4707215 |
| Real Estate<sup>(c)</sup> – 0.4% | Real Estate<sup>(c)</sup> – 0.4% | Real Estate<sup>(c)</sup> – 0.4% |  |
| Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL |
| 1050000 | 1.000 | 05/04/28 | 1053732 |
| 350000 | 1.750 | 03/12/29 | 350078 |
| 325000 | 3.625 | 10/29/29 | 347097 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| $258000 | 5.500 | 04/01/29 | 264548 |
| Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
| 550000 | 3.250 | 11/13/28 | 586805 |
| 325000 | 1.625 | 01/17/30 | 317285 |
|  |  |  | 2919545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(c)</sup> – 0.5% | Real Estate Investment Trust<sup>(c)</sup> – 0.5% | Real Estate Investment Trust<sup>(c)</sup> – 0.5% |  |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| $125000 | 2.375% | 07/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107262 |
| 375000 | 5.500 | 07/15/34 | 373864 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 1275000 | 5.000 | 01/31/30 | 1285213 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 200000 | 6.250 | 01/15/36 | 198278 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 400000 | 5.600 | 10/15/33 | 404968 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 900000 | 4.625 | 11/01/25 | 899676 |
| 300000 | 2.100 | 03/15/28 | 279690 |
|  |  |  | 3548951 |
| Retailing<sup>(c)</sup> – 0.1% | Retailing<sup>(c)</sup> – 0.1% | Retailing<sup>(c)</sup> – 0.1% |  |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 200000 | 1.950 | 08/01/28 | 181902 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 650000 | 4.000 | 05/15/25 | 648759 |
|  |  |  | 830661 |
| Semiconductors<sup>(c)</sup> – 0.3% | Semiconductors<sup>(c)</sup> – 0.3% | Semiconductors<sup>(c)</sup> – 0.3% |  |
| Broadcom, Inc. <sup>(d)</sup> | Broadcom, Inc. <sup>(d)</sup> | Broadcom, Inc. <sup>(d)</sup> | Broadcom, Inc. <sup>(d)</sup> |
| 2784000 | 3.137 | 11/15/35 | 2308159 |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 125000 | 6.750 | 11/01/29 | 134095 |
|  |  |  | 2442254 |
| Software<sup>(c)</sup> – 1.1% | Software<sup>(c)</sup> – 1.1% | Software<sup>(c)</sup> – 1.1% |  |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 475000 | 4.300 | 09/10/29 | 470411 |
| Constellation Software, Inc. <sup>(d)</sup> | Constellation Software, Inc. <sup>(d)</sup> | Constellation Software, Inc. <sup>(d)</sup> | Constellation Software, Inc. <sup>(d)</sup> |
| 438000 | 5.158 | 02/16/29 | 444071 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 550000 | 0.625 | 12/03/25 | 587221 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| $237000 | 3.500 | 07/01/29 | 225366 |
| MSCI, Inc. <sup>(d)</sup> | MSCI, Inc. <sup>(d)</sup> | MSCI, Inc. <sup>(d)</sup> | MSCI, Inc. <sup>(d)</sup> |
| 1547000 | 3.875 | 02/15/31 | 1438818 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 575000 | 5.250 | 02/03/32 | 582383 |
| 850000 | 3.950 | 03/25/51 | 623985 |
| 900000 | 6.900 | 11/09/52 | 991665 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 1100000 | 5.000 | 04/01/32 | 1103036 |
| 275000 | 5.150 | 04/01/35 | 276397 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 943000 | 5.400 | 06/12/29 | 965868 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 125000 | 3.700 | 04/01/29 | 120409 |
|  |  |  | 7829630 |
| Telecommunication Services – 0.7% | Telecommunication Services – 0.7% | Telecommunication Services – 0.7% |  |
| Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV |
| 250000 | 8.750 | 06/15/30 | 293150 |
| Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> |
| 1074000 | 5.000 | 02/15/29 | 1075289 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |  |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
| GBP | 450000 | 5.445% | 10/08/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591035 |
|  T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> |
| $| 500000 | 3.500 | 04/15/25 | 499725 |
|  | 656000 | 3.750 | 04/15/27 | 646481 |
|  | 300000 | 4.750 | 02/01/28 | 300141 |
|  | 1225000 | 3.875 | 04/15/30 | 1173967 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  | 300000 | 4.329 | 09/21/28 | 298500 |
|  | 325000 | 4.016 <sup>(c)</sup> | 12/03/29 | 316212 |
|  |  |  |  | 5194500 |
| Trucking & Leasing<sup>(c)(d)</sup> – 0.1% | Trucking & Leasing<sup>(c)(d)</sup> – 0.1% | Trucking & Leasing<sup>(c)(d)</sup> – 0.1% | Trucking & Leasing<sup>(c)(d)</sup> – 0.1% |  |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  | 500000 | 5.250 | 07/01/29 | 506075 |
| Water<sup>(c)</sup> – 0.2% | Water<sup>(c)</sup> – 0.2% | Water<sup>(c)</sup> – 0.2% | Water<sup>(c)</sup> – 0.2% |  |
|  Veolia Environnement SA | Veolia Environnement SA | Veolia Environnement SA | Veolia Environnement SA | Veolia Environnement SA |
| EUR | 1300000 | 1.940 | 01/07/30 | 1334773 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $200,269,421) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $200,269,421) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $200,269,421) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $200,269,421) | $200063424 |
| Sovereign Debt Obligations – 21.9% | Sovereign Debt Obligations – 21.9% | Sovereign Debt Obligations – 21.9% | Sovereign Debt Obligations – 21.9% |  |
| British Pound – 0.7% | British Pound – 0.7% | British Pound – 0.7% |  |  |
|  State of North Rhine-Westphalia | State of North Rhine-Westphalia | State of North Rhine-Westphalia | State of North Rhine-Westphalia | State of North Rhine-Westphalia |
| GBP | 400000 | 2.125% | 06/13/25 | $514163 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  | 1990000 | 3.500 | 01/22/45 | 2032661 |
|  | 840000 | 1.500 | 07/31/53 | 492991 |
|  | 220000 | 1.750 | 07/22/57 | 133436 |
|  | 2130000 | 3.500 | 07/22/68 | 1975249 |
|  |  |  |  | 5148500 |
| Canadian Dollar – 1.3% | Canadian Dollar – 1.3% | Canadian Dollar – 1.3% | Canadian Dollar – 1.3% |  |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
| CAD | 2600000 | 2.850 | 06/18/25 | 1807470 |
|  | 2000000 | 4.950 | 06/18/40 | 1530843 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  | 1700000 | 2.600 | 06/02/25 | 1181229 |
|  | 2300000 | 4.650 | 06/02/41 | 1705122 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| GBP | 2390000 | 2.250 | 09/15/26 | 2989908 |
|  |  |  |  | 9214572 |
| Colombia Peso – 0.1% | Colombia Peso – 0.1% | Colombia Peso – 0.1% | Colombia Peso – 0.1% |  |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES | Colombia TES |
| COP | 897700000 | 13.250 | 02/09/33 | 226598 |
|  | 890400000 | 9.250 | 05/28/42 | 161348 |
|  |  |  |  | 387946 |
| Euro – 7.6% | Euro – 7.6% | Euro – 7.6% | Euro – 7.6% |  |
|  European Financial Stability Facility <sup>(g)</sup> | European Financial Stability Facility <sup>(g)</sup> | European Financial Stability Facility <sup>(g)</sup> | European Financial Stability Facility <sup>(g)</sup> | European Financial Stability Facility <sup>(g)</sup> |
| EUR | 1170000 | 0.875 | 04/10/35 | 1020434 |
|  European Union | European Union | European Union | European Union | European Union |
|  | 6632868 | 1.625 | 12/04/29 | 6866944 |
|  | 820000 | 0.200 | 06/04/36 | 632804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Euro – (continued) | Euro – (continued) | Euro – (continued) | Euro – (continued) |  |
|  Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds |
| EUR | 1190000 | 1.500% | 09/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;1167092 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  | 7350000 | 3.500 | 11/25/33 | 8076065 |
|  | 1760000 | 1.250 | 05/25/34 | 1594806 |
|  | 1030000 | 4.500 | 04/25/41 | 1210946 |
|  | 310000 | 3.250 | 05/25/45 | 306131 |
|  | 210000 | 2.000 | 05/25/48 | 161135 |
|  | 800000 | 1.750 | 05/25/66 | 477848 |
|  Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds |
|  | 430000 | 0.200 | 10/18/30 | 407216 |
|  | 920000 | 0.350 | 10/18/32 | 828396 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  | 5400000 | 0.000 <sup>(h)</sup> | 08/01/26 | 5678854 |
|  | 3220000 | 0.900 | 04/01/31 | 3057390 |
|  | 1680000 | 6.000 | 05/01/31 | 2104712 |
|  | 1130000 | 3.250 | 03/01/38 | 1125915 |
|  | 1370000 | 4.450 | 09/01/43 | 1505142 |
|  | 1170000 | 2.150 | 09/01/52 | 815484 |
|  | 357000 | 4.500 | 10/01/53 | 385202 |
|  | 100000 | 2.800 | 03/01/67 | 75008 |
|  Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds |
|  | 1690000 | 0.350 | 06/22/32 | 1521911 |
|  | 250000 | 2.150 | 06/22/66 | 172164 |
|  Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
|  | 709181 | 2.500 | 07/15/34 | 743633 |
|  | 673445 | 0.000 <sup>(h)</sup> | 01/15/38 | 490986 |
|  | 838544 | 3.750 | 01/15/42 | 974358 |
|  | 687236 | 2.000 | 01/15/54 | 578651 |
|  Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT |
|  | 1200000 | 1.950 | 06/15/29 | 1274398 |
|  Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium |
|  | 1300000 | 2.875 | 01/14/38 | 1269492 |
|  Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds |
|  | 1270000 | 0.000 <sup>(h)</sup> | 10/20/28 | 1262210 |
|  | 280000 | 2.100 <sup>(i)</sup> | 09/20/17 | 196790 |
|  | 280000 | 0.850 <sup>(j)</sup> | 06/30/20 | 105268 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  | 630000 | 2.124 | 07/16/31 | 554509 |
|  | 400000 | 3.375 <sup>(d)</sup> | 01/28/50 | 256069 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  | 870000 | 1.250 | 10/31/30 | 867523 |
|  | 3430000 | 2.550 | 10/31/32 | 3584203 |
|  | 650000 | 0.850 | 07/30/37 | 512803 |
|  | 700000 | 2.900 | 10/31/46 | 644743 |
|  | 1110000 | 3.450 | 07/30/66 | 1032197 |
|  |  |  |  | 53539432 |
| Indonesia Rupiah – 0.4% | Indonesia Rupiah – 0.4% | Indonesia Rupiah – 0.4% | Indonesia Rupiah – 0.4% |  |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
| IDR | 10285000000 | 6.500 | 07/15/30 | 613080 |
|  | 7702000000 | 6.500 | 02/15/31 | 457011 |
|  | 7391000000 | 6.375 | 04/15/32 | 431826 |
|  | 18210000000 | 6.625 | 02/15/34 | 1072460 |
|  | 5281000000 | 7.125 | 06/15/38 | 317893 |
|  |  |  |  | 2892270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Israeli Shekel – 0.2% | Israeli Shekel – 0.2% | Israeli Shekel – 0.2% |  |
| Israel Government Bonds | Israel Government Bonds | Israel Government Bonds | Israel Government Bonds |
| 2430000 | 2.000% | 03/31/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626165 |
| 2500000 | 1.300 | 04/30/32 | 548323 |
|  |  |  | 1174488 |
| Japanese Yen – 9.6% | Japanese Yen – 9.6% | Japanese Yen – 9.6% |  |
| Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
| 712600000 | 1.000 | 03/20/62 | 2950028 |
| Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
| 721900000 | 1.400 | 09/20/52 | 3807458 |
| Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
| 903000000 | 1.100 | 09/20/42 | 5147504 |
| 771350000 | 1.600 | 03/20/44 | 4691715 |
| Japan Treasury Discount Bills <sup>(h)</sup> | Japan Treasury Discount Bills <sup>(h)</sup> | Japan Treasury Discount Bills <sup>(h)</sup> | Japan Treasury Discount Bills <sup>(h)</sup> |
| 5160950000 | 0.000 | 05/07/25 | 34396928 |
| 1610050000 | 0.000 | 05/19/25 | 10729337 |
| 813850000 | 0.000 | 06/09/25 | 5422333 |
|  |  |  | 67145303 |
| Peruvian Nuevo Sol – 0.1% | Peruvian Nuevo Sol – 0.1% | Peruvian Nuevo Sol – 0.1% |  |
| Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
| 1550000 | 5.940 | 02/12/29 | 440033 |
| Singapore Dollar – 0.1% | Singapore Dollar – 0.1% | Singapore Dollar – 0.1% |  |
| Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
| 1320000 | 3.375 | 09/01/33 | 1035520 |
| South Korean Won – 0.5% | South Korean Won – 0.5% | South Korean Won – 0.5% |  |
| Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
| 2598070000 | 1.875 | 06/10/29 | 1704805 |
| 2641660000 | 1.375 | 12/10/29 | 1686600 |
|  |  |  | 3391405 |
| Thailand Baht – 0.1% | Thailand Baht – 0.1% | Thailand Baht – 0.1% |  |
| Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
| 6350000 | 2.650 | 06/17/28 | 192344 |
| 6710000 | 2.875 | 12/17/28 | 205503 |
| 3240000 | 3.350 | 06/17/33 | 105265 |
| 70000 | 3.390 | 06/17/37 | 2335 |
| 7490000 | 3.450 | 06/17/43 | 250520 |
|  |  |  | 755967 |
| Total Romania New Leu – 0.0% | Total Romania New Leu – 0.0% | Total Romania New Leu – 0.0% |  |
| Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
| 1375000 | 6.700 | 02/25/32 | 288479 |
| United States Dollar – 1.2% | United States Dollar – 1.2% | United States Dollar – 1.2% |  |
| Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> |
| $430000 | 3.100 | 05/07/41 | 316265 |
| Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
| 390000 | 5.000 | 01/11/28 | 396334 |
| 330000 | 5.125 | 01/11/33 | 335957 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 2040000 | 6.125 | 05/22/28 | 2089572 |
| Korea Hydro & Nuclear Power Co. Ltd. <sup>(d)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(d)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(d)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(d)</sup> |
| 630000 | 4.250 | 07/27/27 | 626888 |
| Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> |
| 1521000 | 3.771 | 05/24/61 | 888264 |
| 360000 | 3.750 | 04/19/71 | 202860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |  |
| Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> |
| $200000 | 6.875% | 01/31/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192500 |
| Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> |
| 10000 | 2.780 | 12/01/60 | 5435 |
| 100000 | 3.230 <sup>(k)</sup> | 07/28/21 | 53750 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 470000 | 3.700 | 03/01/41 | 378115 |
| Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> |
| 600000 | 5.125 | 09/18/34 | 592296 |
| 650000 | 5.500 | 03/18/54 | 608920 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 240000 | 3.000 <sup>(d)</sup> | 02/27/27 | 230430 |
| 70000 | 6.375 | 01/30/34 | 67270 |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 830000 | 4.875 | 07/18/33 | 816923 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 400000 | 3.800 | 05/13/60 | 255748 |
| Uruguay Government International Bonds <sup>(c)</sup> | Uruguay Government International Bonds <sup>(c)</sup> | Uruguay Government International Bonds <sup>(c)</sup> | Uruguay Government International Bonds <sup>(c)</sup> |
| 31914 | 4.375 | 01/23/31 | 31371 |
| 57058 | 5.442 | 02/14/37 | 57657 |
|  |  |  | 8146555 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $168,825,328) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $168,825,328) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $168,825,328) | $153560470 |
| Asset-Backed Securities<sup>(c)</sup> – 11.2% | Asset-Backed Securities<sup>(c)</sup> – 11.2% | Asset-Backed Securities<sup>(c)</sup> – 11.2% | Asset-Backed Securities<sup>(c)</sup> – 11.2% |
| Automotive – 1.9% | Automotive – 1.9% |  |  |
| Bank of America Auto Trust Series 2023-2A, Class A2<sup>(d)</sup> | Bank of America Auto Trust Series 2023-2A, Class A2<sup>(d)</sup> | Bank of America Auto Trust Series 2023-2A, Class A2<sup>(d)</sup> | Bank of America Auto Trust Series 2023-2A, Class A2<sup>(d)</sup> |
| $258562 | 5.850% | 08/17/26 | $258907 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 900000 | 4.700 | 09/15/27 | 899663 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 425000 | 4.670 | 08/15/28 | 425105 |
| Ford Credit Auto Lease Trust Series 2024-A, Class A2A | Ford Credit Auto Lease Trust Series 2024-A, Class A2A | Ford Credit Auto Lease Trust Series 2024-A, Class A2A | Ford Credit Auto Lease Trust Series 2024-A, Class A2A |
| 1082315 | 5.240 | 07/15/26 | 1083113 |
| Ford Credit Auto Owner Trust Series 2023-C, Class A2A | Ford Credit Auto Owner Trust Series 2023-C, Class A2A | Ford Credit Auto Owner Trust Series 2023-C, Class A2A | Ford Credit Auto Owner Trust Series 2023-C, Class A2A |
| 583747 | 5.680 | 09/15/26 | 584732 |
| Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(d)(e)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(d)(e)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(d)(e)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(d)(e)</sup> |
| 1625000 | 4.870 | 08/15/36 | 1644353 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class A2A | GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class A2A | GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class A2A | GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class A2A |
| 347193 | 5.890 | 11/16/26 | 347891 |
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> |
| 1500000 | 5.340 | 06/15/28 | 1514967 |
| Hyundai Auto Lease Securitization Trust Series 2024-A, Class A2A<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-A, Class A2A<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-A, Class A2A<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-A, Class A2A<sup>(d)</sup> |
| 1340107 | 5.150 | 06/15/26 | 1341847 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2, Class A2 | Mercedes-Benz Auto Receivables Trust Series 2023-2, Class A2 | Mercedes-Benz Auto Receivables Trust Series 2023-2, Class A2 | Mercedes-Benz Auto Receivables Trust Series 2023-2, Class A2 |
| 40825 | 5.920 | 11/16/26 | 40893 |
| Nissan Auto Lease Trust Series 2024-A, Class A2A | Nissan Auto Lease Trust Series 2024-A, Class A2A | Nissan Auto Lease Trust Series 2024-A, Class A2A | Nissan Auto Lease Trust Series 2024-A, Class A2A |
| 2188746 | 5.110 | 10/15/26 | 2191574 |
| Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 |
| 425000 | 5.930 | 03/15/28 | 429897 |
| Santander Drive Auto Receivables Trust Series 2023-6, Class A2 | Santander Drive Auto Receivables Trust Series 2023-6, Class A2 | Santander Drive Auto Receivables Trust Series 2023-6, Class A2 | Santander Drive Auto Receivables Trust Series 2023-6, Class A2 |
| 189860 | 6.080 | 05/17/27 | 190088 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |  |
| Santander Drive Auto Receivables Trust Series 2024-1, Class A2 | Santander Drive Auto Receivables Trust Series 2024-1, Class A2 | Santander Drive Auto Receivables Trust Series 2024-1, Class A2 | Santander Drive Auto Receivables Trust Series 2024-1, Class A2 |
| 142377 | 5.710% | 02/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142488 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 650000 | 4.760 | 08/16/27 | 650004 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 1525000 | 4.740 | 01/16/29 | 1530029 |
|  |  |  | 13275551 |
| Collateralized Loan Obligations<sup>(d)</sup> – 5.6% | Collateralized Loan Obligations<sup>(d)</sup> – 5.6% | Collateralized Loan Obligations<sup>(d)</sup> – 5.6% |  |
| 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 1575000 | 8.552 | 04/15/37 | 1592446 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) |
| 1275000 | 5.842 | 07/15/37 | 1278431 |
| AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 2100000 | 5.473 | 04/15/38 | 2085888 |
| Apex Credit CLO Ltd. Series 2024-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Apex Credit CLO Ltd. Series 2024-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Apex Credit CLO Ltd. Series 2024-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Apex Credit CLO Ltd. Series 2024-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 1275000 | 5.820 | 07/25/37 | 1276343 |
| ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 540000 | 4.111 | 04/15/38 | 583897 |
| Bain Capital Credit CLO Ltd. Series 2020-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.250%) | Bain Capital Credit CLO Ltd. Series 2020-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.250%) | Bain Capital Credit CLO Ltd. Series 2020-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.250%) | Bain Capital Credit CLO Ltd. Series 2020-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.250%) |
| 2575000 | 5.543 | 04/18/33 | 2573604 |
| Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) | Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) | Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) | Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) |
| 1900000 | 6.350 | 04/25/37 | 1901347 |
| CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | CQS U.S. CLO Ltd. Series 2021-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 1800000 | 5.493 | 01/20/35 | 1790669 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.650%) |
| 1400000 | 0.000 | 05/26/38 | 1506779 |
| Generate CLO 20 Ltd. Series 2024-20A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Generate CLO 20 Ltd. Series 2024-20A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Generate CLO 20 Ltd. Series 2024-20A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Generate CLO 20 Ltd. Series 2024-20A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 1900000 | 5.589 | 01/25/38 | 1896200 |
| Jamestown CLO XII Ltd. Series 2019-1A, Class A2BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.850%) | Jamestown CLO XII Ltd. Series 2019-1A, Class A2BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.850%) | Jamestown CLO XII Ltd. Series 2019-1A, Class A2BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.850%) | Jamestown CLO XII Ltd. Series 2019-1A, Class A2BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.850%) |
| 1650000 | 6.143 | 04/20/32 | 1649931 |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(b)</sup> (1 mo. USD Term SOFR + 1.600%) |
| 393123 | 5.944 | 05/25/54 | 395641 |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) |
| 1800000 | 5.547 | 04/14/33 | 1797377 |
| Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) |
| 1225000 | 5.972 | 07/15/37 | 1228165 |
| Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) |
| 740000 | 5.377 | 10/14/36 | 739380 |
| Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2021-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 5000000 | 5.652 | 01/15/38 | 5024845 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **98** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(d)</sup> – (continued) | Collateralized Loan Obligations<sup>(d)</sup> – (continued) | Collateralized Loan Obligations<sup>(d)</sup> – (continued) | Collateralized Loan Obligations<sup>(d)</sup> – (continued) |
| OZLM XIV Ltd. Series 2015-14A, Class C1R3<sup>(b)</sup> (3 mo. USD Term SOFR + 3.400%) | OZLM XIV Ltd. Series 2015-14A, Class C1R3<sup>(b)</sup> (3 mo. USD Term SOFR + 3.400%) | OZLM XIV Ltd. Series 2015-14A, Class C1R3<sup>(b)</sup> (3 mo. USD Term SOFR + 3.400%) | OZLM XIV Ltd. Series 2015-14A, Class C1R3<sup>(b)</sup> (3 mo. USD Term SOFR + 3.400%) |
| $1700000 | 7.687% | 01/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;1675107 |
| Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1300000 | 3.986 | 04/15/38 | 1395788 |
| Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| $1875000 | 5.693 | 10/20/37 | 1876562 |
| Regatta XI Funding Ltd. Series 2018-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Regatta XI Funding Ltd. Series 2018-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Regatta XI Funding Ltd. Series 2018-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Regatta XI Funding Ltd. Series 2018-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) |
| 1475000 | 6.053 | 07/17/37 | 1476258 |
| Sagard-Halseypoint CLO 8 Ltd. Series 2024-8A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) | Sagard-Halseypoint CLO 8 Ltd. Series 2024-8A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) | Sagard-Halseypoint CLO 8 Ltd. Series 2024-8A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) | Sagard-Halseypoint CLO 8 Ltd. Series 2024-8A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) |
| 1025000 | 5.704 | 01/30/38 | 1023949 |
| Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 1.600%) |
| 1130000 | 0.000 | 04/20/39 | 1208934 |
| Storm King Park CLO Ltd. Series 2022-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | Storm King Park CLO Ltd. Series 2022-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | Storm King Park CLO Ltd. Series 2022-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | Storm King Park CLO Ltd. Series 2022-1A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) |
| $1350000 | 6.002 | 10/15/37 | 1351306 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 157881 | 5.750 | 12/20/50 | 159332 |
| Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) |
| 900000 | 8.705 | 04/20/32 | 879452 |
| Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) |
| 1150000 | 5.819 | 10/15/37 | 1149920 |
|  |  |  | 39517551 |
| Credit Card – 1.3% | Credit Card – 1.3% | Credit Card – 1.3% | Credit Card – 1.3% |
| American Express Credit Account Master Trust Series 2022-2, Class A | American Express Credit Account Master Trust Series 2022-2, Class A | American Express Credit Account Master Trust Series 2022-2, Class A | American Express Credit Account Master Trust Series 2022-2, Class A |
| 1975000 | 3.390 | 05/15/27 | 1972040 |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 1500000 | 4.720 | 02/15/29 | 1504417 |
| Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.900%) |
| 2600000 | 5.249 | 08/15/28 | 2607324 |
| Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A |
| 2000000 | 3.490 | 05/15/27 | 1997276 |
| Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 |
| 1275000 | 5.230 | 12/08/27 | 1280882 |
|  |  |  | 9361939 |
| Student Loan<sup>(b)(d)</sup> – 2.4% | Student Loan<sup>(b)(d)</sup> – 2.4% | Student Loan<sup>(b)(d)</sup> – 2.4% | Student Loan<sup>(b)(d)</sup> – 2.4% |
| Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) |
| 610543 | 5.565 | 04/20/31 | 610786 |
| Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) |
| 1650000 | 6.097 | 07/24/36 | 1653843 |
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR (3 mo. USD Term SOFR + 1.420%) | Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR (3 mo. USD Term SOFR + 1.420%) | Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR (3 mo. USD Term SOFR + 1.420%) | Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR (3 mo. USD Term SOFR + 1.420%) |
| 2975000 | 5.713 | 04/20/36 | 2975434 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Student Loan<sup>(b)(d)</sup> – (continued) | Student Loan<sup>(b)(d)</sup> – (continued) | Student Loan<sup>(b)(d)</sup> – (continued) | Student Loan<sup>(b)(d)</sup> – (continued) |
| ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) |
| 1987065 | 5.654% | 12/27/66 | $&nbsp;&nbsp;&nbsp;&nbsp;1997791 |
| Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) |
| 2902208 | 5.504 | 12/27/66 | 2934428 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) |
| 1500000 | 5.702 | 04/15/31 | 1500042 |
| PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) |
| 667595 | 5.604 | 09/25/65 | 670035 |
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1 (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1 (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1 (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1 (3 mo. USD Term SOFR + 1.630%) |
| 4500000 | 5.932 | 04/15/37 | 4509468 |
|  |  |  | 16851827 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $78,767,818)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $78,767,818)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $78,767,818)** | $79006868 |
| U.S. Treasury Obligations – 5.1% | U.S. Treasury Obligations – 5.1% | U.S. Treasury Obligations – 5.1% | U.S. Treasury Obligations – 5.1% |
| U.S. Treasury Bills<sup>(h)</sup> | U.S. Treasury Bills<sup>(h)</sup> | U.S. Treasury Bills<sup>(h)</sup> | U.S. Treasury Bills<sup>(h)</sup> |
| 28334600 | 0.000% | 05/15/25 | $28187992 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 3560000 | 2.375 | 11/15/49 | 2354606 |
| 2440000 | 4.750 | 11/15/53 | 2494137 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 2072813 | 1.500 | 02/15/53 | 1723997 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1574700 | 0.625 | 05/15/30 | 1332221 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $36,070,711)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $36,070,711)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $36,070,711)** | $36092953 |
| **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Funds – 0.1% | Exchange Traded Funds – 0.1% | Exchange Traded Funds – 0.1% | Exchange Traded Funds – 0.1% |
| 3755 | Vanguard Intermediate-<br>Term Corporate Bond ETF | Vanguard Intermediate-<br>Term Corporate Bond ETF | $307009 |
| **(Cost $306,202)** | **(Cost $306,202)** | **(Cost $306,202)** | **(Cost $306,202)** |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(l)</sup> – 1.9% | Investment Company<sup>(l)</sup> – 1.9% | Investment Company<sup>(l)</sup> – 1.9% | Investment Company<sup>(l)</sup> – 1.9% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 13507177 | 4.259% | 4.259% | $13507177 |
| **(Cost $13,507,177)** | **(Cost $13,507,177)** | **(Cost $13,507,177)** | **(Cost $13,507,177)** |
| **TOTAL INVESTMENTS BEFORE SHORT-** | **TOTAL INVESTMENTS BEFORE SHORT-** | **TOTAL INVESTMENTS BEFORE SHORT-** | **TOTAL INVESTMENTS BEFORE SHORT-** |
| **TERM INVESTMENTS – 103.9%** | **TERM INVESTMENTS – 103.9%** | **TERM INVESTMENTS – 103.9%** | **TERM INVESTMENTS – 103.9%** |
| **(Cost $748,541,700)** | **(Cost $748,541,700)** | **(Cost $748,541,700)** | $730062458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **99** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments<sup>(h)</sup> – 1.5% | Short-term Investments<sup>(h)</sup> – 1.5% | Short-term Investments<sup>(h)</sup> – 1.5% | Short-term Investments<sup>(h)</sup> – 1.5% | Short-term Investments<sup>(h)</sup> – 1.5% |
| Commercial Paper<sup>(h)</sup> – 1.5% | Commercial Paper<sup>(h)</sup> – 1.5% | Commercial Paper<sup>(h)</sup> – 1.5% | Commercial Paper<sup>(h)</sup> – 1.5% | Commercial Paper<sup>(h)</sup> – 1.5% |
| General Motors Financial Co., Inc.<sup>(d)</sup> | General Motors Financial Co., Inc.<sup>(d)</sup> | General Motors Financial Co., Inc.<sup>(d)</sup> | General Motors Financial Co., Inc.<sup>(d)</sup> | General Motors Financial Co., Inc.<sup>(d)</sup> |
| $— | 2096000 | 0.000% | 05/12/25 | $&nbsp;&nbsp;&nbsp;&nbsp;2084644 |
| Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC |
|  | 8798000 | 0.000 | 06/23/25 | 8700817 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $10,787,826)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $10,787,826)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $10,787,826)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $10,787,826)** | $10785461 |
| **TOTAL INVESTMENTS – 105.4%**<br> **(Cost $759,329,526)** | **TOTAL INVESTMENTS – 105.4%**<br> **(Cost $759,329,526)** | **TOTAL INVESTMENTS – 105.4%**<br> **(Cost $759,329,526)** | **TOTAL INVESTMENTS – 105.4%**<br> **(Cost $759,329,526)** | $740847919 |
| LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (5.4)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (5.4)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (5.4)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (5.4)% | (37973649) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $702874270 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $73,413,652 which represents approximately 10.6% of net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $9,321,511, which represents approximately 1.3% of the Fund's net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Actual maturity date is September 20, 2117.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Actual maturity date is June 30, 2120.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Actual maturity date is July 28, 2121.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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 | 8037046 | USD | 5020437 | 06/18/25 | $4784 |
|  | BRL | 1189865 | USD | 207160 | 04/02/25 | 1255 |
|  | BRL | 468271 | USD | 79218 | 06/18/25 | 1482 |
|  | CAD | 1731560 | USD | 1202168 | 04/08/25 | 1564 |
|  | CAD | 3519466 | USD | 2452601 | 06/18/25 | 2681 |
|  | CHF | 619505 | USD | 705487 | 06/18/25 | 1325 |
|  | CNH | 3206738 | USD | 443363 | 06/18/25 | 368 |
|  | EUR | 28455551 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29935082 | 04/09/25 | 848486 |
|  | EUR | 13398687 | USD | 14263711 | 06/18/25 | 288586 |
|  | GBP | 1849897 | USD | 2359269 | 06/18/25 | 30160 |
|  | HUF | 821432007 | USD | 2135356 | 06/18/25 | 60689 |
|  | INR | 168538500 | USD | 1935000 | 04/07/25 | 35865 |
|  | INR | 272155244 | USD | 3125496 | 06/18/25 | 40278 |
|  | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375996628 | USD | 8953316 | 04/03/25 | 223640 |
|  | MXN | 15227747 | USD | 718552 | 06/18/25 | 17794 |
|  | NOK | 49294276 | USD | 4488537 | 06/18/25 | 196807 |
|  | PLN | 1735533 | USD | 436141 | 06/18/25 | 10630 |
|  | SEK | 51392580 | USD | 4844892 | 06/18/25 | 291806 |
|  | SGD | 1277869 | USD | 951549 | 06/18/25 | 3481 |
|  | USD | 6948683 | AUD | 11020022 | 06/18/25 | 58335 |
|  | USD | 333986 | BRL | 1895870 | 04/02/25 | 1907 |
|  | USD | 7389684 | CAD | 10612413 | 04/08/25 | 12229 |
|  | USD | 844922 | CAD | 1203574 | 06/17/25 | 5314 |
|  | USD | 5727586 | CAD | 8191046 | 06/18/25 | 13271 |
|  | USD | 351440 | CAD | 496700 | 09/17/25 | 3438 |
|  | USD | 3371318 | CHF | 2934268 | 06/18/25 | 23525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **100** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 757083 | CHF | 654430 | 09/17/25 | $2611 |
|  | USD | 1427606 | CLP | 1329947855 | 06/18/25 | 27802 |
|  | USD | 9195121 | CNH | 66179432 | 06/18/25 | 37574 |
|  | USD | 465914 | CNH | 3336989 | 09/17/25 | 1230 |
|  | USD | 215289 | COP | 888229012 | 04/16/25 | 3352 |
|  | USD | 185662 | COP | 774378155 | 06/18/25 | 2451 |
|  | USD | 12199670 | EUR | 11145554 | 06/18/25 | 94502 |
|  | USD | 281553 | EUR | 255240 | 09/17/25 | 2894 |
|  | USD | 284732 | GBP | 220451 | 09/17/25 | 60 |
|  | USD | 3251262 | HUF | 1198084455 | 06/18/25 | 48263 |
|  | USD | 3509583 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58363551868 | 06/11/25 | 18271 |
|  | USD | 1250403 | ILS | 4451082 | 05/06/25 | 52283 |
|  | USD | 1046530 | ILS | 3783022 | 06/18/25 | 27226 |
|  | USD | 940224 | INR | 80758879 | 06/18/25 | 818 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10812501 | JPY | 1608932625 | 05/19/25 | 25739 |
|  | USD | 5491588 | JPY | 813299837 | 06/09/25 | 26648 |
|  | USD | 2445654 | JPY | 359202446 | 06/18/25 | 29624 |
|  | USD | 605660 | JPY | 88508663 | 09/17/25 | 4662 |
|  | USD | 893081 | KRW | 1292199159 | 04/10/25 | 15982 |
|  | USD | 506299 | KRW | 740260411 | 04/24/25 | 3463 |
|  | USD | 3923197 | KRW | 5702052867 | 06/11/25 | 40256 |
|  | USD | 2274512 | KRW | 3265404173 | 06/18/25 | 50032 |
|  | USD | 528555 | KRW | 759750243 | 09/17/25 | 8483 |
|  | USD | 875265 | MXN | 17792408 | 06/18/25 | 14904 |
|  | USD | 147915 | NOK | 1556050 | 06/18/25 | 15 |
|  | USD | 1146259 | NZD | 2014993 | 05/07/25 | 1172 |
|  | USD | 2955805 | NZD | 5108334 | 06/18/25 | 49889 |
|  | USD | 861244 | PLN | 3335709 | 06/18/25 | 2547 |
|  | USD | 2012868 | SGD | 2675947 | 06/04/25 | 14388 |
|  | USD | 536024 | SGD | 711684 | 06/18/25 | 4139 |
|  | USD | 803155 | THB | 27025762 | 06/18/25 | 2070 |
|  | USD | 723032 | TRY | 29922540 | 06/18/25 | 8030 |
|  | USD | 812646 | TWD | 26764504 | 04/07/25 | 7638 |
|  | USD | 841265 | TWD | 27584237 | 04/14/25 | 11142 |
|  | USD | 958000 | TWD | 31556520 | 04/21/25 | 7808 |
|  | USD | 1130467 | TWD | 37232328 | 06/18/25 | 4739 |
|  | ZAR | 3009666 | USD | 162770 | 06/18/25 | 340 |
|  **TOTAL** |  |  |  |  |  | $2832747 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** |  | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | AUD | 1994486 | USD | 1262200 | 06/18/25 | $(15133) |
|  | AUD | 1107211 | USD | 704507 | 09/17/25 | (11703) |
|  | BRL | 2187076 | USD | 386000 | 04/02/25 | (2914) |
|  | CAD | 7974301 | USD | 5598612 | 06/18/25 | (35505) |
|  | CHF | 5607208 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6424150 | 06/18/25 | (26719) |
|  | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385740897 | USD | 409140 | 06/18/25 | (3138) |
|  | CNH | 41705634 | USD | 5789204 | 06/18/25 | (18206) |
|  | CNH | 11405108 | USD | 1595075 | 09/17/25 | (6884) |
|  | COP | 1581473765 | USD | 382788 | 04/16/25 | (5439) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **101** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | CZK | 193203382 | USD | 8437480 | 06/18/25 | $(52869) |
|  | EUR | 10724820 | USD | 11667391 | 04/09/25 | (65147) |
|  | EUR | 4843794 | USD | 5294651 | 06/18/25 | (33812) |
|  | EUR | 1560676 | USD | 1708901 | 09/17/25 | (5029) |
|  | GBP | 739817 | EUR | 883000 | 05/02/25 | (851) |
|  | GBP | 1087884 | USD | 1411562 | 06/18/25 | (6391) |
|  | ILS | 1342772 | USD | 367254 | 06/18/25 | (5455) |
|  | INR | 65610137 | USD | 763284 | 06/18/25 | (91) |
|  | JPY | 1049862811 | USD | 7033812 | 04/03/25 | (31945) |
|  | JPY | 526596960 | USD | 3604555 | 06/18/25 | (62613) |
|  | JPY | 35260474 | USD | 240474 | 09/17/25 | (1046) |
|  | KRW | 1450924028 | USD | 999530 | 04/10/25 | (14694) |
|  | KRW | 6724591926 | USD | 4647155 | 06/18/25 | (66183) |
|  | MXN | 14524906 | USD | 708658 | 06/16/25 | (6122) |
|  | NOK | 8043804 | USD | 766000 | 06/18/25 | (1449) |
|  | NZD | 1464415 | USD | 852531 | 06/17/25 | (19509) |
|  | NZD | 9497785 | USD | 5431520 | 06/18/25 | (28631) |
|  | PLN | 8172349 | USD | 2111702 | 06/18/25 | (7929) |
|  | PLN | 3348442 | USD | 861244 | 09/17/25 | (2440) |
|  | SEK | 8532623 | USD | 853446 | 06/18/25 | (609) |
|  | SGD | 4111909 | USD | 3087487 | 06/18/25 | (14404) |
|  | TRY | 39133881 | USD | 987461 | 06/18/25 | (52352) |
|  | TWD | 32779876 | USD | 997562 | 04/07/25 | (11627) |
|  | TWD | 27622686 | USD | 832882 | 04/14/25 | (1601) |
|  | TWD | 31634948 | USD | 955000 | 05/02/25 | (1628) |
|  | USD | 257168 | BRL | 1479600 | 04/02/25 | (1998) |
|  | USD | 207160 | BRL | 1196504 | 05/05/25 | (1137) |
|  | USD | 1231309 | CAD | 1770118 | 06/18/25 | (3577) |
|  | USD | 427952 | CAD | 613956 | 09/17/25 | (2202) |
|  | USD | 3021843 | CHF | 2679365 | 06/18/25 | (35125) |
|  | USD | 2675618 | CNH | 19395424 | 06/18/25 | (8215) |
|  | USD | 6676394 | CZK | 158894843 | 06/18/25 | (219301) |
|  | USD | 131867122 | EUR | 127719438 | 04/09/25 | (6301347) |
|  | USD | 6490445 | EUR | 6101129 | 06/18/25 | (135985) |
|  | USD | 408861 | EUR | 375496 | 09/19/25 | (1134) |
|  | USD | 17394941 | GBP | 13481577 | 06/04/25 | (18692) |
|  | USD | 861243 | GBP | 669275 | 06/17/25 | (3230) |
|  | USD | 3731071 | GBP | 2900527 | 06/18/25 | (15409) |
|  | USD | 855456 | GBP | 664248 | 09/17/25 | (2297) |
|  | USD | 1948967 | INR | 168776881 | 04/07/25 | (24686) |
|  | USD | 905941 | INR | 79666081 | 06/18/25 | (20754) |
|  | USD | 851807 | INR | 74917533 | 09/17/25 | (14955) |
|  | USD | 31144765 | JPY | 4863877981 | 04/03/25 | (1293975) |
|  | USD | 34124014 | JPY | 5157644152 | 05/07/25 | (406391) |
|  | USD | 1495409 | MXN | 31127023 | 06/18/25 | (9755) |
|  | USD | 3255384 | NOK | 35723704 | 06/18/25 | (140101) |
|  | USD | 5047787 | NZD | 8951945 | 06/18/25 | (44597) |
|  | USD | 2809013 | PLN | 11328842 | 06/18/25 | (107323) |
|  | USD | 5621159 | SEK | 56586984 | 06/18/25 | (34724) |
|  | USD | 374590 | SEK | 3760399 | 09/17/25 | (3080) |
|  | USD | 382166 | TRY | 16394905 | 06/18/25 | (9593) |
|  | USD | 811592 | ZAR | 14993494 | 06/18/25 | (985) |
|  **TOTAL** |  |  |  |  |  | $(9480636) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **102** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/15/25 | $(15000000) | $(14393286) |
|  Government National Mortgage Association | 3.000 | TBA - 30yr | 04/15/25 | (2000000) | (1771471) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 04/15/25 | (2000000) | (1872528) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/15/25 | (2000000) | (1967523) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/15/25 | (10000000) | (7954297) |
|  **(PROCEEDS RECEIVED: $(27901680))** |  |  |  |  | $(27959105) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 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.K. Long Gilt | 144 | 06/26/25 | $17055432 | $(187276) |
|  10 Year U.S. Treasury Notes | 431 | 06/18/25 | 47935281 | 276165 |
|  2 Year German Euro-Schatz | 97 | 06/06/25 | 11218089 | 115 |
|  20 Year U.S. Treasury Bonds | 146 | 06/18/25 | 17123063 | 54414 |
|  30 Year German Euro-Buxl | 62 | 06/06/25 | 7995260 | (366354) |
|  5 Year German Euro-Bund | 169 | 06/06/25 | 23542349 | (575761) |
|  5 Year U.S. Treasury Notes | 1477 | 06/30/25 | 159746781 | 366991 |
|  Australian 10 Year Government Bonds | 51 | 06/16/25 | 3590164 | 477 |
|  Australian 3 Year Government Bonds | 130 | 06/16/25 | 8651344 | 14316 |
|  Canada 10 Year Government Bonds | 161 | 06/19/25 | 13889823 | 113780 |
|  Euro BTP | 16 | 06/06/25 | 2033189 | (36529) |
|  Euro-Bobul | 29 | 06/06/25 | 3693622 | (29835) |
|  French 10 Year Government Bonds | 12 | 06/06/25 | 1591976 | (36869) |
|  ICE 3M Sonia Bonds | 196 | 03/17/26 | 60805031 | 6972 |
|  Japan 10 Year Government Bond | 11 | 06/13/25 | 10150010 | 35907 |
|  Ultra 10-Year U.S. Treasury Notes | 61 | 06/18/25 | 6961625 | 44371 |
|  Ultra Long U.S. Treasury Bonds | 95 | 06/18/25 | 11613750 | (52888) |
|  **Total** |  |  |  | $(372004) |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (1081) | 06/30/25 | (223952798) | (338669) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(710673) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **103** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received by<br>the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Payments<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M KLIBOR | 3.271% | BofA Securities LLC | 12/21/31 | MYR1,540 | $(5825) | $— | $(5825) |
|  3M KLIBOR | 3.735 | Citibank NA | 07/14/32 | 1950 | 4859 |  | 4859 |
|  3M KLIBOR | 3.750 | Citibank NA | 12/21/32 | 3450 | 8827 | (37042) | 45869 |
|  3M KLIBOR | 3.680 | MS & Co. Int. PLC | 07/12/32 | 1940 | 3228 |  | 3228 |
|  **TOTAL** |  |  |  |  | $11089 | $(37042) | $48131 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by**<br> **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)** |
|  8.750%<sup>(a)</sup><br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/18/26 | 370590 | $(96497) | $(25963) | $(70534) |
| 6.250<sup>(b)</sup><br> 6M MIBOR<sup>(b)</sup> | 03/19/26 | 1861290 | (33444) | 10398 | (43842) |
|  1M BID<br> Average<sup>(b)</sup><br> 13.750%<sup>(b)</sup> | 01/04/27 | 55670 | (124274) | (76263) | (48011) |
|  12M SOFR<sup>(c)</sup><br> 3.851<sup>(c)</sup> | 03/31/27 | $214440 <sup>(d)</sup> | 726115 | 352664 | 373451 |
|  12M SOFR<sup>(c)</sup><br> 3.851<sup>(c)</sup> | 03/31/27 | 13490 <sup>(d)</sup> | 45703 | (7880) | 53583 |
| 3.250<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/18/27 | 3470 <sup>(d)</sup> | 24818 | 27885 | (3067) |
| 3.500<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/18/27 | 1690 <sup>(d)</sup> | 4052 | 7009 | (2957) |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 06/18/27 | 1630 <sup>(d)</sup> | 11357 | 7392 | 3965 |
|  6M CDOR<sup>(e)</sup><br> 3.000<sup>(e)</sup> | 06/18/27 | 5680 <sup>(d)</sup> | 54330 | 44447 | 9883 |
|  6M NIBOR<sup>(e)</sup><br> 4.000<sup>(c)</sup> | 06/18/27 | 215000 <sup>(d)</sup> | (115494) | (143203) | 27709 |
| 1.750<sup>(c)</sup><br> 6M EURO<sup>(c)</sup> | 06/18/27 | 5420 <sup>(d)</sup> | 21942 | 15644 | 6298 |
| 3.750<sup>(c)</sup><br> 6M GBP<sup>(c)</sup> | 06/18/27 | 710 <sup>(d)</sup> | 4031 | 4218 | (187) |
| 3.500<sup>(c)</sup><br> 6M GBP<sup>(c)</sup> | 06/18/27 | 2420 <sup>(d)</sup> | 28336 | 28653 | (317) |
| 0.500<sup>(c)</sup><br> 6M JYOR<sup>(c)</sup> | 06/18/27 | 3985000 <sup>(d)</sup> | 214219 | 228798 | (14579) |
|  Mexico<br> Interbank TIIE<br> 28 Days<sup>(a)</sup><br> 8.250<sup>(a)</sup> | 09/15/27 | 71120 <sup>(d)</sup> | 32309 | 22380 | 9929 |
|  1M CNRR<sup>(f)</sup><br> 1.500<sup>(f)</sup> | 09/17/27 | 289660 <sup>(d)</sup> | (36372) | (24175) | (12197) |
|  6M THOR<sup>(f)</sup><br> 1.750<sup>(f)</sup> | 09/17/27 | 26080 <sup>(d)</sup> | 5408 | 1954 | 3454 |
|  3M KWCDC<sup>(f)</sup><br> 2.500<sup>(f)</sup> | 09/17/27 | 16942150 <sup>(d)</sup> | (1843) | (13198) | 11355 |
|  6M WIBOR<sup>(e)</sup><br> 4.750<sup>(c)</sup> | 09/17/27 | 10110 <sup>(d)</sup> | 12104 | (1428) | 13532 |
|  6M MIBOR<sup>(e)</sup><br> 6.000<sup>(e)</sup> | 09/17/27 | 610730 <sup>(d)</sup> | 28614 | 18766 | 9848 |
| 6.25<sup>(c)</sup><br> 6M BUBOR<sup>(e)</sup> | 09/17/27 | 747170 <sup>(d)</sup> | 11095 | 68 | 11027 |
| 5.500<sup>(e)</sup><br> 6M CLICP<sup>(e)</sup> | 09/17/27 | 1294390 <sup>(d)</sup> | (15631) | (12007) | (3624) |
| 8.250<sup>(f)</sup><br> 6M CPIBR<sup>(f)</sup> | 09/17/27 | 13054810 <sup>(d)</sup> | 4133 | (21498) | 25631 |
| 3.500<sup>(c)</sup><br> 6M PRIBO<sup>(e)</sup> | 09/17/27 | 98210 <sup>(d)</sup> | (6771) | 1082 | (7853) |
|  3M JIBAR<sup>(f)</sup><br> 7.500<sup>(f)</sup> | 09/17/27 | 62230 <sup>(d)</sup> | 7502 | 10852 | (3350) |
|  3M EURO<sup>(f)</sup><br> 2.143<sup>(b)</sup> | 11/20/27 | 335000 <sup>(d)</sup> | (333981) | (63884) | (270097) |
| 2.180<sup>(b)</sup><br> 6M EURO<sup>(e)</sup> | 11/20/27 | 335000 <sup>(d)</sup> | 404508 | 88109 | 316399 |
|  6M MIBOR<sup>(e)</sup><br> 6.000<sup>(e)</sup> | 03/19/28 | 1426470 | 65426 | (39601) | 105027 |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 05/14/28 | 11171 <sup>(d)</sup> | 47562 | (230460) | 278022 |
| 3.500<sup>(c)</sup><br> 6M GBP<sup>(c)</sup> | 06/18/28 | 480 <sup>(d)</sup> | 7964 | 8290 | (326) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **104** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by**<br> **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)** |
|  6M EURO<sup>(e)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;2.325%<sup>(c)</sup> | 02/25/29 | 20750 <sup>(d)</sup> | $(57586) | $(449631) | $392045 |
|  3.799%<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/29 | $204330 <sup>(d)</sup> | (1519725) | (574139) | (945586) |
|  1M BID |  |  |  |  |  |
|  Average<sup>(b)</sup><br> 13.250<sup>(b)</sup> | 01/02/30 | 3250 | (18497) | (12303) | (6194) |
| 6.000<sup>(e)</sup><br> 6M MIBOR<sup>(e)</sup> | 03/19/30 | 463220 | (20425) | 31365 | (51790) |
|  6M JYOR<sup>(c)</sup><br> 0.750<sup>(c)</sup> | 06/18/30 | 3491000 <sup>(d)</sup> | (371046) | (457829) | 86783 |
|  3M STIBOR<sup>(f)</sup><br> 2.500<sup>(c)</sup> | 06/18/30 | 85300 <sup>(d)</sup> | (77170) | (78408) | 1238 |
|  6M GBP<sup>(c)</sup><br> 3.500<sup>(c)</sup> | 06/18/30 | 10140 <sup>(d)</sup> | (283439) | (290031) | 6592 |
|  6M NIBOR<sup>(e)</sup><br> 4.000<sup>(c)</sup> | 06/18/30 | 72540 <sup>(d)</sup> | (35126) | (65305) | 30179 |
|  1M CNRR<sup>(f)</sup><br> 1.500<sup>(f)</sup> | 09/17/30 | 482220 <sup>(d)</sup> | (242912) | (319270) | 76358 |
| 2.000<sup>(f)</sup><br> 6M THOR<sup>(f)</sup> | 09/17/30 | 68650 <sup>(d)</sup> | (43750) | (22425) | (21325) |
|  6M CPIBR<sup>(f)</sup><br> 8.750<sup>(f)</sup> | 09/17/30 | 5255320 <sup>(d)</sup> | 2335 | 26533 | (24198) |
| 3.822<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/31/32 | $33220 <sup>(d)</sup> | (302827) | 13869 | (316696) |
|  6M JYOR<sup>(c)</sup><br> 0.750<sup>(c)</sup> | 06/18/32 | 305000 <sup>(d)</sup> | (58067) | (58654) | 587 |
| 1.295<sup>(c)</sup><br> 6M JYOR<sup>(c)</sup> | 08/02/34 | 6124100 <sup>(d)</sup> | 401453 | 27601 | 373852 |
| 3.864<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 11/15/34 | $12250 <sup>(d)</sup> | (124485) | (11235) | (113250) |
| 3.750<sup>(c)</sup><br> 6M PRIBO<sup>(e)</sup> | 03/19/35 | 10580 | 1065 | 6903 | (5838) |
|  6M EURO<sup>(e)</sup><br> 3.000<sup>(c)</sup> | 03/28/35 | 10830 <sup>(d)</sup> | 25384 | 13958 | 11426 |
|  6M CHFOR<sup>(c)</sup><br> 0.750<sup>(c)</sup> | 06/18/35 | 2100 <sup>(d)</sup> | 20010 | (32071) | 52081 |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 06/18/35 | 9670 <sup>(d)</sup> | (156641) | (152394) | (4247) |
|  3M STIBOR<sup>(f)</sup><br> 2.750<sup>(c)</sup> | 06/18/35 | 59320 <sup>(d)</sup> | (105710) | (98928) | (6782) |
|  12M SOFR<sup>(c)</sup><br> 3.250<sup>(c)</sup> | 06/18/35 | $1440 <sup>(d)</sup> | (59881) | (64373) | 4492 |
|  6M GBP<sup>(c)</sup><br> 3.500<sup>(c)</sup> | 06/18/35 | 580 <sup>(d)</sup> | (40568) | (39741) | (827) |
|  6M NIBOR<sup>(e)</sup><br> 4.000<sup>(c)</sup> | 06/18/35 | 1050 <sup>(d)</sup> | (766) | (661) | (105) |
|  3M NZDOR<sup>(f)</sup><br> 4.250<sup>(e)</sup> | 06/18/35 | 5830 <sup>(d)</sup> | 27731 | 16968 | 10763 |
| 4.250<sup>(e)</sup><br> 6M AUDOR<sup>(e)</sup> | 06/18/35 | 6960 <sup>(d)</sup> | 24897 | 47241 | (22344) |
| 3.000<sup>(e)</sup><br> 6M CDOR<sup>(e)</sup> | 06/18/35 | 4970 <sup>(d)</sup> | (81125) | (63058) | (18067) |
| 1.000<sup>(c)</sup><br> 6M JYOR<sup>(c)</sup> | 06/18/35 | 3435065 <sup>(d)</sup> | 728974 | 797226 | (68252) |
|  Mexico |  |  |  |  |  |
|  Interbank TIIE |  |  |  |  |  |
|  28 Days<sup>(a)</sup><br> 8.750<sup>(a)</sup> | 09/05/35 | 17690 <sup>(d)</sup> | 21278 | 14733 | 6545 |
|  3M KWCDC<sup>(f)</sup><br> 3.750<sup>(f)</sup> | 09/17/35 | 4360900 <sup>(d)</sup> | 293807 | 263020 | 30787 |
| 6.75<sup>(c)</sup><br> 6M BUBOR<sup>(e)</sup> | 09/17/35 | 103280 <sup>(d)</sup> | 5944 | 6168 | (224) |
| 5.750<sup>(e)</sup><br> 6M CLICP<sup>(e)</sup> | 09/17/35 | 616260 <sup>(d)</sup> | (17369) | (16702) | (667) |
| 5.000<sup>(c)</sup><br> 6M WIBOR<sup>(e)</sup> | 09/17/35 | 2310 <sup>(d)</sup> | (8762) | 2561 | (11323) |
|  6M CPIBR<sup>(f)</sup><br> 9.250<sup>(f)</sup> | 09/17/35 | 2022340 <sup>(d)</sup> | 266 | 16484 | (16218) |
|  3M JIBAR<sup>(f)</sup><br> 9.250<sup>(f)</sup> | 09/17/35 | 7230 <sup>(d)</sup> | 6983 | 6270 | 713 |
| 4.250<sup>(c)</sup><br> 6M GBP<sup>(c)</sup> | 09/07/37 | 4600 <sup>(d)</sup> | 8920 | (45499) | 54419 |
|  6M EURO<sup>(e)</sup><br> 3.000<sup>(c)</sup> | 01/25/39 | 15230 <sup>(d)</sup> | (48542) | 81773 | (130315) |
| 3.000<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 03/28/40 | 13240 <sup>(d)</sup> | 31934 | 43122 | (11188) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 01/25/44 | 36130 <sup>(d)</sup> | 400933 | (62794) | 463727 |
|  6M JYOR<sup>(c)</sup><br> 2.160<sup>(c)</sup> | 08/02/44 | 7757620 <sup>(d)</sup> | (760815) | (487324) | (273491) |
|  6M EURO<sup>(e)</sup><br> 2.500<sup>(c)</sup> | 06/18/45 | 2430 <sup>(d)</sup> | (106654) | (120785) | 14131 |
|  6M EURO<sup>(e)</sup><br> 2.000<sup>(c)</sup> | 01/25/49 | 21250 <sup>(d)</sup> | (260362) | 10995 | (271357) |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 05/17/53 | 3981 <sup>(d)</sup> | 199994 | (91349) | 291343 |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 11/10/53 | 6537 <sup>(d)</sup> | 4562 | (479900) | 484462 |
|  6M EURO<sup>(c)</sup><br> 2.530<sup>(c)</sup> | 03/19/56 | 4200 <sup>(d)</sup> | (26458) | (30902) | 4444 |
| 2.610<sup>(c)</sup><br> 6M EURO<sup>(e)</sup> | 03/19/56 | 4200 <sup>(d)</sup> | 28487 | 26998 | 1489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **105** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by**<br> **the Fund** | **Payments**<br> **Received<br>by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.000%<sup>(c)</sup> | 6M EURO<sup>(e)</sup> | 06/18/75 | EUR 1630<sup>(d)</sup> | $230316 | $234918 | $(4602) |
|  **TOTAL** |  |  |  | $(1366214) | $(2217956) | $851742 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made quarterly.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread<br>at March 31,<br>2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.BBB.17 | 3.000% | 5.568% | JPMorgan Securities, Inc. | 12/15/56 | $2250 | $(321444) | $(280923) | $(40521) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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:** |  |  |  |  |  |  |  |
|  ICE CD ITXEB 43 | (1.000)% | 0.691% | 06/20/30 | EUR12,382 | $(205362) | $(231559) | $26197 |
|  Next Group PLC, 3.625%, 5/18/28 | (1.000) | 0.610 | 06/20/30 | 939 | (19797) | (17107) | (2690) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 42 | 1.000 | 0.502 | 06/20/29 | $43391 | 853574 | 759501 | 94073 |
|  CDX.NA.IG Index 43 | 1.000 | 0.966 | 12/20/34 | 5145 | 15154 | 33173 | (18019) |
|  CDX.NA.IG Index 43 | 1.000 | 0.558 | 12/20/29 | 78409 | 1509671 | 1639082 | (129411) |
|  ICE CD ITXEB 43 | 1.000 | 0.636 | 06/20/30 | EUR12,826 | 250335 | 282759 | (32424) |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.613 | 06/20/30 | $1250 | 23275 | 24065 | (790) |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.903 | 06/20/30 | 1150 | 5641 | 6014 | (373) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **106** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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)** |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000% | 0.962% | 06/20/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | $3652 | $9919 | $(6267) |
| TOTAL |  |  |  |  | $2436143 | $2505847 | $(69704) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 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** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 1.950% | 05/11/2026 | 5680000 | $5680000 | $34698 | $71878 | $(37180) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 5740000 | 5740000 | 42623 | 77964 | (35341) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 5740000 | 5740000 | 48560 | 86276 | (37716) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 14390000 | 14390000 | 104556 | 97661 | 6895 |
|  6M IRS | BNP Paribas SA | 2.200 | 09/08/2025 | 9940000 | 9940000 | 43904 | 34941 | 8963 |
| Total purchased option contracts | Total purchased option contracts |  |  | 41490000 | $41490000 | $274341 | $368720 | $(94379) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065 | 05/11/2026 | (1670000) | (1670000) | (21038) | (71743) | 50705 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (1690000) | (1690000) | (23378) | (78062) | 54684 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (1690000) | (1690000) | (33315) | (86344) | 53029 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (1340000) | (1340000) | (77424) | (97534) | 20110 |
|  6M IRS | BNP Paribas SA | 2.463 | 09/08/2025 | (930000) | (930000) | (25338) | (35041) | 9703 |
|  1M IRS | BofA Securities LLC | 2.751 | 04/07/2025 | (3980000) | (3980000) | (39924) | (39605) | (319) |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (3840000) | (3840000) | (29826) | (32447) | 2621 |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (3950000) | (3950000) | (37592) | (39702) | 2110 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (3940000) | (3940000) | (25716) | (35023) | 9307 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (4330000) | (4330000) | (42978) | (45140) | 2162 |
|  1M IRS | MS & Co. Int. PLC | 3.849 | 04/14/2025 | (4300000) | (4300000) | (48688) | (44720) | (3968) |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (4230000) | (4230000) | (43908) | (38546) | (5362) |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (4170000) | (4170000) | (70856) | (36905) | (33951) |
|  |  |  |  | (40060000) | $(40060000) | $(519981) | $(680812) | $160831 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.751 | 04/07/2025 | (3980000) | (3980000) | (5976) | (39605) | 33629 |
|  1M IRS | Citibank NA | 2.654 | 04/28/2025 | (3840000) | (3840000) | (33563) | (32447) | (1116) |
|  1M IRS | JPMorgan Securities, Inc. | 2.723 | 04/14/2025 | (3950000) | (3950000) | (14800) | (39702) | 24902 |
|  1M IRS | JPMorgan Securities, Inc. | 2.645 | 04/22/2025 | (3940000) | (3940000) | (32643) | (35023) | 2380 |
|  1M IRS | MS & Co. Int. PLC | 3.854 | 04/07/2025 | (4330000) | (4330000) | (10095) | (45140) | 35045 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **107** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M IRS | MS & Co. Int. PLC | 3.849% | 04/14/2025 | (4300000) | $(4300000) | $(17484) | $(44720) | $27236 |
|  1M IRS | MS & Co. Int. PLC | 3.811 | 04/21/2025 | (4230000) | (4230000) | (26233) | (38546) | 12313 |
|  1M IRS | MS & Co. Int. PLC | 3.914 | 04/28/2025 | (4170000) | (4170000) | (17448) | (36904) | 19456 |
|  |  |  |  | (32740000) | $(32740000) | $(158242) | $(312087) | $153845 |
| Total written option contracts | Total written option contracts |  |  | (72800000) | $(72800000) | $(678223) | $(992899) | $314676 |
| TOTAL |  |  |  | (31310000) | $(31310000) | $(403882) | $(624179) | $220297 |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| IDR | —Indonesia Rupiah |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| MYR | —Malaysia Ringgit |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PEN | —Peru Nuevo Sol |
| PLN | —Polish Zloty |
| RON | —Romania New Leu |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| THB | —Thailand Baht |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **108** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| 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 |
| LIBOR | —London Interbank Offered Rate |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| MTA | —Monthly Treasury Average |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| REMICS | —Real Estate Mortgage Investment Conduits |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |
| STACR | —Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2Y IRS | —1 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 42 | —CDX North America Investment Grade Index 42 |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CHFOR | —Swiss Franc Offered Rate |
| CLICP | —Sinacofi Chile Interbank Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| CNRR | —China Fixing Repo Rate |
| EURO | —Euro Offered Rate |
| ICE | —Inter-Continental Exchange |
| ICE CD ITXEB | —iTraxx Europe Index |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| JYOR | —Japanese Yen Offered Rate |
| KLIBOR | —Kuala Lumpur Interbank Offered Rate |
| KWCDC | —South Korean Won Certificate of Deposit |
| MIBOR | —Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| SOFR | —Secured Overnight Financing Rate |
| STIBOR | —Stockholm Interbank Offered Rate |
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | —Warsaw Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **109** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 72.0% | Corporate Obligations – 72.0% | Corporate Obligations – 72.0% | Corporate Obligations – 72.0% |
| Advertising<sup>(a)(b)</sup> – 0.2% | Advertising<sup>(a)(b)</sup> – 0.2% | Advertising<sup>(a)(b)</sup> – 0.2% | Advertising<sup>(a)(b)</sup> – 0.2% |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 309000 | 7.875% | 04/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303191 |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |
| Boeing Co. <sup>(a)</sup> | Boeing Co. <sup>(a)</sup> | Boeing Co. <sup>(a)</sup> | Boeing Co. <sup>(a)</sup> |
| 858000 | 6.298 | 05/01/29 | 898978 |
| 90000 | 5.150 | 05/01/30 | 90537 |
| 25000 | 3.250 | 02/01/35 | 20544 |
| 90000 | 5.805 | 05/01/50 | 85624 |
| Bombardier, Inc. <sup>(a)(b)</sup> | Bombardier, Inc. <sup>(a)(b)</sup> | Bombardier, Inc. <sup>(a)(b)</sup> | Bombardier, Inc. <sup>(a)(b)</sup> |
| 120000 | 7.000 | 06/01/32 | 119608 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 180000 | 5.950 | 02/01/37 | 188523 |
| TransDigm, Inc. <sup>(a)</sup> | TransDigm, Inc. <sup>(a)</sup> | TransDigm, Inc. <sup>(a)</sup> | TransDigm, Inc. <sup>(a)</sup> |
| 465000 | 4.625 | 01/15/29 | 442089 |
| 220000 | 4.875 | 05/01/29 | 208822 |
|  |  |  | 2054725 |
| Agriculture – 0.6% | Agriculture – 0.6% | Agriculture – 0.6% | Agriculture – 0.6% |
| BAT Capital Corp. <sup>(a)</sup> | BAT Capital Corp. <sup>(a)</sup> | BAT Capital Corp. <sup>(a)</sup> | BAT Capital Corp. <sup>(a)</sup> |
| 578000 | 6.000 | 02/20/34 | 600993 |
| MHP Lux SA | MHP Lux SA | MHP Lux SA | MHP Lux SA |
| 200000 | 6.950 | 04/03/26 | 189000 |
|  |  |  | 789993 |
| Airlines<sup>(b)</sup> – 0.7% | Airlines<sup>(b)</sup> – 0.7% | Airlines<sup>(b)</sup> – 0.7% | Airlines<sup>(b)</sup> – 0.7% |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| 280000 | 5.750 | 04/20/29 | 273913 |
| OneSky Flight LLC <sup>(a)</sup> | OneSky Flight LLC <sup>(a)</sup> | OneSky Flight LLC <sup>(a)</sup> | OneSky Flight LLC <sup>(a)</sup> |
| 250000 | 8.875 | 12/15/29 | 254800 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> |
| 265000 | 7.875 | 05/01/27 | 260216 |
| 115000 | 9.500 | 06/01/28 | 113856 |
|  |  |  | 902785 |
| Apparel<sup>(a)(b)</sup> – 0.3% | Apparel<sup>(a)(b)</sup> – 0.3% | Apparel<sup>(a)(b)</sup> – 0.3% | Apparel<sup>(a)(b)</sup> – 0.3% |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 375000 | 8.375 | 12/01/31 | 388931 |
| Automotive<sup>(a)</sup> – 1.6% | Automotive<sup>(a)</sup> – 1.6% | Automotive<sup>(a)</sup> – 1.6% | Automotive<sup>(a)</sup> – 1.6% |
| Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> |
| 280000 | 6.750 | 02/15/30 | 282870 |
| Dealer Tire LLC/DT Issuer LLC <sup>(b)</sup> | Dealer Tire LLC/DT Issuer LLC <sup>(b)</sup> | Dealer Tire LLC/DT Issuer LLC <sup>(b)</sup> | Dealer Tire LLC/DT Issuer LLC <sup>(b)</sup> |
| 443000 | 8.000 | 02/01/28 | 431721 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 200000 | 5.850 | 05/17/27 | 201082 |
| Forvia SE | Forvia SE | Forvia SE | Forvia SE |
| 100000 | 2.375 | 06/15/29 | 96616 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 84000 | 6.125 | 10/01/25 | 84385 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 365000 | 5.650 | 01/17/29 | 370687 |
| Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> |
| 370000 | 6.200 | 09/21/30 | 387534 |
| Phinia, Inc. <sup>(b)</sup> | Phinia, Inc. <sup>(b)</sup> | Phinia, Inc. <sup>(b)</sup> | Phinia, Inc. <sup>(b)</sup> |
| 105000 | 6.750 | 04/15/29 | 106401 |
| 90000 | 6.625 | 10/15/32 | 88313 |
| Schaeffler AG | Schaeffler AG | Schaeffler AG | Schaeffler AG |
| 100000 | 4.750 | 08/14/29 | 107780 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| ZF Europe Finance BV | ZF Europe Finance BV | ZF Europe Finance BV | ZF Europe Finance BV |
| 100000 | 6.125% | 03/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109106 |
|  |  |  | 2266495 |
| Banks – 13.0% | Banks – 13.0% | Banks – 13.0% | Banks – 13.0% |
| Banco do Brasil SA <sup>(a)(c)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA <sup>(a)(c)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA <sup>(a)(c)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA <sup>(a)(c)</sup> (10 yr. CMT + 4.398%) |
| 200000 | 8.748 | 10/15/25 | 203188 |
| Banco Mercantil del Norte SA <sup>(a)(c)</sup> | Banco Mercantil del Norte SA <sup>(a)(c)</sup> | Banco Mercantil del Norte SA <sup>(a)(c)</sup> | Banco Mercantil del Norte SA <sup>(a)(c)</sup> |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |
| 450000 | 8.750 <sup>(b)</sup> | 05/20/35 | 446850 |
| (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) |
| 400000 | 7.625 | 01/10/28 | 398512 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 600000 | 2.749 | 12/03/30 | 521280 |
| 400000 | 6.921 | 08/08/33 | 424280 |
| 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%) |
| 345000 | 2.496 | 02/13/31 | 309727 |
| (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%) |
| 285000 | 3.970 | 03/05/29 | 279964 |
| (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%) |
| 340000 | 4.271 | 07/23/29 | 335971 |
| (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) |
| 325000 | 6.125 | 04/27/27 | 329449 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 415000 | 2.651 | 03/11/32 | 365358 |
| (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) |
| 470000 | 1.898 | 07/23/31 | 403899 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 150000 | 5.202 | 04/25/29 | 152352 |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 515000 | 2.592 | 04/29/31 | 462336 |
| Bank of New York Mellon Corp. <sup>(a)(c)</sup> | Bank of New York Mellon Corp. <sup>(a)(c)</sup> | Bank of New York Mellon Corp. <sup>(a)(c)</sup> | Bank of New York Mellon Corp. <sup>(a)(c)</sup> |
| (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) |
| 125000 | 6.300 | 03/20/30 | 127829 |
| (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) |
| 15000 | 4.596 | 07/26/30 | 14996 |
| Barclays PLC <sup>(a)</sup> | Barclays PLC <sup>(a)</sup> | Barclays PLC <sup>(a)</sup> | Barclays PLC <sup>(a)</sup> |
| 250000 | 4.337 | 01/10/28 | 247968 |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 405000 | 8.000 <sup>(c)</sup> | 03/15/29 | 417757 |
| (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) |
| 225000 | 2.852 <sup>(c)</sup> | 05/07/26 | 224534 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> (5 yr. CMT + 2.650%) |
| 200000 | 5.125 | 01/18/33 | 189200 |
| BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.004%) |
| 200000 | 1.323 | 01/13/27 | 194730 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 635000 | 4.125 | 07/25/28 | 624643 |
| (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) |
| 330000 | 6.750 <sup>(a)(c)</sup> | 02/15/30 | 325776 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |
| 260000 | 3.875 <sup>(a)(c)</sup> | 02/18/26 | 254563 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 370000 | 2.976 <sup>(a)(c)</sup> | 11/05/30 | 340633 |

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|:---|:---|
| **110** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) |
| 150000 | 5.650% | 10/06/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149120 |
| Commerzbank AG <sup>(a)(c)</sup> (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG <sup>(a)(c)</sup> (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG <sup>(a)(c)</sup> (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG <sup>(a)(c)</sup> (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) |
| 200000 | 7.500 | 10/09/30 | 199874 |
| Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.127%) |
| 350000 | 4.772 | 07/28/30 | 347785 |
| HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.538%) | HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.538%) | HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.538%) | HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.538%) |
| 200000 | 1.645 | 04/18/26 | 199712 |
| 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 + 1.207%) | (3 mo. USD Term SOFR + 1.207%) | (3 mo. USD Term SOFR + 1.207%) | (3 mo. USD Term SOFR + 1.207%) |
| 285000 | 3.509 | 01/23/29 | 276880 |
| (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%) |
| 335000 | 2.956 | 05/13/31 | 304220 |
| (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) |
| 240000 | 6.500 | 04/01/30 | 245837 |
| (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) |
| 765000 | 4.586 | 04/26/33 | 744399 |
| 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> |
| (5 yr. CMT + 2.679%) | (5 yr. CMT + 2.679%) | (5 yr. CMT + 2.679%) | (5 yr. CMT + 2.679%) |
| 360000 | 3.500 | 09/01/26 | 340956 |
| (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) |
| 475000 | 5.053 | 01/27/34 | 459011 |
| Macquarie Bank Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 1.700%) |
| 635000 | 3.052 | 03/03/36 | 555549 |
| Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> |
| (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) |
| 280000 | 4.431 | 01/23/30 | 276388 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 405000 | 1.794 | 02/13/32 | 338766 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 750000 | 2.699 | 01/22/31 | 679965 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 125000 | 5.164 | 04/20/29 | 126658 |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 150000 | 4.210 | 04/20/28 | 148893 |
| PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) |
| 510000 | 6.200 | 09/15/27 | 518869 |
| Royal Bank of Canada <sup>(a)(c)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(c)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(c)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(c)</sup> (5 yr. CMT + 2.887%) |
| 485000 | 7.500 | 05/02/84 | 496606 |
| State Street Corp. <sup>(a)(c)</sup> | State Street Corp. <sup>(a)(c)</sup> | State Street Corp. <sup>(a)(c)</sup> | State Street Corp. <sup>(a)(c)</sup> |
| (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) |
| 140000 | 6.450 | 09/15/30 | 140130 |
| (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) |
| 245000 | 6.700 | 03/15/29 | 250618 |
| 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> |
| (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) |
| 561000 | 5.100 | 03/01/30 | 545685 |
| (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) |
| 255000 | 6.669 | 09/01/25 | 253914 |
| (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) |
| 25000 | 6.047 | 06/08/27 | 25422 |
| U.S. Bancorp <sup>(a)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(c)</sup> (5 yr. CMT + 2.541%) |
| 285000 | 3.700 | 01/15/27 | 270627 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| UBS Group AG <sup>(a)(b)(c)</sup> | UBS Group AG <sup>(a)(b)(c)</sup> | UBS Group AG <sup>(a)(b)(c)</sup> | UBS Group AG <sup>(a)(b)(c)</sup> |
| (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) |
| 435000 | 2.746% | 02/11/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371995 |
| (5 yr. CMT + 4.745%) | (5 yr. CMT + 4.745%) | (5 yr. CMT + 4.745%) | (5 yr. CMT + 4.745%) |
| 200000 | 9.250 | 11/13/28 | 217156 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) |
| 240000 | 7.125 | 08/10/34 | 235990 |
| Walker & Dunlop, Inc. <sup>(a)(b)</sup> | Walker & Dunlop, Inc. <sup>(a)(b)</sup> | Walker & Dunlop, Inc. <sup>(a)(b)</sup> | Walker & Dunlop, Inc. <sup>(a)(b)</sup> |
| 115000 | 6.625 | 04/01/33 | 114724 |
| Wells Fargo & Co. <sup>(a)</sup> | Wells Fargo & Co. <sup>(a)</sup> | Wells Fargo & Co. <sup>(a)</sup> | Wells Fargo & Co. <sup>(a)</sup> |
| 95000 | 4.150 | 01/24/29 | 93608 |
| (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) |
| 210000 | 6.850 <sup>(c)</sup> | 09/15/29 | 217818 |
| (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) |
| 260000 | 3.900 <sup>(c)</sup> | 03/15/26 | 252483 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 400000 | 7.625 <sup>(c)</sup> | 09/15/28 | 428208 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 390000 | 4.897 <sup>(c)</sup> | 07/25/33 | 384411 |
| Yapi ve Kredi Bankasi AS <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.278%) |
| 200000 | 9.250 | 01/17/34 | 205876 |
|  |  |  | 18013948 |
| Beverages<sup>(a)</sup> – 0.6% | Beverages<sup>(a)</sup> – 0.6% | Beverages<sup>(a)</sup> – 0.6% | Beverages<sup>(a)</sup> – 0.6% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 390000 | 4.700 | 02/01/36 | 376100 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 100000 | 3.150 | 08/01/29 | 93301 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 421000 | 3.200 | 05/01/30 | 391172 |
|  |  |  | 860573 |
| Biotechnology<sup>(a)</sup> – 0.4% | Biotechnology<sup>(a)</sup> – 0.4% | Biotechnology<sup>(a)</sup> – 0.4% | Biotechnology<sup>(a)</sup> – 0.4% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 115000 | 5.250 | 03/02/30 | 117627 |
| 375000 | 5.250 | 03/02/33 | 380381 |
|  |  |  | 498008 |
| Building Materials<sup>(a)</sup> – 1.1% | Building Materials<sup>(a)</sup> – 1.1% | Building Materials<sup>(a)</sup> – 1.1% | Building Materials<sup>(a)</sup> – 1.1% |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 410000 | 2.722 | 02/15/30 | 374818 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| 270000 | 4.900 | 12/01/32 | 267171 |
| Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> |
| 175000 | 6.375 | 03/01/32 | 175931 |
| 195000 | 6.750 | 03/01/33 | 194335 |
| Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> |
| 265000 | 6.500 | 08/15/32 | 265111 |
| Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> |
| 230000 | 4.375 | 07/15/30 | 212152 |
|  |  |  | 1489518 |
| Chemicals<sup>(a)</sup> – 1.8% | Chemicals<sup>(a)</sup> – 1.8% | Chemicals<sup>(a)</sup> – 1.8% | Chemicals<sup>(a)</sup> – 1.8% |
| Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> |
| 180000 | 7.125 | 08/01/30 | 183859 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **111** |

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------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) |
| Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> |
| 325000 | 3.375% | 02/15/29 | $297739 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 60000 | 6.500 | 04/15/30 | 59578 |
| 85000 | 6.750 | 04/15/33 | 82539 |
| Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> |
| 315000 | 4.625 | 11/15/29 | 269410 |
| 50000 | 8.000 | 01/15/33 | 46732 |
| Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> |
| 190000 | 3.875 | 11/01/28 | 177384 |
| 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> |
| 540000 | 2.300 | 11/01/30 | 466706 |
| Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> |
| 125000 | 6.250 | 03/15/32 | 121802 |
| Minerals Technologies, Inc. <sup>(b)</sup> | Minerals Technologies, Inc. <sup>(b)</sup> | Minerals Technologies, Inc. <sup>(b)</sup> | Minerals Technologies, Inc. <sup>(b)</sup> |
| 325000 | 5.000 | 07/01/28 | 312955 |
| Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> |
| 245000 | 7.250 | 06/15/31 | 241090 |
| WR Grace Holdings LLC <sup>(b)</sup> | WR Grace Holdings LLC <sup>(b)</sup> | WR Grace Holdings LLC <sup>(b)</sup> | WR Grace Holdings LLC <sup>(b)</sup> |
| 230000 | 5.625 | 08/15/29 | 197929 |
|  |  |  | 2457723 |
| Commercial Services – 2.3% | Commercial Services – 2.3% | Commercial Services – 2.3% | Commercial Services – 2.3% |
| Adani Ports & Special Economic Zone Ltd. <sup>(a)</sup> | Adani Ports & Special Economic Zone Ltd. <sup>(a)</sup> | Adani Ports & Special Economic Zone Ltd. <sup>(a)</sup> | Adani Ports & Special Economic Zone Ltd. <sup>(a)</sup> |
| 350000 | 4.000 | 07/30/27 | 328125 |
| Alarm.com Holdings, Inc. <sup>(d)</sup> | Alarm.com Holdings, Inc. <sup>(d)</sup> | Alarm.com Holdings, Inc. <sup>(d)</sup> | Alarm.com Holdings, Inc. <sup>(d)</sup> |
| 15000 | 0.000 | 01/15/26 | 14333 |
| APi Group DE, Inc. <sup>(a)(b)</sup> | APi Group DE, Inc. <sup>(a)(b)</sup> | APi Group DE, Inc. <sup>(a)(b)</sup> | APi Group DE, Inc. <sup>(a)(b)</sup> |
| 365000 | 4.125 | 07/15/29 | 338340 |
| 50000 | 4.750 | 10/15/29 | 47136 |
| Belron U.K. Finance PLC <sup>(a)(b)</sup> | Belron U.K. Finance PLC <sup>(a)(b)</sup> | Belron U.K. Finance PLC <sup>(a)(b)</sup> | Belron U.K. Finance PLC <sup>(a)(b)</sup> |
| 205000 | 5.750 | 10/15/29 | 203581 |
| CoStar Group, Inc. <sup>(a)(b)</sup> | CoStar Group, Inc. <sup>(a)(b)</sup> | CoStar Group, Inc. <sup>(a)(b)</sup> | CoStar Group, Inc. <sup>(a)(b)</sup> |
| 75000 | 2.800 | 07/15/30 | 66968 |
| Garda World Security Corp. <sup>(a)(b)</sup> | Garda World Security Corp. <sup>(a)(b)</sup> | Garda World Security Corp. <sup>(a)(b)</sup> | Garda World Security Corp. <sup>(a)(b)</sup> |
| 75000 | 7.750 | 02/15/28 | 76817 |
| 95000 | 8.250 | 08/01/32 | 92826 |
| 100000 | 8.375 | 11/15/32 | 98509 |
| GXO Logistics, Inc. <sup>(a)</sup> | GXO Logistics, Inc. <sup>(a)</sup> | GXO Logistics, Inc. <sup>(a)</sup> | GXO Logistics, Inc. <sup>(a)</sup> |
| 471000 | 2.650 | 07/15/31 | 403708 |
| Hertz Corp. <sup>(a)(b)</sup> | Hertz Corp. <sup>(a)(b)</sup> | Hertz Corp. <sup>(a)(b)</sup> | Hertz Corp. <sup>(a)(b)</sup> |
| 107000 | 12.625 | 07/15/29 | 96575 |
| Quanta Services, Inc. <sup>(a)</sup> | Quanta Services, Inc. <sup>(a)</sup> | Quanta Services, Inc. <sup>(a)</sup> | Quanta Services, Inc. <sup>(a)</sup> |
| 61000 | 2.900 | 10/01/30 | 54935 |
| Verisure Midholding AB <sup>(a)</sup> | Verisure Midholding AB <sup>(a)</sup> | Verisure Midholding AB <sup>(a)</sup> | Verisure Midholding AB <sup>(a)</sup> |
| 380000 | 5.250 | 02/15/29 | 411091 |
| Veritiv Operating Co. <sup>(a)(b)</sup> | Veritiv Operating Co. <sup>(a)(b)</sup> | Veritiv Operating Co. <sup>(a)(b)</sup> | Veritiv Operating Co. <sup>(a)(b)</sup> |
| 10000 | 10.500 | 11/30/30 | 10629 |
| VT Topco, Inc. <sup>(a)(b)</sup> | VT Topco, Inc. <sup>(a)(b)</sup> | VT Topco, Inc. <sup>(a)(b)</sup> | VT Topco, Inc. <sup>(a)(b)</sup> |
| 411000 | 8.500 | 08/15/30 | 430938 |
| Wand NewCo 3, Inc. <sup>(a)(b)</sup> | Wand NewCo 3, Inc. <sup>(a)(b)</sup> | Wand NewCo 3, Inc. <sup>(a)(b)</sup> | Wand NewCo 3, Inc. <sup>(a)(b)</sup> |
| 437000 | 7.625 | 01/30/32 | 447431 |
|  |  |  | 3121942 |
| Computers<sup>(a)</sup> – 1.8% | Computers<sup>(a)</sup> – 1.8% | Computers<sup>(a)</sup> – 1.8% | Computers<sup>(a)</sup> – 1.8% |
| Ahead DB Holdings LLC <sup>(b)</sup> | Ahead DB Holdings LLC <sup>(b)</sup> | Ahead DB Holdings LLC <sup>(b)</sup> | Ahead DB Holdings LLC <sup>(b)</sup> |
| 458000 | 6.625 | 05/01/28 | 447965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Computers<sup>(a)</sup> – (continued) | Computers<sup>(a)</sup> – (continued) | Computers<sup>(a)</sup> – (continued) | Computers<sup>(a)</sup> – (continued) | Computers<sup>(a)</sup> – (continued) |
|  Atos SE <sup>(e)</sup> | Atos SE <sup>(e)</sup> | Atos SE <sup>(e)</sup> | Atos SE <sup>(e)</sup> | Atos SE <sup>(e)</sup> |
| EUR | 200000 | 9.000% | 12/18/29 | $231939 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
| $| 505000 | 3.000 | 02/15/29 | 464757 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  | 71000 | 6.020 | 06/15/26 | 71914 |
|  | 270000 | 5.300 | 10/01/29 | 274809 |
|  Diebold Nixdorf, Inc. <sup>(b)</sup> | Diebold Nixdorf, Inc. <sup>(b)</sup> | Diebold Nixdorf, Inc. <sup>(b)</sup> | Diebold Nixdorf, Inc. <sup>(b)</sup> | Diebold Nixdorf, Inc. <sup>(b)</sup> |
|  | 240000 | 7.750 | 03/31/30 | 249391 |
|  KBR, Inc. <sup>(b)</sup> | KBR, Inc. <sup>(b)</sup> | KBR, Inc. <sup>(b)</sup> | KBR, Inc. <sup>(b)</sup> | KBR, Inc. <sup>(b)</sup> |
|  | 110000 | 4.750 | 09/30/28 | 104647 |
|  McAfee Corp. <sup>(b)</sup> | McAfee Corp. <sup>(b)</sup> | McAfee Corp. <sup>(b)</sup> | McAfee Corp. <sup>(b)</sup> | McAfee Corp. <sup>(b)</sup> |
|  | 420000 | 7.375 | 02/15/30 | 372137 |
|  Virtusa Corp. <sup>(b)</sup> | Virtusa Corp. <sup>(b)</sup> | Virtusa Corp. <sup>(b)</sup> | Virtusa Corp. <sup>(b)</sup> | Virtusa Corp. <sup>(b)</sup> |
|  | 254000 | 7.125 | 12/15/28 | 239202 |
|  |  |  |  | 2456761 |
| Cosmetics & Personal Care<sup>(a)</sup> – 0.1% | Cosmetics & Personal Care<sup>(a)</sup> – 0.1% | Cosmetics & Personal Care<sup>(a)</sup> – 0.1% | Cosmetics & Personal Care<sup>(a)</sup> – 0.1% | Cosmetics & Personal Care<sup>(a)</sup> – 0.1% |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  | 85000 | 6.125 | 09/30/32 | 83691 |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  | 195000 | 7.625 | 05/01/27 | 191896 |
| Diversified Financial Services<sup>(a)</sup> – 4.1% | Diversified Financial Services<sup>(a)</sup> – 4.1% | Diversified Financial Services<sup>(a)</sup> – 4.1% | Diversified Financial Services<sup>(a)</sup> – 4.1% | Diversified Financial Services<sup>(a)</sup> – 4.1% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  | 175000 | 6.500 | 07/15/25 | 175714 |
|  AG Issuer LLC <sup>(b)</sup> | AG Issuer LLC <sup>(b)</sup> | AG Issuer LLC <sup>(b)</sup> | AG Issuer LLC <sup>(b)</sup> | AG Issuer LLC <sup>(b)</sup> |
|  | 350000 | 6.250 | 03/01/28 | 344271 |
|  AG TTMT Escrow Issuer LLC <sup>(b)</sup> | AG TTMT Escrow Issuer LLC <sup>(b)</sup> | AG TTMT Escrow Issuer LLC <sup>(b)</sup> | AG TTMT Escrow Issuer LLC <sup>(b)</sup> | AG TTMT Escrow Issuer LLC <sup>(b)</sup> |
|  | 45000 | 8.625 | 09/30/27 | 46128 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  | 245000 | 3.750 | 06/01/26 | 242339 |
|  Ally Financial, Inc. <sup>(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(c)</sup> (7 yr. CMT + 3.481%) |
|  | 295000 | 4.700 | 05/15/28 | 253921 |
|  Aviation Capital Group LLC <sup>(b)</sup> | Aviation Capital Group LLC <sup>(b)</sup> | Aviation Capital Group LLC <sup>(b)</sup> | Aviation Capital Group LLC <sup>(b)</sup> | Aviation Capital Group LLC <sup>(b)</sup> |
|  | 75000 | 1.950 | 01/30/26 | 73245 |
|  Avolon Holdings Funding Ltd. <sup>(b)</sup> | Avolon Holdings Funding Ltd. <sup>(b)</sup> | Avolon Holdings Funding Ltd. <sup>(b)</sup> | Avolon Holdings Funding Ltd. <sup>(b)</sup> | Avolon Holdings Funding Ltd. <sup>(b)</sup> |
|  | 50000 | 4.250 | 04/15/26 | 49701 |
|  Charles Schwab Corp. <sup>(c)</sup> | Charles Schwab Corp. <sup>(c)</sup> | Charles Schwab Corp. <sup>(c)</sup> | Charles Schwab Corp. <sup>(c)</sup> | Charles Schwab Corp. <sup>(c)</sup> |
|  (5 yr. CMT + 3.256%) | (5 yr. CMT + 3.256%) | (5 yr. CMT + 3.256%) | (5 yr. CMT + 3.256%) | (5 yr. CMT + 3.256%) |
|  | 265000 | 5.000 | 06/01/27 | 262143 |
|  (5 yr. CMT + 4.971%) | (5 yr. CMT + 4.971%) | (5 yr. CMT + 4.971%) | (5 yr. CMT + 4.971%) | (5 yr. CMT + 4.971%) |
|  | 245000 | 5.375 | 06/01/25 | 244495 |
|  Credit Acceptance Corp. <sup>(b)</sup> | Credit Acceptance Corp. <sup>(b)</sup> | Credit Acceptance Corp. <sup>(b)</sup> | Credit Acceptance Corp. <sup>(b)</sup> | Credit Acceptance Corp. <sup>(b)</sup> |
|  | 175000 | 6.625 | 03/15/30 | 172638 |
|  Discover Financial Services <sup>(c)</sup> (3 mo. USD Term SOFR + 3.338%) | Discover Financial Services <sup>(c)</sup> (3 mo. USD Term SOFR + 3.338%) | Discover Financial Services <sup>(c)</sup> (3 mo. USD Term SOFR + 3.338%) | Discover Financial Services <sup>(c)</sup> (3 mo. USD Term SOFR + 3.338%) | Discover Financial Services <sup>(c)</sup> (3 mo. USD Term SOFR + 3.338%) |
|  | 290000 | 5.500 | 10/30/27 | 278333 |
|  Focus Financial Partners LLC <sup>(b)</sup> | Focus Financial Partners LLC <sup>(b)</sup> | Focus Financial Partners LLC <sup>(b)</sup> | Focus Financial Partners LLC <sup>(b)</sup> | Focus Financial Partners LLC <sup>(b)</sup> |
|  | 381000 | 6.750 | 09/15/31 | 375674 |
|  Freedom Mortgage Holdings LLC <sup>(b)</sup> | Freedom Mortgage Holdings LLC <sup>(b)</sup> | Freedom Mortgage Holdings LLC <sup>(b)</sup> | Freedom Mortgage Holdings LLC <sup>(b)</sup> | Freedom Mortgage Holdings LLC <sup>(b)</sup> |
|  | 340000 | 9.250 | 02/01/29 | 345144 |
|  Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> |
|  | 250000 | 6.125 | 11/01/32 | 246128 |
|  Midcap Financial Issuer Trust <sup>(b)</sup> | Midcap Financial Issuer Trust <sup>(b)</sup> | Midcap Financial Issuer Trust <sup>(b)</sup> | Midcap Financial Issuer Trust <sup>(b)</sup> | Midcap Financial Issuer Trust <sup>(b)</sup> |
|  | 663000 | 6.500 | 05/01/28 | 636447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **112** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services<sup>(a)</sup> – (continued) | Diversified Financial Services<sup>(a)</sup> – (continued) | Diversified Financial Services<sup>(a)</sup> – (continued) | Diversified Financial Services<sup>(a)</sup> – (continued) | Diversified Financial Services<sup>(a)</sup> – (continued) |
|  Nationstar Mortgage Holdings, Inc. <sup>(b)</sup> | Nationstar Mortgage Holdings, Inc. <sup>(b)</sup> | Nationstar Mortgage Holdings, Inc. <sup>(b)</sup> | Nationstar Mortgage Holdings, Inc. <sup>(b)</sup> | Nationstar Mortgage Holdings, Inc. <sup>(b)</sup> |
| $| 200000 | 5.500% | 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198284 |
|  Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
|  | 300000 | 5.500 | 03/15/29 | 283911 |
|  | 205000 | 9.375 | 07/25/30 | 218507 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  | 250000 | 4.000 | 09/15/30 | 220648 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> |
|  | 160000 | 6.375 | 02/01/27 | 159070 |
|  SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
|  | 105000 | 6.500 | 01/31/30 | 107695 |
|  StoneX Group, Inc. <sup>(b)</sup> | StoneX Group, Inc. <sup>(b)</sup> | StoneX Group, Inc. <sup>(b)</sup> | StoneX Group, Inc. <sup>(b)</sup> | StoneX Group, Inc. <sup>(b)</sup> |
|  | 130000 | 7.875 | 03/01/31 | 135922 |
|  United Wholesale Mortgage LLC <sup>(b)</sup> | United Wholesale Mortgage LLC <sup>(b)</sup> | United Wholesale Mortgage LLC <sup>(b)</sup> | United Wholesale Mortgage LLC <sup>(b)</sup> | United Wholesale Mortgage LLC <sup>(b)</sup> |
|  | 265000 | 5.500 | 11/15/25 | 264261 |
|  | 210000 | 5.500 | 04/15/29 | 202396 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> |
|  | 125000 | 7.500 | 06/15/31 | 128141 |
|  |  |  |  | 5665156 |
| Electrical<sup>(a)</sup> – 1.9% | Electrical<sup>(a)</sup> – 1.9% | Electrical<sup>(a)</sup> – 1.9% | Electrical<sup>(a)</sup> – 1.9% | Electrical<sup>(a)</sup> – 1.9% |
|  AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL |
|  | 379267 | 4.375 | 05/31/30 | 338638 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  | 325000 | 2.300 | 03/01/30 | 288454 |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> |
|  | 265000 | 6.375 | 02/15/32 | 256568 |
|  Lightning Power LLC <sup>(b)</sup> | Lightning Power LLC <sup>(b)</sup> | Lightning Power LLC <sup>(b)</sup> | Lightning Power LLC <sup>(b)</sup> | Lightning Power LLC <sup>(b)</sup> |
|  | 195000 | 7.250 | 08/15/32 | 200990 |
|  NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> |
|  (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) |
|  | 180000 | 6.500 | 08/15/55 | 182149 |
|  (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) |
|  | 125000 | 6.375 | 08/15/55 | 125645 |
|  NRG Energy, Inc. <sup>(b)</sup> | NRG Energy, Inc. <sup>(b)</sup> | NRG Energy, Inc. <sup>(b)</sup> | NRG Energy, Inc. <sup>(b)</sup> | NRG Energy, Inc. <sup>(b)</sup> |
|  | 305000 | 5.750 | 07/15/29 | 300144 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  | 25000 | 2.100 | 08/01/27 | 23441 |
|  | 355000 | 2.500 | 02/01/31 | 305243 |
|  Pike Corp. <sup>(b)</sup> | Pike Corp. <sup>(b)</sup> | Pike Corp. <sup>(b)</sup> | Pike Corp. <sup>(b)</sup> | Pike Corp. <sup>(b)</sup> |
|  | 445000 | 5.500 | 09/01/28 | 430729 |
|  Vistra Operations Co. LLC <sup>(b)</sup> | Vistra Operations Co. LLC <sup>(b)</sup> | Vistra Operations Co. LLC <sup>(b)</sup> | Vistra Operations Co. LLC <sup>(b)</sup> | Vistra Operations Co. LLC <sup>(b)</sup> |
|  | 60000 | 4.300 | 07/15/29 | 58033 |
|  XPLR Infrastructure Operating Partners LP <sup>(b)</sup> | XPLR Infrastructure Operating Partners LP <sup>(b)</sup> | XPLR Infrastructure Operating Partners LP <sup>(b)</sup> | XPLR Infrastructure Operating Partners LP <sup>(b)</sup> | XPLR Infrastructure Operating Partners LP <sup>(b)</sup> |
|  | 165000 | 7.250 | 01/15/29 | 162639 |
|  |  |  |  | 2672673 |
| Electronics<sup>(a)(b)</sup> – 0.3% | Electronics<sup>(a)(b)</sup> – 0.3% | Electronics<sup>(a)(b)</sup> – 0.3% | Electronics<sup>(a)(b)</sup> – 0.3% | Electronics<sup>(a)(b)</sup> – 0.3% |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  | 375000 | 4.750 | 05/15/29 | 356171 |
| Engineering & Construction<sup>(a)</sup> – 1.1% | Engineering & Construction<sup>(a)</sup> – 1.1% | Engineering & Construction<sup>(a)</sup> – 1.1% | Engineering & Construction<sup>(a)</sup> – 1.1% | Engineering & Construction<sup>(a)</sup> – 1.1% |
|  Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> |
|  | 210000 | 4.000 | 08/11/41 | 156660 |
|  Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> |
|  | 190000 | 4.375 | 04/15/29 | 177870 |
|  | 60000 | 6.875 | 08/15/32 | 60866 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) |
| Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) |
|  Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> |
| $| 280000 | 5.625% | 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269758 |
|  | 85000 | 7.500 | 04/15/32 | 84104 |
|  IHS Holding Ltd. <sup>(b)</sup> | IHS Holding Ltd. <sup>(b)</sup> | IHS Holding Ltd. <sup>(b)</sup> | IHS Holding Ltd. <sup>(b)</sup> | IHS Holding Ltd. <sup>(b)</sup> |
|  | 460000 | 8.250 | 11/29/31 | 456113 |
|  Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
|  | 400000 | 5.500 | 10/31/46 | 327200 |
|  |  |  |  | 1532571 |
| Entertainment<sup>(a)(b)</sup> – 1.1% | Entertainment<sup>(a)(b)</sup> – 1.1% | Entertainment<sup>(a)(b)</sup> – 1.1% | Entertainment<sup>(a)(b)</sup> – 1.1% | Entertainment<sup>(a)(b)</sup> – 1.1% |
|  AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. |
|  | 158000 | 7.500 | 02/15/29 | 119990 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  | 436000 | 4.625 | 10/15/29 | 400553 |
|  | 130000 | 6.000 | 10/15/32 | 121407 |
|  Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
|  | 311000 | 5.250 | 07/15/28 | 301931 |
|  | 85000 | 7.000 | 08/01/32 | 85848 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
|  | 262000 | 6.625 | 02/01/33 | 257826 |
|  SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. |
|  | 290000 | 5.250 | 08/15/29 | 275135 |
|  |  |  |  | 1562690 |
| Environmental<sup>(a)(b)</sup> – 0.8% | Environmental<sup>(a)(b)</sup> – 0.8% | Environmental<sup>(a)(b)</sup> – 0.8% | Environmental<sup>(a)(b)</sup> – 0.8% | Environmental<sup>(a)(b)</sup> – 0.8% |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  | 340000 | 4.000 | 08/01/28 | 323187 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  | 265000 | 4.125 | 06/30/28 | 250020 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  | 480000 | 7.000 | 02/01/33 | 483134 |
|  |  |  |  | 1056341 |
| Food & Drug Retailing – 2.3% | Food & Drug Retailing – 2.3% | Food & Drug Retailing – 2.3% | Food & Drug Retailing – 2.3% | Food & Drug Retailing – 2.3% |
|  Chobani Holdco II LLC <sup>(a)(b)(f)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(f)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(f)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(f)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(f)</sup> (PIK 9.500%, Cash 8.750%) |
|  | 40000 | 8.750 | 10/01/29 | 43688 |
|  Fiesta Purchaser, Inc. <sup>(a)(b)</sup> | Fiesta Purchaser, Inc. <sup>(a)(b)</sup> | Fiesta Purchaser, Inc. <sup>(a)(b)</sup> | Fiesta Purchaser, Inc. <sup>(a)(b)</sup> | Fiesta Purchaser, Inc. <sup>(a)(b)</sup> |
|  | 183000 | 9.625 | 09/15/32 | 188327 |
|  J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> |
|  | 626000 | 6.200 | 11/15/33 | 666446 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  | 155000 | 6.875 | 01/26/39 | 172131 |
|  | 351000 | 5.500 <sup>(a)</sup> | 06/01/50 | 331196 |
|  Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> |
|  | 325000 | 4.800 | 03/01/30 | 326986 |
|  | 300000 | 5.000 | 03/01/32 | 301353 |
|  | 400000 | 5.200 | 03/01/35 | 402016 |
|  Post Holdings, Inc. <sup>(a)(b)</sup> | Post Holdings, Inc. <sup>(a)(b)</sup> | Post Holdings, Inc. <sup>(a)(b)</sup> | Post Holdings, Inc. <sup>(a)(b)</sup> | Post Holdings, Inc. <sup>(a)(b)</sup> |
|  | 363000 | 6.375 | 03/01/33 | 358226 |
|  U.S. Foods, Inc. <sup>(a)(b)</sup> | U.S. Foods, Inc. <sup>(a)(b)</sup> | U.S. Foods, Inc. <sup>(a)(b)</sup> | U.S. Foods, Inc. <sup>(a)(b)</sup> | U.S. Foods, Inc. <sup>(a)(b)</sup> |
|  | 205000 | 4.625 | 06/01/30 | 194600 |
|  United Natural Foods, Inc. <sup>(a)(b)</sup> | United Natural Foods, Inc. <sup>(a)(b)</sup> | United Natural Foods, Inc. <sup>(a)(b)</sup> | United Natural Foods, Inc. <sup>(a)(b)</sup> | United Natural Foods, Inc. <sup>(a)(b)</sup> |
|  | 180000 | 6.750 | 10/15/28 | 177835 |
|  |  |  |  | 3162804 |
| Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
|  | 105000 | 6.300 | 02/15/30 | 109159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **113** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services<sup>(a)</sup> – 1.7% | Healthcare Providers & Services<sup>(a)</sup> – 1.7% | Healthcare Providers & Services<sup>(a)</sup> – 1.7% | Healthcare Providers & Services<sup>(a)</sup> – 1.7% |
| CAB SELAS | CAB SELAS | CAB SELAS | CAB SELAS |
| 150000 | 3.375 %<sup>(b)</sup> | 02/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151960 |
| 100000 | 3.375 | 02/01/28 | 101307 |
| DaVita, Inc. <sup>(b)</sup> | DaVita, Inc. <sup>(b)</sup> | DaVita, Inc. <sup>(b)</sup> | DaVita, Inc. <sup>(b)</sup> |
| 305000 | 3.750 | 02/15/31 | 265130 |
| LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> |
| 210000 | 5.375 | 01/15/29 | 184336 |
| 140000 | 11.000 | 10/15/30 | 152433 |
| Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> |
| 400000 | 3.875 | 04/01/29 | 373784 |
| 275000 | 5.250 | 10/01/29 | 263915 |
| Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> |
| 235000 | 6.250 | 01/15/33 | 231560 |
| Prime Healthcare Services, Inc. <sup>(b)</sup> | Prime Healthcare Services, Inc. <sup>(b)</sup> | Prime Healthcare Services, Inc. <sup>(b)</sup> | Prime Healthcare Services, Inc. <sup>(b)</sup> |
| 150000 | 9.375 | 09/01/29 | 142026 |
| Select Medical Corp. <sup>(b)</sup> | Select Medical Corp. <sup>(b)</sup> | Select Medical Corp. <sup>(b)</sup> | Select Medical Corp. <sup>(b)</sup> |
| 325000 | 6.250 | 12/01/32 | 316908 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 155000 | 6.125 | 06/15/30 | 154515 |
|  |  |  | 2337874 |
| Home Builders<sup>(a)</sup> – 0.4% | Home Builders<sup>(a)</sup> – 0.4% | Home Builders<sup>(a)</sup> – 0.4% | Home Builders<sup>(a)</sup> – 0.4% |
| KB Home | KB Home | KB Home | KB Home |
| 185000 | 7.250 | 07/15/30 | 189779 |
| LGI Homes, Inc. <sup>(b)</sup> | LGI Homes, Inc. <sup>(b)</sup> | LGI Homes, Inc. <sup>(b)</sup> | LGI Homes, Inc. <sup>(b)</sup> |
| 435000 | 4.000 | 07/15/29 | 382917 |
|  |  |  | 572696 |
| Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% |
| Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. |
| 120000 | 8.250 | 06/30/31 | 106501 |
| Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 45000 | 6.375 | 05/15/30 | 43861 |
| 75000 | 6.625 | 05/15/32 | 73045 |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. |
| 250000 | 4.000 | 04/01/31 | 219097 |
|  |  |  | 336003 |
| Insurance<sup>(a)</sup> – 2.8% | Insurance<sup>(a)</sup> – 2.8% | Insurance<sup>(a)</sup> – 2.8% | Insurance<sup>(a)</sup> – 2.8% |
| Acrisure LLC/Acrisure Finance, Inc. <sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(b)</sup> |
| 70000 | 8.250 | 02/01/29 | 71898 |
| 200000 | 4.250 | 02/15/29 | 187094 |
| 445000 | 6.000 | 08/01/29 | 426613 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> |
| 345000 | 6.750 | 10/15/27 | 343934 |
| 85000 | 7.375 | 10/01/32 | 85485 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 305000 | 3.400 | 06/30/30 | 285254 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> |
| 310000 | 7.875 | 11/01/29 | 305455 |
| Ardonagh Group Finance Ltd. <sup>(b)</sup> | Ardonagh Group Finance Ltd. <sup>(b)</sup> | Ardonagh Group Finance Ltd. <sup>(b)</sup> | Ardonagh Group Finance Ltd. <sup>(b)</sup> |
| 740000 | 8.875 | 02/15/32 | 754918 |
| AssuredPartners, Inc. <sup>(b)</sup> | AssuredPartners, Inc. <sup>(b)</sup> | AssuredPartners, Inc. <sup>(b)</sup> | AssuredPartners, Inc. <sup>(b)</sup> |
| 110000 | 5.625 | 01/15/29 | 109758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)</sup> – (continued) | Insurance<sup>(a)</sup> – (continued) | Insurance<sup>(a)</sup> – (continued) | Insurance<sup>(a)</sup> – (continued) |
| BroadStreet Partners, Inc. <sup>(b)</sup> | BroadStreet Partners, Inc. <sup>(b)</sup> | BroadStreet Partners, Inc. <sup>(b)</sup> | BroadStreet Partners, Inc. <sup>(b)</sup> |
| 510000 | 5.875% | 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488947 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| 60000 | 4.350 | 04/20/28 | 59465 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> |
| 340000 | 8.125 | 02/15/32 | 343570 |
| HUB International Ltd. <sup>(b)</sup> | HUB International Ltd. <sup>(b)</sup> | HUB International Ltd. <sup>(b)</sup> | HUB International Ltd. <sup>(b)</sup> |
| 115000 | 7.375 | 01/31/32 | 117125 |
| MetLife, Inc. <sup>(c)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc. <sup>(c)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc. <sup>(c)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc. <sup>(c)</sup> (5 yr. CMT + 2.078%) |
| 80000 | 6.350 | 03/15/55 | 80182 |
| Ryan Specialty LLC <sup>(b)</sup> | Ryan Specialty LLC <sup>(b)</sup> | Ryan Specialty LLC <sup>(b)</sup> | Ryan Specialty LLC <sup>(b)</sup> |
| 135000 | 5.875 | 08/01/32 | 133348 |
| USI, Inc. <sup>(b)</sup> | USI, Inc. <sup>(b)</sup> | USI, Inc. <sup>(b)</sup> | USI, Inc. <sup>(b)</sup> |
| 90000 | 7.500 | 01/15/32 | 92007 |
|  |  |  | 3885053 |
| Internet<sup>(a)</sup> – 1.1% | Internet<sup>(a)</sup> – 1.1% | Internet<sup>(a)</sup> – 1.1% | Internet<sup>(a)</sup> – 1.1% |
| ANGI Group LLC <sup>(b)</sup> | ANGI Group LLC <sup>(b)</sup> | ANGI Group LLC <sup>(b)</sup> | ANGI Group LLC <sup>(b)</sup> |
| 194000 | 3.875 | 08/15/28 | 176173 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 72000 | 4.625 | 08/01/27 | 71949 |
| 326000 | 2.950 | 03/15/31 | 291953 |
| Gen Digital, Inc. <sup>(b)</sup> | Gen Digital, Inc. <sup>(b)</sup> | Gen Digital, Inc. <sup>(b)</sup> | Gen Digital, Inc. <sup>(b)</sup> |
| 125000 | 6.250 | 04/01/33 | 124609 |
| Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> |
| 145000 | 5.625 | 02/15/29 | 142033 |
| 110000 | 3.625 | 10/01/31 | 94770 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 80000 | 5.750 | 05/15/63 | 81290 |
| Prosus NV <sup>(b)</sup> | Prosus NV <sup>(b)</sup> | Prosus NV <sup>(b)</sup> | Prosus NV <sup>(b)</sup> |
| 120000 | 2.031 | 08/03/32 | 111296 |
| Snap, Inc. <sup>(b)</sup> | Snap, Inc. <sup>(b)</sup> | Snap, Inc. <sup>(b)</sup> | Snap, Inc. <sup>(b)</sup> |
| 80000 | 6.875 | 03/01/33 | 80026 |
| United Group BV | United Group BV | United Group BV | United Group BV |
| 175000 | 4.625 <sup>(b)</sup> | 08/15/28 | 184712 |
| (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) |
| 110000 | 6.806 <sup>(c)</sup> | 02/15/31 | 118794 |
|  |  |  | 1477605 |
| 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. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| 145000 | 10.000 | 11/15/29 | 144024 |
| JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
| 250000 | 2.200 | 11/23/30 | 212393 |
|  |  |  | 356417 |
| Iron/Steel<sup>(a)</sup> – 0.3% | Iron/Steel<sup>(a)</sup> – 0.3% | Iron/Steel<sup>(a)</sup> – 0.3% | Iron/Steel<sup>(a)</sup> – 0.3% |
| Cleveland-Cliffs, Inc. <sup>(b)</sup> | Cleveland-Cliffs, Inc. <sup>(b)</sup> | Cleveland-Cliffs, Inc. <sup>(b)</sup> | Cleveland-Cliffs, Inc. <sup>(b)</sup> |
| 120000 | 6.875 | 11/01/29 | 117515 |
| 95000 | 7.500 | 09/15/31 | 92771 |
| Metinvest BV | Metinvest BV | Metinvest BV | Metinvest BV |
| 200000 | 8.500 | 04/23/26 | 182000 |
|  |  |  | 392286 |
| Leisure Time<sup>(a)(b)</sup> – 0.9% | Leisure Time<sup>(a)(b)</sup> – 0.9% | Leisure Time<sup>(a)(b)</sup> – 0.9% | Leisure Time<sup>(a)(b)</sup> – 0.9% |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 60000 | 7.000 | 08/15/29 | 62695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **114** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Leisure Time<sup>(a)(b)</sup> – (continued) | Leisure Time<sup>(a)(b)</sup> – (continued) | Leisure Time<sup>(a)(b)</sup> – (continued) | Leisure Time<sup>(a)(b)</sup> – (continued) |
| $240000 | 5.750% | 03/15/30 | $239018 |
| 200000 | 6.125 | 02/15/33 | 197050 |
| MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| 315000 | 6.375 | 06/01/29 | 241658 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 210000 | 6.750 | 02/01/32 | 207610 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 250000 | 5.625 | 09/30/31 | 245595 |
| 65000 | 6.250 | 03/15/32 | 65617 |
| TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH |
| 44217 | 6.500 | 05/15/26 | 47926 |
|  |  |  | 1307169 |
| Lodging<sup>(a)</sup> – 0.8% | Lodging<sup>(a)</sup> – 0.8% | Lodging<sup>(a)</sup> – 0.8% | Lodging<sup>(a)</sup> – 0.8% |
| Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> |
| $435000 | 7.250 | 10/01/29 | 443939 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> |
| 350000 | 5.000 | 06/01/29 | 327208 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 75000 | 5.000 | 10/15/27 | 75950 |
| 185000 | 4.900 | 04/15/29 | 186003 |
| 58000 | 4.875 | 05/15/29 | 58272 |
|  |  |  | 1091372 |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% |
| Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
| 105000 | 6.250 | 10/15/32 | 101982 |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 255000 | 4.125 | 11/15/28 | 242753 |
|  |  |  | 344735 |
| Machinery-Diversified<sup>(a)</sup> – 0.6% | Machinery-Diversified<sup>(a)</sup> – 0.6% | Machinery-Diversified<sup>(a)</sup> – 0.6% | Machinery-Diversified<sup>(a)</sup> – 0.6% |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC <sup>(b)</sup> | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC <sup>(b)</sup> | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC <sup>(b)</sup> | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC <sup>(b)</sup> |
| 225000 | 9.000 | 02/15/29 | 225459 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 245000 | 2.565 | 02/15/30 | 221911 |
| TK Elevator Holdco GmbH <sup>(b)</sup> | TK Elevator Holdco GmbH <sup>(b)</sup> | TK Elevator Holdco GmbH <sup>(b)</sup> | TK Elevator Holdco GmbH <sup>(b)</sup> |
| 428000 | 7.625 | 07/15/28 | 428642 |
|  |  |  | 876012 |
| Media – 2.5% | Media – 2.5% | Media – 2.5% | Media – 2.5% |
| AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> |
| 80000 | 10.250 | 01/15/29 | 82917 |
| CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> |
| 520000 | 4.750 | 03/01/30 | 481868 |
| 575000 | 4.750 | 02/01/32 | 510542 |
| Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> |
| 170000 | 3.750 | 02/15/28 | 164676 |
| CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> |
| 200000 | 5.750 | 01/15/30 | 106034 |
| 210000 | 3.375 | 02/15/31 | 149959 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> |
| 470000 | 5.875 | 08/15/27 | 455618 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 110000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 | 101057 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |  |
| 14000 | 5.750 %<sup>(a)(b)</sup> | 12/01/28 | $11821 |
| 7000 | 5.125 | 06/01/29 | 4551 |
| DISH Network Corp. <sup>(a)(b)</sup> | DISH Network Corp. <sup>(a)(b)</sup> | DISH Network Corp. <sup>(a)(b)</sup> | DISH Network Corp. <sup>(a)(b)</sup> |
| 170000 | 11.750 | 11/15/27 | 179117 |
| GCI LLC <sup>(a)(b)</sup> | GCI LLC <sup>(a)(b)</sup> | GCI LLC <sup>(a)(b)</sup> | GCI LLC <sup>(a)(b)</sup> |
| 440000 | 4.750 | 10/15/28 | 406239 |
| iHeartCommunications, Inc. <sup>(a)(b)</sup> | iHeartCommunications, Inc. <sup>(a)(b)</sup> | iHeartCommunications, Inc. <sup>(a)(b)</sup> | iHeartCommunications, Inc. <sup>(a)(b)</sup> |
| 232000 | 10.875 | 05/01/30 | 115369 |
| Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> |
| 170000 | 5.125 | 02/15/27 | 160223 |
| Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> |
| 635000 | 3.875 | 09/01/31 | 544532 |
|  |  |  | 3474523 |
| Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% |
| Novelis, Inc. | Novelis, Inc. | Novelis, Inc. | Novelis, Inc. |
| 70000 | 6.875 | 01/30/30 | 70820 |
| Miscellaneous Manufacturing – 0.4% | Miscellaneous Manufacturing – 0.4% | Miscellaneous Manufacturing – 0.4% | Miscellaneous Manufacturing – 0.4% |
| Amsted Industries, Inc. <sup>(a)(b)</sup> | Amsted Industries, Inc. <sup>(a)(b)</sup> | Amsted Industries, Inc. <sup>(a)(b)</sup> | Amsted Industries, Inc. <sup>(a)(b)</sup> |
| 50000 | 6.375 | 03/15/33 | 49695 |
| Axon Enterprise, Inc. <sup>(a)(b)</sup> | Axon Enterprise, Inc. <sup>(a)(b)</sup> | Axon Enterprise, Inc. <sup>(a)(b)</sup> | Axon Enterprise, Inc. <sup>(a)(b)</sup> |
| 80000 | 6.125 | 03/15/30 | 80819 |
| 80000 | 6.250 | 03/15/33 | 80992 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 95000 | 5.875 | 01/14/38 | 100356 |
| Hillenbrand, Inc. <sup>(a)</sup> | Hillenbrand, Inc. <sup>(a)</sup> | Hillenbrand, Inc. <sup>(a)</sup> | Hillenbrand, Inc. <sup>(a)</sup> |
| 84000 | 6.250 | 02/15/29 | 84289 |
| 235000 | 3.750 | 03/01/31 | 205505 |
|  |  |  | 601656 |
| Oil Field Services – 4.2% | Oil Field Services – 4.2% | Oil Field Services – 4.2% | Oil Field Services – 4.2% |
| Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> |
| 95000 | 7.500 | 10/01/29 | 96665 |
| Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> |
| 170000 | 6.625 | 09/01/32 | 170692 |
| Aris Water Holdings LLC <sup>(a)(b)</sup> | Aris Water Holdings LLC <sup>(a)(b)</sup> | Aris Water Holdings LLC <sup>(a)(b)</sup> | Aris Water Holdings LLC <sup>(a)(b)</sup> |
| 160000 | 7.250 | 04/01/30 | 161792 |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 11000 | 6.750 | 11/15/39 | 11857 |
| Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> |
| 195000 | 6.750 | 03/15/33 | 194144 |
| Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> |
| 55000 | 8.375 | 07/01/28 | 56818 |
| CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> |
| 175000 | 7.250 | 03/01/32 | 178019 |
| Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> |
| 305000 | 7.375 | 01/15/33 | 294325 |
| Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> |
| 240000 | 6.875 | 04/29/30 | 237312 |
| Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> |
| 180000 | 4.750 | 02/01/32 | 170471 |
| Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> |
| 148000 | 7.250 | 02/15/29 | 151021 |
| Marathon Petroleum Corp. <sup>(a)</sup> | Marathon Petroleum Corp. <sup>(a)</sup> | Marathon Petroleum Corp. <sup>(a)</sup> | Marathon Petroleum Corp. <sup>(a)</sup> |
| 50000 | 3.800 | 04/01/28 | 48857 |
| Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> |
| 230000 | 6.875 | 04/15/28 | 232509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **115** |

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------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| 110000 | 6.500% | 04/15/32 | $109132 |
| 191000 | 6.250 | 04/15/33 | 186632 |
| MEG Energy Corp. <sup>(a)(b)</sup> | MEG Energy Corp. <sup>(a)(b)</sup> | MEG Energy Corp. <sup>(a)(b)</sup> | MEG Energy Corp. <sup>(a)(b)</sup> |
| 215000 | 5.875 | 02/01/29 | 211379 |
| Murphy Oil Corp. <sup>(a)</sup> | Murphy Oil Corp. <sup>(a)</sup> | Murphy Oil Corp. <sup>(a)</sup> | Murphy Oil Corp. <sup>(a)</sup> |
| 142000 | 6.000 | 10/01/32 | 136466 |
| Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> |
| 350000 | 8.000 | 04/15/30 | 349727 |
| Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> |
| 200000 | 5.550 | 03/15/26 | 200796 |
| Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> |
| 83000 | 5.875 | 07/01/29 | 81982 |
| 79000 | 7.000 | 01/15/32 | 80899 |
| 115000 | 6.250 | 02/01/33 | 114631 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. <sup>(a)(b)</sup> | Sitio Royalties Operating Partnership LP/Sitio Finance Corp. <sup>(a)(b)</sup> | Sitio Royalties Operating Partnership LP/Sitio Finance Corp. <sup>(a)(b)</sup> | Sitio Royalties Operating Partnership LP/Sitio Finance Corp. <sup>(a)(b)</sup> |
| 431000 | 7.875 | 11/01/28 | 443784 |
| SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> |
| 90000 | 6.750 | 08/01/29 | 88750 |
| 140000 | 7.000 | 08/01/32 | 137789 |
| Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> |
| 190000 | 7.000 | 05/01/29 | 194509 |
| 145000 | 7.250 | 05/01/32 | 149786 |
| 35000 | 6.250 | 07/01/33 | 34999 |
| TechnipFMC PLC <sup>(a)(b)</sup> | TechnipFMC PLC <sup>(a)(b)</sup> | TechnipFMC PLC <sup>(a)(b)</sup> | TechnipFMC PLC <sup>(a)(b)</sup> |
| 375000 | 6.500 | 02/01/26 | 375030 |
| Transocean Poseidon Ltd. <sup>(a)(b)</sup> | Transocean Poseidon Ltd. <sup>(a)(b)</sup> | Transocean Poseidon Ltd. <sup>(a)(b)</sup> | Transocean Poseidon Ltd. <sup>(a)(b)</sup> |
| 57750 | 6.875 | 02/01/27 | 57431 |
| Transocean Titan Financing Ltd. <sup>(a)(b)</sup> | Transocean Titan Financing Ltd. <sup>(a)(b)</sup> | Transocean Titan Financing Ltd. <sup>(a)(b)</sup> | Transocean Titan Financing Ltd. <sup>(a)(b)</sup> |
| 63333 | 8.375 | 02/01/28 | 64724 |
| Transocean, Inc. <sup>(a)(b)</sup> | Transocean, Inc. <sup>(a)(b)</sup> | Transocean, Inc. <sup>(a)(b)</sup> | Transocean, Inc. <sup>(a)(b)</sup> |
| 100000 | 8.250 | 05/15/29 | 97652 |
| 24800 | 8.750 | 02/15/30 | 25751 |
| 105000 | 8.500 | 05/15/31 | 102108 |
| USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> |
| 165000 | 7.125 | 03/15/29 | 167836 |
| Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> |
| 95000 | 7.500 | 10/15/29 | 92631 |
| YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> |
| 330000 | 8.250 | 01/17/34 | 327690 |
|  |  |  | 5836596 |
| Packaging<sup>(a)(b)</sup> – 0.6% | Packaging<sup>(a)(b)</sup> – 0.6% | Packaging<sup>(a)(b)</sup> – 0.6% | Packaging<sup>(a)(b)</sup> – 0.6% |
| ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) |
| 419681 | 6.500 | 06/30/27 | 26444 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| 200000 | 5.250 | 08/15/27 | 91602 |
| Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
| 290000 | 7.500 | 02/15/32 | 284705 |
| Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC |
| 350000 | 6.000 | 09/15/28 | 340991 |
| LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. |
| 180000 | 8.625 | 10/01/31 | 133873 |
|  |  |  | 877615 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% |  |
| 1261229 BC Ltd. <sup>(a)(b)</sup> | 1261229 BC Ltd. <sup>(a)(b)</sup> | 1261229 BC Ltd. <sup>(a)(b)</sup> | 1261229 BC Ltd. <sup>(a)(b)</sup> |
| $200000 | 10.000% | 04/15/32 | $198970 |
| AdaptHealth LLC <sup>(a)(b)</sup> | AdaptHealth LLC <sup>(a)(b)</sup> | AdaptHealth LLC <sup>(a)(b)</sup> | AdaptHealth LLC <sup>(a)(b)</sup> |
| 220000 | 6.125 | 08/01/28 | 215690 |
| 95000 | 4.625 | 08/01/29 | 86461 |
| 65000 | 5.125 | 03/01/30 | 59342 |
| Bausch Health Cos., Inc. <sup>(a)(b)</sup> | Bausch Health Cos., Inc. <sup>(a)(b)</sup> | Bausch Health Cos., Inc. <sup>(a)(b)</sup> | Bausch Health Cos., Inc. <sup>(a)(b)</sup> |
| 60000 | 5.000 | 01/30/28 | 43873 |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
| 485000 | 0.000 | 03/31/32 | 485000 |
|  |  |  | 1089336 |
| Pipelines<sup>(a)</sup> – 5.5% | Pipelines<sup>(a)</sup> – 5.5% | Pipelines<sup>(a)</sup> – 5.5% | Pipelines<sup>(a)</sup> – 5.5% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> |
| 155000 | 6.625 | 02/01/32 | 157643 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> |
| 55000 | 7.000 | 07/15/29 | 56179 |
| 55000 | 7.250 | 07/15/32 | 56970 |
| Buckeye Partners LP <sup>(b)</sup> | Buckeye Partners LP <sup>(b)</sup> | Buckeye Partners LP <sup>(b)</sup> | Buckeye Partners LP <sup>(b)</sup> |
| 185000 | 6.875 | 07/01/29 | 188023 |
| 85000 | 6.750 | 02/01/30 | 86148 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 40000 | 5.950 | 06/30/33 | 41096 |
| CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> |
| 145000 | 4.750 | 04/15/30 | 135298 |
| Columbia Pipelines Operating Co. LLC <sup>(b)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)</sup> |
| 345000 | 6.036 | 11/15/33 | 356323 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> |
| 685000 | 5.500 | 06/15/31 | 656806 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> |
| 140000 | 8.625 | 03/15/29 | 144978 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 385000 | 5.250 | 04/15/29 | 389712 |
| Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
| 129000 | 7.750 | 02/01/28 | 130299 |
| 220000 | 7.875 | 05/15/32 | 221560 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 440000 | 6.875 | 01/15/29 | 438825 |
| Howard Midstream Energy Partners LLC <sup>(b)</sup> | Howard Midstream Energy Partners LLC <sup>(b)</sup> | Howard Midstream Energy Partners LLC <sup>(b)</sup> | Howard Midstream Energy Partners LLC <sup>(b)</sup> |
| 120000 | 8.875 | 07/15/28 | 125123 |
| 115000 | 7.375 | 07/15/32 | 117801 |
| Kinetik Holdings LP <sup>(b)</sup> | Kinetik Holdings LP <sup>(b)</sup> | Kinetik Holdings LP <sup>(b)</sup> | Kinetik Holdings LP <sup>(b)</sup> |
| 70000 | 6.625 | 12/15/28 | 71086 |
| 265000 | 5.875 | 06/15/30 | 262358 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 105000 | 4.000 | 03/15/28 | 103084 |
| 365000 | 2.650 | 08/15/30 | 325149 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 285000 | 6.375 | 10/01/30 | 287710 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 275000 | 6.350 | 01/15/31 | 292006 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 400000 | 3.800 | 09/15/30 | 376276 |
| Prairie Acquiror LP <sup>(b)</sup> | Prairie Acquiror LP <sup>(b)</sup> | Prairie Acquiror LP <sup>(b)</sup> | Prairie Acquiror LP <sup>(b)</sup> |
| 255000 | 9.000 | 08/01/29 | 259656 |
| Rockies Express Pipeline LLC <sup>(b)</sup> | Rockies Express Pipeline LLC <sup>(b)</sup> | Rockies Express Pipeline LLC <sup>(b)</sup> | Rockies Express Pipeline LLC <sup>(b)</sup> |
| 150000 | 6.750 | 03/15/33 | 152871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **116** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) |
| Summit Midstream Holdings LLC <sup>(b)</sup> | Summit Midstream Holdings LLC <sup>(b)</sup> | Summit Midstream Holdings LLC <sup>(b)</sup> | Summit Midstream Holdings LLC <sup>(b)</sup> |
| 405000 | 8.625% | 10/31/29 | $413861 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> |
| 140000 | 7.375 | 02/15/29 | 140563 |
| 75000 | 6.000 | 12/31/30 | 71349 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| 395000 | 4.875 | 02/01/31 | 386843 |
| 197000 | 4.000 | 01/15/32 | 181802 |
| TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> |
| 460000 | 8.500 | 06/15/30 | 463717 |
| Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> |
| 315000 | 8.125 | 06/01/28 | 321738 |
| 30000 | 9.500 | 02/01/29 | 32167 |
| 150000 | 7.000 | 01/15/30 | 147810 |
|  |  |  | 7592830 |
| Real Estate<sup>(a)(b)</sup> – 0.1% | Real Estate<sup>(a)(b)</sup> – 0.1% | Real Estate<sup>(a)(b)</sup> – 0.1% | Real Estate<sup>(a)(b)</sup> – 0.1% |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |
| 160000 | 5.750 | 01/15/29 | 130656 |
| Real Estate Investment Trust<sup>(a)</sup> – 1.2% | Real Estate Investment Trust<sup>(a)</sup> – 1.2% | Real Estate Investment Trust<sup>(a)</sup> – 1.2% | Real Estate Investment Trust<sup>(a)</sup> – 1.2% |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 25000 | 2.900 | 10/01/30 | 22580 |
| Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> |
| 318000 | 5.000 | 07/15/32 | 293463 |
| MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> |
| 10000 | 8.500 | 02/15/32 | 10191 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 25000 | 1.750 | 07/01/30 | 21472 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 60000 | 4.000 | 07/15/29 | 58409 |
| 355000 | 2.850 | 12/15/32 | 305527 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 60000 | 2.950 | 09/15/29 | 55861 |
| Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> |
| 215000 | 6.500 | 07/01/30 | 215144 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 200000 | 4.869 | 01/15/30 | 186625 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> |
| 200000 | 4.750 | 04/15/28 | 191186 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 60000 | 3.850 | 07/15/29 | 57683 |
| 25000 | 2.400 | 02/01/31 | 21678 |
| XHR LP <sup>(b)</sup> | XHR LP <sup>(b)</sup> | XHR LP <sup>(b)</sup> | XHR LP <sup>(b)</sup> |
| 277000 | 4.875 | 06/01/29 | 259405 |
|  |  |  | 1699224 |
| Retailing<sup>(a)</sup> – 1.6% | Retailing<sup>(a)</sup> – 1.6% | Retailing<sup>(a)</sup> – 1.6% | Retailing<sup>(a)</sup> – 1.6% |
| Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> |
| 220000 | 4.625 | 11/15/29 | 206087 |
| 55000 | 5.000 | 02/15/32 | 49817 |
| Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> |
| 90000 | 8.000 | 05/15/32 | 92933 |
| Foundation Building Materials, Inc. <sup>(b)</sup> | Foundation Building Materials, Inc. <sup>(b)</sup> | Foundation Building Materials, Inc. <sup>(b)</sup> | Foundation Building Materials, Inc. <sup>(b)</sup> |
| 270000 | 6.000 | 03/01/29 | 220528 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> |
| $110000 | 4.000% | 08/15/28 | $103478 |
| 45000 | 6.375 | 01/15/30 | 45149 |
| GYP Holdings III Corp. <sup>(b)</sup> | GYP Holdings III Corp. <sup>(b)</sup> | GYP Holdings III Corp. <sup>(b)</sup> | GYP Holdings III Corp. <sup>(b)</sup> |
| 180000 | 4.625 | 05/01/29 | 168404 |
| Ken Garff Automotive LLC <sup>(b)</sup> | Ken Garff Automotive LLC <sup>(b)</sup> | Ken Garff Automotive LLC <sup>(b)</sup> | Ken Garff Automotive LLC <sup>(b)</sup> |
| 290000 | 4.875 | 09/15/28 | 276399 |
| LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> |
| 410000 | 4.875 | 05/01/29 | 384523 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 290000 | 3.750 | 06/15/29 | 265570 |
| Sonic Automotive, Inc. <sup>(b)</sup> | Sonic Automotive, Inc. <sup>(b)</sup> | Sonic Automotive, Inc. <sup>(b)</sup> | Sonic Automotive, Inc. <sup>(b)</sup> |
| 185000 | 4.625 | 11/15/29 | 170135 |
| 75000 | 4.875 | 11/15/31 | 67124 |
| Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. |
| 75000 | 1.750 | 11/01/30 | 63708 |
| Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> |
| 135000 | 4.750 | 01/15/30 | 130397 |
|  |  |  | 2244252 |
| Semiconductors<sup>(a)</sup> – 1.2% | Semiconductors<sup>(a)</sup> – 1.2% | Semiconductors<sup>(a)</sup> – 1.2% | Semiconductors<sup>(a)</sup> – 1.2% |
| Broadcom, Inc. <sup>(b)</sup> | Broadcom, Inc. <sup>(b)</sup> | Broadcom, Inc. <sup>(b)</sup> | Broadcom, Inc. <sup>(b)</sup> |
| 372000 | 3.469 | 04/15/34 | 327460 |
| 594000 | 3.137 | 11/15/35 | 492474 |
| 645000 | 3.187 | 11/15/36 | 529223 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 360000 | 3.400 | 05/01/30 | 335617 |
|  |  |  | 1684774 |
| Software<sup>(a)</sup> – 3.3% | Software<sup>(a)</sup> – 3.3% | Software<sup>(a)</sup> – 3.3% | Software<sup>(a)</sup> – 3.3% |
| AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> |
| 421000 | 6.500 | 02/15/30 | 395588 |
| Castle U.S. Holding Corp. <sup>(b)</sup> | Castle U.S. Holding Corp. <sup>(b)</sup> | Castle U.S. Holding Corp. <sup>(b)</sup> | Castle U.S. Holding Corp. <sup>(b)</sup> |
| 362000 | 9.500 | 02/15/28 | 160764 |
| Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> |
| 365000 | 3.875 | 07/01/28 | 338523 |
| 310000 | 4.875 | 07/01/29 | 276616 |
| Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> |
| 297000 | 8.250 | 06/30/32 | 301817 |
| Elastic NV <sup>(b)</sup> | Elastic NV <sup>(b)</sup> | Elastic NV <sup>(b)</sup> | Elastic NV <sup>(b)</sup> |
| 245000 | 4.125 | 07/15/29 | 228725 |
| MSCI, Inc. <sup>(b)</sup> | MSCI, Inc. <sup>(b)</sup> | MSCI, Inc. <sup>(b)</sup> | MSCI, Inc. <sup>(b)</sup> |
| 748000 | 3.875 | 02/15/31 | 695692 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 850000 | 2.950 | 04/01/30 | 780691 |
| 415000 | 2.875 | 03/25/31 | 371641 |
| 580000 | 6.250 | 11/09/32 | 617770 |
| TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> |
| 435000 | 3.500 | 02/15/28 | 460563 |
|  |  |  | 4628390 |
| Telecommunication Services – 2.5% | Telecommunication Services – 2.5% | Telecommunication Services – 2.5% | Telecommunication Services – 2.5% |
| AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> |
| $365000 | 2.750 | 06/01/31 | 324430 |
| 482000 | 2.550 | 12/01/33 | 395317 |
| 135000 | 4.900 | 08/15/37 | 128528 |
| 315000 | 5.150 | 11/15/46 | 288937 |
| 395000 | 3.650 | 06/01/51 | 279589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **117** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| $420000 | 3.500% | 09/15/53 | $286322 |
| CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> |
| 63000 | 8.250 | 03/01/27 | 59564 |
| 133000 | 9.500 | 12/15/31 | 136820 |
| EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> |
| 220000 | 10.750 | 11/30/29 | 231253 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| 95000 | 6.750 <sup>(f)</sup> | 11/30/30 | 86235 |
| Frontier Communications Holdings LLC <sup>(a)(b)</sup> | Frontier Communications Holdings LLC <sup>(a)(b)</sup> | Frontier Communications Holdings LLC <sup>(a)(b)</sup> | Frontier Communications Holdings LLC <sup>(a)(b)</sup> |
| 125000 | 5.000 | 05/01/28 | 123483 |
| Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. |
| 85000 | 6.625 | 08/01/26 | 70046 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 325000 | 8.750 | 03/15/32 | 390874 |
| 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> |
| 190000 | 2.050 | 02/15/28 | 177470 |
| 402000 | 3.875 | 04/15/30 | 385253 |
| Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> |
| 90000 | 8.250 | 10/01/31 | 91700 |
|  |  |  | 3455821 |
| Transportation – 0.8% | Transportation – 0.8% | Transportation – 0.8% | Transportation – 0.8% |
| Cargo Aircraft Management, Inc. <sup>(a)(b)</sup> | Cargo Aircraft Management, Inc. <sup>(a)(b)</sup> | Cargo Aircraft Management, Inc. <sup>(a)(b)</sup> | Cargo Aircraft Management, Inc. <sup>(a)(b)</sup> |
| 120000 | 4.750 | 02/01/28 | 119852 |
| MV24 Capital BV | MV24 Capital BV | MV24 Capital BV | MV24 Capital BV |
| 451260 | 6.748 | 06/01/34 | 435087 |
| Rand Parent LLC <sup>(a)(b)</sup> | Rand Parent LLC <sup>(a)(b)</sup> | Rand Parent LLC <sup>(a)(b)</sup> | Rand Parent LLC <sup>(a)(b)</sup> |
| 240000 | 8.500 | 02/15/30 | 237345 |
| RXO, Inc. <sup>(a)(b)</sup> | RXO, Inc. <sup>(a)(b)</sup> | RXO, Inc. <sup>(a)(b)</sup> | RXO, Inc. <sup>(a)(b)</sup> |
| 170000 | 7.500 | 11/15/27 | 174835 |
| XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> |
| 110000 | 7.125 | 02/01/32 | 112834 |
|  |  |  | 1079953 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $98,931,527)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $98,931,527)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $98,931,527)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99547914 |
| Mortgage-Backed Obligations – 19.3% | Mortgage-Backed Obligations – 19.3% | Mortgage-Backed Obligations – 19.3% | Mortgage-Backed Obligations – 19.3% |
| Collateralized Mortgage Obligations<sup>(a)</sup> – 0.9% | Collateralized Mortgage Obligations<sup>(a)</sup> – 0.9% | Collateralized Mortgage Obligations<sup>(a)</sup> – 0.9% | Collateralized Mortgage Obligations<sup>(a)</sup> – 0.9% |
| Interest Only<sup>(g)</sup> – 0.2% | Interest Only<sup>(g)</sup> – 0.2% | Interest Only<sup>(g)</sup> – 0.2% | Interest Only<sup>(g)</sup> – 0.2% |
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| $119716 | 1.766 %<sup>(c)</sup> | 09/20/48 | $14508 |
| Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI |
| 53797 | 4.000 | 01/20/50 | 10991 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 155451 | 1.616 <sup>(c)</sup> | 02/20/50 | 19016 |
| Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI |
| 534692 | 2.500 | 10/20/50 | 79242 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(g)</sup> – (continued) | Interest Only<sup>(g)</sup> – (continued) | Interest Only<sup>(g)</sup> – (continued) | Interest Only<sup>(g)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| $305254 | 4.000% | 12/20/49 | $65324 |
| Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 228703 | 1.616 <sup>(c)</sup> | 04/20/50 | 28207 |
| Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI |
| 121975 | 5.000 | 05/20/50 | 29397 |
|  |  |  | 246685 |
| Sequential Fixed Rate<sup>(b)(e)</sup> – 0.2% | Sequential Fixed Rate<sup>(b)(e)</sup> – 0.2% | Sequential Fixed Rate<sup>(b)(e)</sup> – 0.2% | Sequential Fixed Rate<sup>(b)(e)</sup> – 0.2% |
| OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 |
| 285215 | 6.233 | 05/25/64 | 288053 |
| Sequential Floating Rate<sup>(b)(c)</sup> – 0.5% | Sequential Floating Rate<sup>(b)(c)</sup> – 0.5% | Sequential Floating Rate<sup>(b)(c)</sup> – 0.5% | Sequential Floating Rate<sup>(b)(c)</sup> – 0.5% |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA4, Class M1A (1 mo. USD Term SOFR +2.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA4, Class M1A (1 mo. USD Term SOFR +2.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA4, Class M1A (1 mo. USD Term SOFR +2.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA4, Class M1A (1 mo. USD Term SOFR +2.200%) |
| 77543 | 6.540 | 05/25/42 | 78414 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR +4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR +4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR +4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR +4.000%) |
| 100000 | 8.340 | 07/25/42 | 105354 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) |
| 250651 | 5.540 | 05/25/44 | 250840 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) |
| 30000 | 7.940 | 07/25/42 | 31212 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 85000 | 7.340 | 04/25/42 | 86811 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| 25000 | 7.436 | 06/25/43 | 25937 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 100000 | 5.990 | 05/25/44 | 100061 |
|  |  |  | 678629 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 1213367 |
| Commercial Mortgage-Backed Securities – 4.9% | Commercial Mortgage-Backed Securities – 4.9% | Commercial Mortgage-Backed Securities – 4.9% | Commercial Mortgage-Backed Securities – 4.9% |
| Regular Floater<sup>(b)(c)</sup> – 0.2% | Regular Floater<sup>(b)(c)</sup> – 0.2% | Regular Floater<sup>(b)(c)</sup> – 0.2% | Regular Floater<sup>(b)(c)</sup> – 0.2% |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) |
| $200000 | 6.452% | 11/15/29 | $199500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **118** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Regular Floater<sup>(b)(c)</sup> – (continued) | Regular Floater<sup>(b)(c)</sup> – (continued) | Regular Floater<sup>(b)(c)</sup> – (continued) | Regular Floater<sup>(b)(c)</sup> – (continued) |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%) |
| $100000 | 7.249% | 11/15/29 | $100893 |
|  |  |  | 300393 |
| Sequential Fixed Rate – 2.1% | Sequential Fixed Rate – 2.1% | Sequential Fixed Rate – 2.1% | Sequential Fixed Rate – 2.1% |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 475000 | 5.769 <sup>(a)</sup> | 06/15/57 | 490492 |
| Bank5 Series 2024-5YR9, Class A3 | Bank5 Series 2024-5YR9, Class A3 | Bank5 Series 2024-5YR9, Class A3 | Bank5 Series 2024-5YR9, Class A3 |
| 250000 | 5.614 <sup>(a)</sup> | 08/15/57 | 257001 |
| BBCMS Mortgage Trust Series 2024-C26, Class A5 | BBCMS Mortgage Trust Series 2024-C26, Class A5 | BBCMS Mortgage Trust Series 2024-C26, Class A5 | BBCMS Mortgage Trust Series 2024-C26, Class A5 |
| 375000 | 5.829 <sup>(a)</sup> | 05/15/57 | 396051 |
| BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 | BMO Mortgage Trust Series 2024-5C6, Class A3 |
| 250000 | 5.316 <sup>(a)</sup> | 09/15/57 | 253799 |
| Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 |
| 275000 | 3.587 <sup>(a)</sup> | 12/15/50 | 265649 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 550000 | 5.388 <sup>(b)</sup> | 11/13/41 | 554125 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 300000 | 7.109 <sup>(b)</sup> | 11/13/41 | 310560 |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 500000 | 2.585 <sup>(b)</sup> | 07/15/41 | 429924 |
|  |  |  | 2957601 |
| Sequential Floating Rate – 2.6% | Sequential Floating Rate – 2.6% | Sequential Floating Rate – 2.6% | Sequential Floating Rate – 2.6% |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 210000 | 2.618 <sup>(a)(c)</sup> | 11/15/64 | 181728 |
| Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 |
| 400000 | 4.493 <sup>(a)(c)</sup> | 06/15/55 | 384711 |
| Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 |
| 375000 | 4.217 <sup>(a)(c)</sup> | 08/15/61 | 367270 |
| Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS |
| 500000 | 2.792 <sup>(a)</sup> | 05/15/64 | 426353 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 550000 | 5.239 <sup>(b)(c)</sup> | 03/15/37 | 521382 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 400000 | 5.961 <sup>(b)(c)</sup> | 02/15/41 | 399407 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 150000 | 6.340 <sup>(b)(c)</sup> | 01/13/40 | 152379 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 350000 | 5.295 <sup>(a)(b)(c)</sup> | 03/14/47 | 348754 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 100000 | 6.166 <sup>(a)(b)(c)</sup> | 03/14/47 | 98447 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 250000 | 4.874 <sup>(a)(b)(c)</sup> | 10/13/33 | 248199 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
| 185000 | 6.014 <sup>(a)(c)</sup> | 12/15/56 | 196876 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 250000 | 6.012 <sup>(b)(c)</sup> | 02/15/42 | 247403 |
|  |  |  | 3572909 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $&nbsp;&nbsp;&nbsp;&nbsp;6830903 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Agencies<sup>(h)</sup> – 13.5% | Federal Agencies<sup>(h)</sup> – 13.5% | Federal Agencies<sup>(h)</sup> – 13.5% | Federal Agencies<sup>(h)</sup> – 13.5% |
| Government National Mortgage Association – 3.6% | Government National Mortgage Association – 3.6% | Government National Mortgage Association – 3.6% | Government National Mortgage Association – 3.6% |
| $2000000 | 4.500% | TBA-30yr | $1919105 |
| 1000000 | 5.500 | TBA-30yr | 1002192 |
| 2000000 | 6.000 | TBA-30yr | 2029844 |
|  |  |  | 4951141 |
| Uniform Mortgage-Backed Security – 9.9% | Uniform Mortgage-Backed Security – 9.9% | Uniform Mortgage-Backed Security – 9.9% | Uniform Mortgage-Backed Security – 9.9% |
| 1000000 | 3.000 | TBA-30yr | 866836 |
| 2000000 | 4.000 | TBA-30yr | 1864609 |
| 10000000 | 5.500 | TBA-30yr | 10004336 |
| 1000000 | 6.000 | TBA-30yr | 1027992 |
|  |  |  | 13763773 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $18714914 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $26,632,072)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $26,632,072)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $26,632,072)** | $26759184 |
| Asset-Backed Securities<sup>(a)(b)(c)</sup> – 6.7% | Asset-Backed Securities<sup>(a)(b)(c)</sup> – 6.7% | Asset-Backed Securities<sup>(a)(b)(c)</sup> – 6.7% | Asset-Backed Securities<sup>(a)(b)(c)</sup> – 6.7% |
| Collateralized Loan Obligations – 6.7% | Collateralized Loan Obligations – 6.7% | Collateralized Loan Obligations – 6.7% | Collateralized Loan Obligations – 6.7% |
| 1988 CLO 3 Ltd. Series 2023-3A, Class A1 (3 mo. USD Term SOFR + 2.000%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1 (3 mo. USD Term SOFR + 2.000%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1 (3 mo. USD Term SOFR + 2.000%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1 (3 mo. USD Term SOFR + 2.000%) |
| $500000 | 6.302% | 10/15/38 | $502097 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) |
| 500000 | 5.842 | 07/15/37 | 501346 |
| Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) |
| 725000 | 5.788 | 07/16/37 | 726134 |
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) |
| 175000 | 7.393 | 04/19/34 | 175601 |
| CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) |
| 600000 | 6.058 | 10/16/38 | 600602 |
| Diameter Capital CLO 7 Ltd. Series 2024-7A, Class A1A (3 mo. USD Term SOFR + 1.480%) | Diameter Capital CLO 7 Ltd. Series 2024-7A, Class A1A (3 mo. USD Term SOFR + 1.480%) | Diameter Capital CLO 7 Ltd. Series 2024-7A, Class A1A (3 mo. USD Term SOFR + 1.480%) | Diameter Capital CLO 7 Ltd. Series 2024-7A, Class A1A (3 mo. USD Term SOFR + 1.480%) |
| 725000 | 5.773 | 07/20/37 | 725735 |
| Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) |
| 725000 | 5.800 | 07/25/37 | 725281 |
| Katayma CLO I Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR + 2.000%) | Katayma CLO I Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR + 2.000%) | Katayma CLO I Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR + 2.000%) | Katayma CLO I Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR + 2.000%) |
| 1000000 | 6.293 | 10/20/36 | 1004323 |
| Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) |
| 500000 | 6.023 | 01/20/37 | 502695 |
| Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3 mo. USD Term SOFR + 3.512%) | Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3 mo. USD Term SOFR + 3.512%) | Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3 mo. USD Term SOFR + 3.512%) | Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3 mo. USD Term SOFR + 3.512%) |
| 600000 | 7.814 | 10/15/32 | 600492 |
| Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) |
| 400000 | 5.972 | 07/15/37 | 401034 |
| Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) |
| 250000 | 5.803 | 07/20/37 | 250097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **119** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) |
| $575000 | 5.643% | 07/20/37 | $575067 |
| Rad CLO 22 Ltd. Series 2023-22A, Class B (3 mo. USD Term SOFR + 2.670%) | Rad CLO 22 Ltd. Series 2023-22A, Class B (3 mo. USD Term SOFR + 2.670%) | Rad CLO 22 Ltd. Series 2023-22A, Class B (3 mo. USD Term SOFR + 2.670%) | Rad CLO 22 Ltd. Series 2023-22A, Class B (3 mo. USD Term SOFR + 2.670%) |
| 350000 | 6.963 | 01/20/37 | 350012 |
| Rad CLO 25 Ltd. Series 2024-25A, Class A1 (3 mo. USD Term SOFR + 1.460%) | Rad CLO 25 Ltd. Series 2024-25A, Class A1 (3 mo. USD Term SOFR + 1.460%) | Rad CLO 25 Ltd. Series 2024-25A, Class A1 (3 mo. USD Term SOFR + 1.460%) | Rad CLO 25 Ltd. Series 2024-25A, Class A1 (3 mo. USD Term SOFR + 1.460%) |
| 750000 | 5.753 | 07/20/37 | 750536 |
| Rockford Tower CLO Ltd. Series 2023-1A, Class C (3 mo. USD Term SOFR + 3.200%) | Rockford Tower CLO Ltd. Series 2023-1A, Class C (3 mo. USD Term SOFR + 3.200%) | Rockford Tower CLO Ltd. Series 2023-1A, Class C (3 mo. USD Term SOFR + 3.200%) | Rockford Tower CLO Ltd. Series 2023-1A, Class C (3 mo. USD Term SOFR + 3.200%) |
| 300000 | 7.493 | 01/20/36 | 302784 |
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) |
| 600000 | 8.275 | 04/18/36 | 599397 |
|  |  |  | 9293233 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $9,291,900)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $9,291,900)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $9,291,900)** | $&nbsp;&nbsp;&nbsp;&nbsp;9293233 |
| Bank Loans<sup>(i)</sup> –6.2% | Bank Loans<sup>(i)</sup> –6.2% | Bank Loans<sup>(i)</sup> –6.2% | Bank Loans<sup>(i)</sup> –6.2% |
| Aerospace & Defense–0.7% | Aerospace & Defense–0.7% | Aerospace & Defense–0.7% | Aerospace & Defense–0.7% |
| Bleriot U.S. Bidco, Inc. (3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (3 mo. USD Term SOFR + 2.750%) |
| $99251 | 7.049% | 10/31/30 | $98399 |
| Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 0.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 0.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 0.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 0.000%) |
| 448875 | 6.325 | 10/31/31 | $447295 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| 400000 | 0.000 <sup>(j)</sup> | 02/26/32 | $394332 |
|  |  |  | 940026 |
| Automotive–0.3% | Automotive–0.3% | Automotive–0.3% | Automotive–0.3% |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |
| (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) |
| 250000 | 13.052 | 03/30/28 | 223750 |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 127568 | 9.552 | 03/30/27 | 118160 |
|  |  |  | 341910 |
| Building & Construction–0.5% | Building & Construction–0.5% | Building & Construction–0.5% | Building & Construction–0.5% |
| AAL Delaware Holdco, Inc. (1 mo. USD Term SOFR + 0.000%) | AAL Delaware Holdco, Inc. (1 mo. USD Term SOFR + 0.000%) | AAL Delaware Holdco, Inc. (1 mo. USD Term SOFR + 0.000%) | AAL Delaware Holdco, Inc. (1 mo. USD Term SOFR + 0.000%) |
| 398003 | 7.075 | 07/30/31 | 394273 |
| Construction Partners, Inc. (1 mo. USD Term SOFR + 0.000%) | Construction Partners, Inc. (1 mo. USD Term SOFR + 0.000%) | Construction Partners, Inc. (1 mo. USD Term SOFR + 0.000%) | Construction Partners, Inc. (1 mo. USD Term SOFR + 0.000%) |
| 49875 | 6.827 | 11/03/31 | 49522 |
| TRC Cos. LLC (1 mo. USD Term SOFR + 0.000%) | TRC Cos. LLC (1 mo. USD Term SOFR + 0.000%) | TRC Cos. LLC (1 mo. USD Term SOFR + 0.000%) | TRC Cos. LLC (1 mo. USD Term SOFR + 0.000%) |
| 236504 | 7.325 | 12/08/28 | 233962 |
|  |  |  | 677757 |
| Building Materials–0.4% | Building Materials–0.4% | Building Materials–0.4% | Building Materials–0.4% |
| Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%) |
| 338625 | 7.675 | 11/03/28 | 335168 |
| Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 169897 | 8.061 | 12/22/28 | 169836 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(i)</sup> – (continued) | Bank Loans<sup>(i)</sup> – (continued) | Bank Loans<sup>(i)</sup> – (continued) | Bank Loans<sup>(i)</sup> – (continued) |
| Building Materials–(continued) | Building Materials–(continued) | Building Materials–(continued) | Building Materials–(continued) |
| (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) |
| $50000 | 11.311% | 12/21/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50250 |
|  |  |  | 555254 |
| Capital Goods - Others–0.3% | Capital Goods - Others–0.3% | Capital Goods - Others–0.3% | Capital Goods - Others–0.3% |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) |
| 72375 | 6.105 | 05/21/28 | 78178 |
| (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%) |
| $183450 | 8.311 | 05/19/28 | 183336 |
| LSF12 Crown U.S. Commercial Bidco LLC (1 mo. USD Term SOFR + 0.000%) | LSF12 Crown U.S. Commercial Bidco LLC (1 mo. USD Term SOFR + 0.000%) | LSF12 Crown U.S. Commercial Bidco LLC (1 mo. USD Term SOFR + 0.000%) | LSF12 Crown U.S. Commercial Bidco LLC (1 mo. USD Term SOFR + 0.000%) |
| 195000 | 8.573 | 12/02/31 | 191018 |
|  |  |  | 452532 |
| Commercial Services–0.8% | Commercial Services–0.8% | Commercial Services–0.8% | Commercial Services–0.8% |
| Ankura Consulting Group LLC (3 mo. USD Term SOFR + 0.000%) | Ankura Consulting Group LLC (3 mo. USD Term SOFR + 0.000%) | Ankura Consulting Group LLC (3 mo. USD Term SOFR + 0.000%) | Ankura Consulting Group LLC (3 mo. USD Term SOFR + 0.000%) |
| 473812 | 7.803 | 12/29/31 | 467790 |
| Cinemark USA, Inc. (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | Cinemark USA, Inc. (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | Cinemark USA, Inc. (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | Cinemark USA, Inc. (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) |
| 147019 | 7.049–7.075 | 05/24/30 | 147276 |
| Fugue Finance BV (6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (6 mo. USD Term SOFR + 3.250%) |
| 50000 | 7.496 | 01/09/32 | 49891 |
| Teneo Holdings LLC (1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (1 mo. USD Term SOFR + 4.750%) |
| 447739 | 9.075 | 03/13/31 | 447739 |
|  |  |  | 1112696 |
| Diversified Financial Services–0.8% | Diversified Financial Services–0.8% | Diversified Financial Services–0.8% | Diversified Financial Services–0.8% |
| DRW Holdings LLC (3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (3 mo. USD Term SOFR + 3.500%) |
| 363750 | 7.791 | 06/26/31 | 362160 |
| FNZ Group Services Ltd. (3 mo. USD Term SOFR + 0.000%) | FNZ Group Services Ltd. (3 mo. USD Term SOFR + 0.000%) | FNZ Group Services Ltd. (3 mo. USD Term SOFR + 0.000%) | FNZ Group Services Ltd. (3 mo. USD Term SOFR + 0.000%) |
| 325000 | 9.291 | 11/05/31 | 298863 |
| Gen II Fund Services LLC (6 mo. USD Term SOFR + 2.750%) | Gen II Fund Services LLC (6 mo. USD Term SOFR + 2.750%) | Gen II Fund Services LLC (6 mo. USD Term SOFR + 2.750%) | Gen II Fund Services LLC (6 mo. USD Term SOFR + 2.750%) |
| 230000 | 6.967 | 11/26/31 | 228275 |
| NGP XI Midstream Holdings LLC (3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (3 mo. USD Term SOFR + 3.500%) |
| 199500 | 7.799 | 07/25/31 | 198503 |
|  |  |  | 1087801 |
| Energy - Exploration & Production–0.1% | Energy - Exploration & Production–0.1% | Energy - Exploration & Production–0.1% | Energy - Exploration & Production–0.1% |
| Kohler Energy Co. LLC (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (3 mo. USD Term SOFR + 3.750%) |
| 91825 | 8.049 | 05/01/31 | 90246 |
| Entertainment–0.3% | Entertainment–0.3% | Entertainment–0.3% | Entertainment–0.3% |
| Arcis Golf LLC (1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (1 mo. USD Term SOFR + 2.750%) |
| 170651 | 7.075 | 11/24/28 | 170011 |
| Crown Finance U.S., Inc. (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (1 mo. USD Term SOFR + 5.250%) |
| 249375 | 9.573 | 12/02/31 | 247772 |
|  |  |  | 417783 |
| Internet–0.2% | Internet–0.2% | Internet–0.2% | Internet–0.2% |
| Plano HoldCo, Inc. (3 mo. USD Term SOFR + 0.000%) | Plano HoldCo, Inc. (3 mo. USD Term SOFR + 0.000%) | Plano HoldCo, Inc. (3 mo. USD Term SOFR + 0.000%) | Plano HoldCo, Inc. (3 mo. USD Term SOFR + 0.000%) |
| 300000 | 7.799 | 10/02/31 | 298500 |
| Machinery - Construction & Mining–0.0% | Machinery - Construction & Mining–0.0% | Machinery - Construction & Mining–0.0% | Machinery - Construction & Mining–0.0% |
| Clark Equipment Co. (3 mo. USD Term SOFR + 2.000%) | Clark Equipment Co. (3 mo. USD Term SOFR + 2.000%) | Clark Equipment Co. (3 mo. USD Term SOFR + 2.000%) | Clark Equipment Co. (3 mo. USD Term SOFR + 2.000%) |
| 21335 | 6.299 | 04/20/29 | 21335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **120** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(i)</sup>–(continued) | Bank Loans<sup>(i)</sup>–(continued) | Bank Loans<sup>(i)</sup>–(continued) | Bank Loans<sup>(i)</sup>–(continued) |
| Media - Cable–0.0% | Media - Cable–0.0% | Media - Cable–0.0% | Media - Cable–0.0% |
| DirecTV Financing LLC (3 mo. USD Term SOFR + 5.000%) | DirecTV Financing LLC (3 mo. USD Term SOFR + 5.000%) | DirecTV Financing LLC (3 mo. USD Term SOFR + 5.000%) | DirecTV Financing LLC (3 mo. USD Term SOFR + 5.000%) |
| $25187 | 9.552% | 08/02/27 | $25191 |
| Media - Non Cable–0.0% | Media - Non Cable–0.0% | Media - Non Cable–0.0% | Media - Non Cable–0.0% |
| Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. |
| (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) |
| 59253 | 10.439 | 10/01/29 | 50424 |
| (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) |
| 6598 | 11.439 | 10/02/28 | 6631 |
|  |  |  | 57055 |
| Midstream–0.1% | Midstream–0.1% | Midstream–0.1% | Midstream–0.1% |
| AL GCX Holdings LLC (1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (1 mo. USD Term SOFR + 2.000%) |
| 74700 | 6.314 | 05/17/29 | 74313 |
| Packaging–0.0% | Packaging–0.0% | Packaging–0.0% | Packaging–0.0% |
| LABL, Inc. (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (1 mo. USD Term SOFR + 5.000%) |
| 70318 | 9.425 | 10/30/28 | 58071 |
| Pipelines–0.5% | Pipelines–0.5% | Pipelines–0.5% | Pipelines–0.5% |
| Epic Y-Grade Services LP (3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (3 mo. USD Term SOFR + 5.750%) |
| 298500 | 10.044 | 06/29/29 | 298175 |
| Prairie ECI Acquiror LP (1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (1 mo. USD Term SOFR + 3.250%) |
| 323375 | 8.575 | 08/01/29 | 323174 |
|  |  |  | 621349 |
| Retailers–0.1% | Retailers–0.1% | Retailers–0.1% | Retailers–0.1% |
| TruGreen LP (3 mo. USD Term SOFR + 8.762%) | TruGreen LP (3 mo. USD Term SOFR + 8.762%) | TruGreen LP (3 mo. USD Term SOFR + 8.762%) | TruGreen LP (3 mo. USD Term SOFR + 8.762%) |
| 210000 | 13.052 | 11/02/28 | 184065 |
| Technology–0.7% | Technology–0.7% | Technology–0.7% | Technology–0.7% |
| Kaseya, Inc.<sup>(j)</sup> | Kaseya, Inc.<sup>(j)</sup> | Kaseya, Inc.<sup>(j)</sup> | Kaseya, Inc.<sup>(j)</sup> |
| 350000 | 0.000 | 03/22/32 | 348470 |
| Pitney Bowes, Inc.<sup>(j)</sup> | Pitney Bowes, Inc.<sup>(j)</sup> | Pitney Bowes, Inc.<sup>(j)</sup> | Pitney Bowes, Inc.<sup>(j)</sup> |
| 350000 | 0.000 | 03/19/32 | 345916 |
| Syndigo LLC (3 mo. USD Term SOFR + 4.500%) | Syndigo LLC (3 mo. USD Term SOFR + 4.500%) | Syndigo LLC (3 mo. USD Term SOFR + 4.500%) | Syndigo LLC (3 mo. USD Term SOFR + 4.500%) |
| 216000 | 9.075 | 12/15/27 | 215190 |
|  |  |  | 909576 |
| Technology - Hardware–0.1% | Technology - Hardware–0.1% | Technology - Hardware–0.1% | Technology - Hardware–0.1% |
| Grinding Media, Inc. (3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (3 mo. USD Term SOFR + 3.500%) |
| 193030 | 7.819 | 10/12/28 | 190858 |
| Technology - Software–0.3% | Technology - Software–0.3% | Technology - Software–0.3% | Technology - Software–0.3% |
| Drake Software LLC (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (3 mo. USD Term SOFR + 4.250%) |
| 174119 | 8.549 | 06/26/31 | 166936 |
| iSolved, Inc. (1 mo. USD Term SOFR + 3.250%) | iSolved, Inc. (1 mo. USD Term SOFR + 3.250%) | iSolved, Inc. (1 mo. USD Term SOFR + 3.250%) | iSolved, Inc. (1 mo. USD Term SOFR + 3.250%) |
| 52479 | 7.575 | 10/15/30 | 52463 |
| Virtusa Corp. (1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (1 mo. USD Term SOFR + 3.250%) |
| 189428 | 7.575 | 02/15/29 | 188896 |
|  |  |  | 408295 |
| **TOTAL BANK LOANS**<br> **(Cost $8,736,554)** | **TOTAL BANK LOANS**<br> **(Cost $8,736,554)** | **TOTAL BANK LOANS**<br> **(Cost $8,736,554)** | $&nbsp;&nbsp;&nbsp;&nbsp;8524613 |
| Sovereign Debt Obligations – 3.1% | Sovereign Debt Obligations – 3.1% | Sovereign Debt Obligations – 3.1% |  |
| Euro – 0.8% | Euro – 0.8% | Euro – 0.8% |  |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 200000 | 4.750% | 04/16/26 | $212138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 100000 | 1.100% | 03/12/33 | $86234 |
| Ivory Coast Government International Bonds <sup>(b)</sup> | Ivory Coast Government International Bonds <sup>(b)</sup> | Ivory Coast Government International Bonds <sup>(b)</sup> | Ivory Coast Government International Bonds <sup>(b)</sup> |
| 500000 | 4.875 | 01/30/32 | 477461 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 290000 | 2.875 | 03/11/29 | 292733 |
| 30000 | 2.625 <sup>(b)</sup> | 12/02/40 | 19494 |
|  |  |  | 1088060 |
| United States Dollar – 2.3% | United States Dollar – 2.3% | United States Dollar – 2.3% | United States Dollar – 2.3% |
| Abu Dhabi Government International Bonds <sup>(b)</sup> | Abu Dhabi Government International Bonds <sup>(b)</sup> | Abu Dhabi Government International Bonds <sup>(b)</sup> | Abu Dhabi Government International Bonds <sup>(b)</sup> |
| $200000 | 3.875 | 04/16/50 | 156156 |
| Argentina Republic Government International Bonds <sup>(a)</sup> | Argentina Republic Government International Bonds <sup>(a)</sup> | Argentina Republic Government International Bonds <sup>(a)</sup> | Argentina Republic Government International Bonds <sup>(a)</sup> |
| 12528 | 1.000 | 07/09/29 | 9713 |
| 401192 | 0.750 <sup>(e)</sup> | 07/09/30 | 291667 |
| Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |
| 200000 | 7.960 | 02/13/38 | 186750 |
| Dominican Republic International Bonds <sup>(b)</sup> | Dominican Republic International Bonds <sup>(b)</sup> | Dominican Republic International Bonds <sup>(b)</sup> | Dominican Republic International Bonds <sup>(b)</sup> |
| 240000 | 4.875 | 09/23/32 | 218609 |
| Ecuador Government International Bonds <sup>(b)</sup> | Ecuador Government International Bonds <sup>(b)</sup> | Ecuador Government International Bonds <sup>(b)</sup> | Ecuador Government International Bonds <sup>(b)</sup> |
| 34036 | 0.000 <sup>(d)</sup> | 07/31/30 | 16337 |
| 40000 | 6.900 <sup>(e)</sup> | 07/31/30 | 23760 |
| 46400 | 5.000 <sup>(e)</sup> | 07/31/40 | 20648 |
| Egypt Government International Bonds <sup>(b)</sup> | Egypt Government International Bonds <sup>(b)</sup> | Egypt Government International Bonds <sup>(b)</sup> | Egypt Government International Bonds <sup>(b)</sup> |
| 200000 | 8.875 | 05/29/50 | 154428 |
| Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> |
| 603000 | 3.500 | 02/12/34 | 494761 |
| Morocco Government International Bonds <sup>(b)</sup> | Morocco Government International Bonds <sup>(b)</sup> | Morocco Government International Bonds <sup>(b)</sup> | Morocco Government International Bonds <sup>(b)</sup> |
| 310000 | 3.000 | 12/15/32 | 255933 |
| National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan |
| 260000 | 4.850 | 10/21/25 | 257187 |
| Republic of Uzbekistan International Bonds <sup>(b)</sup> | Republic of Uzbekistan International Bonds <sup>(b)</sup> | Republic of Uzbekistan International Bonds <sup>(b)</sup> | Republic of Uzbekistan International Bonds <sup>(b)</sup> |
| 200000 | 3.700 | 11/25/30 | 169469 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 200000 | 6.125 | 10/24/28 | 197489 |
| 200000 | 7.625 | 04/26/29 | 205850 |
| 250000 | 7.125 | 07/17/32 | 245235 |
| 200000 | 6.500 | 09/20/33 | 187550 |
| Ukraine Government International Bonds <sup>(b)(e)</sup> | Ukraine Government International Bonds <sup>(b)(e)</sup> | Ukraine Government International Bonds <sup>(b)(e)</sup> | Ukraine Government International Bonds <sup>(b)(e)</sup> |
| 54803 | 1.750 | 02/01/29 | 35348 |
| 10241 | 0.000 | 02/01/30 | 5223 |
| 38270 | 0.000 | 02/01/34 | 15021 |
| 79801 | 1.750 | 02/01/34 | 42294 |
| 32341 | 0.000 | 02/01/35 | 17788 |
| 33651 | 1.750 | 02/01/35 | 17498 |
| 26951 | 0.000 | 02/01/36 | 14756 |
| 19229 | 1.750 | 02/01/36 | 9855 |
|  |  |  | 3249325 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $4,932,092)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $4,932,092)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $4,932,092)** | $&nbsp;&nbsp;&nbsp;&nbsp;4337385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **121** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Description** | **Value** |
| Common Stocks – 0.2% | Common Stocks – 0.2% | Common Stocks – 0.2% | Common Stocks – 0.2% |
| Communications Equipment<sup>(k)</sup> – 0.1% | Communications Equipment<sup>(k)</sup> – 0.1% | Communications Equipment<sup>(k)</sup> – 0.1% | Communications Equipment<sup>(k)</sup> – 0.1% |
| 4216 | Intelsat SA | Intelsat SA | $153622 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% |
| 2022 | Audacy Class A<sup>(k)</sup> | Audacy Class A<sup>(k)</sup> | 33367 |
| 222 | Audacy Capital Corp. Class B | Audacy Capital Corp. Class B | 3769 |
| 45301 | iHeartMedia, Inc. Class A<sup>(k)</sup> | iHeartMedia, Inc. Class A<sup>(k)</sup> | 74747 |
|  |  |  | 111883 |
| **TOTAL COMMON STOCKS**<br> **(Cost $454,094)** | **TOTAL COMMON STOCKS**<br> **(Cost $454,094)** | **TOTAL COMMON STOCKS**<br> **(Cost $454,094)** | $265505 |
| **Units** | **Expiration**<br> **Date** | **Expiration**<br> **Date** | **Value** |
| Rights<sup>(k)</sup> – 0.0% | Rights<sup>(k)</sup> – 0.0% | Rights<sup>(k)</sup> – 0.0% | Rights<sup>(k)</sup> – 0.0% |
| Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
| 2800 | 12/31/99 | 12/31/99 | $58870 |
| (Cost $71,148) | (Cost $71,148) | (Cost $71,148) | (Cost $71,148) |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations – 2.2% | U.S. Treasury Obligations – 2.2% | U.S. Treasury Obligations – 2.2% | U.S. Treasury Obligations – 2.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| $260000 | 4.750% | 11/15/43 | $265647 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1560000 | 4.000 | 03/31/30 | 1563047 |
| 640000 | 3.750 | 06/30/30 | 632900 |
| 500000 | 4.375 | 05/15/34 | 506797 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $2,989,538)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $2,989,538)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $2,989,538)** | $2968391 |
| **Shares** | **Dividend** <br> **Rate**  | **Dividend** <br> **Rate**  | **Value** |
| Investment Company<sup>(l)</sup> – 1.9% | Investment Company<sup>(l)</sup> – 1.9% | Investment Company<sup>(l)</sup> – 1.9% | Investment Company<sup>(l)</sup> – 1.9% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 2582388 | 4.259% | 4.259% | $2582388 |
| (Cost $2,582,388) | (Cost $2,582,388) | (Cost $2,582,388) | (Cost $2,582,388) |
| **TOTAL INVESTMENTS – 111.6%**<br> **(Cost $154,621,313)** | **TOTAL INVESTMENTS – 111.6%**<br> **(Cost $154,621,313)** | **TOTAL INVESTMENTS – 111.6%**<br> **(Cost $154,621,313)** | $154337483 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (11.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (11.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (11.6)%** | (16016173) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $138321310 |

---

---

| | |
|:---|:---|
| 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 March 31, 2025. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (f) | Pay-in-kind securities. |
| (g) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (h) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $18,714,914 which represents approximately 13.5% of net assets as of March 31, 2025. |
| (i) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 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. |
| (j) | 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. |
| (k) | Security is currently in default and/or non-income producing. |
| (l) | Represents an affiliated issuer. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **122** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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 | 659907 | USD | 690638 | 04/09/25 | $23257 |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | USD | 3962987 | EUR | 3838844 | 04/09/25 | $(189923) |

---

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Uniform Mortgage-Backed Security | 4.500% | TBA - 30yr | 04/15/25 | $(8000000) | $(7655938) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 04/14/25 | (1000000) | (980117) |
|  Uniform Mortgage-Backed Security | 6.000 | TBA - 30yr | 04/15/25 | (4000000) | (4062500) |
| (PROCEEDS RECEIVED: $(12654492)) |  |  |  |  | $(12698555) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 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 | 06/18/25 | $1890719 | $10656 |
|  2 Year U.S. Treasury Notes | 161 | 06/30/25 | 33354672 | 125763 |
|  5 Year U.S. Treasury Notes | 151 | 06/30/25 | 16331594 | 58401 |
| Total |  |  |  | $194820 |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (6) | 06/18/25 | (703688) | 1617 |
|  Ultra 10-Year U.S. Treasury Notes | (22) | 06/18/25 | (2510750) | (20870) |
|  Ultra Long U.S. Treasury Bonds | (17) | 06/18/25 | (2078250) | 16376 |
| Total |  |  |  | $(2877) |
| TOTAL FUTURES CONTRACTS |  |  |  | $191943 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **123** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.750%<sup>(b)</sup> | 12M CDOR<sup>(b)</sup> | 06/18/27 | CAD | 170 | $(1055) | $(861) | $(194) |
| 2.250<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/18/28 | EUR | 490 | 104 | 1782 | (1678) |
| 2.250<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/18/30 |  | 780 | 6566 | 10230 | (3664) |
| 2.250<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/18/32 |  | 650 | 12769 | 16213 | (3444) |
| 2.500<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/18/35 |  | 410 | 6641 | 10415 | (3774) |
| TOTAL |  |  |  |  | $25025 | $37779 | $(12754) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 34 | 5.000% | 0.731% | 06/20/25 | $44 | $490 | $(77) | $567 |
|  CDX.NA.HY Index 43 | 5.000 | 3.628 | 12/20/29 | 1250 | 68868 | 98614 | (29746) |
|  CDX.NA.IG Index 41 | 1.000 | 0.441 | 12/20/28 | 4990 | 98351 | 66034 | 32317 |
| TOTAL |  |  |  |  | $167709 | $164571 | $3138 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| CAD | —Canadian Dollar |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **124** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| REMICS | —Real Estate Mortgage Investment Conduits |
| SOFR | —Secured Overnight Financing Rate |
| STACR | —Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.HY Index 34 | —CDX North America High Yield Index 34 |
| CDX.NA.HY Ind 43 | —CDX North America High Yield Index 43 |
| CDX.NA.IG Ind 41 | —CDX North America Investment Grade Index 41 |
| EURO | —Euro Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **125** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Bond Fund** | **Core Fixed**<br> **Income Fund** | **Dynamic**<br> **Bond Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $404,835,409, $2,654,782,282 and $1,126,511,298, respectively) | $398428479 | $2579765883 | $1124677959 |
|  Investments in affiliated issuers, at value (cost $11,551,292, $78,901,571 and $64,025,049, respectively) | 11551292 | 78901571 | 64025049 |
|  Purchased options, at value (premium paid $2,997,734, $539,214 and $16,757,712, respectively) | 2087501 | 401857 | 12107836 |
|  Cash | 3499517 | 31484680 | 13755570 |
|  Foreign currencies, at value (cost $40,468, $0 and $0, respectively) | 41960 | 177819 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 3601948 |  | 14185492 |
|  Variation margin on futures contracts | 1168432 | 3731856 | 146644 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 87281484 | 468106191 | 436480781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 3672391 | 19645086 | 36621943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 2329254 | 14875914 | 6658673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1700848 | 369701 | 5004573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1020873 | 1356513 | 787263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 407516 | 60 | 1464339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment | 76902 | 387840 | 293817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 48268 | 30464 | 34916 |
|  Other assets | 36356 | 59787 | 39437 |
|  **Total assets** | 516953021 | 3199295222 | 1716284292 |
| Liabilities: |  |  |  |
|  Forward sale contracts, at value (proceeds received $48,489,961, $235,586,855 and $243,534,961, respectively) | 48665027 | 236566543 | 244533640 |
|  Unrealized loss on forward foreign currency exchange contracts | 3246406 | 150818 | 12250902 |
|  Written option contracts, at value (premium received $2,968,772, $1,457,226 and $17,737,523, respectively) | 2119587 | 996831 | 12799082 |
|  Variation margin on swaps contracts | 304479 | 1097909 | 2084115 |
|  Unrealized loss on swap contracts | 24312 |  | 825347 |
|  Foreign currency overdraft, at value (identified cost $0, $0 and $76,599, respectively) |  |  | 306482 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 113001857 | 603606785 | 542500626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1021257 | 6471284 | 957084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 287968 | 195567 | 4705708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts | 168554 |  | 1310976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 160000 | 450000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 57789 | 315948 | 209077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 28078 | 68411 | 34192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 10313 | 111023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Custodian |  | 115415 |  |
| Accrued expenses | 291412 | 304017 | 369958 |
|  **Total liabilities** | 169387039 | 850450551 | 823137189 |
|  Net Assets: |  |  |  |
| Paid-in capital | 405066951 | 2610444519 | 2850995377 |
| Total distributable loss | (57500969) | (261599848) | (1957848274) |
| **NET ASSETS** | $347565982 | $2348844671 | $893147103 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $46775798 | $127543313 | $94365632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2411356 | 7864996 | 9392723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 85702001 | 580119561 | 490690158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 144881 | 882498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 23734300 | 411013641 | 92431371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 71208421 | 202252062 | 51009579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 2755688 | 3196988 | 2935023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 114833537 | 1015971612 | 152322617 |
| Total Net Assets | $347565982 | $2348844671 | $893147103 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 5280843 | 13916586 | 10047007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 272516 | 853615 | 1002997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9677495 | 63034484 | 52183288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 16359 | 95841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2688720 | 44808253 | 9834270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8044165 | 21949719 | 5428366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 311404 | 348587 | 313220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 12972733 | 110208812 | 16234594 |
| Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.86 | $9.16 | $9.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.85 | 9.21 | 9.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.86 | 9.20 | 9.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 8.86 | 9.21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.83 | 9.17 | 9.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.85 | 9.21 | 9.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8.85 | 9.17 | 9.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.85 | 9.22 | 9.38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **TBA** |
|  Bond Fund | $— | $3672391 | $— |
|  Core Fixed Income Fund |  | 18585086 | 1060000 |
|  Dynamic Bond Fund | 69293 | 35852650 | 700000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income and Dynamic Bond Funds is $9.21, $9.52 and $9.76, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **126** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Global Core Fixed<br>Income Fund** | **Income<br>Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $745,822,349 and $152,038,925, respectively) | $727340742 | $151755095 |
|  Investments in affiliated issuers, at value (cost $13,507,177 and $2,582,388, respectively) | 13507177 | 2582388 |
|  Purchased options, at value (premium paid $368,720 and $0, respectively) | 274341 |  |
|  Cash | 10147751 | 2163549 |
|  Foreign currencies, at value (cost $1,143,434 and $72,402, respectively) | 1133317 | 71807 |
|  Unrealized gain on swap contracts | 53956 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 2832747 | 23257 |
|  Variation margin on futures contracts | 1077184 | 35126 |
|  Variation margin on swaps contracts |  | 1358 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 34148464 | 18700352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 29197768 | 867860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 4660324 | 1734723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2411015 | 71148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment | 447630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 429840 | 84331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 382166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 14194 | 48832 |
|  Other assets | 26861 | 63754 |
|  **Total assets** | 828085477 | 178203580 |
| Liabilities: |  |  |
|  Forward sale contracts, at value (proceeds received $27,901,680 and $12,654,492, respectively) | 27959105 | 12698555 |
|  Unrealized loss on forward foreign currency exchange contracts | 9480636 | 189923 |
|  Written option contracts, at value (premium received $992,899 and $0, respectively) | 678223 |  |
|  Variation margin on swaps contracts | 737713 |  |
|  Unrealized loss on swap contracts | 46346 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 84201963 | 25487945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 806396 | 1212922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 395577 | 116880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts | 317965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 152472 | 27940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 33743 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 14859 | 3424 |
| Accrued expenses | 386209 | 144657 |
| **Total liabilities** | 125211207 | 39882270 |
|  Net Assets:  |  |  |
| Paid-in capital | 756143467 | 148496137 |
| Total distributable loss | (53269197) | (10174827) |
| **NET ASSETS** | $702874270 | $138321310 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $25402275 | $1507512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 590356 | 1942629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 238055123 | 26116162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 35811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 37730472 | 15161158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 390766737 | 59999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10293496 | 93533850 |
| Total Net Assets | $702874270 | $138321310 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2247138 | 168301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 52739 | 217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 21097745 | 2917069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 3192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3350200 | 1691142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 34568838 | 6700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 910562 | 10444445 |
| Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.30 | $8.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 11.19 | 8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 11.28 | 8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 11.22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 11.26 | 8.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11.30 | 8.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 11.30 | 8.96 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **TBA** |
|  Global Core Fixed Income Fund | $6366081 | $22801687 | $30000 |
|  Income Fund | 336625 | 531235 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Global Core Fixed Income and Income Funds is $11.74 and $9.31, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **127** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Bond Fund** | **Core Fixed<br>Income Fund** | **Dynamic<br>Bond Fund** |
| Investment Income: |  |  |  |
|  Interest | $17180082 | $96785126 | $44988129 |
|  Dividends — affiliated issuers | 231768 | 2412929 | 1261945 |
|  **Total investment income** | 17411850 | 99198055 | 46250074 |
|  Expenses: |  |  |  |
|  Management fees | 1422792 | 8343467 | 4559859 |
|  Custody, accounting and administrative services | 437110 | 345140 | 518529 |
|  Transfer Agency fees<sup>(a)</sup> | 184733 | 1225973 | 412630 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 147134 | 382014 | 310702 |
|  Professional fees | 136158 | 113384 | 158624 |
|  Registration fees | 129081 | 183699 | 134975 |
|  Printing and mailing costs | 77267 | 153123 | 124637 |
|  Prime broker fees | 66677 |  | 321398 |
|  Trustee fees | 29606 | 34146 | 30576 |
|  Service fees — Class C | 5658 | 20203 | 18028 |
|  Shareholder Administration fees — Service Class | 336 | 2057 |  |
|  Other | 16440 | 49772 | 19414 |
|  **Total expenses** | 2652992 | 10852978 | 6609372 |
|  Less — expense reductions | (820487) | (1673735) | (621922) |
|  **Net expenses** | 1832505 | 9179243 | 5987450 |
|  **NET INVESTMENT INCOME** | 15579345 | 90018812 | 40262624 |
|  Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (916874) | (1890984) | (28084899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (9244592) | 805743 | (44671859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (365406) | (4994897) | 11750523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 14684670 | 692735 | 71721836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (595350) | 237348 | (3907677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (4118131) | 5994 | (20456021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (981545) | (87518) | (4656300) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 4463472 | 26947043 | 34291336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (1113616) | (175488) | (5598632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 79272 | 911850 | 1606938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 971645 | 171003 | 5397502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1238649) | (3550844) | (7695711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 340996 | (152594) | 1893699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (68327) | (129875) | (367817) |
|  **Net realized and unrealized gain** | 1897565 | 18789516 | 11222918 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $17476910 | $108808328 | $51485542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Bond Fund | $117971 | $16972 | $336 | $11855 | $56626 | $2715 | $37491 | $53 | $32801 | $20729 | $2845 | $31473 |
|  Core Fixed Income Fund | 303580 | 60610 | 2057 | 15767 | 145718 | 9698 | 225630 | 329 | 512637 | 57273 | 3784 | 270904 |
|  Dynamic Bond Fund | 242235 | 54084 |  | 14383 | 116273 | 8653 | 158940 |  | 64826 | 15137 | 3452 | 45349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **128** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Global Core Fixed<br>Income Fund** | **Income<br>Fund** |
| Investment Income: |  |  |
|  Interest (net of foreign withholding taxes of $17,004 and $1,679, respectively) | $25931117 | $7398976 |
|  Dividends — affiliated issuers | 581886 | 227118 |
|  Dividends — unaffiliated issuers | 13520 | 29807 |
|  **Total investment income** | 26526523 | 7655901 |
| Expenses: |  |  |
|  Management fees | 4328412 | 660285 |
|  Transfer Agency fees<sup>(a)</sup> | 275614 | 51338 |
|  Custody, accounting and administrative services | 239627 | 143089 |
|  Professional fees | 115731 | 136606 |
|  Registration fees | 110948 | 112550 |
|  Printing and mailing costs | 96344 | 59477 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 75739 | 12754 |
|  Trustee fees | 30376 | 29057 |
|  Prime broker fees | 18525 | 159 |
|  Service fees — Class C | 1903 | 2991 |
|  Shareholder Administration fees — Service Class | 865 |  |
|  Other | 22323 | 11766 |
|  **Total expenses** | 5316407 | 1220072 |
|  Less — expense reductions | (1346987) | (455054) |
|  **Net expenses** | 3969420 | 765018 |
|  **NET INVESTMENT INCOME** | 22557103 | 6890883 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (11401196) | (497518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 555928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1942258 | (304307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 478570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 504938 | 65931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 14289433 | 257191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 483679 | (17337) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $4,064 and $0, respectively) | 12111199 | 983608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (122239) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1533779) | 229856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 104752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1459156) | (35307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (9056433) | (167577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (80922) | 1276 |
|  **Net realized and unrealized gain** | 6817032 | 515816 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $29374135 | $7406699 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class P** |
| Global Core Fixed Income Fund | $69166 | $5708 | $865 | $33200 | $913 | $91588 | $138 | $36433 | $110485 | $2857 |
| Income Fund | 3781 | 8973 |  | 1815 | 1436 | 10090 |  | 13815 | 18 | 24164 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **129** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
|  From operations: |  |  |  |  |
|  Net investment income | $15579345 | $13258101 | $90018812 | $69440947 |
|  Net realized loss | (1537228) | (14978279) | (5231579) | (40972175) |
|  Net change in unrealized gain | 3434793 | 10233580 | 24021095 | 10094884 |
|  **Net increase in net assets resulting from operations** | 17476910 | 8513402 | 108808328 | 38563656 |
|  Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2039854) | (1856900) | (4730877) | (4316898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (80795) | (90226) | (254174) | (222539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (4360939) | (3884861) | (23829918) | (19678864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (5575) | (4246) | (30656) | (30429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1251220) | (1375718) | (17702228) | (11366933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (3220571) | (2764035) | (8084657) | (8767559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (96529) | (91363) | (114999) | (128100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4887250) | (3665495) | (38230603) | (27686210) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  |  | (14985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  |  | (773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | (68314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  |  | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | (39459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  |  | (30436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  |  | (445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  |  | (96110) |
|  **Total distributions to shareholders** | (15942733) | (13732844) | (92978112) | (72448160) |
|  From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 93355576 | 82141263 | 773136520 | 968754396 |
|  Reinvestment of distributions | 15801796 | 13583795 | 91711985 | 70836818 |
|  Cost of shares redeemed | (101404848) | (115391313) | (551613592) | (638919561) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 7752524 | (19666255) | 313234913 | 400671653 |
|  **TOTAL INCREASE (DECREASE)** | 9286701 | (24885697) | 329065129 | 366787149 |
|  Net assets: |  |  |  |  |
|  Beginning of year | 338279281 | 363164978 | 2019779542 | 1652992393 |
|  End of year | $347565982 | $338279281 | $2348844671 | $2019779542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **130** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
|  From operations: |  |  |  |  |
|  Net investment income | $40262624 | $26913015 | $22557103 | $16592859 |
|  Net realized gain (loss) | (18304397) | (19171831) | 6853610 | 12220180 |
|  Net change in unrealized gain (loss) | 29527315 | 44386311 | (36578) | (778804) |
|  **Net increase in net assets resulting from operations** | 51485542 | 52127495 | 29374135 | 28034235 |
|  Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (6107106) | (4358388) | (1320502) | (736848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (392710) | (204091) | (28850) | (23966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (25979087) | (13507496) | (11818547) | (5774425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (16866) | (10106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3521455) | (783945) | (1480509) | (1178355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (3364918) | (1579779) | (19127301) | (8933575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (176575) | (110179) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (10032530) | (6520191) | (502362) | (216488) |
|  **Total distributions to shareholders** | (49574381) | (27064069) | (34294937) | (16873763) |
|  From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 368566196 | 180198179 | 130020334 | 161395351 |
|  Reinvestment of distributions | 43581261 | 24149933 | 33674495 | 16534554 |
|  Cost of shares redeemed | (201696553) | (185211016) | (112439775) | (129220496) |
|  **Net increase in net assets resulting from share transactions** | 210450904 | 19137096 | 51255054 | 48709409 |
|  **TOTAL INCREASE** | 212362065 | 44200522 | 46334252 | 59869881 |
|  Net assets: |  |  |  |  |
|  Beginning of year | 680785038 | 636584516 | 656540018 | 596670137 |
|  End of year | $893147103 | $680785038 | $702874270 | $656540018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **131** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
|  From operations: |  |  |
|  Net investment income | $6890883 | $4586409 |
|  Net realized loss | (496040) | (4094860) |
|  Net change in unrealized gain | 1011856 | 8882032 |
|  **Net increase in net assets resulting from operations** | 7406699 | 9373581 |
|  Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (79603) | (45202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (52750) | (13983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1404907) | (728125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (628892) | (154852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (3278) | (2870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  | (717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4513163) | (3274517) |
|  Return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (428) | (5222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (284) | (1616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (7552) | (84122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3381) | (17890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (18) | (332) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (24261) | (378314) |
|  **Total distributions to shareholders** | (6718517) | (4707845) |
|  From share transactions: |  |  |
|  Proceeds from sales of shares | 58395101 | 82598680 |
|  Reinvestment of distributions | 6718466 | 4707726 |
|  Cost of shares redeemed | (24606261) | (59970937) |
|  **Net increase in net assets resulting from share transactions** | 40507306 | 27335469 |
|  **TOTAL INCREASE** | 41195488 | 32001205 |
|  Net assets: |  |  |
|  Beginning of year | 97125822 | 65124617 |
|  End of year | $138321310 | $97125822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **132** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.81 | $8.93 | $9.83 | $10.54 | $10.33 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.33 | 0.26 | 0.15 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.06 | (0.11) | (0.87) | (0.66) | 0.48 |
|  Total from investment operations | 0.43 | 0.22 | (0.61) | (0.51) | 0.70 |
|  Distributions to shareholders from net investment income | (0.38) | (0.34) | (0.21) | (0.11) | (0.30) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.08) | (0.09) |  |
|  Total distributions | (0.38) | (0.34) | (0.29) | (0.20) | (0.49) |
|  Net asset value, end of year | $8.86 | $8.81 | $8.93 | $9.83 | $10.54 |
|  **Total return<sup>(b)</sup>** | 5.12% | 2.44% | (6.08)% | (4.92)% | 6.56% |
|  Net assets, end of year (in 000s) | $46776 | $47886 | $50814 | $58088 | $92871 |
|  Ratio of net expenses to average net assets | 0.80% | 0.80% | 0.79% | 0.78% | 0.78% |
|  Ratio of total expenses to average net assets | 1.04% | 1.05% | 1.02% | 0.96% | 0.93% |
|  Ratio of net investment income to average net assets | 4.22% | 3.75% | 2.89% | 1.41% | 2.03% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **133** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.80 | $8.93 | $9.82 | $10.53 | $10.32 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.26 | 0.19 | 0.07 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.05 | (0.12) | (0.86) | (0.66) | 0.48 |
|  Total from investment operations | 0.36 | 0.14 | (0.67) | (0.59) | 0.62 |
|  Distributions to shareholders from net investment income | (0.31) | (0.27) | (0.16) | (0.07) | (0.22) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.06) | (0.05) |  |
|  Total distributions | (0.31) | (0.27) | (0.22) | (0.12) | (0.41) |
|  Net asset value, end of year | $8.85 | $8.80 | $8.93 | $9.82 | $10.53 |
|  **Total return<sup>(b)</sup>** | 4.34% | 1.68% | (6.79)% | (5.55)% | 5.67% |
|  Net assets, end of year (in 000s) | $2411 | $2325 | $3649 | $5928 | $11437 |
|  Ratio of net expenses to average net assets | 1.55% | 1.55% | 1.54% | 1.53% | 1.53% |
|  Ratio of total expenses to average net assets | 1.79% | 1.80% | 1.77% | 1.70% | 1.68% |
|  Ratio of net investment income to average net assets | 3.47% | 2.98% | 2.09% | 0.65% | 1.29% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **134** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.81 | $8.93 | $9.83 | $10.53 | $10.33 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.36 | 0.29 | 0.18 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.06 | (0.11) | (0.87) | (0.64) | 0.47 |
|  Total from investment operations | 0.46 | 0.25 | (0.58) | (0.46) | 0.73 |
|  Distributions to shareholders from net investment income | (0.41) | (0.37) | (0.23) | (0.14) | (0.34) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.09) | (0.10) |  |
|  Total distributions | (0.41) | (0.37) | (0.32) | (0.24) | (0.53) |
|  Net asset value, end of year | $8.86 | $8.81 | $8.93 | $9.83 | $10.53 |
|  **Total return<sup>(b)</sup>** | 5.35% | 2.78% | (5.68)% | (4.61)% | 6.82% |
|  Net assets, end of year (in 000s) | $85702 | $93070 | $106676 | $116520 | $158080 |
|  Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.46% | 0.45% | 0.45% |
|  Ratio of total expenses to average net assets | 0.71% | 0.72% | 0.69% | 0.63% | 0.60% |
|  Ratio of net investment income to average net assets | 4.55% | 4.08% | 3.23% | 1.75% | 2.36% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **135** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.81 | $8.94 | $9.83 | $10.54 | $10.33 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.31 | 0.25 | 0.14 | 0.20 |
|  Net realized and unrealized gain (loss) | 0.06 | (0.11) | (0.87) | (0.66) | 0.48 |
|  Total from investment operations | 0.42 | 0.20 | (0.62) | (0.52) | 0.68 |
|  Distributions to shareholders from net investment income | (0.37) | (0.33) | (0.19) | (0.11) | (0.28) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.08) | (0.08) |  |
|  Total distributions | (0.37) | (0.33) | (0.27) | (0.19) | (0.47) |
|  Net asset value, end of year | $8.86 | $8.81 | $8.94 | $9.83 | $10.54 |
|  **Total return<sup>(b)</sup>** | 4.82% | 2.31% | (6.24)% | (5.08)% | 6.39% |
|  Net assets, end of year (in 000s) | $145 | $123 | $130 | $94 | $84 |
|  Ratio of net expenses to average net assets | 0.97% | 0.96% | 0.95% | 0.95% | 0.95% |
|  Ratio of total expenses to average net assets | 1.21% | 1.22% | 1.18% | 1.13% | 1.09% |
|  Ratio of net investment income to average net assets | 4.04% | 3.59% | 2.77% | 1.31% | 1.83% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **136** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.78 | $8.90 | $9.79 | $10.50 | $10.30 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.34 | 0.28 | 0.18 | 0.25 |
|  Net realized and unrealized gain (loss) | 0.06 | (0.10) | (0.86) | (0.66) | 0.47 |
|  Total from investment operations | 0.45 | 0.24 | (0.58) | (0.48) | 0.72 |
|  Distributions to shareholders from net investment income | (0.40) | (0.36) | (0.22) | (0.13) | (0.33) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.09) | (0.10) |  |
|  Total distributions | (0.40) | (0.36) | (0.31) | (0.23) | (0.52) |
|  Net asset value, end of year | $8.83 | $8.78 | $8.90 | $9.79 | $10.50 |
|  **Total return<sup>(b)</sup>** | 5.38% | 2.69% | (5.78)% | (4.71)% | 6.84% |
|  Net assets, end of year (in 000s) | $23734 | $28542 | $46802 | $64096 | $68314 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.54% | 0.53% | 0.53% |
|  Ratio of total expenses to average net assets | 0.78% | 0.80% | 0.77% | 0.71% | 0.68% |
|  Ratio of net investment income to average net assets | 4.47% | 3.96% | 3.10% | 1.70% | 2.24% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **137** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.81 | $8.93 | $9.82 | $10.53 | $10.33 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.36 | 0.29 | 0.19 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.05 | (0.11) | (0.86) | (0.66) | 0.47 |
|  Total from investment operations | 0.45 | 0.25 | (0.57) | (0.47) | 0.73 |
|  Distributions to shareholders from net investment income | (0.41) | (0.37) | (0.23) | (0.14) | (0.34) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.09) | (0.10) |  |
|  Total distributions | (0.41) | (0.37) | (0.32) | (0.24) | (0.53) |
|  Net asset value, end of year | $8.85 | $8.81 | $8.93 | $9.82 | $10.53 |
|  **Total return<sup>(b)</sup>** | 5.47% | 2.79% | (5.77)% | (4.60)% | 6.93% |
|  Net assets, end of year (in 000s) | $71208 | $67704 | $66642 | $71588 | $72608 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.45% | 0.44% | 0.44% |
|  Ratio of total expenses to average net assets | 0.70% | 0.71% | 0.68% | 0.62% | 0.59% |
|  Ratio of net investment income to average net assets | 4.56% | 4.09% | 3.23% | 1.80% | 2.39% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **138** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.80 | $8.93 | $9.82 | $10.53 | $10.32 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.30 | 0.24 | 0.12 | 0.20 |
|  Net realized and unrealized gain (loss) | 0.06 | (0.11) | (0.86) | (0.65) | 0.47 |
|  Total from investment operations | 0.41 | 0.19 | (0.62) | (0.53) | 0.67 |
|  Distributions to shareholders from net investment income | (0.36) | (0.32) | (0.19) | (0.11) | (0.27) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.08) | (0.07) |  |
|  Total distributions | (0.36) | (0.32) | (0.27) | (0.18) | (0.46) |
|  Net asset value, end of year | $8.85 | $8.80 | $8.93 | $9.82 | $10.53 |
|  **Total return<sup>(b)</sup>** | 4.86% | 2.19% | (6.33)% | (5.16)% | 6.30% |
|  Net assets, end of year (in 000s) | $2756 | $2575 | $2537 | $3008 | $5030 |
|  Ratio of net expenses to average net assets | 1.05% | 1.05% | 1.04% | 1.03% | 1.03% |
|  Ratio of total expenses to average net assets | 1.29% | 1.30% | 1.27% | 1.21% | 1.18% |
|  Ratio of net investment income to average net assets | 3.97% | 3.50% | 2.65% | 1.14% | 1.79% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **139** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.81 | $8.93 | $9.82 | $10.53 | $10.33 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.36 | 0.29 | 0.19 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.05 | (0.11) | (0.86) | (0.66) | 0.47 |
|  Total from investment operations | 0.45 | 0.25 | (0.57) | (0.47) | 0.73 |
|  Distributions to shareholders from net investment income | (0.41) | (0.37) | (0.23) | (0.14) | (0.34) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.09) | (0.10) |  |
|  Total distributions | (0.41) | (0.37) | (0.32) | (0.24) | (0.53) |
|  Net asset value, end of year | $8.85 | $8.81 | $8.93 | $9.82 | $10.53 |
|  **Total return<sup>(b)</sup>** | 5.47% | 2.79% | (5.77)% | (4.60)% | 6.93% |
|  Net assets, end of year (in 000s) | $114834 | $96055 | $85915 | $87773 | $94092 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.45% | 0.44% | 0.44% |
|  Ratio of total expenses to average net assets | 0.70% | 0.71% | 0.68% | 0.62% | 0.59% |
|  Ratio of net investment income to average net assets | 4.55% | 4.09% | 3.24% | 1.79% | 2.37% |
|  Portfolio turnover rate<sup>(c)</sup> | 1200% | 1287% | 1007% | 627% | 690% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **140** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.10 | $9.29 | $10.11 | $10.76 | $10.79 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.32 | 0.24 | 0.12 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.08 | (0.18) | (0.80) | (0.60) | 0.29 |
|  Total from investment operations | 0.42 | 0.14 | (0.56) | (0.48) | 0.43 |
|  Distributions to shareholders from net investment income | (0.36) | (0.33) | (0.22) | (0.14) | (0.21) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.04) | (0.03) |  |
|  Total distributions | (0.36) | (0.33) | (0.26) | (0.17) | (0.46) |
|  Net asset value, end of year | $9.16 | $9.10 | $9.29 | $10.11 | $10.76 |
|  **Total return<sup>(c)</sup>** | 4.76% | 1.61% | (5.49)% | (4.52)% | 3.83% |
|  Net assets, end of year (in 000s) | $127543 | $119292 | $119479 | $150857 | $164129 |
|  Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.71% | 0.71% | 0.70% |
|  Ratio of total expenses to average net assets | 0.79% | 0.80% | 0.81% | 0.80% | 0.81% |
|  Ratio of net investment income to average net assets | 3.76% | 3.51% | 2.53% | 1.13% | 1.26% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **141** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.15 | $9.34 | $10.16 | $10.82 | $10.84 |
|  Net investment income<sup>(a)</sup> | 0.28 | 0.25 | 0.17 | 0.04 | 0.06 |
|  Net realized and unrealized gain (loss) | 0.07 | (0.17) | (0.80) | (0.61) | 0.29 |
|  Total from investment operations | 0.35 | 0.08 | (0.63) | (0.57) | 0.35 |
|  Distributions to shareholders from net investment income | (0.29) | (0.27) | (0.16) | (0.07) | (0.12) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.03) | (0.02) |  |
|  Total distributions | (0.29) | (0.27) | (0.19) | (0.09) | (0.37) |
|  Net asset value, end of year | $9.21 | $9.15 | $9.34 | $10.16 | $10.82 |
|  **Total return<sup>(c)</sup>** | 3.98% | 0.86% | (6.15)% | (5.20)% | 3.05% |
|  Net assets, end of year (in 000s) | $7865 | $8037 | $6982 | $9529 | $12416 |
|  Ratio of net expenses to average net assets | 1.46% | 1.46% | 1.46% | 1.46% | 1.45% |
|  Ratio of total expenses to average net assets | 1.54% | 1.55% | 1.56% | 1.55% | 1.56% |
|  Ratio of net investment income to average net assets | 3.01% | 2.76% | 1.78% | 0.37% | 0.50% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **142** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.14 | $9.33 | $10.15 | $10.81 | $10.83 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.35 | 0.27 | 0.16 | 0.17 |
|  Net realized and unrealized gain (loss) | 0.08 | (0.18) | (0.80) | (0.61) | 0.30 |
|  Total from investment operations | 0.45 | 0.17 | (0.53) | (0.45) | 0.47 |
|  Distributions to shareholders from net investment income | (0.39) | (0.36) | (0.24) | (0.17) | (0.24) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.04) |  |
|  Total distributions | (0.39) | (0.36) | (0.29) | (0.21) | (0.49) |
|  Net asset value, end of year | $9.20 | $9.14 | $9.33 | $10.15 | $10.81 |
|  **Total return<sup>(c)</sup>** | 5.11% | 1.95% | (5.14)% | (4.18)% | 4.17% |
|  Net assets, end of year (in 000s) | $580120 | $539220 | $401838 | $410606 | $645062 |
|  Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.38% | 0.38% | 0.37% |
|  Ratio of total expenses to average net assets | 0.46% | 0.47% | 0.48% | 0.47% | 0.47% |
|  Ratio of net investment income to average net assets | 4.09% | 3.85% | 2.89% | 1.45% | 1.55% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **143** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.14 | $9.33 | $10.15 | $10.81 | $10.83 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.30 | 0.22 | 0.10 | 0.13 |
|  Net realized and unrealized gain (loss) | 0.08 | (0.17) | (0.79) | (0.60) | 0.29 |
|  Total from investment operations | 0.41 | 0.13 | (0.57) | (0.50) | 0.42 |
|  Distributions to shareholders from net investment income | (0.34) | (0.32) | (0.21) | (0.13) | (0.19) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.04) | (0.03) |  |
|  Total distributions | (0.34) | (0.32) | (0.25) | (0.16) | (0.44) |
|  Net asset value, end of year | $9.21 | $9.14 | $9.33 | $10.15 | $10.81 |
|  **Total return<sup>(c)</sup>** | 4.58% | 1.44% | (5.61)% | (4.74)% | 3.65% |
|  Net assets, end of year (in 000s) | $882 | $845 | $955 | $1115 | $1070 |
|  Ratio of net expenses to average net assets | 0.88% | 0.88% | 0.88% | 0.88% | 0.87% |
|  Ratio of total expenses to average net assets | 0.96% | 0.97% | 0.98% | 0.97% | 0.98% |
|  Ratio of net investment income to average net assets | 3.59% | 3.33% | 2.38% | 0.97% | 1.11% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **144** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.11 | $9.30 | $10.11 | $10.77 | $10.80 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.34 | 0.26 | 0.15 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.07 | (0.18) | (0.78) | (0.61) | 0.30 |
|  Total from investment operations | 0.44 | 0.16 | (0.52) | (0.46) | 0.46 |
|  Distributions to shareholders from net investment income | (0.38) | (0.35) | (0.24) | (0.17) | (0.24) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.03) |  |
|  Total distributions | (0.38) | (0.35) | (0.29) | (0.20) | (0.49) |
|  Net asset value, end of year | $9.17 | $9.11 | $9.30 | $10.11 | $10.77 |
|  **Total return<sup>(c)</sup>** | 5.02% | 1.86% | (5.15)% | (4.37)% | 4.09% |
|  Net assets, end of year (in 000s) | $411014 | $396138 | $195489 | $269988 | $426467 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.46% | 0.46% | 0.45% |
|  Ratio of total expenses to average net assets | 0.54% | 0.55% | 0.56% | 0.55% | 0.56% |
|  Ratio of net investment income to average net assets | 4.01% | 3.78% | 2.76% | 1.37% | 1.46% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **145** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.15 | $9.34 | $10.16 | $10.82 | $10.84 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.35 | 0.28 | 0.17 | 0.19 |
|  Net realized and unrealized gain (loss) | 0.07 | (0.18) | (0.81) | (0.62) | 0.29 |
|  Total from investment operations | 0.45 | 0.17 | (0.53) | (0.45) | 0.48 |
|  Distributions to shareholders from net investment income | (0.39) | (0.36) | (0.24) | (0.17) | (0.25) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.04) |  |
|  Total distributions | (0.39) | (0.36) | (0.29) | (0.21) | (0.50) |
|  Net asset value, end of year | $9.21 | $9.15 | $9.34 | $10.16 | $10.82 |
|  **Total return<sup>(c)</sup>** | 5.12% | 1.96% | (5.12)% | (4.16)% | 4.18% |
|  Net assets, end of year (in 000s) | $202252 | $164210 | $276178 | $187649 | $39378 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.36% |
|  Ratio of total expenses to average net assets | 0.45% | 0.46% | 0.47% | 0.46% | 0.47% |
|  Ratio of net investment income to average net assets | 4.10% | 3.82% | 2.97% | 1.56% | 1.71% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **146** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.11 | $9.29 | $10.11 | $10.77 | $10.79 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.29 | 0.22 | 0.09 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.07 | (0.16) | (0.80) | (0.60) | 0.29 |
|  Total from investment operations | 0.39 | 0.13 | (0.58) | (0.51) | 0.41 |
|  Distributions to shareholders from net investment income | (0.33) | (0.31) | (0.20) | (0.13) | (0.18) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.04) | (0.02) |  |
|  Total distributions | (0.33) | (0.31) | (0.24) | (0.15) | (0.43) |
|  Net asset value, end of year | $9.17 | $9.11 | $9.29 | $10.11 | $10.77 |
|  **Total return<sup>(c)</sup>** | 4.50% | 1.36% | (5.62)% | (4.75)% | 3.57% |
|  Net assets, end of year (in 000s) | $3197 | $3762 | $3782 | $4181 | $4864 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.96% | 0.96% | 0.95% |
|  Ratio of total expenses to average net assets | 1.04% | 1.05% | 1.06% | 1.05% | 1.06% |
|  Ratio of net investment income to average net assets | 3.52% | 3.26% | 2.31% | 0.88% | 1.02% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **147** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.15 | $9.34 | $10.16 | $10.82 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.35 | 0.27 | 0.16 | 0.18 |
|  Net realized and unrealized gain (loss) | 0.08 | (0.18) | (0.80) | (0.61) | 0.29 |
|  Total from investment operations | 0.46 | 0.17 | (0.53) | (0.45) | 0.47 |
|  Distributions to shareholders from net investment income | (0.39) | (0.36) | (0.24) | (0.17) | (0.25) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.25) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.04) |  |
|  Total distributions | (0.39) | (0.36) | (0.29) | (0.21) | (0.50) |
|  Net asset value, end of year | $9.22 | $9.15 | $9.34 | $10.16 | $10.82 |
|  **Total return<sup>(c)</sup>** | 5.11% | 1.96% | (5.12)% | (4.25)% | 4.18% |
|  Net assets, end of year (in 000s) | $1015972 | $788276 | $648289 | $690242 | $809047 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.36% |
|  Ratio of total expenses to average net assets | 0.45% | 0.46% | 0.47% | 0.46% | 0.46% |
|  Ratio of net investment income to average net assets | 4.10% | 3.85% | 2.90% | 1.47% | 1.60% |
|  Portfolio turnover rate<sup>(d)</sup> | 935% | 1127% | 884% | 489% | 575% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **148** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.36 | $9.00 | $9.14 | $9.41 | $8.48 |
|  Net investment income<sup>(a)</sup> | 0.47 | 0.36 | 0.24 | 0.09 | 0.31 |
|  Net realized and unrealized gain (loss) | 0.15 | 0.36 | (0.09) | (0.20) | 0.99 |
|  Total from investment operations | 0.62 | 0.72 | 0.15 | (0.11) | 1.30 |
|  Distributions to shareholders from net investment income | (0.59) | (0.36) |  |  | (0.35) |
|  Distributions to shareholders from return of capital |  |  | (0.29) | (0.16) | (0.02) |
|  Total distributions | (0.59) | (0.36) | (0.29) | (0.16) | (0.37) |
|  Net asset value, end of year | $9.39 | $9.36 | $9.00 | $9.14 | $9.41 |
|  **Total return<sup>(b)</sup>** | 6.97% | 8.30% | 1.64% | (1.12)% | 15.12% |
|  Net assets, end of year (in 000s) | $94366 | $103331 | $121804 | $127793 | $126488 |
|  Ratio of net expenses to average net assets | 1.06% | 1.04% | 1.03% | 1.01% | 1.02% |
|  Ratio of total expenses to average net assets | 1.14% | 1.15% | 1.12% | 1.07% | 1.05% |
|  Ratio of net investment income to average net assets | 5.04% | 3.94% | 2.75% | 0.94% | 3.27% |
|  Portfolio turnover rate<sup>(c)</sup> | 2379% | 2353% | 1026% | 416% | 722% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **149** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.34 | $8.98 | $9.11 | $9.39 | $8.46 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.29 | 0.15 | 0.02 | 0.24 |
|  Net realized and unrealized gain (loss) | 0.15 | 0.36 | (0.06) | (0.21) | 0.98 |
|  Total from investment operations | 0.55 | 0.65 | 0.09 | (0.19) | 1.22 |
|  Distributions to shareholders from net investment income | (0.53) | (0.29) |  |  | (0.27) |
|  Distributions to shareholders from return of capital |  |  | (0.22) | (0.09) | (0.02) |
|  Total distributions | (0.53) | (0.29) | (0.22) | (0.09) | (0.29) |
|  Net asset value, end of year | $9.36 | $9.34 | $8.98 | $9.11 | $9.39 |
|  **Total return<sup>(b)</sup>** | 6.11% | 7.50% | 0.81% | (1.82)% | 14.24% |
|  Net assets, end of year (in 000s) | $9393 | $5855 | $7470 | $22237 | $55099 |
|  Ratio of net expenses to average net assets | 1.81% | 1.79% | 1.78% | 1.76% | 1.77% |
|  Ratio of total expenses to average net assets | 1.89% | 1.90% | 1.87% | 1.81% | 1.80% |
|  Ratio of net investment income to average net assets | 4.26% | 3.20% | 1.68% | 0.18% | 2.54% |
|  Portfolio turnover rate<sup>(c)</sup> | 2379% | 2353% | 1026% | 416% | 722% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **150** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.37 | $9.01 | $9.15 | $9.42 | $8.49 |
|  Net investment income<sup>(a)</sup> | 0.50 | 0.39 | 0.27 | 0.12 | 0.34 |
|  Net realized and unrealized gain (loss) | 0.15 | 0.36 | (0.09) | (0.20) | 0.99 |
|  Total from investment operations | 0.65 | 0.75 | 0.18 | (0.08) | 1.33 |
|  Distributions to shareholders from net investment income | (0.62) | (0.39) |  |  | (0.38) |
|  Distributions to shareholders from return of capital |  |  | (0.32) | (0.19) | (0.02) |
|  Total distributions | (0.62) | (0.39) | (0.32) | (0.19) | (0.40) |
|  Net asset value, end of year | $9.40 | $9.37 | $9.01 | $9.15 | $9.42 |
|  **Total return<sup>(b)</sup>** | 7.31% | 8.65% | 1.97% | (0.83)% | 15.62% |
|  Net assets, end of year (in 000s) | $490690 | $343876 | $310847 | $376645 | $437445 |
|  Ratio of net expenses to average net assets | 0.73% | 0.71% | 0.70% | 0.68% | 0.69% |
|  Ratio of total expenses to average net assets | 0.81% | 0.82% | 0.79% | 0.74% | 0.71% |
|  Ratio of net investment income to average net assets | 5.35% | 4.29% | 3.04% | 1.28% | 3.61% |
|  Portfolio turnover rate<sup>(c)</sup> | 2379% | 2353% | 1026% | 416% | 722% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **151** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.37 | $9.01 | $9.14 | $9.42 | $8.48 |
|  Net investment income<sup>(a)</sup> | 0.49 | 0.39 | 0.26 | 0.11 | 0.33 |
|  Net realized and unrealized gain (loss) | 0.16 | 0.36 | (0.08) | (0.21) | 1.00 |
|  Total from investment operations | 0.65 | 0.75 | 0.18 | (0.10) | 1.33 |
|  Distributions to shareholders from net investment income | (0.62) | (0.39) |  |  | (0.37) |
|  Distributions to shareholders from return of capital |  |  | (0.31) | (0.18) | (0.02) |
|  Total distributions | (0.62) | (0.39) | (0.31) | (0.18) | (0.39) |
|  Net asset value, end of year | $9.40 | $9.37 | $9.01 | $9.14 | $9.42 |
|  **Total return<sup>(b)</sup>** | 7.12% | 8.68% | 1.78% | (0.90)% | 15.52% |
|  Net assets, end of year (in 000s) | $92431 | $23492 | $17221 | $18592 | $22711 |
|  Ratio of net expenses to average net assets | 0.81% | 0.79% | 0.78% | 0.76% | 0.77% |
|  Ratio of total expenses to average net assets | 0.90% | 0.90% | 0.87% | 0.82% | 0.80% |
|  Ratio of net investment income to average net assets | 5.23% | 4.25% | 2.95% | 1.19% | 3.53% |
|  Portfolio turnover rate<sup>(c)</sup> | 2379% | 2353% | 1026% | 416% | 722% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **152** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.37 | $9.00 | $9.14 | $9.41 | $8.48 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.39 | 0.27 | 0.14 | 0.34 |
|  Net realized and unrealized gain (loss) | 0.14 | 0.37 | (0.09) | (0.22) | 0.99 |
|  Total from investment operations | 0.65 | 0.76 | 0.18 | (0.08) | 1.33 |
|  Distributions to shareholders from net investment income | (0.62) | (0.39) |  |  | (0.38) |
|  Distributions to shareholders from return of capital |  |  | (0.32) | (0.19) | (0.02) |
|  Total distributions | (0.62) | (0.39) | (0.32) | (0.19) | (0.40) |
|  Net asset value, end of year | $9.40 | $9.37 | $9.00 | $9.14 | $9.41 |
|  **Total return<sup>(b)</sup>** | 7.33% | 8.67% | 1.87% | (0.71)% | 15.51% |
|  Net assets, end of year (in 000s) | $51010 | $50711 | $17985 | $19883 | $4023 |
|  Ratio of net expenses to average net assets | 0.72% | 0.70% | 0.69% | 0.67% | 0.68% |
|  Ratio of total expenses to average net assets | 0.80% | 0.81% | 0.78% | 0.73% | 0.70% |
|  Ratio of net investment income to average net assets | 5.38% | 4.30% | 3.06% | 1.47% | 3.63% |
|  Portfolio turnover rate<sup>(c)</sup> | 2379% | 2353% | 1026% | 416% | 722% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **153** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.34 | $8.98 | $9.12 | $9.40 | $8.47 |
|  Net investment income<sup>(a)</sup> | 0.45 | 0.34 | 0.22 | 0.07 | 0.29 |
|  Net realized and unrealized gain (loss) | 0.15 | 0.36 | (0.09) | (0.21) | 0.98 |
|  Total from investment operations | 0.60 | 0.70 | 0.13 | (0.14) | 1.27 |
|  Distributions to shareholders from net investment income | (0.57) | (0.34) |  |  | (0.32) |
|  Distributions to shareholders from return of capital |  |  | (0.27) | (0.14) | (0.02) |
|  Total distributions | (0.57) | (0.34) | (0.27) | (0.14) | (0.34) |
|  Net asset value, end of year | $9.37 | $9.34 | $8.98 | $9.12 | $9.40 |
|  **Total return<sup>(b)</sup>** | 6.61% | 8.05% | 1.28% | (1.35)% | 14.98% |
|  Net assets, end of year (in 000s) | $2935 | $3044 | $2886 | $2520 | $2539 |
|  Ratio of net expenses to average net assets | 1.31% | 1.29% | 1.28% | 1.26% | 1.27% |
|  Ratio of total expenses to average net assets | 1.39% | 1.40% | 1.37% | 1.32% | 1.30% |
|  Ratio of net investment income to average net assets | 4.79% | 3.70% | 2.51% | 0.70% | 3.04% |
|  Portfolio turnover rate<sup>(c)</sup> | 2379% | 2353% | 1026% | 416% | 722% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **154** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.35 | $8.99 | $9.13 | $9.40 | $8.47 |
|  Net investment income<sup>(a)</sup> | 0.50 | 0.39 | 0.27 | 0.12 | 0.34 |
|  Net realized and unrealized gain (loss) | 0.15 | 0.36 | (0.09) | (0.20) | 0.99 |
|  Total from investment operations | 0.65 | 0.75 | 0.18 | (0.08) | 1.33 |
|  Distributions to shareholders from net investment income | (0.62) | (0.39) |  |  | (0.38) |
|  Distributions to shareholders from return of capital |  |  | (0.32) | (0.19) | (0.02) |
|  Total distributions | (0.62) | (0.39) | (0.32) | (0.19) | (0.40) |
|  Net asset value, end of year | $9.38 | $9.35 | $8.99 | $9.13 | $9.40 |
|  **Total return<sup>(b)</sup>** | 7.34% | 8.68% | 1.87% | (0.71)% | 15.53% |
|  Net assets, end of year (in 000s) | $152323 | $150478 | $158372 | $221056 | $268868 |
|  Ratio of net expenses to average net assets | 0.72% | 0.70% | 0.69% | 0.67% | 0.68% |
|  Ratio of total expenses to average net assets | 0.80% | 0.81% | 0.78% | 0.73% | 0.70% |
|  Ratio of net investment income to average net assets | 5.38% | 4.29% | 2.99% | 1.27% | 3.62% |
|  Portfolio turnover rate<sup>(c)</sup> | 2379% | 2353% | 1026% | 416% | 722% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **155** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.38 | $11.20 | $12.00 | $12.73 | $12.72 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.27 | 0.18 | 0.07 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.12 | 0.19 | (0.75) | (0.65) | 0.54 |
|  Total from investment operations | 0.47 | 0.46 | (0.57) | (0.58) | 0.68 |
|  Distributions to shareholders from net investment income | (0.55) | (0.28) | (0.23) | (0.11) | (0.32) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) | (0.35) |
|  Total distributions | (0.55) | (0.28) | (0.23) | (0.15) | (0.67) |
|  Net asset value, end of year | $11.30 | $11.38 | $11.20 | $12.00 | $12.73 |
|  **Total return<sup>(b)</sup>** | 4.37% | 4.15% | (4.72)% | (4.53)% | 5.15% |
|  Net assets, end of year (in 000s) | $25402 | $28643 | $36563 | $45557 | $52270 |
|  Ratio of net expenses to average net assets | 0.91% | 0.92% | 0.91% | 0.94% | 1.00% |
|  Ratio of total expenses to average net assets | 1.12% | 1.12% | 1.19% | 1.16% | 1.17% |
|  Ratio of net investment income to average net assets | 3.07% | 2.43% | 1.56% | 0.56% | 1.07% |
|  Portfolio turnover rate<sup>(c)</sup> | 540% | 566% | 689% | 461% | 522% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **156** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.27 | $11.09 | $11.88 | $12.62 | $12.61 |
|  Net investment income (loss)<sup>(a)</sup> | 0.26 | 0.18 | 0.09 | (0.03) | 0.04 |
|  Net realized and unrealized gain (loss) | 0.12 | 0.19 | (0.74) | (0.64) | 0.54 |
|  Total from investment operations | 0.38 | 0.37 | (0.65) | (0.67) | 0.58 |
|  Distributions to shareholders from net investment income | (0.46) | (0.19) | (0.14) | (0.03) | (0.22) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) | (0.35) |
|  Total distributions | (0.46) | (0.19) | (0.14) | (0.07) | (0.57) |
|  Net asset value, end of year | $11.19 | $11.27 | $11.09 | $11.88 | $12.62 |
|  **Total return<sup>(b)</sup>** | 3.60% | 3.30% | (5.33)% | (5.28)% | 4.40% |
|  Net assets, end of year (in 000s) | $590 | $1027 | $1728 | $2938 | $4799 |
|  Ratio of net expenses to average net assets | 1.66% | 1.67% | 1.66% | 1.70% | 1.75% |
|  Ratio of total expenses to average net assets | 1.87% | 1.87% | 1.94% | 1.91% | 1.91% |
|  Ratio of net investment income (loss) to average net assets | 2.32% | 1.67% | 0.78% | (0.22)% | 0.33% |
|  Portfolio turnover rate<sup>(c)</sup> | 540% | 566% | 689% | 461% | 522% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **157** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.36 | $11.18 | $11.97 | $12.70 | $12.70 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.31 | 0.21 | 0.11 | 0.18 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.18 | (0.74) | (0.65) | 0.53 |
|  Total from investment operations | 0.50 | 0.49 | (0.53) | (0.54) | 0.71 |
|  Distributions to shareholders from net investment income | (0.58) | (0.31) | (0.26) | (0.15) | (0.36) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) | (0.35) |
|  Total distributions | (0.58) | (0.31) | (0.26) | (0.19) | (0.71) |
|  Net asset value, end of year | $11.28 | $11.36 | $11.18 | $11.97 | $12.70 |
|  **Total return<sup>(b)</sup>** | 4.71% | 4.48% | (4.43)% | (4.24)% | 5.48% |
|  Net assets, end of year (in 000s) | $238055 | $218637 | $206613 | $251099 | $282633 |
|  Ratio of net expenses to average net assets | 0.58% | 0.61% | 0.60% | 0.63% | 0.69% |
|  Ratio of total expenses to average net assets | 0.79% | 0.79% | 0.86% | 0.83% | 0.83% |
|  Ratio of net investment income to average net assets | 3.40% | 2.76% | 1.87% | 0.87% | 1.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 540% | 566% | 689% | 461% | 522% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **158** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.30 | $11.12 | $11.91 | $12.63 | $12.62 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.25 | 0.15 | 0.05 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.12 | 0.18 | (0.73) | (0.65) | 0.55 |
|  Total from investment operations | 0.45 | 0.43 | (0.58) | (0.60) | 0.66 |
|  Distributions to shareholders from net investment income | (0.53) | (0.25) | (0.21) | (0.08) | (0.30) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) | (0.35) |
|  Total distributions | (0.53) | (0.25) | (0.21) | (0.12) | (0.65) |
|  Net asset value, end of year | $11.22 | $11.30 | $11.12 | $11.91 | $12.63 |
|  **Total return<sup>(b)</sup>** | 4.20% | 3.88% | (4.87)% | (4.74)% | 4.98% |
|  Net assets, end of year (in 000s) | $36 | $427 | $491 | $567 | $653 |
|  Ratio of net expenses to average net assets | 1.08% | 1.11% | 1.10% | 1.13% | 1.18% |
|  Ratio of total expenses to average net assets | 1.29% | 1.29% | 1.36% | 1.33% | 1.34% |
|  Ratio of net investment income to average net assets | 2.89% | 2.24% | 1.38% | 0.37% | 0.85% |
|  Portfolio turnover rate<sup>(c)</sup> | 540% | 566% | 689% | 461% | 522% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **159** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.34 | $11.16 | $11.95 | $12.68 | $12.67 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.30 | 0.20 | 0.10 | 0.17 |
|  Net realized and unrealized gain (loss) | 0.12 | 0.18 | (0.73) | (0.65) | 0.54 |
|  Total from investment operations | 0.50 | 0.48 | (0.53) | (0.55) | 0.71 |
|  Distributions to shareholders from net investment income | (0.58) | (0.30) | (0.26) | (0.14) | (0.35) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) | (0.35) |
|  Total distributions | (0.58) | (0.30) | (0.26) | (0.18) | (0.70) |
|  Net asset value, end of year | $11.26 | $11.34 | $11.16 | $11.95 | $12.68 |
|  **Total return<sup>(b)</sup>** | 4.63% | 4.42% | (4.42)% | (4.31)% | 5.43% |
|  Net assets, end of year (in 000s) | $37730 | $35349 | $49849 | $60048 | $73477 |
|  Ratio of net expenses to average net assets | 0.66% | 0.67% | 0.66% | 0.69% | 0.75% |
|  Ratio of total expenses to average net assets | 0.87% | 0.87% | 0.94% | 0.91% | 0.92% |
|  Ratio of net investment income to average net assets | 3.32% | 2.68% | 1.80% | 0.82% | 1.31% |
|  Portfolio turnover rate<sup>(c)</sup> | 540% | 566% | 689% | 461% | 522% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **160** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.37 | $11.18 | $11.98 | $12.71 | $12.70 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.31 | 0.21 | 0.11 | 0.19 |
|  Net realized and unrealized gain (loss) | 0.13 | 0.19 | (0.74) | (0.65) | 0.53 |
|  Total from investment operations | 0.52 | 0.50 | (0.53) | (0.54) | 0.72 |
|  Distributions to shareholders from net investment income | (0.59) | (0.31) | (0.27) | (0.15) | (0.36) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) | (0.35) |
|  Total distributions | (0.59) | (0.31) | (0.27) | (0.19) | (0.71) |
|  Net asset value, end of year | $11.30 | $11.37 | $11.18 | $11.98 | $12.71 |
|  **Total return<sup>(b)</sup>** | 4.72% | 4.39% | (4.34)% | (4.23)% | 5.49% |
|  Net assets, end of year (in 000s) | $390767 | $363947 | $294104 | $272464 | $264049 |
|  Ratio of net expenses to average net assets | 0.57% | 0.60% | 0.59% | 0.62% | 0.68% |
|  Ratio of total expenses to average net assets | 0.77% | 0.78% | 0.85% | 0.82% | 0.82% |
|  Ratio of net investment income to average net assets | 3.41% | 2.78% | 1.91% | 0.89% | 1.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 540% | 566% | 689% | 461% | 522% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **161** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.38 | $11.19 | $11.99 | $12.72 | $12.71 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.31 | 0.21 | 0.11 | 0.19 |
|  Net realized and unrealized gain (loss) | 0.12 | 0.19 | (0.74) | (0.65) | 0.53 |
|  Total from investment operations | 0.51 | 0.50 | (0.53) | (0.54) | 0.72 |
|  Distributions to shareholders from net investment income | (0.59) | (0.31) | (0.27) | (0.15) | (0.36) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) | (0.35) |
|  Total distributions | (0.59) | (0.31) | (0.27) | (0.19) | (0.71) |
|  Net asset value, end of year | $11.30 | $11.38 | $11.19 | $11.99 | $12.72 |
|  **Total return<sup>(b)</sup>** | 4.72% | 4.48% | (4.33)% | (4.23)% | 5.49% |
|  Net assets, end of year (in 000s) | $10293 | $8510 | $7323 | $8160 | $8889 |
|  Ratio of net expenses to average net assets | 0.57% | 0.60% | 0.59% | 0.62% | 0.68% |
|  Ratio of total expenses to average net assets | 0.77% | 0.78% | 0.85% | 0.82% | 0.82% |
|  Ratio of net investment income to average net assets | 3.41% | 2.78% | 1.89% | 0.88% | 1.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 540% | 566% | 689% | 461% | 522% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **162** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.90 | $8.54 | $9.55 | $10.25 | $8.88 |
|  Net investment income<sup>(a)</sup> | 0.49 | 0.48 | 0.42 | 0.32 | 0.33 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.37 | (0.80) | (0.59) | 1.43 |
|  Total from investment operations | 0.54 | 0.85 | (0.38) | (0.27) | 1.76 |
|  Distributions to shareholders from net investment income | (0.48) | (0.44) | (0.62) | (0.34) | (0.35) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.09) | (0.04) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | (0.05) | (0.01) |  |  |
|  Total distributions | (0.48) | (0.49) | (0.63) | (0.43) | (0.39) |
|  Net asset value, end of year | $8.96 | $8.90 | $8.54 | $9.55 | $10.25 |
|  **Total return<sup>(c)</sup>** | 6.16% | 10.29% | (3.85)% | (2.86)% | 19.94% |
|  Net assets, end of year (in 000s) | $1508 | $1305 | $598 | $501 | $501 |
|  Ratio of net expenses to average net assets | 0.95% | 0.98% | 0.97% | 0.97% | 0.97% |
|  Ratio of total expenses to average net assets | 1.33% | 1.46% | 1.42% | 1.30% | 1.71% |
|  Ratio of net investment income to average net assets | 5.43% | 5.60% | 4.76% | 3.12% | 3.19% |
|  Portfolio turnover rate<sup>(d)</sup> | 761% | 641% | 469% | 139% | 363% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **163** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.89 | $8.54 | $9.55 | $10.25 | $8.88 |
|  Net investment income<sup>(a)</sup> | 0.42 | 0.41 | 0.36 | 0.25 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.37 | (0.81) | (0.60) | 1.42 |
|  Total from investment operations | 0.47 | 0.78 | (0.45) | (0.35) | 1.68 |
|  Distributions to shareholders from net investment income | (0.41) | (0.38) | (0.55) | (0.26) | (0.27) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.09) | (0.04) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | (0.05) | (0.01) |  |  |
|  Total distributions | (0.41) | (0.43) | (0.56) | (0.35) | (0.31) |
|  Net asset value, end of year | $8.95 | $8.89 | $8.54 | $9.55 | $10.25 |
|  **Total return<sup>(c)</sup>** | 5.38% | 9.35% | (4.57)% | (3.59)% | 19.06% |
|  Net assets, end of year (in 000s) | $1943 | $597 | $328 | $197 | $77 |
|  Ratio of net expenses to average net assets | 1.70% | 1.73% | 1.72% | 1.72% | 1.72% |
|  Ratio of total expenses to average net assets | 2.10% | 2.23% | 2.18% | 2.07% | 2.71% |
|  Ratio of net investment income to average net assets | 4.65% | 4.79% | 4.09% | 2.52% | 2.52% |
|  Portfolio turnover rate<sup>(d)</sup> | 761% | 641% | 469% | 139% | 363% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **164** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.89 | $8.54 | $9.55 | $10.25 | $8.88 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.51 | 0.43 | 0.36 | 0.37 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.36 | (0.78) | (0.60) | 1.42 |
|  Total from investment operations | 0.57 | 0.87 | (0.35) | (0.24) | 1.79 |
|  Distributions to shareholders from net investment income | (0.51) | (0.47) | (0.65) | (0.37) | (0.38) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.09) | (0.04) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | (0.05) | (0.01) |  |  |
|  Total distributions | (0.51) | (0.52) | (0.66) | (0.46) | (0.42) |
|  Net asset value, end of year | $8.95 | $8.89 | $8.54 | $9.55 | $10.25 |
|  **Total return<sup>(c)</sup>** | 6.52% | 10.53% | (3.53)% | (2.54)% | 20.34% |
|  Net assets, end of year (in 000s) | $26116 | $14364 | $13094 | $25483 | $25710 |
|  Ratio of net expenses to average net assets | 0.62% | 0.65% | 0.64% | 0.64% | 0.64% |
|  Ratio of total expenses to average net assets | 1.00% | 1.15% | 1.06% | 0.98% | 1.75% |
|  Ratio of net investment income to average net assets | 5.73% | 5.89% | 4.96% | 3.47% | 3.63% |
|  Portfolio turnover rate<sup>(d)</sup> | 761% | 641% | 469% | 139% | 363% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **165** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.90 | $8.54 | $9.55 | $10.25 | $8.88 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.51 | 0.44 | 0.35 | 0.36 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.36 | (0.80) | (0.60) | 1.43 |
|  Total from investment operations | 0.57 | 0.87 | (0.36) | (0.25) | 1.79 |
|  Distributions to shareholders from net investment income | (0.50) | (0.46) | (0.64) | (0.36) | (0.38) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.09) | (0.04) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | (0.05) | (0.01) |  |  |
|  Total distributions | (0.50) | (0.51) | (0.65) | (0.45) | (0.42) |
|  Net asset value, end of year | $8.97 | $8.90 | $8.54 | $9.55 | $10.25 |
|  **Total return<sup>(c)</sup>** | 6.55% | 10.56% | (3.61)% | (2.62)% | 20.24% |
|  Net assets, end of year (in 000s) | $15161 | $7253 | $268 | $118 | $54 |
|  Ratio of net expenses to average net assets | 0.70% | 0.74% | 0.72% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 1.09% | 1.20% | 1.18% | 1.05% | 1.81% |
|  Ratio of net investment income to average net assets | 5.66% | 5.86% | 5.12% | 3.46% | 3.54% |
|  Portfolio turnover rate<sup>(d)</sup> | 761% | 641% | 469% | 139% | 363% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **166** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.89 | $8.54 | $9.55 | $10.25 | $8.88 |
|  Net investment income<sup>(a)</sup> | 0.52 | 0.51 | 0.44 | 0.36 | 0.37 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.36 | (0.79) | (0.60) | 1.43 |
|  Total from investment operations | 0.58 | 0.87 | (0.35) | (0.24) | 1.80 |
|  Distributions to shareholders from net investment income | (0.51) | (0.47) | (0.65) | (0.37) | (0.39) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.09) | (0.04) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | (0.05) | (0.01) |  |  |
|  Total distributions | (0.51) | (0.52) | (0.66) | (0.46) | (0.43) |
|  Net asset value, end of year | $8.96 | $8.89 | $8.54 | $9.55 | $10.25 |
|  **Total return<sup>(c)</sup>** | 6.64% | 10.54% | (3.52)% | (2.53)% | 20.35% |
|  Net assets, end of year (in 000s) | $60 | $56 | $51 | $53 | $54 |
|  Ratio of net expenses to average net assets | 0.61% | 0.64% | 0.63% | 0.63% | 0.63% |
|  Ratio of total expenses to average net assets | 0.99% | 1.13% | 1.07% | 0.97% | 1.72% |
|  Ratio of net investment income to average net assets | 5.78% | 5.90% | 5.07% | 3.48% | 3.64% |
|  Portfolio turnover rate<sup>(d)</sup> | 761% | 641% | 469% | 139% | 363% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **167** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.89 | $8.54 | $9.55 | $10.25 | $8.88 |
|  Net investment income<sup>(a)</sup> | 0.52 | 0.51 | 0.44 | 0.36 | 0.36 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.36 | (0.79) | (0.60) | 1.44 |
|  Total from investment operations | 0.58 | 0.87 | (0.35) | (0.24) | 1.80 |
|  Distributions to shareholders from net investment income | (0.51) | (0.47) | (0.65) | (0.37) | (0.39) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.09) | (0.04) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | (0.05) | (0.01) |  |  |
|  Total distributions | (0.51) | (0.52) | (0.66) | (0.46) | (0.43) |
|  Net asset value, end of year | $8.96 | $8.89 | $8.54 | $9.55 | $10.25 |
|  **Total return<sup>(c)</sup>** | 6.65% | 10.54% | (3.52)% | (2.53)% | 20.35% |
|  Net assets, end of year (in 000s) | $93534 | $73551 | $50736 | $73188 | $89424 |
|  Ratio of net expenses to average net assets | 0.61% | 0.64% | 0.63% | 0.63% | 0.63% |
|  Ratio of total expenses to average net assets | 0.99% | 1.11% | 1.06% | 0.97% | 1.10% |
|  Ratio of net investment income to average net assets | 5.78% | 5.95% | 5.02% | 3.48% | 3.46% |
|  Portfolio turnover rate<sup>(d)</sup> | 761% | 641% | 469% | 139% | 363% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **168** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/<br>Non-diversified** |
|  Goldman Sachs Bond Fund and Goldman Sachs Core Fixed Income Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
|  Goldman Sachs Dynamic Bond Fund<sup>(a)</sup> | A, C, Institutional, Investor, R6, R and P | Diversified |
|  Goldman Sachs Global Core Fixed Income Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |
|  Goldman Sachs Income Fund | A, C, Institutional, Investor, R6 and P | Diversified |

---

<sup>(a)</sup> Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund.

Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to each of the Bond, Core Fixed Income, Dynamic Bond and Income Funds pursuant to management agreements with the Trust. Goldman Sachs Asset Management International ("GSAMI"), an affiliate of GSAM and Goldman Sachs, serves as investment adviser to the Global Core Fixed Income Fund pursuant to a management agreement with the Trust (the management agreements with GSAM and GSAMI are collectively referred to herein as the "Agreements").

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**169**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | **Income Distributions**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Declared/Paid** | **Capital Gains Distributions**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** <br>**Declared/Paid** |
|  Bond Fund | Daily/Monthly | Annually |
|  Core Fixed Income Fund | Daily/Monthly | Annually |
|  Dynamic Bond Fund | Monthly/Monthly | Annually |
|  Global Core Fixed Income Fund | Daily/Monthly | Annually |
|  Income Fund | Daily/Monthly | Annually |

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Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**170**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's and GSAMI's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM and GSAMI as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM and GSAMI have day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly perform price verification procedures and issue challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM and GSAMI to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**171**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Bank Loans — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and a Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Dynamic Bond and Income Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower's discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Inverse Floaters — The interest rate on inverse floating rate securities ("inverse floaters") resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**172**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**173**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**174**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2025:

#### BOND FUND

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| | | | |
|:---|:---|:---|:---|
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $211585356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 117968441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 38653699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 20516321 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3554752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 3261031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 2888879 |  |
|  Investment Company | 11551292 |  |  |
|  **Total** | $32067613 | $377912158 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(48665027) | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**175**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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| | | | |
|:---|:---|:---|:---|
| BOND FUND (continued) |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $3601948 | $— |
|  Futures Contracts<sup>(a)</sup> | 410782 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 1671650 |  |
|  Purchased Option Contracts |  | 2087501 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7361099 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(3246406) | $— |
|  Futures Contracts<sup>(a)</sup> | (18094) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (1377760) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (61151) |  |
|  Written Option Contracts |  | (2119587) |  |
|  **Total** | $(18094) | $(6804904) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
|  **CORE FIXED INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $1075564771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 622157122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 606199683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 212021463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 11619350 | 17564774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 23143826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 11494894 |  |
|  Investment Company | 78901571 |  |  |
|  **Total** | $712678043 | $1945989411 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(236566543) | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $2149908 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 4822607 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 197611 |  |
|  Purchased Option Contracts |  | 401857 |  |
|  **Total** | $2149908 | $5422075 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**176**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| CORE FIXED INCOME FUND (continued) | CORE FIXED INCOME FUND (continued) | CORE FIXED INCOME FUND (continued) | CORE FIXED INCOME FUND (continued) |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(150818) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | (226355) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (3657752) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (412308) |  |
|  Written Option Contracts |  | (996831) |  |
|  **Total** | $(226355) | $(5217709) | $— |
|  **DYNAMIC BOND FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $571788975 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 189268920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 160027913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 134059160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 53819875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 7829544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 7130697 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 399655 |  |  |
|  Rights |  | 353220 |  |
|  Investment Company | 64025049 |  |  |
|  **Total** | $198483864 | $990219144 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(244533640) | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $14185492 | $— |
|  Futures Contracts<sup>(a)</sup> | 2213516 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 13488904 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 360187 |  |
|  Purchased Option Contracts |  | 12107836 |  |
|  **Total** | $2213516 | $40142419 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**177**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| DYNAMIC BOND FUND (continued) |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(12250902) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | (1272558) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (11340609) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (1081680) |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | (636251) |  |
|  Written Option Contracts |  | (12799082) |  |
|  **Total** | $(1272558) | $(38108524) | $— |
|  **GLOBAL CORE FIXED INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $247524557 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 200063424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 108083013 | 45477457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 79006868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 36092953 |  |  |
|  Exchange Traded Funds | 307009 |  |  |
|  Investment Company | 13507177 |  |  |
|  Short-term Investments |  | 10785461 |  |
|  **Total** | $157990152 | $582857767 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(27959105) | $— |
|  **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $2832747 | $— |
|  Futures Contracts<sup>(a)</sup> | 913508 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 3711525 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 120270 |  |
|  Purchased Option Contracts |  | 274341 |  |
|  **Total** | $913508 | $6938883 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**178**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| GLOBAL CORE FIXED INCOME FUND (continued) | GLOBAL CORE FIXED INCOME FUND (continued) | GLOBAL CORE FIXED INCOME FUND (continued) | GLOBAL CORE FIXED INCOME FUND (continued) |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(9480636) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | (1624181) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (2811652) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (230495) |  |
|  Written Option Contracts |  | (678223) |  |
|  **Total** | $(1624181) | $(13201006) | $— |
|  **INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $99547914 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 26759184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 9293233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 8524613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 4337385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 2968391 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 153622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 74747 | 37136 |  |
|  Rights |  | 58870 |  |
|  Investment Company | 2582388 |  |  |
|  **Total** | $5625526 | $148711957 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(12698555) | $— |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $23257 | $— |
|  Futures Contracts | 212813 |  |  |
|  Credit Default Swap Contracts |  | 32884 |  |
|  **Total** | $212813 | $56141 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**179**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| INCOME FUND (continued) |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(189923) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts | (20870) |  |  |
|  Interest Rate Swap Contracts |  | (12754) |  |
|  Credit Default Swap Contracts |  | (29746) |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20870) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232423) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bond Fund <br> Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Payable for unrealized loss on swap contracts; Variation margin on swap contracts | $(61151)<sup>(a)(b)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 5553178 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (5041251) |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 2218703 <sup>(b)</sup> | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (1720596)<sup>(b)</sup> |
|  **Total** |  | $7771881 |  | $(6822998) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**180**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit | Variation margin on swap contracts | $197611 <sup>(b)</sup> | Variation margin on swap contracts | $(412308)<sup>(b)</sup> |
|  Currency |  |  | Payable for unrealized loss on forward foreign currency contracts | (150818) |
|  Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 7374372 <sup>(b)</sup> | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (4880938)<sup>(b)</sup> |
|  **Total** |  | $7571983 |  | $(5444064) |
| Dynamic Bond Fund | Dynamic Bond Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit | Variation margin on swap contracts | $360187 <sup>(b)</sup> | Payable for unrealized loss on swap contracts; Variation margin on swap contracts | $(1081680)<sup>(a)(b)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 25236592 | Payable for unrealized loss on forward foreign currency contracts; Written options, at value | (22379614) |
|  Equity |  |  | Payable for unrealized loss on swap contracts | (636251)<sup>(a)</sup> |
|  Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 16759156 <sup>(b)</sup> | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (15283537)<sup>(b)</sup> |
|  **Total** |  | $42355935 |  | $(39381082) |
| Global Core Fixed Income Fund | Global Core Fixed Income Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit | Variation margin on swap contracts | $120270 <sup>(b)</sup> | Payable for unrealized loss on swap contracts, Variation margin on swap contracts | $(230495)<sup>(a)(b)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 2832747 | Payable for unrealized loss on forward foreign currency exchange contracts | (9480636) |
|  Interest rate | Receivable for unrealized gain on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 4899374 <sup>(b)</sup> | Payable for unrealized loss on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (5114056)<sup>(a)(b)</sup> |
|  **Total** |  | $7852391 |  | $(14825187) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**181**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Income Fund | Income Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit | Variation margin on swap contracts | $32884 <sup>(b)</sup> | Variation margin on swap contracts | $(29746)<sup>(b)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 23257 | Payable for unrealized loss on forward foreign currency exchange contracts | (189923) |
|  Interest rate | Variation margin on futures contracts | 212813 <sup>(b)</sup> | Variation margin on futures contracts; Variation margin on swap contracts | (33624)<sup>(b)</sup> |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268954 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253293) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Aggregate of amounts include $24,312, $825,347 and $46,346 for the Bond, Dynamic Bond and Global Core Fixed Income Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, a Fund's performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which a Fund is entitled to a full return.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

#### Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $174325 | $(116754) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options contracts and written options contracts | 646523 | 243436 |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1087034) |
|  **Total** |  | $361191 | $(960352) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**182**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 4. INVESTMENTS IN DERIVATIVES (continued)

#### Core Fixed Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $3455284 | $(2049813) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 5994 | (152594) |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | (6714355) | (593666) |
|  **Total** |  | $(3253077) | $(2796073) |
| Dynamic Bond Fund | Dynamic Bond Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $3280158 | $(1241861) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts; purchased options contracts and written options contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts; purchased options contracts and written options contracts | 2851694 | 1639481 |
|  Equity | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | (4719023) | (636251) |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 13023973 | (4157573) |
|  **Total** |  | $14436802 | $(4396204) |
| Global Core Fixed Income Fund | Global Core Fixed Income Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $1172435 | $(422553) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 14289433 | (9056433) |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 2309259 | (2587869) |
|  **Total** |  | $17771127 | $(12066855) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**183**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| Income Fund | Income Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $53690 | $(38745) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 257191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167577) |
|  Interest rate | Net realized gain (loss) from futures contracts, and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292066) | 233294 |
|  **Total** |  | $18815 | $26972 |

---

For the fiscal year ended March 31, 2025, the relevant values for each derivative type were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
|  | **Futures** | **Forward** | **Swap** | **Purchased** | **Purchased** | **Written** | **Written** |
| **Fund** | **Contracts** | **Contracts** | **Agreements** | **Options** | **Swaptions** | **Options** | **Swaptions** |
|  Bond Fund | 1020 | $525936670 | $1075732041 | 286620806 | $41125868 | 275191035 | $48429989 |
|  Core Fixed Income Fund | 3723 | 3150830 | 2875715644 |  | 97620744 | 121553282 |  |
|  Dynamic Bond Fund | 3768 | 2398108803 | 7240423774 | 1407749681 | 322172543 | 1356270531 | 303672515 |
|  Global Core Fixed Income Fund | 2138 | 503771828 | 2112232523 |  | 66740346 |  | 82885422 |
|  Income Fund | 259 | 4140201 | 55193388 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2025.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**184**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. INVESTMENTS IN DERIVATIVES (continued)

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that GSAM or GSAMI believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws.

The following tables set forth the Funds' net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2025:

#### Bond Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | |  | |
|  | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  Barclays Bank PLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $220657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128397) | $(128397) | $92260 | $— | $92260 |
|  BNP Paribas SA | 515102 |  | 515102 |  |  | (464642) | (464642) | 50460 |  | 50460 |
|  BofA Securities LLC | 392558 |  | 392558 |  |  | (283882) | (283882) | 108676 |  | 108676 |
|  Citibank NA | 129721 |  | 129721 |  |  | (122216) | (122216) | 7505 |  | 7505 |
|  Deutsche Bank AG (London) | 7170 |  | 7170 |  |  | (69579) | (69579) | (62409) |  | (62409) |
|  HSBC Bank PLC | 131378 |  | 131378 |  |  | (67155) | (67155) | 64223 |  | 64223 |
|  JPMorgan Securities, Inc. | 235281 | 3601948 | 3837229 | (24312) | (3246406) | (289706) | (3560424) | 276805 |  | 276805 |
|  MS & Co. Int. PLC | 3749 |  | 3749 |  |  | (170991) | (170991) | (167242) |  | (167242) |
|  Royal Bank of Canada |  |  |  |  |  | (11275) | (11275) | (11275) |  | (11275) |
|  Standard Chartered Bank | 349304 |  | 349304 |  |  | (467268) | (467268) | (117964) |  | (117964) |
|  UBS AG (London) | 102581 |  | 102581 |  |  | (44476) | (44476) | 58105 |  | 58105 |
|  **Total** | $2087501 | $3601948 | $5689449 | $(24312) | $(3246406) | $(2119587) | $(5390305) | $299144 | $— | $299144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

#### Dynamic Bond Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
|  | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  Barclays Bank PLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1246857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715500) | $531357 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531357 |
|  BNP Paribas SA | 3218756 |  | 3218756 |  |  | (2833815) | (2833815) | 384941 | (250000) | 134941 |
|  BofA Securities LLC | 2205301 |  | 2205301 |  |  | (1662344) | (1662344) | 542957 |  | 542957 |
|  Citibank NA | 716251 |  | 716251 |  |  | (759176) | (759176) | (42925) | 42925 |  |
|  Deutsche Bank AG (London) | 39298 |  | 39298 |  |  | (387486) | (387486) | (348188) |  | (348188) |
|  HSBC Bank PLC | 749682 |  | 749682 |  |  | (377910) | (377910) | 371772 |  | 371772 |
|  JPMorgan Securities, Inc. | 1306501 | 14185492 | 15491993 | (825347) | (12250902) | (1782116) | (14858365) | 633628 |  | 633628 |
|  MS & Co. Int. PLC | 20295 |  | 20295 |  |  | (1333601) | (1333601) | (1313306) | 820000 | (493306) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**185**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
|  | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  Royal Bank of Canada (UK) | $— | $— | $— | $— | $— | $(61553) | $(61553) | $(61553) | $— | $(61553) |
|  Standard Chartered Bank | 2017312 |  | 2017312 |  |  | (2639022) | (2639022) | (621710) |  | (621710) |
|  UBS AG (London) | 587583 |  | 587583 |  |  | (246559) | (246559) | 341024 |  | 341024 |
| Total | $12107836 | $14185492 | $26293328 | $(825347) | $(12250902) | $(12799082) | $(25875331) | $417997 | $612925 | $1030922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

#### Global Core Fixed Income Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
|  | | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Swaps** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  BNP Paribas SA | $274341 | $— | $— | $274341 | $— | $— | $(180493) | $(180493) | $93848 | $— | $93848 |
|  BofA Securities LLC |  |  |  |  | (5825) |  | (45900) | (51725) | (51725) |  | (51725) |
|  Citibank NA |  | 50728 |  | 50728 |  |  | (63389) | (63389) | (12661) | 12661 |  |
|  JPMorgan Securities, Inc. |  |  | 2832747 | 2832747 | (40521) | (9480636) | (110751) | (9631908) | (6799161) | 6799161 |  |
|  MS & Co. Int. PLC |  | 3228 |  | 3228 |  |  | (277690) | (277690) | (274462) | 260000 | (14462) |
|  **Total** | $274341 | $53956 | $2832747 | $3161044 | $(46346) | $(9480636) | $(678223) | $(10205205) | $(7044161) | $7071822 | $27661 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreements, GSAM and GSAMI manage the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM and GSAMI are entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**186**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2025, contractual and effective net management fees with GSAM and GSAMI were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | | |
|  | **First** | **Next** | **Next** | **Next** | **Over** | | **Effective Net<br>Management** |
| **Fund** | **$1 billion** | **$1 billion** | **$3 billion** | **$3 billion** | **$8 billion** | **Effective Rate** | **Rate<sup>^</sup>** |
|  Bond Fund | 0.41% | 0.37% | 0.35% | 0.34% | 0.34% | 0.41% | 0.41% |
|  Core Fixed Income Fund | 0.40 | 0.36 | 0.34 | 0.33 | 0.32 | 0.38 | 0.33\* |
|  Dynamic Bond Fund | 0.60 | 0.54 | 0.51 | 0.50 | 0.49 | 0.60 | 0.59 |
|  Global Core Fixed Income Fund | 0.65 | 0.59 | 0.56 | 0.55 | 0.54 | 0.65 | 0.54<sup>(a)</sup> |
|  Income Fund | 0.55 | 0.50 | 0.47 | 0.46 | 0.45 | 0.55 | 0.54<sup>(b)</sup> |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

\* GSAM agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.33% as an annual percentage rate of the Fund's average net assets. This management fee waiver arrangement will remain in effect through at least July 28, 2025, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to July 29, 2024, GSAMI agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.56% as an annual percentage rate of the average daily net assets of the Fund. Effective July 29, 2024, GSAMI agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.53% as an annual percentage rate of the average daily net assets of the Fund. This management fee waiver arrangement will remain in effect through at least July 28, 2025, and prior to such date, GSAMI may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective January 31, 2025, GSAM agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.50% as an annual percentage of the average daily net assets of the Fund. This management fee waiver arrangement will remain in effect through at least July 29, 2026, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (the "Government Money Market Fund"), which is affiliated Underlying Fund. GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended March 31, 2025, GSAM waived $7,640, $79,826, $44,653 and $7,440 of the management fee for the Bond, Core Fixed Income, Dynamic Bond and Income Funds, respectively. For the fiscal year ended March 31, 2025, GSAMI waived $17,607 of the management fee for the Global Core Fixed Income Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**187**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended March 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End**<br> **Sales Charge** | **Contingent Deferred<br> Sales Charge** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund**<br>| **Class A** | <br> **Class C** |
|  Bond Fund | $2847 | $— |
|  Core Fixed Income Fund | 6072 | 323 |
|  Dynamic Bond Fund | 3143 |  |
|  Global Core Fixed Income Fund | 584 |  |
|  Income Fund | 813 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

Prior to July 29, 2024, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.02% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Global Core Fixed Income Fund. Effective July 29, 2024, this agreement terminated.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Dynamic Bond, Global Core Fixed Income and Income Funds are 0.004%, 0.014%, 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least July 28, 2025 for each Fund, except for the Income Fund which will remain in effect through at least July 29, 2026, and prior to such date GSAM and GSAMI may not terminate the arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**188**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above. Prior to February 3, 2025, the Other Expense limitations as an annual percentage rate of average daily net assets for the Income Fund was 0.054%.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan, Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended March 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Bond Fund | $7640 | $1066 | $811781 | $820487 |
|  Core Fixed Income Fund | 1101640 | 3446 | 568649 | 1673735 |
|  Dynamic Bond Fund | 44653 | 901 | 576368 | 621922 |
|  Global Core Fixed Income Fund | 753912 | 4362 | 588713 | 1346987 |
|  Income Fund | 18458 | 65 | 436531 | 455054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of March 31, 2025, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000. The facility was changed to $1,300,000,000 on April 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2025, Goldman Sachs earned $51,445, $183,974 and $282,475 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income and Dynamic Bond Funds, respectively.

As of March 31, 2025, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Goldman Sachs Balanced<br>Strategy Portfolio** | **Goldman Sachs<br>Growth and Income Portfolio** |
|  Global Core Fixed Income Fund | 27% | 25% |

---

As of March 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Institutional** | **Service** | **Class R6** |
|  Bond Fund | —% | 12% | —% |
|  Income Fund | 26 |  | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**189**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds' investments in the Government Money Market Fund as of and for the fiscal year ended March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Market<br>Value as of<br>March 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Market<br>Value as of<br>March 31,<br>2025** | **Shares as of<br>March 31,<br>2025** | **Dividend<br>Income** |
|  Bond Fund | Goldman Sachs Financial<br>Square Government Fund —<br>Institutional Shares | $— | $196658242 | $(185106950) | $11551292 | 11551292 | $231768 |
|  Core Fixed Income Fund | Goldman Sachs Financial<br>Square Government Fund —<br>Institutional Shares |  | 999073792 | (920172221) | 78901571 | 78901571 | 2412929 |
|  Dynamic Bond Fund | Goldman Sachs Financial<br>Square Government Fund —<br>Institutional Shares |  | 645624126 | (581599077) | 64025049 | 64025049 | 1261945 |
|  Global Core Fixed Income Fund | Goldman Sachs Financial<br>Square Government Fund —<br>Institutional Shares | 9667648 | 312606751 | (308767222) | 13507177 | 13507177 | 581886 |
|  Income Fund | Goldman Sachs Financial<br>Square Government Fund —<br>Institutional Shares | 7515504 | 63244376 | (68177492) | 2582388 | 2582388 | 227118 |

---

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government and<br>Agency Obligations** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and**<br> **Maturities of<br>U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  Bond Fund | $4191131397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$116225427 | $4162908624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$129139002 |
|  Core Fixed Income Fund | 20500557664 | 573786354 | 20243800489 | 548298616 |
|  Dynamic Bond Fund | 19365684122 | 419044332 | 19241591158 | 331447216 |
|  Global Core Fixed Income Fund | 3131170971 | 266265673 | 3099725670 | 283161286 |
|  Income Fund | 902308333 | 64442122 | 895946256 | 22292411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**190**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary income | $15942733 | $92978112 | $49574381 | $34294937 | $6682593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $15942733 | $92978112 | $49574381 | $34294937 | $6682593 |
|  Tax return of capital | $— | $— | $— | $— | $35924 |

---

The tax character of distributions paid during the fiscal year ended March 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary income | $13732844 | $72197532 | $27064069 | $16873763 | $4220266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $13732844 | $72197532 | $27064069 | $16873763 | $4220266 |
|  Tax return of capital | $— | $250628 | $— | $— | $487579 |

---

As of March 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Undistributed ordinary income — net | $1964050 | $138163 | $6723447 | $12664262 | $— |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (18941738) | (78935017) | (1178393206) | (26954073) | (856131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (31420526) | (100183609) | (776775255) | (21416080) | (8904676) |
|  Total capital loss carryforwards | (50362264) | (179118626) | (1955168461) | (48370153) | (9760807) |
|  Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Dividends Payable and Straddle Loss Deferrals) | $(2681704) | $(8429344) | $(9770123) | $(377853) | $(126044) |
|  Unrealized gains (loss) — net | (6421051) | (74190041) | 366863 | (17185453) | (287976) |
|  Total accumulated earnings (loss) net | $(57500969) | $(261599848) | $(1957848274) | $(53269197) | $(10174827) |

---

As of March 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Tax Cost | $420067226 | $2735374101 | $1206820608 | $751892125 | $154593179 |
|  Gross unrealized gain | 3712625 | 15498829 | 16259670 | 5756205 | 2606786 |
|  Gross unrealized loss | (10133676) | (89688870) | (15892807) | (22941658) | (2894762) |
|  Net unrealized gain (loss) | $(6421051) | $(74190041) | $366863 | $(17185453) | $(287976) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**191**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of material modification of debt securities, swap transactions, and market discount accretion and premium amortization.

The Dynamic Bond and Income Funds reclassed $51,589 and $14,448, respectively, from paid-in capital to distributable earnings for the year ending March 31, 2025. In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of partnership investments.

The Global Core Fixed Income Fund reclassed $2 from distributable earnings to paid-in capital for the year ending March 31, 2025. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from realized gain/(loss) on foreign currency.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and have concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Collateralized Loan Obligations Risk — The Funds may invest in collateralized loan obligations ("CLOs") and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan-and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO's manager may perform poorly.

Credit/Default Risk — An issuer or guarantor of a security held by the Funds, or a bank or other financial institution that has entered into a repurchase agreement with the Funds, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**192**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk— As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Funds will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**193**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. OTHER RISKS (continued)

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 the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as 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 the Fund has unsettled or open transactions defaults.

Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**194**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. OTHER RISKS (continued)

due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund's NAV.

U.S. Government Securities Risk — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Funds may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Agency ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM and GSAMI believe the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**195**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM and GSAMI have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**196**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 758385 | $6711069 | 1161819 | $10150341 |
|  Reinvestment of distributions | 221829 | 1958550 | 203478 | 1773405 |
|  Shares redeemed | (1134220) | (9969617) | (1617531) | (14061952) |
|  | (154006) | (1299998) | (252234) | (2138206) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 95419 | 847698 | 35730 | 308623 |
|  Reinvestment of distributions | 8566 | 75546 | 9668 | 84201 |
|  Shares redeemed | (95569) | (840694) | (190075) | (1658930) |
|  | 8416 | 82550 | (144677) | (1266106) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3059716 | 27102136 | 1949188 | 17036026 |
|  Reinvestment of distributions | 492362 | 4345796 | 444230 | 3872674 |
|  Shares redeemed | (4439433) | (39249894) | (3769791) | (33257093) |
|  | (887355) | (7801962) | (1376373) | (12348393) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 1767 | 15586 | 2254 | 19634 |
|  Reinvestment of distributions | 631 | 5575 | 478 | 4164 |
|  Shares redeemed | (30) | (262) | (3263) | (29236) |
|  | 2368 | 20899 | (531) | (5438) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1029688 | 9099471 | 1358037 | 11756067 |
|  Reinvestment of distributions | 141381 | 1244245 | 157953 | 1375653 |
|  Shares redeemed | (1732832) | (15153736) | (3522114) | (30405855) |
|  | (561763) | (4810020) | (2006124) | (17274135) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 2480544 | 21830937 | 2083242 | 18189601 |
|  Reinvestment of distributions | 361636 | 3192136 | 312923 | 2726844 |
|  Shares redeemed | (2486617) | (21899808) | (2170115) | (18896510) |
|  | 355563 | 3123265 | 226050 | 2019935 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 76159 | 671066 | 69968 | 614501 |
|  Reinvestment of distributions | 10509 | 92698 | 9336 | 81359 |
|  Shares redeemed | (67746) | (589367) | (70980) | (618099) |
|  | 18922 | 174397 | 8324 | 77761 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 3067280 | 27077613 | 2760687 | 24066470 |
|  Reinvestment of distributions | 553615 | 4887250 | 420559 | 3665495 |
|  Shares redeemed | (1556837) | (13701470) | (1894287) | (16463638) |
|  | 2064058 | 18263393 | 1286959 | 11268327 |
|  **NET INCREASE (DECREASE)** | 846203 | $7752524 | (2258606) | $(19666255) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**197**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 3073603 | $27977324 | 3757706 | $33965864 |
|  Reinvestment of distributions | 506110 | 4615609 | 466225 | 4211602 |
|  Shares redeemed | (2770181) | (25274400) | (3981012) | (35455075) |
|  | 809532 | 7318533 | 242919 | 2722391 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 164969 | 1512267 | 303200 | 2770632 |
|  Reinvestment of distributions | 25167 | 230753 | 22603 | 205284 |
|  Shares redeemed | (214897) | (1968459) | (195255) | (1777607) |
|  | (24761) | (225439) | 130548 | 1198309 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 24926612 | 228647657 | 38406605 | 349765218 |
|  Reinvestment of distributions | 2486251 | 22776643 | 2024306 | 18363147 |
|  Shares redeemed | (23378602) | (214182873) | (24516133) | (221961847) |
|  | 4034261 | 37241427 | 15914778 | 146166518 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 12233 | 112635 | 2770 | 25311 |
|  Reinvestment of distributions | 582 | 5336 | 661 | 6000 |
|  Shares redeemed | (9341) | (87574) | (13416) | (120877) |
|  | 3474 | 30397 | (9985) | (89566) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 15817037 | 144190160 | 32345451 | 293218104 |
|  Reinvestment of distributions | 1938772 | 17702080 | 1260965 | 11405991 |
|  Shares redeemed | (16435743) | (149608304) | (11147102) | (100454946) |
|  | 1320066 | 12283936 | 22459314 | 204169149 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 7382765 | 67064760 | 7050781 | 64383520 |
|  Reinvestment of distributions | 876093 | 8036123 | 959508 | 8733956 |
|  Shares redeemed | (4254696) | (39131095) | (19639681) | (178917239) |
|  | 4004162 | 35969788 | (11629392) | (105799763) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 58495 | 533029 | 57149 | 519111 |
|  Reinvestment of distributions | 12603 | 114970 | 14212 | 128519 |
|  Shares redeemed | (135537) | (1222348) | (65314) | (589263) |
|  | (64439) | (574349) | 6047 | 58367 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 33044777 | 303098688 | 24702379 | 224106636 |
|  Reinvestment of distributions | 4165310 | 38230471 | 3056004 | 27782319 |
|  Shares redeemed | (13108687) | (120138539) | (11044657) | (99642707) |
|  | 24101400 | 221190620 | 16713726 | 152246248 |
|  **NET INCREASE** | 34183695 | $313234913 | 43827955 | $400671653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**198**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund** | **Dynamic Bond Fund** | **Dynamic Bond Fund** | **Dynamic Bond Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1285320 | $12083844 | 779867 | $7135723 |
|  Reinvestment of distributions | 581942 | 5445118 | 427341 | 3894586 |
|  Shares redeemed | (2855154) | (26798288) | (3703038) | (33643887) |
|  | (987892) | (9269326) | (2495830) | (22613578) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 564604 | 5291393 | 272782 | 2496257 |
|  Reinvestment of distributions | 32882 | 307022 | 20114 | 182625 |
|  Shares redeemed | (221320) | (2078030) | (497926) | (4533673) |
|  | 376166 | 3520385 | (205030) | (1854791) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 26294179 | 247646648 | 12443378 | 114056711 |
|  Reinvestment of distributions | 2465063 | 23105644 | 1311810 | 11989398 |
|  Shares redeemed | (13262604) | (124814029) | (11566788) | (105436841) |
|  | 15496638 | 145938263 | 2188400 | 20609268 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 8643962 | 81270808 | 1326126 | 12163086 |
|  Reinvestment of distributions | 375555 | 3521455 | 85603 | 783945 |
|  Shares redeemed | (1692455) | (15933862) | (816123) | (7405643) |
|  | 7327062 | 68858401 | 595606 | 5541388 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1433060 | 13459888 | 4183634 | 38180617 |
|  Reinvestment of distributions | 106067 | 993064 | 73433 | 669933 |
|  Shares redeemed | (1524077) | (14320911) | (841165) | (7697583) |
|  | 15050 | 132041 | 3415902 | 31152967 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 52632 | 493611 | 47352 | 430499 |
|  Reinvestment of distributions | 18903 | 176429 | 11995 | 109255 |
|  Shares redeemed | (84057) | (785232) | (54854) | (500220) |
|  | (12522) | (115192) | 4493 | 39534 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 883765 | 8320004 | 628421 | 5735286 |
|  Reinvestment of distributions | 1073151 | 10032529 | 715561 | 6520191 |
|  Shares redeemed | (1808726) | (16966201) | (2867545) | (25993169) |
|  | 148190 | 1386332 | (1523563) | (13737692) |
|  **NET INCREASE** | 22362692 | $210450904 | 1979978 | $19137096 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**199**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund** | **Global Core Fixed Income Fund** | **Global Core Fixed Income Fund** | **Global Core Fixed Income Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 389620 | $4452378 | 595847 | $6644012 |
|  Reinvestment of distributions | 93357 | 1060593 | 52764 | 589525 |
|  Shares redeemed | (751816) | (8593490) | (1397427) | (15631660) |
|  | (268839) | (3080519) | (748816) | (8398123) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 19978 | 230866 | 13371 | 149632 |
|  Reinvestment of distributions | 2503 | 28127 | 2129 | 23532 |
|  Shares redeemed | (60859) | (689967) | (80144) | (887739) |
|  | (38378) | (430974) | (64644) | (714575) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 5028153 | 57299433 | 6206648 | 69277775 |
|  Reinvestment of distributions | 1023565 | 11609979 | 508245 | 5669545 |
|  Shares redeemed | (4192268) | (47713978) | (5958164) | (66217640) |
|  | 1859450 | 21195434 | 756729 | 8729680 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 3780 | 43089 | 10490 | 116979 |
|  Reinvestment of distributions | 1496 | 16866 | 911 | 10106 |
|  Shares redeemed | (39871) | (447432) | (17827) | (196867) |
|  | (34595) | (387477) | (6426) | (69782) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1469082 | 16625041 | 810402 | 8971383 |
|  Reinvestment of distributions | 129780 | 1469076 | 104818 | 1166334 |
|  Shares redeemed | (1364871) | (15477340) | (2266095) | (25255802) |
|  | 233991 | 2616777 | (1350875) | (15118085) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 4301514 | 49040637 | 6774423 | 74909740 |
|  Reinvestment of distributions | 1673832 | 18987492 | 793086 | 8859024 |
|  Shares redeemed | (3417582) | (38563193) | (1853708) | (20490400) |
|  | 2557764 | 29464936 | 5713801 | 63278364 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 203153 | 2328890 | 122028 | 1325830 |
|  Reinvestment of distributions | 44218 | 502362 | 19366 | 216488 |
|  Shares redeemed | (84490) | (954375) | (47913) | (540388) |
|  | 162881 | 1876877 | 93481 | 1001930 |
|  **NET INCREASE** | 4472274 | $51255054 | 4393250 | $48709409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**200**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 84737 | $761656 | 86999 | $747690 |
|  Reinvestment of distributions | 8919 | 80006 | 5807 | 50414 |
|  Shares redeemed | (72096) | (643952) | (16119) | (139273) |
|  | 21560 | 197710 | 76687 | 658831 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 165357 | 1478911 | 46951 | 411487 |
|  Reinvestment of distributions | 5911 | 53033 | 1802 | 15599 |
|  Shares redeemed | (21381) | (190247) | (20112) | (171226) |
|  | 149887 | 1341697 | 28641 | 255860 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1928644 | 17210994 | 93861 | 818525 |
|  Reinvestment of distributions | 157302 | 1412459 | 93956 | 812245 |
|  Shares redeemed | (783835) | (7042699) | (106568) | (918979) |
|  | 1302111 | 11580754 | 81249 | 711791 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1689918 | 15207597 | 1782922 | 15483575 |
|  Reinvestment of distributions | 70413 | 632248 | 19897 | 172742 |
|  Shares redeemed | (883805) | (7925456) | (1019535) | (8967951) |
|  | 876526 | 7914389 | 783284 | 6688366 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1 | 10 |  |  |
|  Reinvestment of distributions | 368 | 3296 | 371 | 3202 |
|  | 369 | 3306 | 371 | 3202 |
|  **Class R Shares<sup>(a)</sup>** |  |  |  |  |
|  Reinvestment of distributions |  |  | 81 | 693 |
|  Shares redeemed |  |  | (5926) | (51060) |
|  |  |  | (5845) | (50367) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 2649304 | 23735933 | 7702409 | 65137403 |
|  Reinvestment of distributions | 506271 | 4537424 | 421729 | 3652831 |
|  Shares redeemed | (981083) | (8803907) | (5797240) | (49722448) |
|  | 2174492 | 19469450 | 2326898 | 19067786 |
|  **NET INCREASE** | 4524945 | $40507306 | 3291285 | $27335469 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) At the close of business on July 14, 2023, Class R Shares of the Fund were liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**201**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Dynamic Bond Fund, Goldman Sachs Global Core Fixed Income Fund and Goldman Sachs Income Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Dynamic Bond Fund, Goldman Sachs Global Core Fixed Income Fund and Goldman Sachs Income Fund (five of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 23, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**202**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Multi Sector Fixed Income Funds Tax Information (Unaudited)
For the fiscal year ended March 31, 2025, the Bond Fund, Core Fixed Income Fund, Dynamic Bond Fund, Global Core Fixed Income Fund, and Income Fund designate 99.32%, 95.66%, 80.61%, 63.76%, and 100%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

For the year ended March 31, 2025, 0.64% of the dividends paid from net investment company taxable income by the Income Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

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**203**

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![LOGO](g931546dsp208.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. DowlingLawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. MSFIAR-25

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![LOGO](g930255dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements March 31, 2025 Short Duration and Government Fixed Income Funds Goldman Sachs Enhanced Income Fund Goldman Sachs Government Income Fund Goldman Sachs Inflation Protected Securities Fund Goldman Sachs Short Duration Bond Fund Goldman Sachs Short Duration Government Fund Goldman Sachs Short-Term Conservative Income Fund Goldman Sachs U.S. Mortgages Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Short Duration and Government Fixed Income Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#sdgfi930255_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Income Fund](#sdgfi930255_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Government Income Fund](#sdgfi930255_3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Inflation Protected Securities Fund](#sdgfi930255_4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Bond Fund](#sdgfi930255_5) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Government Fund](#sdgfi930255_6) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short-Term Conservative Income Fund](#sdgfi930255_7) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Mortgages Fund](#sdgfi930255_8) | 47 |
|  **[Financial Statements](#sdgfi930255_9)** | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sdgfi930255_10) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#sdgfi930255_11) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#sdgfi930255_12) | 63 |
|  **[Financial Highlights](#sdgfi930255_13)** | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Income Fund](#sdgfi930255_14) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Government Income Fund](#sdgfi930255_15) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Inflation Protected Securities Fund](#sdgfi930255_16) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Bond Fund](#sdgfi930255_17) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Government Fund](#sdgfi930255_18) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short-Term Conservative Income Fund](#sdgfi930255_19) | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Mortgages Fund](#sdgfi930255_20) | 108 |
|  **[Notes to Financial Statements](#sdgfi930255_21)** | 114 |
|  **[Report of Independent Registered Public Accounting Firm](#sdgfi930255_22)** | 145 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – 50.2% | Corporate Obligations – 50.2% | Corporate Obligations – 50.2% | Corporate Obligations – 50.2% |
| Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% |
| BAE Systems Holdings, Inc. <sup>(a)(b)</sup>  | BAE Systems Holdings, Inc. <sup>(a)(b)</sup>  | BAE Systems Holdings, Inc. <sup>(a)(b)</sup>  | BAE Systems Holdings, Inc. <sup>(a)(b)</sup>  |
| 1503000 | 3.850% | 12/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;1493096 |
| General Electric Co. <sup>(c)</sup> (3 mo. USD Term SOFR + 0.642%) | General Electric Co. <sup>(c)</sup> (3 mo. USD Term SOFR + 0.642%) | General Electric Co. <sup>(c)</sup> (3 mo. USD Term SOFR + 0.642%) | General Electric Co. <sup>(c)</sup> (3 mo. USD Term SOFR + 0.642%) |
| 1249000 | 4.945 | 05/05/26 | 1252497 |
| RTX Corp. <sup>(a)</sup>  | RTX Corp. <sup>(a)</sup>  | RTX Corp. <sup>(a)</sup>  | RTX Corp. <sup>(a)</sup>  |
| 3040000 | 5.750 | 11/08/26 | 3095328 |
| TransDigm, Inc. <sup>(a)</sup>  | TransDigm, Inc. <sup>(a)</sup>  | TransDigm, Inc. <sup>(a)</sup>  | TransDigm, Inc. <sup>(a)</sup>  |
| 790000 | 5.500 | 11/15/27 | 781065 |
|  |  |  | 6621986 |
| Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 1322000 | 4.875 | 02/04/28 | 1330871 |
| Automotive – 2.7% | Automotive – 2.7% | Automotive – 2.7% | Automotive – 2.7% |
| BMW U.S. Capital LLC <sup>(b)</sup> | BMW U.S. Capital LLC <sup>(b)</sup> | BMW U.S. Capital LLC <sup>(b)</sup> | BMW U.S. Capital LLC <sup>(b)</sup> |
| 2068000 | 3.250 | 04/01/25 | 2068000 |
| Dana Financing Luxembourg SARL <sup>(a)(b)</sup> | Dana Financing Luxembourg SARL <sup>(a)(b)</sup> | Dana Financing Luxembourg SARL <sup>(a)(b)</sup> | Dana Financing Luxembourg SARL <sup>(a)(b)</sup> |
| 703000 | 5.750 | 04/15/25 | 702866 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 5415000 | 3.800 | 04/07/25 | 5413700 |
| 1489000 | 4.300 <sup>(a)</sup> | 07/13/25 | 1486469 |
| (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) |
| 1250000 | 5.405 <sup>(c)</sup> | 07/15/27 | 1249313 |
| Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> |
| 980000 | 5.800 | 06/26/25 | 981921 |
| Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> |
| 2775000 | 3.950 | 06/06/25 | 2768562 |
| 1500000 | 5.800 | 09/12/25 | 1505520 |
|  |  |  | 16176351 |
| Banks – 15.0% | Banks – 15.0% | Banks – 15.0% | Banks – 15.0% |
| Bank of America Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.830%) | Bank of America Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.830%) | Bank of America Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.830%) | Bank of America Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.830%) |
| 4713000 | 4.979 | 01/24/29 | 4758763 |
| Bank of Montreal <sup>(a)</sup> | Bank of Montreal <sup>(a)</sup> | Bank of Montreal <sup>(a)</sup> | Bank of Montreal <sup>(a)</sup> |
| 4440000 | 4.700 | 09/14/27 | 4461800 |
| Bank of New York Mellon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.026%) |
| 1910000 | 4.947 | 04/26/27 | 1919684 |
| Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| 945000 | 3.450 | 04/11/25 | 944613 |
| (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) |
| 4565000 | 4.932 <sup>(a)(c)</sup> | 02/14/29 | 4590427 |
| Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> |
| 4045000 | 4.935 | 01/26/26 | 4059966 |
| BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) |
| 4345000 | 2.591 | 01/20/28 | 4182454 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 2980000 | 5.615 | 07/17/26 | 3020915 |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 1265000 | 4.508 <sup>(a)(c)</sup> | 09/11/27 | 1263583 |
| 800000 | 5.289 <sup>(a)(c)</sup> | 09/11/27 | 802624 |
| (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) |
| 2456000 | 5.304 <sup>(c)</sup> | 06/28/27 | 2468427 |
| Citibank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.712%) | Citibank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.712%) | Citibank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.712%) | Citibank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.712%) |
| 1344000 | 4.876 | 11/19/27 | 1350330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.546%) | Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.546%) | Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.546%) | Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.546%) |
| 4460000 | 5.610% | 09/29/26 | $&nbsp;&nbsp;&nbsp;&nbsp;4481453 |
| Citizens Bank NA <sup>(a)</sup>  | Citizens Bank NA <sup>(a)</sup>  | Citizens Bank NA <sup>(a)</sup>  | Citizens Bank NA <sup>(a)</sup>  |
| 900000 | 2.250 | 04/28/25 | 897903 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 2105000 | 4.162 | 05/13/25 | 2103421 |
| Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 817000 | 5.093 | 04/12/28 | 815791 |
| 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>  |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 1388000 | 4.915 | 01/24/29 | 1400756 |
| (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) |
| 2630000 | 5.040 | 01/23/28 | 2652460 |
| Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) |
| 985000 | 5.276 | 07/02/27 | 991846 |
| Manufacturers & Traders Trust Co. <sup>(a)</sup>  | Manufacturers & Traders Trust Co. <sup>(a)</sup>  | Manufacturers & Traders Trust Co. <sup>(a)</sup>  | Manufacturers & Traders Trust Co. <sup>(a)</sup>  |
| 7110000 | 4.650 | 01/27/26 | 7106872 |
| Morgan Stanley <sup>(a)(c)</sup>  | Morgan Stanley <sup>(a)(c)</sup>  | Morgan Stanley <sup>(a)(c)</sup>  | Morgan Stanley <sup>(a)(c)</sup>  |
| (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) |
| 952000 | 5.050 | 01/28/27 | 955275 |
| (Secured Overnight Financing Rate + 1.669%) | (Secured Overnight Financing Rate + 1.669%) | (Secured Overnight Financing Rate + 1.669%) | (Secured Overnight Financing Rate + 1.669%) |
| 1590000 | 4.679 | 07/17/26 | 1589698 |
| PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.322%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.322%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.322%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.322%) |
| 1810000 | 5.812 | 06/12/26 | 1813149 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 3111000 | 4.950 | 04/25/25 | 3111684 |
| Societe Generale SA <sup>(b)</sup>  | Societe Generale SA <sup>(b)</sup>  | Societe Generale SA <sup>(b)</sup>  | Societe Generale SA <sup>(b)</sup>  |
| 4885000 | 4.351 | 06/13/25 | 4877966 |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| 3367000 | 5.459 <sup>(c)</sup> | 02/19/27 | 3372152 |
| Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 2157000 | 5.001 | 10/08/26 | 2158596 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 725000 | 0.948 | 01/12/26 | 705555 |
| 2552000 | 2.632 | 07/14/26 | 2494197 |
| Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  |
| 2680000 | 5.200 | 03/07/27 | 2716073 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 2594000 | 5.353 <sup>(c)</sup> | 09/10/27 | 2620511 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 520000 | 3.766 | 06/06/25 | 519106 |
| 1810000 | 4.693 | 09/15/27 | 1820824 |
| 2231000 | 4.861 | 01/31/28 | 2253756 |
| UBS Group AG <sup>(b)</sup>  | UBS Group AG <sup>(b)</sup>  | UBS Group AG <sup>(b)</sup>  | UBS Group AG <sup>(b)</sup>  |
| 1036000 | 4.125 | 09/24/25 | 1033099 |
| Wells Fargo & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) | Wells Fargo & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) | Wells Fargo & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) | Wells Fargo & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) |
| 2390000 | 4.540 | 08/15/26 | 2388518 |
| Westpac New Zealand Ltd. <sup>(b)</sup>  | Westpac New Zealand Ltd. <sup>(b)</sup>  | Westpac New Zealand Ltd. <sup>(b)</sup>  | Westpac New Zealand Ltd. <sup>(b)</sup>  |
| 1175000 | 4.902 | 02/15/28 | 1185810 |
|  |  |  | 89890057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Building Materials<sup>(a)(b)</sup> – 0.1% | Building Materials<sup>(a)(b)</sup> – 0.1% | Building Materials<sup>(a)(b)</sup> – 0.1% | Building Materials<sup>(a)(b)</sup> – 0.1% |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 805000 | 4.750% | 01/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779385 |
| Commercial Services<sup>(a)</sup> – 0.9% | Commercial Services<sup>(a)</sup> – 0.9% | Commercial Services<sup>(a)</sup> – 0.9% | Commercial Services<sup>(a)</sup> – 0.9% |
| Brink's Co. <sup>(b)</sup>  | Brink's Co. <sup>(b)</sup>  | Brink's Co. <sup>(b)</sup>  | Brink's Co. <sup>(b)</sup>  |
| 385000 | 6.500 | 06/15/29 | 390155 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 525000 | 1.200 | 03/01/26 | 508626 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 4414000 | 4.750 | 08/09/27 | 4420665 |
|  |  |  | 5319446 |
| Diversified Financial Services – 4.9% | Diversified Financial Services – 4.9% | Diversified Financial Services – 4.9% | Diversified Financial Services – 4.9% |
| 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>  |
| 709000 | 6.500 | 07/15/25 | 711893 |
| 1209000 | 2.450 | 10/29/26 | 1168438 |
| 384000 | 4.625 | 10/15/27 | 382506 |
| Air Lease Corp. <sup>(a)</sup>  | Air Lease Corp. <sup>(a)</sup>  | Air Lease Corp. <sup>(a)</sup>  | Air Lease Corp. <sup>(a)</sup>  |
| 764000 | 3.375 | 07/01/25 | 761227 |
| American Express Co. <sup>(a)(c)</sup>  | American Express Co. <sup>(a)(c)</sup>  | American Express Co. <sup>(a)(c)</sup>  | American Express Co. <sup>(a)(c)</sup>  |
| (Secured Overnight Financing Rate + 0.999%) | (Secured Overnight Financing Rate + 0.999%) | (Secured Overnight Financing Rate + 0.999%) | (Secured Overnight Financing Rate + 0.999%) |
| 2965000 | 4.990 | 05/01/26 | 2965474 |
| (Secured Overnight Financing Rate + 1.350%) | (Secured Overnight Financing Rate + 1.350%) | (Secured Overnight Financing Rate + 1.350%) | (Secured Overnight Financing Rate + 1.350%) |
| 2282000 | 5.711 | 10/30/26 | 2293843 |
| 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>  |
| 550000 | 1.950 | 01/30/26 | 537130 |
| Charles Schwab Corp. <sup>(a)</sup>  | Charles Schwab Corp. <sup>(a)</sup>  | Charles Schwab Corp. <sup>(a)</sup>  | Charles Schwab Corp. <sup>(a)</sup>  |
| 736000 | 3.850 | 05/21/25 | 734955 |
| Citigroup Global Markets Holdings, Inc. <sup>(a)</sup>  | Citigroup Global Markets Holdings, Inc. <sup>(a)</sup>  | Citigroup Global Markets Holdings, Inc. <sup>(a)</sup>  | Citigroup Global Markets Holdings, Inc. <sup>(a)</sup>  |
| 2864000 | 4.800 | 12/19/25 | 2863198 |
| 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>  |
| 3296000 | 5.000 | 02/10/26 | 3294484 |
| 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>  |
| 110000 | 6.400 | 03/26/29 | 113805 |
| Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) |
| 3500000 | 4.811 | 04/30/25 | 3502205 |
| Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
| 4000000 | 5.650 | 06/28/25 | 4008400 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 1390000 | 5.099 | 07/03/25 | 1390876 |
| Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  |
| 3085000 | 4.875 | 06/13/25 | 3083488 |
| United Wholesale Mortgage LLC <sup>(a)(b)</sup>  | United Wholesale Mortgage LLC <sup>(a)(b)</sup>  | United Wholesale Mortgage LLC <sup>(a)(b)</sup>  | United Wholesale Mortgage LLC <sup>(a)(b)</sup>  |
| 1460000 | 5.500 | 11/15/25 | 1455927 |
|  |  |  | 29267849 |
| Electrical – 3.0% | Electrical – 3.0% | Electrical – 3.0% | Electrical – 3.0% |
| Avangrid, Inc. <sup>(a)</sup>  | Avangrid, Inc. <sup>(a)</sup>  | Avangrid, Inc. <sup>(a)</sup>  | Avangrid, Inc. <sup>(a)</sup>  |
| 650000 | 3.200 | 04/15/25 | 649480 |
| 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>  |
| 650000 | 4.050 | 04/15/25 | 649584 |
| CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| 2165000 | 5.250 | 08/10/26 | 2183749 |
| Dominion Energy, Inc. <sup>(a)</sup>  | Dominion Energy, Inc. <sup>(a)</sup>  | Dominion Energy, Inc. <sup>(a)</sup>  | Dominion Energy, Inc. <sup>(a)</sup>  |
| 2025000 | 1.450 | 04/15/26 | 1960484 |
| DTE Energy Co. <sup>(a)</sup>  | DTE Energy Co. <sup>(a)</sup>  | DTE Energy Co. <sup>(a)</sup>  | DTE Energy Co. <sup>(a)</sup>  |
| 575000 | 1.050 | 06/01/25 | 571429 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) |
| Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) |
|  Enel Finance International NV <sup>(a)(b)</sup>  | Enel Finance International NV <sup>(a)(b)</sup>  | Enel Finance International NV <sup>(a)(b)</sup>  | Enel Finance International NV <sup>(a)(b)</sup>  | Enel Finance International NV <sup>(a)(b)</sup>  |
| $| 2575000 | 1.625% | 07/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;2480085 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  | 2370000 | 4.450 | 06/20/25 | 2367820 |
|  | 2630000 | 4.625 <sup>(a)</sup> | 07/15/27 | 2639652 |
|  Public Service Enterprise Group, Inc. <sup>(a)</sup>  | Public Service Enterprise Group, Inc. <sup>(a)</sup>  | Public Service Enterprise Group, Inc. <sup>(a)</sup>  | Public Service Enterprise Group, Inc. <sup>(a)</sup>  | Public Service Enterprise Group, Inc. <sup>(a)</sup>  |
|  | 675000 | 0.800 | 08/15/25 | 666110 |
|  Southern Power Co. <sup>(a)</sup>  | Southern Power Co. <sup>(a)</sup>  | Southern Power Co. <sup>(a)</sup>  | Southern Power Co. <sup>(a)</sup>  | Southern Power Co. <sup>(a)</sup>  |
|  | 500000 | 0.900 | 01/15/26 | 485085 |
|  Xcel Energy, Inc. <sup>(a)</sup>  | Xcel Energy, Inc. <sup>(a)</sup>  | Xcel Energy, Inc. <sup>(a)</sup>  | Xcel Energy, Inc. <sup>(a)</sup>  | Xcel Energy, Inc. <sup>(a)</sup>  |
|  | 3325000 | 1.750 | 03/15/27 | 3148808 |
|  |  |  |  | 17802286 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  | 620000 | 6.375 | 03/15/29 | 627744 |
| Entertainment<sup>(a)(b)</sup> – 0.1% | Entertainment<sup>(a)(b)</sup> – 0.1% | Entertainment<sup>(a)(b)</sup> – 0.1% | Entertainment<sup>(a)(b)</sup> – 0.1% | Entertainment<sup>(a)(b)</sup> – 0.1% |
|  Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
|  | 334000 | 7.000 | 07/01/25 | 334601 |
| Environmental<sup>(a)</sup> – 1.0% | Environmental<sup>(a)</sup> – 1.0% | Environmental<sup>(a)</sup> – 1.0% | Environmental<sup>(a)</sup> – 1.0% | Environmental<sup>(a)</sup> – 1.0% |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  | 1273000 | 5.500 | 09/18/26 | 1288785 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  | 625000 | 0.750 | 11/15/25 | 611056 |
|  | 4050000 | 4.500 | 03/15/28 | 4070534 |
|  |  |  |  | 5970375 |
| Food & Drug Retailing – 2.7% | Food & Drug Retailing – 2.7% | Food & Drug Retailing – 2.7% | Food & Drug Retailing – 2.7% | Food & Drug Retailing – 2.7% |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  |
|  | 1430000 | 3.250 | 03/15/26 | 1397410 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  | 1580000 | 5.200 | 03/19/27 | 1600824 |
|  General Mills, Inc. <sup>(a)</sup>  | General Mills, Inc. <sup>(a)</sup>  | General Mills, Inc. <sup>(a)</sup>  | General Mills, Inc. <sup>(a)</sup>  | General Mills, Inc. <sup>(a)</sup>  |
|  | 2550000 | 4.700 | 01/30/27 | 2558772 |
|  J.M. Smucker Co. <sup>(a)</sup>  | J.M. Smucker Co. <sup>(a)</sup>  | J.M. Smucker Co. <sup>(a)</sup>  | J.M. Smucker Co. <sup>(a)</sup>  | J.M. Smucker Co. <sup>(a)</sup>  |
|  | 813000 | 5.900 | 11/15/28 | 850333 |
|  Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  |
|  | 6164000 | 4.600 | 03/01/28 | 6189087 |
|  Mondelez International Holdings Netherlands BV <sup>(b)</sup>  | Mondelez International Holdings Netherlands BV <sup>(b)</sup>  | Mondelez International Holdings Netherlands BV <sup>(b)</sup>  | Mondelez International Holdings Netherlands BV <sup>(b)</sup>  | Mondelez International Holdings Netherlands BV <sup>(b)</sup>  |
|  | 3250000 | 4.250 | 09/15/25 | 3243858 |
|  Mondelez International, Inc. <sup>(a)</sup>  | Mondelez International, Inc. <sup>(a)</sup>  | Mondelez International, Inc. <sup>(a)</sup>  | Mondelez International, Inc. <sup>(a)</sup>  | Mondelez International, Inc. <sup>(a)</sup>  |
|  | 525000 | 1.500 | 05/04/25 | 523268 |
|  |  |  |  | 16363552 |
| Gas<sup>(a)</sup> – 0.4% | Gas<sup>(a)</sup> – 0.4% | Gas<sup>(a)</sup> – 0.4% | Gas<sup>(a)</sup> – 0.4% | Gas<sup>(a)</sup> – 0.4% |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
|  | 1290000 | 5.875 | 08/20/26 | 1280093 |
|  East Ohio Gas Co. <sup>(b)</sup>  | East Ohio Gas Co. <sup>(b)</sup>  | East Ohio Gas Co. <sup>(b)</sup>  | East Ohio Gas Co. <sup>(b)</sup>  | East Ohio Gas Co. <sup>(b)</sup>  |
|  | 250000 | 1.300 | 06/15/25 | 247990 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  | 1025000 | 0.950 | 08/15/25 | 1012341 |
|  |  |  |  | 2540424 |
| Healthcare Providers & Services – 1.7% | Healthcare Providers & Services – 1.7% | Healthcare Providers & Services – 1.7% | Healthcare Providers & Services – 1.7% | Healthcare Providers & Services – 1.7% |
|  HCA, Inc. <sup>(a)</sup>  | HCA, Inc. <sup>(a)</sup>  | HCA, Inc. <sup>(a)</sup>  | HCA, Inc. <sup>(a)</sup>  | HCA, Inc. <sup>(a)</sup>  |
|  | 1500000 | 5.625 | 09/01/28 | 1534260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) |
|  PeaceHealth Obligated Group <sup>(a)</sup>  | PeaceHealth Obligated Group <sup>(a)</sup>  | PeaceHealth Obligated Group <sup>(a)</sup>  | PeaceHealth Obligated Group <sup>(a)</sup>  | PeaceHealth Obligated Group <sup>(a)</sup>  |
| $| 17000 | 1.375% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16644 |
|  Thermo Fisher Scientific, Inc. <sup>(a)</sup>  | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  |
|  | 2760000 | 5.000 | 12/05/26 | 2788676 |
|  UPMC | UPMC | UPMC | UPMC | UPMC |
|  | 5550000 | 3.600 | 04/03/25 | 5549528 |
|  |  |  |  | 9889108 |
| Insurance<sup>(b)</sup> – 0.6% | Insurance<sup>(b)</sup> – 0.6% | Insurance<sup>(b)</sup> – 0.6% | Insurance<sup>(b)</sup> – 0.6% | Insurance<sup>(b)</sup> – 0.6% |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  | 106000 | 1.450 | 01/08/26 | 103524 |
|  Corebridge Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 1.300%) | Corebridge Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 1.300%) | Corebridge Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 1.300%) | Corebridge Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 1.300%) | Corebridge Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 1.300%) |
|  | 2621000 | 5.663 | 09/25/26 | 2643383 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  | 700000 | 1.400 | 07/07/25 | 694120 |
|  Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  |
|  | 425000 | 0.904 | 08/12/25 | 418838 |
|  |  |  |  | 3859865 |
| Internet<sup>(a)(b)</sup> – 0.4% | Internet<sup>(a)(b)</sup> – 0.4% | Internet<sup>(a)(b)</sup> – 0.4% | Internet<sup>(a)(b)</sup> – 0.4% | Internet<sup>(a)(b)</sup> – 0.4% |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  | 2260000 | 3.257 | 01/19/27 | 2190787 |
| Iron/Steel – 0.3% | Iron/Steel – 0.3% | Iron/Steel – 0.3% |  |  |
|  Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. |
|  | 730000 | 3.950 | 05/23/25 | 729029 |
|  Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  |
|  | 1240000 | 2.400 | 06/15/25 | 1233329 |
|  |  |  |  | 1962358 |
| Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  | 905000 | 5.750 | 03/01/27 | 905452 |
| Lodging<sup>(a)</sup> –0.3% | Lodging<sup>(a)</sup> –0.3% | Lodging<sup>(a)</sup> –0.3% | Lodging<sup>(a)</sup> –0.3% | Lodging<sup>(a)</sup> –0.3% |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  | 1530000 | 5.450 | 09/15/26 | 1547427 |
| Machinery-Diversified<sup>(a)</sup> – 1.4% | Machinery-Diversified<sup>(a)</sup> – 1.4% | Machinery-Diversified<sup>(a)</sup> – 1.4% | Machinery-Diversified<sup>(a)</sup> – 1.4% | Machinery-Diversified<sup>(a)</sup> – 1.4% |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
|  | 5220000 | 5.197 | 06/15/27 | 5292088 |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  | 3255000 | 2.056 | 04/05/25 | 3255000 |
|  |  |  |  | 8547088 |
| Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  | 675000 | 1.625 | 09/01/25 | 666090 |
| Miscellaneous Manufacturing<sup>(a)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.1% |
|  Axon Enterprise, Inc. <sup>(b)</sup>  | Axon Enterprise, Inc. <sup>(b)</sup>  | Axon Enterprise, Inc. <sup>(b)</sup>  | Axon Enterprise, Inc. <sup>(b)</sup>  | Axon Enterprise, Inc. <sup>(b)</sup>  |
|  | 355000 | 6.125 | 03/15/30 | 358632 |
|  Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
|  | 484000 | 6.250 | 02/15/29 | 485665 |
|  |  |  |  | 844297 |
| Office & Business Equipment<sup>(a)(b)</sup> – 0.1% | Office & Business Equipment<sup>(a)(b)</sup> – 0.1% | Office & Business Equipment<sup>(a)(b)</sup> – 0.1% | Office & Business Equipment<sup>(a)(b)</sup> – 0.1% | Office & Business Equipment<sup>(a)(b)</sup> – 0.1% |
|  Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
|  | 463000 | 5.000 | 08/15/25 | 459940 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – 1.7% | Oil Field Services – 1.7% | Oil Field Services – 1.7% | Oil Field Services – 1.7% |
| Canadian Natural Resources Ltd. <sup>(a)</sup>  | Canadian Natural Resources Ltd. <sup>(a)</sup>  | Canadian Natural Resources Ltd. <sup>(a)</sup>  | Canadian Natural Resources Ltd. <sup>(a)</sup>  |
| 825000 | 2.050% | 07/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819357 |
| Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
| 2825000 | 5.100 | 03/29/26 | 2843984 |
| QatarEnergy <sup>(a)(b)</sup>  | QatarEnergy <sup>(a)(b)</sup>  | QatarEnergy <sup>(a)(b)</sup>  | QatarEnergy <sup>(a)(b)</sup>  |
| 2520000 | 1.375 | 09/12/26 | 2405088 |
| SA Global Sukuk Ltd. <sup>(a)</sup>  | SA Global Sukuk Ltd. <sup>(a)</sup>  | SA Global Sukuk Ltd. <sup>(a)</sup>  | SA Global Sukuk Ltd. <sup>(a)</sup>  |
| 2520000 | 1.602 | 06/17/26 | 2426287 |
| Sunoco LP <sup>(a)(b)</sup>  | Sunoco LP <sup>(a)(b)</sup>  | Sunoco LP <sup>(a)(b)</sup>  | Sunoco LP <sup>(a)(b)</sup>  |
| 750000 | 7.000 | 05/01/29 | 767798 |
| Sunoco LP/Sunoco Finance Corp. <sup>(a)(b)</sup>  | Sunoco LP/Sunoco Finance Corp. <sup>(a)(b)</sup>  | Sunoco LP/Sunoco Finance Corp. <sup>(a)(b)</sup>  | Sunoco LP/Sunoco Finance Corp. <sup>(a)(b)</sup>  |
| 760000 | 7.000 | 09/15/28 | 777457 |
|  |  |  | 10039971 |
| Packaging<sup>(a)</sup> – 0.1% | Packaging<sup>(a)</sup> – 0.1% | Packaging<sup>(a)</sup> – 0.1% | Packaging<sup>(a)</sup> – 0.1% |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 550000 | 1.570 | 01/15/26 | 536228 |
| Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% |
| AbbVie, Inc. <sup>(a)</sup>  | AbbVie, Inc. <sup>(a)</sup>  | AbbVie, Inc. <sup>(a)</sup>  | AbbVie, Inc. <sup>(a)</sup>  |
| 7400000 | 4.800 | 03/15/27 | 7475628 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 4792000 | 4.700 | 11/15/26 | 4810162 |
| CVS Health Corp. <sup>(a)</sup>  | CVS Health Corp. <sup>(a)</sup>  | CVS Health Corp. <sup>(a)</sup>  | CVS Health Corp. <sup>(a)</sup>  |
| 4015000 | 5.000 | 02/20/26 | 4023672 |
| PRA Health Sciences, Inc. <sup>(a)(b)</sup>  | PRA Health Sciences, Inc. <sup>(a)(b)</sup>  | PRA Health Sciences, Inc. <sup>(a)(b)</sup>  | PRA Health Sciences, Inc. <sup>(a)(b)</sup>  |
| 1435000 | 2.875 | 07/15/26 | 1391146 |
|  |  |  | 17700608 |
| Pipelines<sup>(a)</sup> – 1.5% | Pipelines<sup>(a)</sup> – 1.5% | Pipelines<sup>(a)</sup> – 1.5% | Pipelines<sup>(a)</sup> – 1.5% |
| Hess Midstream Operations LP <sup>(b)</sup>  | Hess Midstream Operations LP <sup>(b)</sup>  | Hess Midstream Operations LP <sup>(b)</sup>  | Hess Midstream Operations LP <sup>(b)</sup>  |
| 795000 | 5.875 | 03/01/28 | 799372 |
| 300000 | 6.500 | 06/01/29 | 305847 |
| Kinetik Holdings LP <sup>(b)</sup>  | Kinetik Holdings LP <sup>(b)</sup>  | Kinetik Holdings LP <sup>(b)</sup>  | Kinetik Holdings LP <sup>(b)</sup>  |
| 705000 | 6.625 | 12/15/28 | 715942 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 1360000 | 6.000 | 06/01/26 | 1363386 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 2645000 | 4.250 | 09/24/27 | 2622491 |
| Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
| 3090000 | 5.300 | 08/15/28 | 3156837 |
|  |  |  | 8963875 |
| Real Estate Investment Trust – 0.7% | Real Estate Investment Trust – 0.7% | Real Estate Investment Trust – 0.7% | Real Estate Investment Trust – 0.7% |
| Crown Castle, Inc. <sup>(a)</sup>  | Crown Castle, Inc. <sup>(a)</sup>  | Crown Castle, Inc. <sup>(a)</sup>  | Crown Castle, Inc. <sup>(a)</sup>  |
| 700000 | 1.350 | 07/15/25 | 693056 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 3715000 | 4.375 | 05/15/25 | 3715000 |
|  |  |  | 4408056 |
| Retailing<sup>(a)</sup> – 1.2% | Retailing<sup>(a)</sup> – 1.2% | Retailing<sup>(a)</sup> – 1.2% | Retailing<sup>(a)</sup> – 1.2% |
| 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup>  |
| 1130000 | 6.125 | 06/15/29 | 1139142 |
| 7-Eleven, Inc. <sup>(b)</sup>  | 7-Eleven, Inc. <sup>(b)</sup>  | 7-Eleven, Inc. <sup>(b)</sup>  | 7-Eleven, Inc. <sup>(b)</sup>  |
| 400000 | 0.950 | 02/10/26 | 387340 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 365000 | 4.000 | 05/15/25 | 364303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing<sup>(a)</sup> – (continued) | Retailing<sup>(a)</sup> – (continued) | Retailing<sup>(a)</sup> – (continued) | Retailing<sup>(a)</sup> – (continued) |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 1535000 | 5.625% | 05/01/27 | $1527310 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 1965000 | 5.750 | 11/20/26 | 2000920 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 1515000 | 3.500 | 09/01/25 | 1505137 |
|  |  |  | 6924152 |
| Semiconductors<sup>(a)</sup> – 1.3% | Semiconductors<sup>(a)</sup> – 1.3% | Semiconductors<sup>(a)</sup> – 1.3% | Semiconductors<sup>(a)</sup> – 1.3% |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 5210000 | 5.050 | 07/12/27 | 5274500 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 2300000 | 4.875 | 02/10/28 | 2311845 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 275000 | 2.700 | 05/01/25 | 274370 |
|  |  |  | 7860715 |
| Software – 1.3% | Software – 1.3% | Software – 1.3% | Software – 1.3% |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 520000 | 4.200 | 09/10/27 | 518424 |
| Fidelity National Information Services, Inc. <sup>(a)</sup>  | Fidelity National Information Services, Inc. <sup>(a)</sup>  | Fidelity National Information Services, Inc. <sup>(a)</sup>  | Fidelity National Information Services, Inc. <sup>(a)</sup>  |
| 1050000 | 1.150 | 03/01/26 | 1018007 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1400000 | 2.500 <sup>(a)</sup> | 04/01/25 | 1400000 |
| 1900000 | 5.800 | 11/10/25 | 1913167 |
| 1209000 | 4.800 <sup>(a)</sup> | 08/03/28 | 1219095 |
| Synopsys, Inc. <sup>(a)</sup>  | Synopsys, Inc. <sup>(a)</sup>  | Synopsys, Inc. <sup>(a)</sup>  | Synopsys, Inc. <sup>(a)</sup>  |
| 1873000 | 4.650 | 04/01/28 | 1884538 |
|  |  |  | 7953231 |
| Telecommunication Services<sup>(a)</sup> – 1.7% | Telecommunication Services<sup>(a)</sup> – 1.7% | Telecommunication Services<sup>(a)</sup> – 1.7% | Telecommunication Services<sup>(a)</sup> – 1.7% |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 8800000 | 3.500 | 04/15/25 | 8795160 |
| 1550000 | 3.750 | 04/15/27 | 1527509 |
|  |  |  | 10322669 |
| Trucking & Leasing<sup>(a)(b)</sup> – 0.3% | Trucking & Leasing<sup>(a)(b)</sup> – 0.3% | Trucking & Leasing<sup>(a)(b)</sup> – 0.3% | Trucking & Leasing<sup>(a)(b)</sup> – 0.3% |
| 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. |
| 1025000 | 1.200 | 11/15/25 | 1002276 |
| 705000 | 5.350 | 01/12/27 | 712494 |
|  |  |  | 1714770 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $299,790,914)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $299,790,914)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $299,790,914)** | $300321614 |
| Asset-Backed Securities<sup>(a)</sup> – 15.3% | Asset-Backed Securities<sup>(a)</sup> – 15.3% | Asset-Backed Securities<sup>(a)</sup> – 15.3% | Asset-Backed Securities<sup>(a)</sup> – 15.3% |
| Automotive – 2.2% | Automotive – 2.2% | Automotive – 2.2% | Automotive – 2.2% |
| Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 |
| 181782 | 5.630% | 10/15/26 | $181843 |
| Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A | Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A | Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A | Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A |
| 3200000 | 1.060 | 09/15/27 | 3146270 |
| Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(b)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(b)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(b)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(b)</sup>  |
| 2100000 | 5.410 | 05/17/27 | 2120342 |
| Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 |
| 1812717 | 5.390 | 06/15/27 | 1819195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
| Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 |
| 325000 | 4.840% | 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327337 |
| Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  |
| 1281993 | 6.130 | 09/21/26 | 1285759 |
| Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 |
| 217991 | 0.710 | 04/15/26 | 217330 |
| Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 |
| 1540943 | 5.300 | 09/15/27 | 1548078 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A |
| 2650000 | 4.650 | 11/22/27 | 2652770 |
|  |  |  | 13298924 |
| Collateralized Loan Obligations<sup>(c)</sup> – 8.9% | Collateralized Loan Obligations<sup>(c)</sup> – 8.9% | Collateralized Loan Obligations<sup>(c)</sup> – 8.9% | Collateralized Loan Obligations<sup>(c)</sup> – 8.9% |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.462%) |
| 1300000 | 5.755 | 07/20/34 | 1300553 |
| Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 <sup>(b)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 <sup>(b)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 <sup>(b)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 <sup>(b)</sup> (3 mo. USD Term SOFR + 1.412%) |
| 4000000 | 5.714 | 04/15/34 | 4001416 |
| Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.050%) |
| 2975000 | 5.367 | 04/15/33 | 2974994 |
| Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 0.980%) |
| 5000000 | 5.295 | 01/22/35 | 4969465 |
| BSPDF Issuer Ltd. Series 2021-FL1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) | BSPDF Issuer Ltd. Series 2021-FL1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) | BSPDF Issuer Ltd. Series 2021-FL1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) | BSPDF Issuer Ltd. Series 2021-FL1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) |
| 61883 | 5.634 | 10/15/36 | 61444 |
| CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.390%) |
| 1500000 | 5.961 | 10/20/37 | 1501152 |
| CBAM Ltd. Series 2017-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) |
| 5000000 | 5.755 | 07/17/34 | 4999845 |
| Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.080%) | Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.080%) | Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.080%) | Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.080%) |
| 2303448 | 5.373 | 01/20/31 | 2303148 |
| Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) |
| 1900000 | 3.496 | 11/20/34 | 2042925 |
| Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 0.950%) |
| 2100000 | 5.267 | 04/22/34 | 2084458 |
| Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.360%) |
| 2750000 | 5.668 | 07/16/37 | 2750743 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1000000 | 5.832 | 04/15/37 | 1001604 |
| Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.460%) | Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.460%) | Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.460%) | Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.460%) |
| 1575000 | 5.762 | 04/15/34 | 1576312 |
| Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR <sup>(b)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 4310987 | 5.684 | 05/20/32 | 4311414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) |
| OCP CLO Ltd. Series 2014-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.342%) | OCP CLO Ltd. Series 2014-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.342%) | OCP CLO Ltd. Series 2014-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.342%) | OCP CLO Ltd. Series 2014-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.342%) |
| 658690 | 5.642% | 04/26/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658674 |
| Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.382%) |
| 1000000 | 5.684 | 07/15/34 | 999749 |
| OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) |
| 1500000 | 5.613 | 01/20/38 | 1495143 |
| Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.220%) |
| 6700000 | 5.513 | 10/11/34 | 6692308 |
| Trinitas CLO VI Ltd. Series 2017-6A, Class ARRR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) | Trinitas CLO VI Ltd. Series 2017-6A, Class ARRR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) | Trinitas CLO VI Ltd. Series 2017-6A, Class ARRR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) | Trinitas CLO VI Ltd. Series 2017-6A, Class ARRR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 900000 | 5.630 | 01/25/34 | 899344 |
| Trysail CLO Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Trysail CLO Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Trysail CLO Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Trysail CLO Ltd. Series 2021-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 1264425 | 5.590 | 07/20/32 | 1262775 |
| Wellfleet CLO Ltd. Series 2021-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) | Wellfleet CLO Ltd. Series 2021-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) | Wellfleet CLO Ltd. Series 2021-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) | Wellfleet CLO Ltd. Series 2021-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.452%) |
| 5000000 | 5.754 | 01/15/35 | 4997090 |
| Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.490%) |
| 475000 | 5.790 | 07/28/37 | 475486 |
|  |  |  | 53360042 |
| Credit Card – 1.4% | Credit Card – 1.4% | Credit Card – 1.4% | Credit Card – 1.4% |
| Barclays Dryrock Issuance Trust Series 2022-1, Class A | Barclays Dryrock Issuance Trust Series 2022-1, Class A | Barclays Dryrock Issuance Trust Series 2022-1, Class A | Barclays Dryrock Issuance Trust Series 2022-1, Class A |
| 2350000 | 3.070 | 02/15/28 | 2348656 |
| Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 |
| 5990000 | 5.230 | 12/08/27 | 6017634 |
|  |  |  | 8366290 |
| Student Loan<sup>(c)</sup> – 2.8% | Student Loan<sup>(c)</sup> – 2.8% | Student Loan<sup>(c)</sup> – 2.8% | Student Loan<sup>(c)</sup> – 2.8% |
| Access Group, Inc. Series 2013-1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.614%) |
| 197695 | 4.954 | 02/25/36 | 196501 |
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.420%) | Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.420%) | Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.420%) | Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 2350000 | 5.713 | 04/20/36 | 2350343 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) |
| 2100000 | 6.132 | 01/15/37 | 2108282 |
| ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.314%) |
| 1014671 | 5.654 | 12/27/66 | 1020148 |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 1875000 | 5.813 | 04/18/37 | 1872221 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) |
| 339452 | 5.719 | 07/25/45 | 338952 |
| Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) |
| 497720 | 5.205 | 03/25/51 | 492001 |
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 2155381 | 5.493 | 01/20/32 | 2151299 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Student Loan<sup>(c)</sup> – (continued) | Student Loan<sup>(c)</sup> – (continued) | Student Loan<sup>(c)</sup> – (continued) | Student Loan<sup>(c)</sup> – (continued) |
| Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) |
| 77265 | 5.769% | 04/25/38 | $76256 |
| Navient Student Loan Trust Series 2017-2A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.164%) |
| 1506209 | 5.504 | 12/27/66 | 1522931 |
| Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.814%) |
| 1100841 | 5.154 | 03/26/40 | 1096928 |
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1500000 | 5.823 | 04/20/38 | 1498485 |
| PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 0.704%) |
| 1486826 | 5.044 | 08/25/40 | 1478143 |
| Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) |
| 244230 | 5.350 | 07/01/31 | 242437 |
|  |  |  | 16444927 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $91,493,597)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $91,493,597)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $91,493,597)** | $91470183 |
| Mortgage-Backed Obligations – 5.1% | Mortgage-Backed Obligations – 5.1% | Mortgage-Backed Obligations – 5.1% | Mortgage-Backed Obligations – 5.1% |
| Collateralized Mortgage Obligations – 0.3% | Collateralized Mortgage Obligations – 0.3% | Collateralized Mortgage Obligations – 0.3% | Collateralized Mortgage Obligations – 0.3% |
| Regular Floater<sup>(c)</sup> – 0.1% | Regular Floater<sup>(c)</sup> – 0.1% | Regular Floater<sup>(c)</sup> – 0.1% | Regular Floater<sup>(c)</sup> – 0.1% |
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| 233849 | 5.063 %<sup>(a)</sup> | 09/15/37 | $233262 |
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| 25340 | 5.313 | 06/15/39 | 25534 |
| Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) |
| 30360 | 4.763 | 04/15/37 | 29538 |
| Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) |
| 71940 | 4.863 | 05/15/36 | 71454 |
| Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) |
| 35800 | 4.854 | 09/25/43 | 35438 |
| Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) |
| 111924 | 4.954 | 08/25/36 | 111247 |
| Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) |
| 200922 | 5.604 | 09/25/39 | 204408 |
| Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) |
| 132401 | 5.294 | 04/25/48 | 133101 |
|  |  |  | 843982 |
| Sequential Fixed Rate – 0.0% | Sequential Fixed Rate – 0.0% | Sequential Fixed Rate – 0.0% | Sequential Fixed Rate – 0.0% |
| Federal Home Loan Mortgage Corp. REMICS Series 4248, | Federal Home Loan Mortgage Corp. REMICS Series 4248, | Federal Home Loan Mortgage Corp. REMICS Series 4248, | Federal Home Loan Mortgage Corp. REMICS Series 4248, |
| Class LM |  |  |  |
| 154991 | 6.500 | 05/15/41 | 162782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.2% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.2% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.2% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.2% |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 442000 | 5.990% | 12/25/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442323 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 167579 | 6.240 | 04/25/42 | 168685 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| 122772 | 8.240 | 04/25/43 | 130211 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 161393 | 1.824 | 11/25/66 | 146135 |
|  |  |  | 887354 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 1894118 |
| Commercial Mortgage-Backed Securities – 4.0% | Commercial Mortgage-Backed Securities – 4.0% | Commercial Mortgage-Backed Securities – 4.0% | Commercial Mortgage-Backed Securities – 4.0% |
| Sequential Fixed Rate<sup>(a)</sup> – 1.0% | Sequential Fixed Rate<sup>(a)</sup> – 1.0% | Sequential Fixed Rate<sup>(a)</sup> – 1.0% | Sequential Fixed Rate<sup>(a)</sup> – 1.0% |
| Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 |
| 1450000 | 3.714% | 04/15/52 | $1393716 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 1000000 | 5.893 | 11/15/57 | 1040391 |
| Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 |
| 2050000 | 5.805 | 01/10/57 | 2110893 |
| BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 |
| 950000 | 5.739 | 02/15/57 | 976197 |
| CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 | CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 | CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 | CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 |
| 296918 | 3.504 | 06/15/57 | 295942 |
|  |  |  | 5817139 |
| Sequential Floating Rate<sup>(c)</sup> – 3.0% | Sequential Floating Rate<sup>(c)</sup> – 3.0% | Sequential Floating Rate<sup>(c)</sup> – 3.0% | Sequential Floating Rate<sup>(c)</sup> – 3.0% |
| Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 |
| 1100000 | 5.902 <sup>(a)</sup> | 12/15/57 | 1144960 |
| BBCMS Mortgage Trust Series 2023-5C23, Class A3 | BBCMS Mortgage Trust Series 2023-5C23, Class A3 | BBCMS Mortgage Trust Series 2023-5C23, Class A3 | BBCMS Mortgage Trust Series 2023-5C23, Class A3 |
| 1350000 | 6.675 <sup>(a)</sup> | 12/15/56 | 1431695 |
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| 1798217 | 5.761 <sup>(b)</sup> | 02/15/39 | 1798952 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 2053670 | 5.711 <sup>(b)</sup> | 03/15/41 | 2054059 |
| BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%) | BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%) | BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%) | BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%) |
| 1100000 | 5.333 <sup>(b)</sup> | 10/15/36 | 1097553 |
| BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%) | BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%) | BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%) | BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%) |
| 38100 | 5.134 <sup>(b)</sup> | 01/15/34 | 37966 |
| BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) |
| 565618 | 5.069 <sup>(b)</sup> | 10/15/26 | 561282 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1200000 | 5.961 <sup>(b)</sup> | 02/15/41 | 1198221 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(c)</sup> – (continued) | Sequential Floating Rate<sup>(c)</sup> – (continued) | Sequential Floating Rate<sup>(c)</sup> – (continued) | Sequential Floating Rate<sup>(c)</sup> – (continued) | Sequential Floating Rate<sup>(c)</sup> – (continued) |
| ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) | ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) | ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) | ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) | ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) |
| $— | 3695698 | 5.136 %<sup>(b)</sup> | 11/15/38 | $3675716 |
| EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 1.019%) | EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 1.019%) | EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 1.019%) | EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 1.019%) | EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 1.019%) |
|  | 549970 | 5.339 <sup>(a)(b)</sup> | 10/15/38 | 546951 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%) |
|  | 508132 | 4.967 <sup>(a)</sup> | 01/25/26 | 507982 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) |
|  | 262936 | 4.957 <sup>(a)</sup> | 02/25/26 | 263145 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A |
|  | 1575000 | 2.854 <sup>(b)</sup> | 09/06/38 | 1526503 |
| ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) |
|  | 919000 | 5.134 <sup>(b)</sup> | 03/15/36 | 904831 |
| STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%) | STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%) | STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%) | STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%) | STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%) |
|  | 989565 | 5.010 <sup>(b)</sup> | 07/15/36 | 982619 |
|  |  |  |  | 17732435 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $23549574 |
| Federal Agencies – 0.8% | Federal Agencies – 0.8% | Federal Agencies – 0.8% | Federal Agencies – 0.8% | Federal Agencies – 0.8% |
| Government National Mortgage Association – 0.0% | Government National Mortgage Association – 0.0% | Government National Mortgage Association – 0.0% | Government National Mortgage Association – 0.0% | Government National Mortgage Association – 0.0% |
| $— | 154 | 7.000% | 04/15/26 | $154 |
| Uniform Mortgage-Backed Security – 0.8% | Uniform Mortgage-Backed Security – 0.8% | Uniform Mortgage-Backed Security – 0.8% | Uniform Mortgage-Backed Security – 0.8% | Uniform Mortgage-Backed Security – 0.8% |
|  | 4686795 | 6.500 | 06/01/54 | 4864604 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES |  | $4864758 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $30,169,928)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $30,169,928)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $30,169,928)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $30,169,928)** | $30308450 |
| Sovereign Debt Obligations – 0.4% | Sovereign Debt Obligations – 0.4% | Sovereign Debt Obligations – 0.4% | Sovereign Debt Obligations – 0.4% | Sovereign Debt Obligations – 0.4% |
| United States Dollar – 0.4% | United States Dollar – 0.4% | United States Dollar – 0.4% | United States Dollar – 0.4% | United States Dollar – 0.4% |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| $— | 2320000 | 3.250% | 10/26/26 | $2277196 |
| (Cost $2,374,241) | (Cost $2,374,241) | (Cost $2,374,241) | (Cost $2,374,241) |  |
| Municipal Debt Obligations<sup>(a)</sup> – 0.2% | Municipal Debt Obligations<sup>(a)</sup> – 0.2% | Municipal Debt Obligations<sup>(a)</sup> – 0.2% | Municipal Debt Obligations<sup>(a)</sup> – 0.2% | Municipal Debt Obligations<sup>(a)</sup> – 0.2% |
| Texas – 0.2% | Texas – 0.2% | Texas – 0.2% | Texas – 0.2% | Texas – 0.2% |
| San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 |
| $— | 1330000 | 5.635% | 02/01/26 $| 1332699 |
| (Cost $1,330,000) | (Cost $1,330,000) | (Cost $1,330,000) | (Cost $1,330,000) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| U.S. Treasury Obligations<sup>(d)</sup> – 1.9% | U.S. Treasury Obligations<sup>(d)</sup> – 1.9% | U.S. Treasury Obligations<sup>(d)</sup> – 1.9% |  |
| U.S. Treasury Bills | U.S. Treasury Bills |  |  |
| 574300 | 0.000% | 04/03/25 | $574164 |
| 2297300 | 0.000 <sup>(e)</sup> | 04/15/25 | 2293514 |
| 955400 | 0.000 | 05/01/25 | 952033 |
| 6803800 | 0.000 | 05/15/25 | 6768596 |
| 370200 | 0.000 | 05/22/25 | 367985 |
| 326000 | 0.000 | 05/29/25 | 323776 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $11,279,731) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $11,279,731) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $11,279,731) | $11280068 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(f)</sup> – 6.0% | Investment Company<sup>(f)</sup> – 6.0% | Investment Company<sup>(f)</sup> – 6.0% | Investment Company<sup>(f)</sup> – 6.0% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 35629321 | 4.259% | 4.259% | $35629321 |
| (Cost $35,629,321) | (Cost $35,629,321) | (Cost $35,629,321) | (Cost $35,629,321) |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 79.1%<br>(Cost $472,067,732) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 79.1%<br>(Cost $472,067,732) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 79.1%<br>(Cost $472,067,732) | $472619531 |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – 19.5% | Short-term Investments – 19.5% | Short-term Investments – 19.5% |  |
| Certificates of Deposit<sup>(c)</sup> – 3.4% | Certificates of Deposit<sup>(c)</sup> – 3.4% | Certificates of Deposit<sup>(c)</sup> – 3.4% |  |
| Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) |
| 2300000 | 4.830% | 05/27/25 $| 2300508 |
| Kookmin Bank (1 day USD SOFR + 0.300%) | Kookmin Bank (1 day USD SOFR + 0.300%) | Kookmin Bank (1 day USD SOFR + 0.300%) | Kookmin Bank (1 day USD SOFR + 0.300%) |
| 3329000 | 4.650 | 09/19/25 | 3328718 |
| Lloyds Bank Corporate Markets PLC (1 day USD SOFR + 0.270%) | Lloyds Bank Corporate Markets PLC (1 day USD SOFR + 0.270%) | Lloyds Bank Corporate Markets PLC (1 day USD SOFR + 0.270%) | Lloyds Bank Corporate Markets PLC (1 day USD SOFR + 0.270%) |
| 2934000 | 4.630 | 08/18/25 | 2935329 |
| Macquarie Bank Ltd.<sup>(b)</sup> (1 day USD SOFR + 0.400%) | Macquarie Bank Ltd.<sup>(b)</sup> (1 day USD SOFR + 0.400%) | Macquarie Bank Ltd.<sup>(b)</sup> (1 day USD SOFR + 0.400%) | Macquarie Bank Ltd.<sup>(b)</sup> (1 day USD SOFR + 0.400%) |
| 2151000 | 4.750 | 06/24/25 | 2152375 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |  |
| (1 day USD SOFR + 0.590%) | (1 day USD SOFR + 0.590%) | (1 day USD SOFR + 0.590%) |  |
| 5890000 | 4.950 | 03/26/26 | 5888986 |
| (1 day USD SOFR + 0.630%) | (1 day USD SOFR + 0.630%) | (1 day USD SOFR + 0.630%) |  |
| 3500000 | 4.990 | 12/12/25 | 3499993 |
|  |  |  | 20105909 |
| Commercial Paper<sup>(d)</sup> – 16.1% | Commercial Paper<sup>(d)</sup> – 16.1% | Commercial Paper<sup>(d)</sup> – 16.1% |  |
| Air Lease Corp.<sup>(b)</sup>  | Air Lease Corp.<sup>(b)</sup>  |  |  |
| 3011000 | 0.000 | 04/01/25 | 3010603 |
| 2667000 | 0.000 | 04/02/25 | 2666297 |
| Alimentation Couche-Tard, Inc.<sup>(b)</sup>  | Alimentation Couche-Tard, Inc.<sup>(b)</sup>  | Alimentation Couche-Tard, Inc.<sup>(b)</sup>  |  |
| 2564000 | 0.000 | 04/01/25 | 2563674 |
| American Electric Power Co., Inc.<sup>(b)</sup>  | American Electric Power Co., Inc.<sup>(b)</sup>  | American Electric Power Co., Inc.<sup>(b)</sup>  |  |
| 2839000 | 0.000 | 04/22/25 | 2831073 |
| 2971000 | 0.000 | 06/27/25 | 2937661 |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |  |
| 2909000 | 0.000 | 04/16/25 | 2903175 |
| Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. |
| 5858000 | 0.000 | 04/01/25 | 5857224 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) |
| $| 4183000 | 0.000% | 05/05/25 | $4163483 |
|  | 1929000 | 0.000 | 05/20/25 | 1916136 |
|  | 1661000 | 0.000 | 06/24/25 | 1642201 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  | 4528000 | 0.000 | 04/23/25 | 4513936 |
|  | 3062000 | 0.000 | 04/24/25 | 3052070 |
|  | 647000 | 0.000 | 05/01/25 | 644281 |
|  | 3194000 | 0.000 | 05/08/25 | 3177538 |
|  | 2734000 | 0.000 | 05/21/25 | 2715103 |
|  CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  |
|  | 2974000 | 0.000 | 04/07/25 | 2971247 |
|  Duke Energy Corp.<sup>(b)</sup>  | Duke Energy Corp.<sup>(b)</sup>  | Duke Energy Corp.<sup>(b)</sup>  | Duke Energy Corp.<sup>(b)</sup>  | Duke Energy Corp.<sup>(b)</sup>  |
|  | 7000000 | 0.000 | 04/02/25 | 6998263 |
|  eBay, Inc.<sup>(b)</sup>  | eBay, Inc.<sup>(b)</sup>  | eBay, Inc.<sup>(b)</sup>  | eBay, Inc.<sup>(b)</sup>  | eBay, Inc.<sup>(b)</sup>  |
|  | 1279000 | 0.000 | 06/23/25 | 1265332 |
|  | 1038000 | 0.000 | 08/15/25 | 1020565 |
|  Entergy Corp.<sup>(b)</sup>  | Entergy Corp.<sup>(b)</sup>  | Entergy Corp.<sup>(b)</sup>  | Entergy Corp.<sup>(b)</sup>  | Entergy Corp.<sup>(b)</sup>  |
|  | 543000 | 0.000 | 06/23/25 | 537182 |
|  General Motors Financial Co., Inc.<sup>(b)</sup>  | General Motors Financial Co., Inc.<sup>(b)</sup>  | General Motors Financial Co., Inc.<sup>(b)</sup>  | General Motors Financial Co., Inc.<sup>(b)</sup>  | General Motors Financial Co., Inc.<sup>(b)</sup>  |
|  | 1579000 | 0.000 | 05/01/25 | 1572715 |
|  | 2096000 | 0.000 | 06/17/25 | 2074883 |
|  Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC |
|  | 2690000 | 0.000 | 04/04/25 | 2688587 |
|  | 2987000 | 0.000 | 06/13/25 | 2957893 |
|  | 3253000 | 0.000 | 10/03/25 | 3174791 |
|  Keurig Dr. Pepper, Inc.<sup>(b)</sup>  | Keurig Dr. Pepper, Inc.<sup>(b)</sup>  | Keurig Dr. Pepper, Inc.<sup>(b)</sup>  | Keurig Dr. Pepper, Inc.<sup>(b)</sup>  | Keurig Dr. Pepper, Inc.<sup>(b)</sup>  |
|  | 1788000 | 0.000 | 04/22/25 | 1783030 |
|  Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
|  | 3021000 | 0.000 | 06/26/25 | 2989191 |
|  National Grid North America, Inc.<sup>(b)</sup>  | National Grid North America, Inc.<sup>(b)</sup>  | National Grid North America, Inc.<sup>(b)</sup>  | National Grid North America, Inc.<sup>(b)</sup>  | National Grid North America, Inc.<sup>(b)</sup>  |
|  | 1499000 | 0.000 | 04/11/25 | 1496920 |
|  Parker-Hannifin Corp.<sup>(b)</sup>  | Parker-Hannifin Corp.<sup>(b)</sup>  | Parker-Hannifin Corp.<sup>(b)</sup>  | Parker-Hannifin Corp.<sup>(b)</sup>  | Parker-Hannifin Corp.<sup>(b)</sup>  |
|  | 1290000 | 0.000 | 06/03/25 | 1279509 |
|  | 1610000 | 0.000 | 06/05/25 | 1596505 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  | 2779000 | 0.000 | 05/27/25 | 2758408 |
|  RWE AG<sup>(b)</sup>  | RWE AG<sup>(b)</sup>  | RWE AG<sup>(b)</sup>  | RWE AG<sup>(b)</sup>  | RWE AG<sup>(b)</sup>  |
|  | 2993000 | 0.000 | 04/03/25 | 2991824 |
|  | 1444000 | 0.000 | 04/07/25 | 1442666 |
|  TELUS Corp.<sup>(b)</sup>  | TELUS Corp.<sup>(b)</sup>  | TELUS Corp.<sup>(b)</sup>  | TELUS Corp.<sup>(b)</sup>  | TELUS Corp.<sup>(b)</sup>  |
|  | 1168000 | 0.000 | 04/14/25 | 1165934 |
|  | 3260000 | 0.000 | 06/06/25 | 3232105 |
|  TotalEnergies Capital SA<sup>(b)</sup>  | TotalEnergies Capital SA<sup>(b)</sup>  | TotalEnergies Capital SA<sup>(b)</sup>  | TotalEnergies Capital SA<sup>(b)</sup>  | TotalEnergies Capital SA<sup>(b)</sup>  |
|  | 6048000 | 0.000 | 06/26/25 | 5984537 |
|  |  |  |  | 96576542 |
| TOTAL SHORT-TERM INVESTMENTS<br>(Cost $116,695,973) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $116,695,973) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $116,695,973) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $116,695,973) | $116682451 |
| TOTAL INVESTMENTS – 98.6%<br>(Cost $588,763,705) | TOTAL INVESTMENTS – 98.6%<br>(Cost $588,763,705) | TOTAL INVESTMENTS – 98.6%<br>(Cost $588,763,705) | TOTAL INVESTMENTS – 98.6%<br>(Cost $588,763,705) | $589301982 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4% | 8669717 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $597971699 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 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> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  BNP Paribas SA | EUR 2,170,760 | USD 2,271,913 | 04/09/25 | $76442 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  BNP Paribas SA | USD 4,160,891 | EUR 4,035,840 | 04/09/25 | $(205131) |

---

FUTURES CONTRACTS — At March 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 | 293 | 06/30/25 | $60701360 | $164804 |
|  5 Year U.S. Treasury Notes | 768 | 06/30/25 | 83064000 | 79343 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $244147 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup> <br> 3.250%<sup>(b)</sup> | 06/18/26 | $400260 | $(2102806) | $(2716340) | $613534 |
|  12M SOFR<sup>(c)</sup> <br> 3.851<sup>(c)</sup> | 03/31/27 | 86870 | 294151 | 144371 | 149780 |
|  3.250%<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240170 | 1717720 | 2638380 | (920660) |
| 3.250<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/18/28 | 42680 | 411520 | 595447 | (183927) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3.799 <sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 08/31/29 | $83270 | $(619329) | $(253205) | $(366124) |
| TOTAL |  |  | $(298744) | $408653 | $(707397) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| EURIBOR | —Euro Interbank Offered Rate |
| GO | —General Obligation |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| REMICS | —Real Estate Mortgage Investment Conduits |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |
| STRIPS | —Separate Trading of Registered Interest and Principal of Securities |

---

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – 61.8% | Mortgage-Backed Obligations – 61.8% | Mortgage-Backed Obligations – 61.8% | Mortgage-Backed Obligations – 61.8% | Mortgage-Backed Obligations – 61.8% |
| Collateralized Mortgage Obligations – 3.1% | Collateralized Mortgage Obligations – 3.1% | Collateralized Mortgage Obligations – 3.1% | Collateralized Mortgage Obligations – 3.1% | Collateralized Mortgage Obligations – 3.1% |
| Regular Floater<sup>(a)</sup> – 0.4% | Regular Floater<sup>(a)</sup> – 0.4% | Regular Floater<sup>(a)</sup> – 0.4% | Regular Floater<sup>(a)</sup> – 0.4% | Regular Floater<sup>(a)</sup> – 0.4% |
|  Federal Home Loan Mortgage Corp. REMICS Series 5502,<br>Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502,<br>Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502,<br>Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502,<br>Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502,<br>Class FG (1 mo. USD Term SOFR + 1.000%) |
|  $ | 240972 | 5.340% | 02/25/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239534 |
|  Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) |
|  | 299058 | 5.340 | 03/25/55 | 298493 |
|  |  |  |  | 538027 |
| Sequential Fixed Rate – 1.4% | Sequential Fixed Rate – 1.4% | Sequential Fixed Rate – 1.4% | Sequential Fixed Rate – 1.4% | Sequential Fixed Rate – 1.4% |
|  Arroyo Mortgage Trust Series 2022-1, Class A1A | Arroyo Mortgage Trust Series 2022-1, Class A1A | Arroyo Mortgage Trust Series 2022-1, Class A1A | Arroyo Mortgage Trust Series 2022-1, Class A1A | Arroyo Mortgage Trust Series 2022-1, Class A1A |
|  | 158452 | 2.495 <sup>(b)(c)(d)</sup> | 12/25/56 | 150237 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2329,<br>Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329,<br>Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329,<br>Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329,<br>Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329,<br>Class ZA |
|  | 64484 | 6.500 | 06/15/31 | 66197 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4246,<br>Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246,<br>Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246,<br>Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246,<br>Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246,<br>Class PT |
|  | 31743 | 6.500 | 02/15/36 | 33229 |
|  Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB |
|  | 161454 | 5.000 | 10/25/41 | 162643 |
|  Federal National Mortgage Association REMICS Series 2012-<br>111, Class B | Federal National Mortgage Association REMICS Series 2012-<br>111, Class B | Federal National Mortgage Association REMICS Series 2012-<br>111, Class B | Federal National Mortgage Association REMICS Series 2012-<br>111, Class B | Federal National Mortgage Association REMICS Series 2012-<br>111, Class B |
|  | 24443 | 7.000 | 10/25/42 | 26226 |
|  Federal National Mortgage Association REMICS Series 2012-<br>153, Class B | Federal National Mortgage Association REMICS Series 2012-<br>153, Class B | Federal National Mortgage Association REMICS Series 2012-<br>153, Class B | Federal National Mortgage Association REMICS Series 2012-<br>153, Class B | Federal National Mortgage Association REMICS Series 2012-<br>153, Class B |
|  | 102826 | 7.000 | 07/25/42 | 111197 |
|  Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB |
|  | 174282 | 5.000 | 06/25/41 | 175354 |
|  Government National Mortgage Association REMICS<br>Series 2021-135, Class A | Government National Mortgage Association REMICS<br>Series 2021-135, Class A | Government National Mortgage Association REMICS<br>Series 2021-135, Class A | Government National Mortgage Association REMICS<br>Series 2021-135, Class A | Government National Mortgage Association REMICS<br>Series 2021-135, Class A |
|  | 1133722 | 2.000 <sup>(b)</sup> | 08/20/51 | 928147 |
|  |  |  |  | 1653230 |
| Sequential Floating Rate<sup>(a)(b)</sup> – 1.3% | Sequential Floating Rate<sup>(a)(b)</sup> – 1.3% | Sequential Floating Rate<sup>(a)(b)</sup> – 1.3% | Sequential Floating Rate<sup>(a)(b)</sup> – 1.3% | Sequential Floating Rate<sup>(a)(b)</sup> – 1.3% |
|  Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 |
|  | 150000 | 3.809 <sup>(c)</sup> | 04/25/65 | 136584 |
|  JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
|  | 467233 | 2.520 <sup>(c)</sup> | 05/25/52 | 387819 |
|  JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
|  | 219166 | 5.990 <sup>(c)</sup> | 07/25/64 | 220606 |
|  JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
|  | 354830 | 3.000 <sup>(c)</sup> | 05/25/54 | 317768 |
|  JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A |
|  | 125000 | 6.000 <sup>(c)</sup> | 10/25/54 | 126318 |
|  JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 | JP Morgan Mortgage Trust Series 2024-5, Class A6 |
|  | 121013 | 6.000 <sup>(c)</sup> | 11/25/54 | 121366 |
|  Merrill Lynch Mortgage Investors Trust Series 2004-E,<br>Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E,<br>Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E,<br>Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E,<br>Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E,<br>Class A2B (6 mo. USD Term SOFR + 1.148%) |
|  | 22398 | 5.353 | 11/25/29 | 21575 |
|  OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 |
|  | 211961 | 3.500 <sup>(c)</sup> | 08/25/52 | 186973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) |
|  Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
|  $ | 61745 | 1.824 %<sup>(c)</sup> | 11/25/66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55908 |
|  |  |  |  | 1574917 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 3766174 |
| Commercial Mortgage-Backed Securities – 6.7% | Commercial Mortgage-Backed Securities – 6.7% | Commercial Mortgage-Backed Securities – 6.7% | Commercial Mortgage-Backed Securities – 6.7% | Commercial Mortgage-Backed Securities – 6.7% |
| Regular Floater<sup>(a)(c)</sup> – 0.4% | Regular Floater<sup>(a)(c)</sup> – 0.4% | Regular Floater<sup>(a)(c)</sup> – 0.4% | Regular Floater<sup>(a)(c)</sup> – 0.4% | Regular Floater<sup>(a)(c)</sup> – 0.4% |
|  BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
|  $ | 450000 | 5.812% | 11/15/41 | $449510 |
| Sequential Fixed Rate – 3.0% | Sequential Fixed Rate – 3.0% | Sequential Fixed Rate – 3.0% | Sequential Fixed Rate – 3.0% | Sequential Fixed Rate – 3.0% |
|  Bank Series 2019-BN24, Class A3 | Bank Series 2019-BN24, Class A3 | Bank Series 2019-BN24, Class A3 | Bank Series 2019-BN24, Class A3 | Bank Series 2019-BN24, Class A3 |
|  | 600000 | 2.960 <sup>(b)</sup> | 11/15/62 | 552686 |
|  Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 |
|  | 600000 | 1.997 <sup>(b)</sup> | 11/15/53 | 507238 |
|  Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 |
|  | 200000 | 5.716 <sup>(b)</sup> | 06/15/57 | 209010 |
|  Bank of America Merrill Lynch Commercial Mortgage<br>Trust Series 2017-BNK3, Class A4 | Bank of America Merrill Lynch Commercial Mortgage<br>Trust Series 2017-BNK3, Class A4 | Bank of America Merrill Lynch Commercial Mortgage<br>Trust Series 2017-BNK3, Class A4 | Bank of America Merrill Lynch Commercial Mortgage<br>Trust Series 2017-BNK3, Class A4 | Bank of America Merrill Lynch Commercial Mortgage<br>Trust Series 2017-BNK3, Class A4 |
|  | 150000 | 3.574 <sup>(b)</sup> | 02/15/50 | 146579 |
|  Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 |
|  | 200000 | 5.302 <sup>(b)</sup> | 10/15/57 | 202904 |
|  Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
|  | 200000 | 5.893 <sup>(b)</sup> | 11/15/57 | 208078 |
|  BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS |
|  | 125000 | 5.867 <sup>(b)</sup> | 02/15/57 | 128844 |
|  BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
|  | 300000 | 6.160 <sup>(b)</sup> | 12/15/56 | 321565 |
|  JP Morgan Chase Commercial Mortgage Securities Trust Series<br>2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series<br>2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series<br>2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series<br>2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series<br>2022-OPO, Class A |
|  | 125000 | 3.024 <sup>(c)</sup> | 01/05/39 | 116110 |
|  One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A |
|  | 230000 | 2.516 <sup>(c)</sup> | 09/15/54 | 205298 |
|  ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
|  | 450000 | 5.388 <sup>(c)</sup> | 11/13/41 | 453375 |
|  Wells Fargo Commercial Mortgage Trust Series 2021-C59,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59,<br>Class A5 |
|  | 500000 | 2.626 <sup>(b)</sup> | 04/15/54 | 432769 |
|  Wells Fargo Commercial Mortgage Trust Series 2024-C63,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63,<br>Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63,<br>Class A5 |
|  | 150000 | 5.309 <sup>(b)</sup> | 08/15/57 | 152319 |
|  |  |  |  | 3636775 |
| Sequential Floating Rate<sup>(a)</sup> – 3.3% | Sequential Floating Rate<sup>(a)</sup> – 3.3% | Sequential Floating Rate<sup>(a)</sup> – 3.3% | Sequential Floating Rate<sup>(a)</sup> – 3.3% |  |
|  Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |  |
|  | 600000 | 2.618 <sup>(b)</sup> | 11/15/64 | 519224 |
|  Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS |
|  | 250000 | 2.211 <sup>(b)</sup> | 02/15/54 | 209240 |
|  Benchmark Mortgage Trust Series 2022-B37, Class A5 | Benchmark Mortgage Trust Series 2022-B37, Class A5 | Benchmark Mortgage Trust Series 2022-B37, Class A5 | Benchmark Mortgage Trust Series 2022-B37, Class A5 |  |
|  | 100000 | 5.750 <sup>(b)</sup> | 11/15/55 | 104679 |
|  BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
|  | 213486 | 5.661 <sup>(c)</sup> | 03/15/41 | 213087 |
|  BMO Mortgage Trust Series 2023-C4, Class A5 | BMO Mortgage Trust Series 2023-C4, Class A5 | BMO Mortgage Trust Series 2023-C4, Class A5 | BMO Mortgage Trust Series 2023-C4, Class A5 |  |
|  | 225000 | 5.117 <sup>(b)</sup> | 02/15/56 | 225821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)</sup> – (continued) | Sequential Floating Rate<sup>(a)</sup> – (continued) | Sequential Floating Rate<sup>(a)</sup> – (continued) | Sequential Floating Rate<sup>(a)</sup> – (continued) |
| BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A |
| 150000 | 5.358 %<sup>(c)</sup> | 11/05/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150609 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 194558 | 5.711 <sup>(c)</sup> | 03/15/41 | 194595 |
| BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) | BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) |
| 225000 | 5.861 <sup>(c)</sup> | 03/15/34 | 224645 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 200000 | 5.050 <sup>(c)</sup> | 11/13/46 | 197862 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 425000 | 5.961 <sup>(c)</sup> | 02/15/41 | 424370 |
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| 150000 | 6.409 <sup>(c)</sup> | 03/15/41 | 149578 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 150000 | 5.462 <sup>(c)</sup> | 02/05/45 | 152138 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 400000 | 5.295 <sup>(b)(c)</sup> | 03/14/47 | 398576 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 125000 | 5.797 <sup>(c)</sup> | 10/05/39 | 126908 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
| 200000 | 6.014 <sup>(b)</sup> | 12/15/56 | 212839 |
| TYSN Mortgage Trust Series 2023-CRNR, Class A | TYSN Mortgage Trust Series 2023-CRNR, Class A | TYSN Mortgage Trust Series 2023-CRNR, Class A | TYSN Mortgage Trust Series 2023-CRNR, Class A |
| 155000 | 6.580 <sup>(c)</sup> | 12/10/33 | 162613 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP, | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, | Wells Fargo Commercial Mortgage Trust Series 2024-MGP, |
| Class A12 (1 mo. USD Term SOFR + 1.691%) | Class A12 (1 mo. USD Term SOFR + 1.691%) | Class A12 (1 mo. USD Term SOFR + 1.691%) | Class A12 (1 mo. USD Term SOFR + 1.691%) |
| 300000 | 6.010 <sup>(c)</sup> | 08/15/41 | 298807 |
|  |  |  | 3965591 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $8051876 |
| Federal Agencies – 52.0% | Federal Agencies – 52.0% | Federal Agencies – 52.0% | Federal Agencies – 52.0% |
| Adjustable Rate Federal Home Loan Mortgage Corp. – 0.1% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.1% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.1% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.1% |
| (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) |
| 83793 | 7.266% | 09/01/33 | $85441 |
| Adjustable Rate Federal National Mortgage Association – 0.4% | Adjustable Rate Federal National Mortgage Association – 0.4% | Adjustable Rate Federal National Mortgage Association – 0.4% | Adjustable Rate Federal National Mortgage Association – 0.4% |
| (RFUCC 1 yr. Treasury + 1.670%)<sup>(a)</sup>  | (RFUCC 1 yr. Treasury + 1.670%)<sup>(a)</sup>  | (RFUCC 1 yr. Treasury + 1.670%)<sup>(a)</sup>  | (RFUCC 1 yr. Treasury + 1.670%)<sup>(a)</sup>  |
| 11524 | 6.170 | 11/01/32 | 11830 |
| 99550 | 6.877 | 10/01/33 | 102692 |
| (RFUCC 6 mo. Treasury + 1.413%)<sup>(a)</sup>  | (RFUCC 6 mo. Treasury + 1.413%)<sup>(a)</sup>  | (RFUCC 6 mo. Treasury + 1.413%)<sup>(a)</sup>  | (RFUCC 6 mo. Treasury + 1.413%)<sup>(a)</sup>  |
| 167519 | 6.038% | 05/01/33 | 170328 |
| (1 yr. CMT + 2.163%)<sup>(a)</sup>  | (1 yr. CMT + 2.163%)<sup>(a)</sup>  | (1 yr. CMT + 2.163%)<sup>(a)</sup>  | (1 yr. CMT + 2.163%)<sup>(a)</sup>  |
| 2340 | 6.984% | 06/01/33 | 2381 |
| (1 yr. CMT + 2.192%)<sup>(a)</sup>  | (1 yr. CMT + 2.192%)<sup>(a)</sup>  | (1 yr. CMT + 2.192%)<sup>(a)</sup>  | (1 yr. CMT + 2.192%)<sup>(a)</sup>  |
| 71112 | 6.429% | 02/01/35 | 72702 |
| (RFUCC 1 yr. Treasury + 1.389%)<sup>(a)</sup>  | (RFUCC 1 yr. Treasury + 1.389%)<sup>(a)</sup>  | (RFUCC 1 yr. Treasury + 1.389%)<sup>(a)</sup>  | (RFUCC 1 yr. Treasury + 1.389%)<sup>(a)</sup>  |
| 65720 | 6.889% | 09/01/35 | 67411 |
|  |  |  | 427344 |
| Adjustable Rate Government National Mortgage Association – 0.2% | Adjustable Rate Government National Mortgage Association – 0.2% | Adjustable Rate Government National Mortgage Association – 0.2% | Adjustable Rate Government National Mortgage Association – 0.2% |
| (1 yr. CMT + 1.500%)<sup>(a)</sup>  | (1 yr. CMT + 1.500%)<sup>(a)</sup>  | (1 yr. CMT + 1.500%)<sup>(a)</sup>  | (1 yr. CMT + 1.500%)<sup>(a)</sup>  |
| 147 | 5.000 | 05/20/25 | 146 |
| 505 | 5.000 | 07/20/25 | 503 |
| 1226 | 4.625 | 02/20/26 | 1225 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) |
| $| 56 | 4.625% | 07/20/26 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  | 5009 | 4.625 | 01/20/27 |  | 5019 |
|  | 1370 | 4.625 | 02/20/27 |  | 1373 |
|  | 16706 | 4.875 | 04/20/27 |  | 16704 |
|  | 1329 | 4.875 | 05/20/27 |  | 1330 |
|  | 3629 | 4.875 | 06/20/27 |  | 3629 |
|  | 1158 | 4.750 | 11/20/27 |  | 1156 |
|  | 13 | 5.000 | 11/20/27 |  | 13 |
|  | 3155 | 4.750 | 12/20/27 |  | 3149 |
|  | 8104 | 4.625 | 01/20/28 |  | 8135 |
|  | 3031 | 4.625 | 02/20/28 |  | 3043 |
|  | 2858 | 4.625 | 03/20/28 |  | 2869 |
|  | 20065 | 4.625 | 07/20/29 |  | 20094 |
|  | 6921 | 4.625 | 08/20/29 |  | 6933 |
|  | 1988 | 4.625 | 09/20/29 |  | 1991 |
|  | 9498 | 4.750 | 10/20/29 |  | 9505 |
|  | 12993 | 4.750 | 11/20/29 |  | 13003 |
|  | 2080 | 4.750 | 12/20/29 |  | 2083 |
|  | 4121 | 4.625 | 01/20/30 |  | 4151 |
|  | 1126 | 4.625 | 02/20/30 |  | 1134 |
|  | 7060 | 4.625 | 03/20/30 |  | 7112 |
|  | 10742 | 4.875 | 04/20/30 |  | 10792 |
|  | 18604 | 4.875 | 05/20/30 |  | 18692 |
|  | 13911 | 5.000 | 05/20/30 |  | 13978 |
|  | 3481 | 4.875 | 06/20/30 |  | 3497 |
|  | 28107 | 5.000 | 07/20/30 |  | 28218 |
|  | 5447 | 5.000 | 09/20/30 |  | 5470 |
|  | 8357 | 4.750 | 10/20/30 |  | 8373 |
|  | 18906 | 4.625 | 03/20/32 |  | 19091 |
|  |  |  |  |  | 222467 |
| Federal Home Loan Mortgage Corp. – 0.2% | Federal Home Loan Mortgage Corp. – 0.2% | Federal Home Loan Mortgage Corp. – 0.2% | Federal Home Loan Mortgage Corp. – 0.2% | Federal Home Loan Mortgage Corp. – 0.2% | Federal Home Loan Mortgage Corp. – 0.2% |
|  | 7825 | 6.500 | 07/01/28 |  | 7874 |
|  | 49991 | 4.500 | 03/01/29 |  | 49969 |
|  | 4753 | 5.000 | 08/01/33 |  | 4780 |
|  | 730 | 5.000 | 09/01/33 |  | 734 |
|  | 1862 | 5.000 | 10/01/33 |  | 1872 |
|  | 1125 | 5.000 | 11/01/34 |  | 1134 |
|  | 42700 | 5.000 | 12/01/34 |  | 43034 |
|  | 2902 | 5.000 | 07/01/35 |  | 2924 |
|  | 2 | 5.000 | 11/01/35 |  | 2 |
|  | 6418 | 5.000 | 12/01/35 |  | 6502 |
|  | 11999 | 5.000 | 02/01/37 |  | 12154 |
|  | 755 | 5.000 | 03/01/38 |  | 765 |
|  | 29434 | 5.000 | 07/01/39 |  | 29853 |
|  | 4703 | 4.000 | 06/01/40 |  | 4533 |
|  | 1974 | 5.000 | 08/01/40 |  | 2003 |
|  | 541 | 4.500 | 11/01/40 |  | 535 |
|  | 31837 | 4.000 | 02/01/41 |  | 30686 |
|  | 1979 | 5.000 | 06/01/41 |  | 2008 |
|  | 62970 | 5.000 | 07/01/41 |  | 63458 |
|  | 2882 | 4.000 | 11/01/41 |  | 2771 |
|  | 3471 | 3.000 | 05/01/42 |  | 3157 |
|  | 4763 | 3.000 | 08/01/42 |  | 4331 |
|  | 6209 | 3.000 | 01/01/43 |  | 5632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 28185 | 3.000% | 02/01/43 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25534 |
|  |  |  |  |  | 306245 |
| Federal National Mortgage Association – 0.1% | Federal National Mortgage Association – 0.1% | Federal National Mortgage Association – 0.1% | Federal National Mortgage Association – 0.1% | Federal National Mortgage Association – 0.1% | Federal National Mortgage Association – 0.1% |
|  | 908 | 6.500 | 11/01/28 |  | 920 |
|  | 17303 | 7.000 | 07/01/31 |  | 18142 |
|  | 149705 | 5.500 | 07/01/33 |  | 153308 |
|  |  |  |  |  | 172370 |
| Government National Mortgage Association – 14.7% | Government National Mortgage Association – 14.7% | Government National Mortgage Association – 14.7% | Government National Mortgage Association – 14.7% | Government National Mortgage Association – 14.7% | Government National Mortgage Association – 14.7% |
|  | 1486 | 7.000 | 12/15/27 |  | 1490 |
|  | 2619 | 6.500 | 08/15/28 |  | 2647 |
|  | 14412 | 6.000 | 01/15/29 |  | 14644 |
|  | 32399 | 7.000 | 10/15/29 |  | 33217 |
|  | 8002 | 5.500 | 11/15/32 |  | 8171 |
|  | 236855 | 5.500 | 12/15/32 |  | 243016 |
|  | 3262 | 5.500 | 01/15/33 |  | 3309 |
|  | 15441 | 5.500 | 02/15/33 |  | 15833 |
|  | 14168 | 5.500 | 03/15/33 |  | 14496 |
|  | 16997 | 5.500 | 07/15/33 |  | 17332 |
|  | 7581 | 5.500 | 08/15/33 |  | 7744 |
|  | 3046 | 5.500 | 09/15/33 |  | 3099 |
|  | 7876 | 5.500 | 04/15/34 |  | 8036 |
|  | 6633 | 5.500 | 05/15/34 |  | 6763 |
|  | 97522 | 5.500 | 06/15/34 |  | 100454 |
|  | 71501 | 5.500 | 09/15/34 |  | 73721 |
|  | 68821 | 5.500 | 12/15/34 |  | 71055 |
|  | 59886 | 5.500 | 01/15/35 |  | 61813 |
|  | 19052 | 5.000 | 03/15/38 |  | 19282 |
|  | 2221 | 4.000 | 02/20/41 |  | 2149 |
|  | 3572 | 4.000 | 11/20/41 |  | 3452 |
|  | 599 | 4.000 | 01/20/42 |  | 579 |
|  | 1923 | 4.000 | 04/20/42 |  | 1857 |
|  | 1198 | 4.000 | 10/20/42 |  | 1156 |
|  | 130503 | 4.000 | 08/20/43 |  | 125814 |
|  | 1697 | 4.000 | 03/20/44 |  | 1635 |
|  | 2096 | 4.000 | 05/20/44 |  | 2019 |
|  | 145504 | 4.000 | 11/20/44 |  | 140028 |
|  | 654496 | 4.000 | 06/20/45 |  | 629396 |
|  | 145136 | 4.000 | 01/20/46 |  | 138554 |
|  | 97534 | 4.500 | 02/20/48 |  | 95294 |
|  | 51748 | 5.000 | 08/20/48 |  | 51701 |
|  | 432869 | 5.000 | 10/20/48 |  | 432477 |
|  | 240507 | 5.000 | 11/20/48 |  | 240289 |
|  | 374149 | 5.000 | 12/20/48 |  | 373693 |
|  | 519402 | 5.000 | 01/20/49 |  | 518769 |
|  | 652492 | 4.000 | 02/20/49 |  | 617598 |
|  | 329933 | 5.000 | 03/20/49 |  | 329531 |
|  | 1722414 | 3.000 | 11/20/49 |  | 1534316 |
|  | 1105103 | 3.000 | 02/20/50 |  | 984796 |
|  | 363673 | 3.000 | 03/20/50 |  | 323547 |
|  | 116246 | 3.500 | 01/20/51 |  | 107579 |
|  | 499286 | 2.500 | 11/20/51 |  | 424005 |
|  | 739819 | 3.000 | 12/20/51 |  | 656411 |
|  | 289563 | 2.500 | 12/20/51 |  | 245632 |
|  | 837304 | 3.500 | 02/20/53 |  | 774154 |
|  | 6000000 | 2.000 | TBA-30yr<sup>(e)</sup> |  | 4906652 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 4000000 | 2.500% | TBA-30yr<sup>(e)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;3410944 |
|  |  |  |  |  | 17780149 |
| Uniform Mortgage-Backed Security – 36.3% | Uniform Mortgage-Backed Security – 36.3% | Uniform Mortgage-Backed Security – 36.3% | Uniform Mortgage-Backed Security – 36.3% | Uniform Mortgage-Backed Security – 36.3% | Uniform Mortgage-Backed Security – 36.3% |
|  | 600 | 4.500 | 07/01/36 |  | 595 |
|  | 645 | 4.500 | 04/01/39 |  | 639 |
|  | 3092 | 4.500 | 05/01/39 |  | 3063 |
|  | 1293 | 4.000 | 08/01/39 |  | 1245 |
|  | 5860 | 4.500 | 08/01/39 |  | 5803 |
|  | 104152 | 4.500 | 12/01/39 |  | 103161 |
|  | 6382 | 4.500 | 01/01/41 |  | 6310 |
|  | 6311 | 4.500 | 05/01/41 |  | 6237 |
|  | 31484 | 4.500 | 08/01/41 |  | 31134 |
|  | 61370 | 4.500 | 08/01/42 |  | 60593 |
|  | 5805 | 3.000 | 11/01/42 |  | 5285 |
|  | 69199 | 3.000 | 12/01/42 |  | 63500 |
|  | 179878 | 3.000 | 01/01/43 |  | 164373 |
|  | 34339 | 3.000 | 02/01/43 |  | 31389 |
|  | 235991 | 3.000 | 03/01/43 |  | 215039 |
|  | 399254 | 3.000 | 04/01/43 |  | 363371 |
|  | 255307 | 3.000 | 05/01/43 |  | 232119 |
|  | 49449 | 3.000 | 06/01/43 |  | 44828 |
|  | 393452 | 3.000 | 07/01/43 |  | 357472 |
|  | 339322 | 4.500 | 10/01/44 |  | 333557 |
|  | 396619 | 4.500 | 04/01/45 |  | 390309 |
|  | 47463 | 4.500 | 05/01/45 |  | 46708 |
|  | 182856 | 4.500 | 06/01/45 |  | 179751 |
|  | 154344 | 4.000 | 11/01/45 |  | 146715 |
|  | 55105 | 4.000 | 03/01/46 |  | 52246 |
|  | 3964 | 4.500 | 05/01/46 |  | 3873 |
|  | 29377 | 4.000 | 06/01/46 |  | 27796 |
|  | 45656 | 4.500 | 08/01/46 |  | 44558 |
|  | 8686 | 4.000 | 08/01/46 |  | 8218 |
|  | 69898 | 4.000 | 10/01/46 |  | 66136 |
|  | 15933 | 4.500 | 06/01/47 |  | 15585 |
|  | 477343 | 4.500 | 11/01/47 |  | 465273 |
|  | 166307 | 4.000 | 12/01/47 |  | 158106 |
|  | 155038 | 4.000 | 01/01/48 |  | 147392 |
|  | 584081 | 4.000 | 02/01/48 |  | 554564 |
|  | 414010 | 4.000 | 03/01/48 |  | 392299 |
|  | 477984 | 4.000 | 06/01/48 |  | 453964 |
|  | 147308 | 4.000 | 08/01/48 |  | 139491 |
|  | 654416 | 5.000 | 11/01/48 |  | 655655 |
|  | 844211 | 4.500 | 01/01/49 |  | 818643 |
|  | 236194 | 4.500 | 03/01/49 |  | 229041 |
|  | 644935 | 4.500 | 04/01/49 |  | 625771 |
|  | 42786 | 3.500 | 07/01/49 |  | 39227 |
|  | 1001164 | 3.000 | 09/01/49 |  | 885543 |
|  | 1454506 | 4.500 | 03/01/50 |  | 1419798 |
|  | 2352369 | 2.500 | 09/01/50 |  | 1989641 |
|  | 2640052 | 2.000 | 10/01/50 |  | 2118205 |
|  | 2638266 | 2.000 | 11/01/50 |  | 2113635 |
|  | 883107 | 2.500 | 11/01/50 |  | 746383 |
|  | 1707367 | 2.500 | 02/01/51 |  | 1429500 |
|  | 2411093 | 2.500 | 05/01/51 |  | 2037050 |
|  | 5925 | 4.500 | 05/01/51 |  | 5739 |
|  | 757340 | 2.000 | 05/01/51 |  | 606028 |
|  | 4136314 | 2.000 | 12/01/51 |  | 3306689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| 2608348 | 2.000% | 02/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;2084379 |
| 154121 | 4.500 | 04/01/52 | 147919 |
| 819409 | 5.500 | 09/01/52 | 828540 |
| 929138 | 6.000 | 11/01/52 | 956274 |
| 164127 | 6.000 | 12/01/52 | 169194 |
| 866242 | 4.500 | 05/01/53 | 839737 |
| 925482 | 6.500 | 06/01/54 | 969140 |
| 1000000 | 2.500 | TBA-30yr<sup>(e)</sup> | 831562 |
| 3000000 | 3.000 | TBA-30yr<sup>(e)</sup> | 2600508 |
| 5000000 | 5.500 | TBA-30yr<sup>(e)</sup> | 4993554 |
| 1000000 | 6.500 | TBA-30yr<sup>(e)</sup> | 1031328 |
| 4000000 | 6.000 | TBA-30yr<sup>(e)</sup> | 4062500 |
|  |  |  | 43863880 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $62857896 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $77,382,113)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $77,382,113)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $77,382,113)** | $74675946 |
| Agency Debentures – 19.5% | Agency Debentures – 19.5% | Agency Debentures – 19.5% | Agency Debentures – 19.5% |
| Sovereign – 19.5% | Sovereign – 19.5% | Sovereign – 19.5% | Sovereign – 19.5% |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 20150000 | 0.750% | 05/15/25 | $20059728 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 3620000 | 3.500 | 06/11/32 | 3429697 |
| **TOTAL AGENCY DEBENTURES**<br> **(Cost $23,813,242)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $23,813,242)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $23,813,242)** | $23489425 |
| Asset-Backed Securities<sup>(b)</sup> – 2.7% | Asset-Backed Securities<sup>(b)</sup> – 2.7% | Asset-Backed Securities<sup>(b)</sup> – 2.7% | Asset-Backed Securities<sup>(b)</sup> – 2.7% |
| Automotive – 0.6% | Automotive – 0.6% | Automotive – 0.6% | Automotive – 0.6% |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 150000 | 4.700% | 09/15/27 | $149944 |
| Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  |
| 325000 | 4.870 | 08/15/36 | 328870 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 275000 | 4.740 | 01/16/29 | 275907 |
|  |  |  | 754721 |
| Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.8% | Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.8% | Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.8% | Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.8% |
| Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 |
| 1030153 | 3.000 | 06/25/57 | 955709 |
| Student Loan<sup>(a)(c)</sup> – 1.3% | Student Loan<sup>(a)(c)</sup> – 1.3% | Student Loan<sup>(a)(c)</sup> – 1.3% | Student Loan<sup>(a)(c)</sup> – 1.3% |
| ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo.<br>USD Term SOFR + 0.914%) | ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo.<br>USD Term SOFR + 0.914%) | ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo.<br>USD Term SOFR + 0.914%) | ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo.<br>USD Term SOFR + 0.914%) |
| 717230 | 5.254 | 09/25/68 | 714740 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) |
| Student Loan<sup>(a)(c)</sup> – (continued) | Student Loan<sup>(a)(c)</sup> – (continued) | Student Loan<sup>(a)(c)</sup> – (continued) | Student Loan<sup>(a)(c)</sup> – (continued) |
| Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) | Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) | Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) | Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) |
| 800896 | 5.099% | 01/30/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795658 |
|  |  |  | 1510398 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,307,601)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,307,601)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,307,601)** | $3220828 |
| Municipal Debt Obligations – 1.7% | Municipal Debt Obligations – 1.7% | Municipal Debt Obligations – 1.7% | Municipal Debt Obligations – 1.7% |
| New Jersey – 1.7% | New Jersey – 1.7% | New Jersey – 1.7% | New Jersey – 1.7% |
| New Jersey Economic Development Authority RB Taxable Series A | New Jersey Economic Development Authority RB Taxable Series A | New Jersey Economic Development Authority RB Taxable Series A | New Jersey Economic Development Authority RB Taxable Series A |
| 2000000 | 7.425% | 02/15/29 | $2110663 |
| (Cost $2,000,000) | (Cost $2,000,000) | (Cost $2,000,000) |  |
| U.S. Treasury Obligations – 31.3% | U.S. Treasury Obligations – 31.3% | U.S. Treasury Obligations – 31.3% | U.S. Treasury Obligations – 31.3% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 570000 | 4.375% | 05/15/40 | $565547 |
| 1630000 | 3.625 | 02/15/44 | 1425741 |
| 4100000 | 3.375 | 05/15/44 | 3447844 |
| 1770000 | 3.125 | 08/15/44 | 1427339 |
| 680000 | 3.125 | 05/15/48 | 529231 |
| 680000 | 3.000 | 08/15/48 | 516269 |
| 720000 | 2.375 | 11/15/49 | 476212 |
| 4870000 | 4.000 | 11/15/52 | 4392131 |
| 13000 | 4.250 | 08/15/54 | 12271 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 973367 | 1.500 | 02/15/53 | 809568 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1060000 | 0.875 | 06/30/26 | 1019960 |
| 287600 | 3.625 | 03/31/30 | 283174 |
| 1590000 | 4.000 | 03/31/30 | 1593105 |
| 6052800 | 0.625 | 05/15/30 | 5120763 |
| 8085300 | 3.750 | 05/31/30 | 7999394 |
| 1380000 | 3.750 | 06/30/30 | 1364691 |
| 1600000 | 4.125 | 03/31/32 | 1604250 |
| 1470000 | 4.375 <sup>(f)</sup> | 05/15/34 | 1489983 |
| U.S. Treasury STRIPS Coupon<sup>(g)</sup>  | U.S. Treasury STRIPS Coupon<sup>(g)</sup>  | U.S. Treasury STRIPS Coupon<sup>(g)</sup>  | U.S. Treasury STRIPS Coupon<sup>(g)</sup>  |
| 1791200 | 0.000 | 11/15/29 | 1486539 |
| 440000 | 0.000 | 08/15/30 | 353269 |
| 440000 | 0.000 | 11/15/30 | 349393 |
| 470000 | 0.000 | 08/15/31 | 360697 |
| 900000 | 0.000 | 11/15/31 | 683151 |
| 440000 | 0.000 | 08/15/33 | 307801 |
| 360000 | 0.000 | 08/15/35 | 228463 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $39,893,022)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $39,893,022)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $39,893,022)** | $37846786 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(h)</sup> –0.0% | Investment Company<sup>(h)</sup> –0.0% | Investment Company<sup>(h)</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;2553 | 4.259% | $2553 |
| (Cost $2,553) | (Cost $2,553) | (Cost $2,553) |
| TOTAL INVESTMENTS – 117.0%<br>(Cost $146,398,531) | TOTAL INVESTMENTS – 117.0%<br>(Cost $146,398,531) | $141346201 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (17.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (17.0)%** | (20574797) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $120771404 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $21,837,048 which represents approximately 18.2% of net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA -30yr | 04/15/25 | $(3000000) | $(2657207) |
|  Government National Mortgage Association | 4.000 | TBA -30yr | 04/15/25 | (1000000) | (936264) |
|  Government National Mortgage Association | 5.000 | TBA -30yr | 04/15/25 | (1000000) | (983761) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA -30yr | 04/15/25 | (4000000) | (3827969) |
|  Uniform Mortgage-Backed Security | 4.000 | TBA -30yr | 04/15/25 | (1000000) | (932305) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA -30yr | 04/15/25 | (9000000) | (7158867) |
| (PROCEEDS RECEIVED: $(16445098)) | (PROCEEDS RECEIVED: $(16445098)) | (PROCEEDS RECEIVED: $(16445098)) |  |  | $(16496373) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;6 | 06/18/25 | $667313 | $3257 |
|  20 Year U.S. Treasury Bonds | 13 | 06/18/25 | 1524656 | 14537 |
|  5 Year U.S. Treasury Notes | 238 | 06/30/25 | 25741187 | 83638 |
|  Ultra 10-Year U.S. Treasury Notes | 13 | 06/18/25 | 1483625 | 5531 |
| Total |  |  |  | $106963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (39) | 06/30/25 | $(8079703) | $416 |
| TOTAL FUTURES CONTRACTS |  |  |  | $107379 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund<sup>(a)</sup>** | **Payments<br>Received<br>by Fund<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.851% | 03/31/27 | $24570 <sup>(b)</sup> | $83196 | $44124 | $39072 |
|  12M SOFR | 3.851 | 03/31/27 | 1540 <sup>(b)</sup> | 5217 | (900) | 6117 |
|  3.490% | 12M SOFR | 05/31/27 | 10 | 165 | (14) | 179 |
| 3.799 | 12M SOFR | 08/31/29 | 23700 <sup>(b)</sup> | (176271) | (73345) | (102926) |
| 3.822 | 12M SOFR | 01/31/32 | 3790 <sup>(b)</sup> | (34549) | 1583 | (36132) |
| 3.864 | 12M SOFR | 11/15/34 | 1460 <sup>(b)</sup> | (14836) | (1338) | (13498) |
| TOTAL |  |  |  | $(137078) | $(29890) | $(107188) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

---

| | |
|:---|:---|
| <br> **Currency Abbreviations:** | <br> **Currency Abbreviations:** |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| RB | —Revenue Bond |
| REMICS | —Real Estate Mortgage Investment Conduits |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | —Secured Overnight Financing Rate |
| STRIPS | —Separate Trading of Registered Interest and Principal of Securities |

---

---

| |
|:---|
| Abbreviation: |
| SOFR —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| U.S. Treasury Obligations – 95.9% | U.S. Treasury Obligations – 95.9% | U.S. Treasury Obligations – 95.9% | U.S. Treasury Obligations – 95.9% | U.S. Treasury Obligations – 95.9% |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| $— | 16190909 | 1.500% | 02/15/53 | $13466282 |
|  | 22394259 | 2.125 | 02/15/54 | 21474870 |
| U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |
|  | 297330 | 0.125 <sup>(a)</sup> | 07/15/26 | 295901 |
|  | 11304944 | 0.125 <sup>(a)</sup> | 04/15/27 | 11089885 |
|  | 7556513 | 0.375 <sup>(a)</sup> | 07/15/27 | 7468551 |
|  | 25783241 | 1.250 | 04/15/28 | 25782234 |
|  | 62748970 | 2.125 | 04/15/29 | 64611830 |
|  | 10064324 | 1.625 | 10/15/29 | 10206247 |
|  | 4052700 | 0.125 | 07/15/31 | 3720727 |
|  | 10593549 | 1.375 | 07/15/33 | 10332021 |
|  | 16619996 | 1.875 | 07/15/34 | 16771913 |
|  | 13193773 | 2.125 | 01/15/35 | 13541140 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 2810000 | 4.000 | 03/31/30 | 2815488 |
|  | 2820000 | 4.125 | 03/31/32 | 2827491 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $201,112,002)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $201,112,002)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $201,112,002)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $201,112,002)** | $204404580 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br>**Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 1.5% | Investment Company<sup>(b)</sup> – 1.5% | Investment Company<sup>(b)</sup> – 1.5% |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 3168972 | 4.259% | $3168972 |
| (Cost $3,168,972) | (Cost $3,168,972) | (Cost $3,168,972) |
| TOTAL INVESTMENTS – 97.4%<br>(Cost $204,280,974) | TOTAL INVESTMENTS – 97.4%<br>(Cost $204,280,974) | $207573552 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES –<br>2.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES –<br>2.6%** | 5635818 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $213209370 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 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 | 346 | 06/18/25 | $38481687 | $392655 |
|  20 Year U.S. Treasury Bonds | 87 | 06/18/25 | 10203469 | 64659 |
|  5 Year U.S. Treasury Notes | 567 | 06/30/25 | 61324594 | 118734 |
|  Ultra 10-Year U.S. Treasury Notes | 53 | 06/18/25 | 6048625 | 22547 |
|  **Total** |  |  |  | $598595 |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (456) | 06/30/25 | (94470375) | (192371) |
|  Ultra Long U.S. Treasury Bonds | (158) | 06/18/25 | (19315500) | 72530 |
|  **Total** |  |  |  | $(119841) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $478754 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.007%<sup>(a)</sup> <br> 12M CPI-U<sup>(a)</sup> | 02/07/26 | $6300 | $894947 | $10 | $894937 |
|  12M SOFR<sup>(b)</sup> <br> 3.851%<sup>(b)</sup> | 03/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85110 <sup>(c)</sup> | 288191 | 141158 | 147033 |
|  12M SOFR<sup>(b)</sup> <br> 3.851<sup>(b)</sup> | 03/31/27 | 5280 <sup>(c)</sup> | 17888 | (3085) | 20973 |
|  12M SOFR<sup>(b)</sup> <br> 3.490<sup>(b)</sup> | 05/31/27 | 10 | (191) | (16) | (175) |
|  12M CPI-U<sup>(a)</sup> <br> 2.103<sup>(a)</sup> | 02/07/29 | 6300 | (901981) | 37 | (902018) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.799%<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/31/29 $81770<sup>(c)</sup> | $(608173) | $(229394) | $(378779) |
| 3.822<sup>(b)</sup> <br> 12M SOFR<sup>(</sup><sup>b)</sup> | 01/31/32 13150<sup>(c)</sup> | (119872) | 5459 | (125331) |
| 3.864<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 11/15/34 5140<sup>(c)</sup> | (52233) | (4714) | (47519) |
| TOTAL |  | $(481424) | $(90545) | $(390879) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

---

| | |
|:---|:---|
| <br> **Abbreviations:** | <br> **Abbreviations:** |
| CPI U | —Consumer Price Index For All Urban Consumers |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – 55.8% | Corporate Obligations – 55.8% | Corporate Obligations – 55.8% | Corporate Obligations – 55.8% |
| Aerospace & Defense<sup>(a)</sup> – 1.8% | Aerospace & Defense<sup>(a)</sup> – 1.8% | Aerospace & Defense<sup>(a)</sup> – 1.8% | Aerospace & Defense<sup>(a)</sup> – 1.8% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 5400000 | 2.600% | 10/30/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330124 |
| 8071000 | 2.700 | 02/01/27 | 7783027 |
| 7420000 | 5.150 | 05/01/30 | 7464297 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 1900000 | 5.500 | 11/15/27 | 1878511 |
|  |  |  | 22455959 |
| Agriculture<sup>(a)</sup> – 0.8% | Agriculture<sup>(a)</sup> – 0.8% | Agriculture<sup>(a)</sup> – 0.8% | Agriculture<sup>(a)</sup> – 0.8% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 2833000 | 4.875 | 02/04/28 | 2852009 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 8000000 | 1.668 | 03/25/26 | 7770480 |
|  |  |  | 10622489 |
| Automotive – 1.4% | Automotive – 1.4% | Automotive – 1.4% | Automotive – 1.4% |
| General Motors Financial Co., Inc. <sup>(a)</sup>  | General Motors Financial Co., Inc. <sup>(a)</sup>  | General Motors Financial Co., Inc. <sup>(a)</sup>  | General Motors Financial Co., Inc. <sup>(a)</sup>  |
| 8800000 | 1.500 | 06/10/26 | 8462784 |
| Volkswagen Group of America Finance LLC <sup>(b)</sup>  | Volkswagen Group of America Finance LLC <sup>(b)</sup>  | Volkswagen Group of America Finance LLC <sup>(b)</sup>  | Volkswagen Group of America Finance LLC <sup>(b)</sup>  |
| 2955000 | 3.350 | 05/13/25 | 2949445 |
| 5800000 | 3.950 | 06/06/25 | 5786544 |
| ZF North America Capital, Inc. <sup>(b)</sup>  | ZF North America Capital, Inc. <sup>(b)</sup>  | ZF North America Capital, Inc. <sup>(b)</sup>  | ZF North America Capital, Inc. <sup>(b)</sup>  |
| 900000 | 4.750 | 04/29/25 | 899253 |
|  |  |  | 18098026 |
| Banks – 19.8% | Banks – 19.8% | Banks – 19.8% | Banks – 19.8% |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1600000 | 2.746 | 05/28/25 | 1594640 |
| Bank of America Corp. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.760%) | Bank of America Corp. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.760%) | Bank of America Corp. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.760%) | Bank of America Corp. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.760%) |
| 1690000 | 4.375 | 01/27/27 | 1649220 |
| (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) |
| 1595000 | 6.125 | 04/27/27 | 1616836 |
| (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) |
| 12843000 | 4.979 | 01/24/29 | 12967706 |
| (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) |
| 7000000 | 4.948 | 07/22/28 | 7055230 |
| Bank of New York Mellon Corp. <sup>(a)(c)</sup><br> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup><br> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup><br> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup><br> (5 yr. CMT + 3.352%) |
| 1680000 | 3.700 | 03/20/26 | 1644636 |
| Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) |
| 6955000 | 4.932 | 02/14/29 | 6993739 |
| Barclays PLC <sup>(a)(c)</sup> <br> (5 yr. CMT + 5.867%) | Barclays PLC <sup>(a)(c)</sup> <br> (5 yr. CMT + 5.867%) | Barclays PLC <sup>(a)(c)</sup> <br> (5 yr. CMT + 5.867%) | Barclays PLC <sup>(a)(c)</sup> <br> (5 yr. CMT + 5.867%) |
| 1640000 | 6.125 | 12/15/25 | 1639672 |
| (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) |
| 3115000 | 5.674 | 03/12/28 | 3168983 |
| (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) |
| 2445000 | 5.829 | 05/09/27 | 2474071 |
| (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) | (Secured Overnight Financing Rate + 2.714%) |
| 3600000 | 2.852 | 05/07/26 | 3592548 |
| BNP Paribas SA <sup>(b)</sup>  | BNP Paribas SA <sup>(b)</sup>  | BNP Paribas SA <sup>(b)</sup>  | BNP Paribas SA <sup>(b)</sup>  |
| 10000000 | 4.375 | 09/28/25 | 9954500 |
| (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) | (Secured Overnight Financing Rate + 2.074%) |
| 3275000 | 2.219 <sup>(a)(c)</sup> | 06/09/26 | 3258625 |
| BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.520%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.520%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.520%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.520%) |
| 3675000 | 1.652 | 10/06/26 | 3614803 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Citigroup, Inc. <sup>(a)(c)</sup> | Citigroup, Inc. <sup>(a)(c)</sup> | Citigroup, Inc. <sup>(a)(c)</sup> | Citigroup, Inc. <sup>(a)(c)</sup> |
| (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) |
| 1610000 | 6.250% | 08/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619628 |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 1555000 | 7.375 | 05/15/28 | 1602723 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |
| 5000000 | 3.875 | 02/18/26 | 4895450 |
| (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) |
| 4865000 | 4.000 | 12/10/25 | 4797085 |
| (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) |
| 7000000 | 3.070 | 02/24/28 | 6800570 |
| (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) |
| 7000000 | 4.658 | 05/24/28 | 7004620 |
| (Secured Overnight Financing Rate + 2.842%) | (Secured Overnight Financing Rate + 2.842%) | (Secured Overnight Financing Rate + 2.842%) | (Secured Overnight Financing Rate + 2.842%) |
| 885000 | 3.106 | 04/08/26 | 884566 |
| Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.313%) |
| 4165000 | 5.650 | 10/06/25 | 4140551 |
| Comerica, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.291%) | Comerica, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.291%) | Comerica, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.291%) | Comerica, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 5.291%) |
| 5412000 | 5.625 | 07/01/25 | 5383316 |
| Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) |
| 2410000 | 8.125 | 12/23/25 | 2449259 |
| Deutsche Bank AG <sup>(a)(c)</sup> (5 yr. USD ICE Swap + 5.003%) | Deutsche Bank AG <sup>(a)(c)</sup> (5 yr. USD ICE Swap + 5.003%) | Deutsche Bank AG <sup>(a)(c)</sup> (5 yr. USD ICE Swap + 5.003%) | Deutsche Bank AG <sup>(a)(c)</sup> (5 yr. USD ICE Swap + 5.003%) |
| 1600000 | 7.500 | 04/30/25 | 1601984 |
| (Secured Overnight Financing Rate + 1.210%) | (Secured Overnight Financing Rate + 1.210%) | (Secured Overnight Financing Rate + 1.210%) | (Secured Overnight Financing Rate + 1.210%) |
| 4417000 | 5.373 | 01/10/29 | 4463820 |
| (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) |
| 3135000 | 5.706 | 02/08/28 | 3181837 |
| First Horizon Corp. <sup>(a)</sup>  | First Horizon Corp. <sup>(a)</sup>  | First Horizon Corp. <sup>(a)</sup>  | First Horizon Corp. <sup>(a)</sup>  |
| 1500000 | 4.000 | 05/26/25 | 1496025 |
| HSBC Holdings PLC <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.538%) | HSBC Holdings PLC <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.538%) | HSBC Holdings PLC <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.538%) | HSBC Holdings PLC <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.538%) |
| 8675000 | 1.645 | 04/18/26 | 8662508 |
| (Secured Overnight Financing Rate + 3.350%) | (Secured Overnight Financing Rate + 3.350%) | (Secured Overnight Financing Rate + 3.350%) | (Secured Overnight Financing Rate + 3.350%) |
| 2945000 | 7.390 | 11/03/28 | 3129740 |
| Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 1569000 | 5.093 | 04/12/28 | 1566678 |
| ING Groep NV <sup>(a)(c)</sup> <br> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(a)(c)</sup> <br> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(a)(c)</sup> <br> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(a)(c)</sup> <br> (1 yr. CMT + 1.100%) |
| 4750000 | 1.400 <sup>(b)</sup> | 07/01/26 | 4709435 |
| (5 yr. USD Swap + 4.446%) | (5 yr. USD Swap + 4.446%) | (5 yr. USD Swap + 4.446%) | (5 yr. USD Swap + 4.446%) |
| 2440000 | 6.500 | 04/16/25 | 2441000 |
| JPMorgan Chase & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.850%) | JPMorgan Chase & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.850%) | JPMorgan Chase & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.850%) | JPMorgan Chase & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 2.850%) |
| 1690000 | 3.650 | 06/01/26 | 1653547 |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 3037000 | 4.915 | 01/24/29 | 3064910 |
| (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) |
| 6360000 | 2.083 | 04/22/26 | 6349633 |
| KeyBank NA | KeyBank NA | KeyBank NA | KeyBank NA |
| 2515000 | 4.150 | 08/08/25 | 2507027 |
| M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) |
| 3599000 | 3.500 | 09/01/26 | 3408613 |
| Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) |
| 2100000 | 1.340 | 01/12/27 | 2047059 |

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| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 0.720%) | (Secured Overnight Financing Rate + 0.720%) | (Secured Overnight Financing Rate + 0.720%) | (Secured Overnight Financing Rate + 0.720%) |
| 4025000 | 0.985% | 12/10/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923288 |
| (Secured Overnight Financing Rate + 1.215%) | (Secured Overnight Financing Rate + 1.215%) | (Secured Overnight Financing Rate + 1.215%) | (Secured Overnight Financing Rate + 1.215%) |
| 5000000 | 5.042 | 07/19/30 | 5037200 |
| (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) |
| 20275000 | 2.188 | 04/28/26 | 20235261 |
| NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) | NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) | NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) | NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) |
| 2445000 | 8.000 | 08/10/25 | 2457763 |
| PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.238%) |
| 1610000 | 6.200 | 09/15/27 | 1637998 |
| Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) |
| 3155000 | 5.519 | 01/19/28 | 3181912 |
| Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup>  |
| 10294000 | 4.500 | 03/13/28 | 10293074 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 4754000 | 4.861 | 01/31/28 | 4802491 |
| Truist Financial Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.605%) | Truist Financial Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.605%) | Truist Financial Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.605%) | Truist Financial Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.605%) |
| 3200000 | 4.950 | 09/01/25 | 3181408 |
| UBS Group AG <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.044%) | UBS Group AG <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.044%) | UBS Group AG <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.044%) | UBS Group AG <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.044%) |
| 9600000 | 2.193 | 06/05/26 | 9554688 |
| Wells Fargo & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 3.453%) | Wells Fargo & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 3.453%) | Wells Fargo & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 3.453%) | Wells Fargo & Co. <sup>(a)(c)</sup> <br> (5 yr. CMT + 3.453%) |
| 1685000 | 3.900 | 03/15/26 | 1636287 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 1515000 | 7.625 | 09/15/28 | 1621838 |
| (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) |
| 7000000 | 3.526 | 03/24/28 | 6857550 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 9910000 | 4.540 | 08/15/26 | 9903856 |
| (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) |
| 7000000 | 4.808 | 07/25/28 | 7022400 |
| (Secured Overnight Financing Rate + 2.000%) | (Secured Overnight Financing Rate + 2.000%) | (Secured Overnight Financing Rate + 2.000%) | (Secured Overnight Financing Rate + 2.000%) |
| 7200000 | 2.188 | 04/30/26 | 7184736 |
| Westpac New Zealand Ltd. <sup>(b)</sup>  | Westpac New Zealand Ltd. <sup>(b)</sup>  | Westpac New Zealand Ltd. <sup>(b)</sup>  | Westpac New Zealand Ltd. <sup>(b)</sup>  |
| 2265000 | 4.902 | 02/15/28 | 2285838 |
|  |  |  | 251904381 |
| Beverages<sup>(a)(b)</sup> – 0.6% | Beverages<sup>(a)(b)</sup> – 0.6% | Beverages<sup>(a)(b)</sup> – 0.6% | Beverages<sup>(a)(b)</sup> – 0.6% |
| Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
| 3775000 | 5.550 | 02/01/30 | 3845139 |
| JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
| 4230000 | 2.250 | 09/24/31 | 3544275 |
|  |  |  | 7389414 |
| Building Materials<sup>(a)(b)</sup> – 0.2% | Building Materials<sup>(a)(b)</sup> – 0.2% | Building Materials<sup>(a)(b)</sup> – 0.2% | Building Materials<sup>(a)(b)</sup> – 0.2% |
| JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
| 125000 | 4.875 | 12/15/27 | 116616 |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 1940000 | 4.750 | 01/15/28 | 1878269 |
|  |  |  | 1994885 |
| Chemicals<sup>(a)</sup> – 0.7% | Chemicals<sup>(a)</sup> – 0.7% | Chemicals<sup>(a)</sup> – 0.7% | Chemicals<sup>(a)</sup> – 0.7% |
| 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>  |
| 2332000 | 6.415 | 07/15/27 | 2370152 |
| 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>  |
| 5225000 | 1.230 | 10/01/25 | 5128076 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) |
|  SNF Group SACA <sup>(b)</sup>  | SNF Group SACA <sup>(b)</sup>  | SNF Group SACA <sup>(b)</sup>  | SNF Group SACA <sup>(b)</sup>  | SNF Group SACA <sup>(b)</sup>  |
| $| 1650000 | 3.125% | 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572631 |
|  |  |  |  | 9070859 |
| Commercial Services<sup>(a)</sup> – 1.3% | Commercial Services<sup>(a)</sup> – 1.3% | Commercial Services<sup>(a)</sup> – 1.3% | Commercial Services<sup>(a)</sup> – 1.3% | Commercial Services<sup>(a)</sup> – 1.3% |
|  Brink's Co. <sup>(b)</sup>  | Brink's Co. <sup>(b)</sup>  | Brink's Co. <sup>(b)</sup>  | Brink's Co. <sup>(b)</sup>  | Brink's Co. <sup>(b)</sup>  |
|  | 915000 | 6.500 | 06/15/29 | 927252 |
|  DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
|  | 2060000 | 3.750 | 01/30/30 | 1958287 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  | 3175000 | 1.200 | 03/01/26 | 3075972 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  | 10660000 | 4.750 | 08/09/27 | 10676097 |
|  |  |  |  | 16637608 |
| Computers<sup>(a)</sup> – 0.1% | Computers<sup>(a)</sup> – 0.1% | Computers<sup>(a)</sup> – 0.1% | Computers<sup>(a)</sup> – 0.1% | Computers<sup>(a)</sup> – 0.1% |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  | 1300000 | 1.875 | 06/22/25 | 1290783 |
| Diversified Financial Services – 4.6% | 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>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup>  |
|  | 827000 | 4.625 | 10/15/27 | 823783 |
|  | 5000000 | 6.150 | 09/30/30 | 5273800 |
|  Air Lease Corp. <sup>(a)</sup>  | Air Lease Corp. <sup>(a)</sup>  | Air Lease Corp. <sup>(a)</sup>  | Air Lease Corp. <sup>(a)</sup>  | Air Lease Corp. <sup>(a)</sup>  |
|  | 1100000 | 3.375 | 07/01/25 | 1096007 |
|  | 5175000 | 1.875 | 08/15/26 | 4982904 |
|  Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) |
|  | 3740000 | 4.700 | 05/15/28 | 3219205 |
|  American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) |
|  | 1725000 | 3.550 | 09/15/26 | 1669817 |
|  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>  | Aviation Capital Group LLC <sup>(a)(b)</sup>  |
|  | 1725000 | 1.950 | 01/30/26 | 1684635 |
|  Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) |
|  | 6390000 | 5.375 | 06/01/25 | 6376836 |
|  Jefferies Financial Group, Inc. <sup>(a)</sup>  | Jefferies Financial Group, Inc. <sup>(a)</sup>  | Jefferies Financial Group, Inc. <sup>(a)</sup>  | Jefferies Financial Group, Inc. <sup>(a)</sup>  | Jefferies Financial Group, Inc. <sup>(a)</sup>  |
|  | 6879000 | 5.000 | 02/10/26 | 6875836 |
|  Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  |
|  | 260000 | 6.400 | 03/26/29 | 268993 |
|  Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) |
|  | 8100000 | 4.811 | 04/30/25 | 8105103 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  | 1040000 | 5.650 | 06/28/25 | 1042184 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  | 2695000 | 5.099 | 07/03/25 | 2696698 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  |
|  | 10460000 | 2.875 | 10/15/26 | 10041391 |
|  Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  |
|  | 4260000 | 4.875 | 06/13/25 | 4257913 |
|  |  |  |  | 58415105 |
| Electrical<sup>(a)</sup> – 1.5% | Electrical<sup>(a)</sup> – 1.5% | Electrical<sup>(a)</sup> – 1.5% | Electrical<sup>(a)</sup> – 1.5% | Electrical<sup>(a)</sup> – 1.5% |
|  Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
|  | 1375000 | 3.200 | 04/15/25 | 1373900 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  | 1150000 | 1.050 | 06/01/25 | 1142859 |
|  Emera, Inc. <sup>(c)</sup> (3 mo. USD LIBOR + 5.440%) | Emera, Inc. <sup>(c)</sup> (3 mo. USD LIBOR + 5.440%) | Emera, Inc. <sup>(c)</sup> (3 mo. USD LIBOR + 5.440%) | Emera, Inc. <sup>(c)</sup> (3 mo. USD LIBOR + 5.440%) | Emera, Inc. <sup>(c)</sup> (3 mo. USD LIBOR + 5.440%) |
|  | 3105000 | 6.750 | 06/15/76 | 3122326 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

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------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) |
|  Enel Finance International NV <sup>(b)</sup>  | Enel Finance International NV <sup>(b)</sup>  | Enel Finance International NV <sup>(b)</sup>  | Enel Finance International NV <sup>(b)</sup>  | Enel Finance International NV <sup>(b)</sup>  |
| $| 7875000 | 1.625% | 07/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;7584727 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  | 2800000 | 0.900 | 09/15/25 | 2754836 |
|  Vistra Operations Co. LLC <sup>(b)</sup>  | Vistra Operations Co. LLC <sup>(b)</sup>  | Vistra Operations Co. LLC <sup>(b)</sup>  | Vistra Operations Co. LLC <sup>(b)</sup>  | Vistra Operations Co. LLC <sup>(b)</sup>  |
|  | 2965000 | 5.000 | 07/31/27 | 2922986 |
|  |  |  |  | 18901634 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  | 1485000 | 6.375 | 03/15/29 | 1503548 |
| Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0% |
|  Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV |
|  | 176000 | 3.850 | 03/29/26 | 170500 |
|  Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
|  | 200000 | 5.500 | 04/06/25 | 199840 |
|  |  |  |  | 370340 |
| Engineering & Construction<sup>(a)</sup> – 0.4% | Engineering & Construction<sup>(a)</sup> – 0.4% | Engineering & Construction<sup>(a)</sup> – 0.4% | Engineering & Construction<sup>(a)</sup> – 0.4% | Engineering & Construction<sup>(a)</sup> – 0.4% |
|  AECOM | AECOM | AECOM |  |  |
|  | 2750000 | 5.125 | 03/15/27 | 2726735 |
|  MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
|  | 754000 | 5.900 | 06/15/29 | 773310 |
|  Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
|  | 2040000 | 3.875 | 04/30/28 | 1946935 |
|  |  |  |  | 5446980 |
| Entertainment<sup>(a)(b)</sup> – 0.3% | Entertainment<sup>(a)(b)</sup> – 0.3% | Entertainment<sup>(a)(b)</sup> – 0.3% | Entertainment<sup>(a)(b)</sup> – 0.3% | Entertainment<sup>(a)(b)</sup> – 0.3% |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  | 3500000 | 4.625 | 10/15/29 | 3215450 |
|  Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
|  | 616000 | 7.000 | 07/01/25 | 617109 |
|  |  |  |  | 3832559 |
| Environmental<sup>(a)</sup> – 1.1% | Environmental<sup>(a)</sup> – 1.1% | Environmental<sup>(a)</sup> – 1.1% | Environmental<sup>(a)</sup> – 1.1% | Environmental<sup>(a)</sup> – 1.1% |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  | 6710000 | 5.500 | 09/18/26 | 6793204 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  | 7332000 | 4.500 | 03/15/28 | 7369173 |
|  |  |  |  | 14162377 |
| Food &Drug Retailing – 1.6% | Food &Drug Retailing – 1.6% | Food &Drug Retailing – 1.6% | Food &Drug Retailing – 1.6% | Food &Drug Retailing – 1.6% |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  |
|  | 3630000 | 3.250 | 03/15/26 | 3547272 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  | 3700000 | 5.200 | 03/19/27 | 3748766 |
|  Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  | Mars, Inc. <sup>(a)(b)</sup>  |
|  | 13054000 | 4.600 | 03/01/28 | 13107130 |
|  |  |  |  | 20403168 |
| Gas<sup>(a)</sup> – 0.8% | Gas<sup>(a)</sup> – 0.8% | Gas<sup>(a)</sup> – 0.8% | Gas<sup>(a)</sup> – 0.8% | Gas<sup>(a)</sup> – 0.8% |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  | 10050000 | 0.950 | 08/15/25 | 9925883 |
| Healthcare Providers & Services<sup>(a)</sup> – 2.4% | Healthcare Providers & Services<sup>(a)</sup> – 2.4% | Healthcare Providers & Services<sup>(a)</sup> – 2.4% | Healthcare Providers & Services<sup>(a)</sup> – 2.4% | Healthcare Providers & Services<sup>(a)</sup> – 2.4% |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  | 1900000 | 4.250 | 12/15/27 | 1855198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) |
| $| 8410000 | 2.450% | 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678330 |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
|  | 6150000 | 5.650 | 11/15/27 | 6313098 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  | 6000000 | 5.875 | 02/15/26 | 6024240 |
|  | 5389000 | 5.000 | 03/01/28 | 5432543 |
|  | 3650000 | 5.625 | 09/01/28 | 3733366 |
|  |  |  |  | 31036775 |
| Insurance<sup>(b)</sup> – 0.4% | Insurance<sup>(b)</sup> – 0.4% | Insurance<sup>(b)</sup> – 0.4% | Insurance<sup>(b)</sup> – 0.4% | Insurance<sup>(b)</sup> – 0.4% |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  | 305000 | 1.450 | 01/08/26 | 297875 |
|  Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup>  |
|  | 2000000 | 0.904 | 08/12/25 | 1971000 |
|  QBE Insurance Group Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 5.513%) |
|  | 3000000 | 5.875 | 05/12/25 | 2998140 |
|  |  |  |  | 5267015 |
| Internet – 0.9% | Internet – 0.9% | Internet – 0.9% | Internet – 0.9% | Internet – 0.9% |
|  Gen Digital, Inc. <sup>(a)(b)</sup>  | Gen Digital, Inc. <sup>(a)(b)</sup>  | Gen Digital, Inc. <sup>(a)(b)</sup>  | Gen Digital, Inc. <sup>(a)(b)</sup>  | Gen Digital, Inc. <sup>(a)(b)</sup>  |
|  | 3110000 | 6.750 | 09/30/27 | 3149652 |
|  Netflix, Inc. <sup>(b)</sup>  | Netflix, Inc. <sup>(b)</sup>  | Netflix, Inc. <sup>(b)</sup>  | Netflix, Inc. <sup>(b)</sup>  | Netflix, Inc. <sup>(b)</sup>  |
|  | 6025000 | 5.375 | 11/15/29 | 6216836 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | Uber Technologies, Inc. <sup>(a)</sup>  | Uber Technologies, Inc. <sup>(a)</sup>  | Uber Technologies, Inc. <sup>(a)</sup>  | Uber Technologies, Inc. <sup>(a)</sup>  |
|  | 1600000 | 4.300 | 01/15/30 | 1573216 |
|  |  |  |  | 10939704 |
| Investment Companies<sup>(a)</sup> – 0.3% | Investment Companies<sup>(a)</sup> – 0.3% | Investment Companies<sup>(a)</sup> – 0.3% | Investment Companies<sup>(a)</sup> – 0.3% | Investment Companies<sup>(a)</sup> – 0.3% |
|  Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
|  | 3355000 | 3.125 | 09/23/26 | 3243916 |
| Iron/Steel – 0.0% | Iron/Steel – 0.0% | Iron/Steel – 0.0% | Iron/Steel – 0.0% | Iron/Steel – 0.0% |
|  POSCO <sup>(b)</sup>  | POSCO <sup>(b)</sup>  | POSCO <sup>(b)</sup>  | POSCO <sup>(b)</sup>  | POSCO <sup>(b)</sup>  |
|  | 310000 | 5.750 | 01/17/28 | 317428 |
|  Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  |
|  | 345000 | 2.400 | 06/15/25 | 343144 |
|  |  |  |  | 660572 |
| Leisure Time<sup>(a)(b)</sup> – 0.3% | Leisure Time<sup>(a)(b)</sup> – 0.3% | Leisure Time<sup>(a)(b)</sup> – 0.3% | Leisure Time<sup>(a)(b)</sup> – 0.3% | Leisure Time<sup>(a)(b)</sup> – 0.3% |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  | 2280000 | 5.750 | 03/01/27 | 2281140 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  | 1825000 | 5.625 | 09/30/31 | 1792844 |
|  |  |  |  | 4073984 |
| Machinery-Diversified<sup>(a)</sup> – 2.0% | Machinery-Diversified<sup>(a)</sup> – 2.0% | Machinery-Diversified<sup>(a)</sup> – 2.0% | Machinery-Diversified<sup>(a)</sup> – 2.0% | Machinery-Diversified<sup>(a)</sup> – 2.0% |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
|  | 17330000 | 5.197 | 06/15/27 | 17569327 |
|  Nordson Corp. | Nordson Corp. | Nordson Corp. | Nordson Corp. | Nordson Corp. |
|  | 7468000 | 4.500 | 12/15/29 | 7347019 |
|  |  |  |  | 24916346 |
| Media<sup>(a)</sup> – 0.2% | Media<sup>(a)</sup> – 0.2% | Media<sup>(a)</sup> – 0.2% | Media<sup>(a)</sup> – 0.2% | Media<sup>(a)</sup> – 0.2% |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  | 2911000 | 4.908 | 07/23/25 | 2909981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Mining<sup>(a)(b)</sup> – 0.7% | Mining<sup>(a)(b)</sup> – 0.7% | Mining<sup>(a)(b)</sup> – 0.7% | Mining<sup>(a)(b)</sup> – 0.7% |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 4200000 | 1.625% | 09/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144560 |
| 5000000 | 5.371 | 04/04/29 | 5079000 |
|  |  |  | 9223560 |
| Miscellaneous Manufacturing<sup>(a)</sup> – 0.9% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.9% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.9% |  |
| Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> |  |
| 750000 | 6.125 | 03/15/30 | 757673 |
| Hillenbrand, Inc. | Hillenbrand, Inc. |  |  |
| 1191000 | 6.250 | 02/15/29 | 1195097 |
| Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |  |
| 9375000 | 1.600 | 04/01/26 | 9102562 |
|  |  |  | 11055332 |
| Office & Business Equipment<sup>(a)(b)</sup> – 0.1% | Office & Business Equipment<sup>(a)(b)</sup> – 0.1% | Office & Business Equipment<sup>(a)(b)</sup> – 0.1% |  |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |  |
| 1501000 | 5.000 | 08/15/25 | 1491078 |
| Oil Field Services – 1.0% | Oil Field Services – 1.0% | Oil Field Services – 1.0% |  |
| Canadian Natural Resources Ltd. <sup>(a)</sup> | Canadian Natural Resources Ltd. <sup>(a)</sup> | Canadian Natural Resources Ltd. <sup>(a)</sup> |  |
| 1875000 | 2.050 | 07/15/25 | 1862175 |
| Pertamina Persero PT <sup>(a)</sup> | Pertamina Persero PT <sup>(a)</sup> | Pertamina Persero PT <sup>(a)</sup> |  |
| 2630000 | 3.100 | 01/21/30 | 2406450 |
| Petroleos Mexicanos | Petroleos Mexicanos |  |  |
| 210000 | 6.875 <sup>(a)</sup> | 10/16/25 | 209685 |
| 200000 | 6.500 | 01/23/29 | 187930 |
| 300000 | 8.750 <sup>(a)</sup> | 06/02/29 | 298470 |
| Petronas Capital Ltd. <sup>(a)(b)</sup> | Petronas Capital Ltd. <sup>(a)(b)</sup> | Petronas Capital Ltd. <sup>(a)(b)</sup> |  |
| 1450000 | 4.950 | 01/03/31 | 1452929 |
| QatarEnergy <sup>(a)</sup> | QatarEnergy <sup>(a)</sup> |  |  |
| 2160000 | 1.375 | 09/12/26 | 2061504 |
| Saudi Arabian Oil Co. <sup>(a)</sup> | Saudi Arabian Oil Co. <sup>(a)</sup> | Saudi Arabian Oil Co. <sup>(a)</sup> |  |
| 2130000 | 1.625 | 11/24/25 | 2089397 |
| Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> |  |  |
| 1740000 | 7.000 | 05/01/29 | 1781290 |
|  |  |  | 12349830 |
| Packaging<sup>(a)</sup> – 0.4% | Packaging<sup>(a)</sup> – 0.4% |  |  |
| Berry Global, Inc. | Berry Global, Inc. |  |  |
| 3200000 | 1.570 | 01/15/26 | 3119872 |
| Silgan Holdings, Inc. <sup>(b)</sup> | Silgan Holdings, Inc. <sup>(b)</sup> | Silgan Holdings, Inc. <sup>(b)</sup> |  |
| 1925000 | 1.400 | 04/01/26 | 1857413 |
|  |  |  | 4977285 |
| Pharmaceuticals – 1.1% | Pharmaceuticals – 1.1% | Pharmaceuticals – 1.1% |  |
| Cardinal Health, Inc. | Cardinal Health, Inc. |  |  |
| 10569000 | 4.700 | 11/15/26 | 10609057 |
| PRA Health Sciences, Inc. <sup>(a)(b)</sup> | PRA Health Sciences, Inc. <sup>(a)(b)</sup> | PRA Health Sciences, Inc. <sup>(a)(b)</sup> |  |
| 3144000 | 2.875 | 07/15/26 | 3047919 |
|  |  |  | 13656976 |
| Pipelines<sup>(a)</sup> – 2.0% | Pipelines<sup>(a)</sup> – 2.0% |  |  |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |  |
| 2835000 | 4.500 | 10/01/29 | 2762736 |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |  |
| 2690000 | 5.625 | 07/15/27 | 2734062 |
| Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> |  |
| 1710000 | 5.875 | 03/01/28 | 1719405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity** <br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) |
| $| 710000 | 6.500% | 06/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723838 |
|  MPLX LP | MPLX LP | MPLX LP |  |  |
|  | 8300000 | 1.750 | 03/01/26 | 8085030 |
|  NGPL PipeCo LLC <sup>(b)</sup> | NGPL PipeCo LLC <sup>(b)</sup> | NGPL PipeCo LLC <sup>(b)</sup> | NGPL PipeCo LLC <sup>(b)</sup> |  |
|  | 410000 | 4.875 | 08/15/27 | 408905 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |  |  |
|  | 6405000 | 4.250 | 09/24/27 | 6350494 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
|  | 2720000 | 6.875 | 01/15/29 | 2784763 |
|  Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> |  |
|  | 30000 | 7.000 | 01/15/30 | 29562 |
|  |  |  |  | 25598795 |
| Real Estate Investment Trust<sup>(a)</sup> – 0.4% | Real Estate Investment Trust<sup>(a)</sup> – 0.4% | Real Estate Investment Trust<sup>(a)</sup> – 0.4% | Real Estate Investment Trust<sup>(a)</sup> – 0.4% |  |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |  |
|  | 1400000 | 1.300 | 09/15/25 | 1378580 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |  |
|  | 1750000 | 1.350 | 07/15/25 | 1732640 |
|  Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> |  |
|  | 1425000 | 6.500 | 07/01/30 | 1425955 |
|  |  |  |  | 4537175 |
| Retailing<sup>(a)</sup> – 0.8% | Retailing<sup>(a)</sup> – 0.8% | Retailing<sup>(a)</sup> – 0.8% |  |  |
|  1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> |
|  | 2705000 | 6.125 | 06/15/29 | 2726884 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |  |
|  | 3670000 | 5.625 | 05/01/27 | 3651613 |
|  Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |  |
|  | 3310000 | 3.500 | 09/01/25 | 3288452 |
|  |  |  |  | 9666949 |
| Semiconductors<sup>(a)</sup> – 1.0% | Semiconductors<sup>(a)</sup> – 1.0% | Semiconductors<sup>(a)</sup> – 1.0% | Semiconductors<sup>(a)</sup> – 1.0% |  |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |  |  |
|  | 9815000 | 5.050 | 07/12/27 | 9936510 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |  |
|  | 2425000 | 1.800 | 06/01/26 | 2336196 |
|  |  |  |  | 12272706 |
| Software – 1.9% | Software – 1.9% | Software – 1.9% |  |  |
|  Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |  |
|  | 1255000 | 4.200 | 09/10/27 | 1251198 |
|  | 4400000 | 4.300 <sup>(a)</sup> | 09/10/29 | 4357496 |
|  Fair Isaac Corp. <sup>(a)(b)</sup> | Fair Isaac Corp. <sup>(a)(b)</sup> | Fair Isaac Corp. <sup>(a)(b)</sup> | Fair Isaac Corp. <sup>(a)(b)</sup> |  |
|  | 2705000 | 5.250 | 05/15/26 | 2703864 |
|  Infor LLC <sup>(a)(b)</sup> | Infor LLC <sup>(a)(b)</sup> | Infor LLC <sup>(a)(b)</sup> |  |  |
|  | 1075000 | 1.750 | 07/15/25 | 1063723 |
|  Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> |  |  |
|  | 5163000 | 4.800 | 08/03/28 | 5206111 |
|  | 6300000 | 2.950 | 04/01/30 | 5786298 |
|  Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> |  |
|  | 3963000 | 4.650 | 04/01/28 | 3987412 |
|  |  |  |  | 24356102 |
| Telecommunication Services<sup>(a)</sup> – 0.8% | Telecommunication Services<sup>(a)</sup> – 0.8% | Telecommunication Services<sup>(a)</sup> – 0.8% | Telecommunication Services<sup>(a)</sup> – 0.8% |  |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
|  | 7145000 | 3.500 | 04/15/25 | 7141071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity** <br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) |
| 3725000 | 3.750% | 04/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670950 |
|  |  |  | 10812021 |
| Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 2815000 | 5.875 | 12/15/27 | 2825190 |
| Trucking & Leasing<sup>(a)(b)</sup> – 0.9% | Trucking & Leasing<sup>(a)(b)</sup> – 0.9% | Trucking & Leasing<sup>(a)(b)</sup> – 0.9% | Trucking & Leasing<sup>(a)(b)</sup> – 0.9% |
| 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. |
| 4950000 | 1.200 | 11/15/25 | 4840258 |
| 1690000 | 5.350 | 01/12/27 | 1707965 |
| 5000000 | 3.350 | 11/01/29 | 4665150 |
|  |  |  | 11213373 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $709,845,577)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $709,845,577)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $709,845,577)** | $709510663 |
| Mortgage-Backed Obligations – 17.6% | Mortgage-Backed Obligations – 17.6% | Mortgage-Backed Obligations – 17.6% | Mortgage-Backed Obligations – 17.6% |
| Collateralized Mortgage Obligations – 2.7% | Collateralized Mortgage Obligations – 2.7% | Collateralized Mortgage Obligations – 2.7% | Collateralized Mortgage Obligations – 2.7% |
| **Interest Only<sup>(e)</sup> – 0.4%** | **Interest Only<sup>(e)</sup> – 0.4%** | **Interest Only<sup>(e)</sup> – 0.4%** | **Interest Only<sup>(e)</sup> – 0.4%** |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| 305396 | 1.637 %<sup>(c)</sup> | 05/15/45 | $32545 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| 208970 | 1.537 <sup>(c)</sup> | 05/15/46 | 22708 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| 179794 | 1.587 <sup>(c)</sup> | 03/15/44 | 17257 |
| Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI |
| 3230281 | 4.000 | 08/25/50 | 655097 |
| Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) |
| 284125 | 1.696 <sup>(c)</sup> | 02/25/46 | 32714 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| 352778 | 1.646 <sup>(c)</sup> | 05/25/47 | 41863 |
| Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) |
| 2236697 | 1.646 <sup>(c)</sup> | 07/25/50 | 266135 |
| Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) |
| 55641 | 1.496 <sup>(c)</sup> | 12/25/40 | 4526 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 119095 | 1.666 <sup>(a)(c)</sup> | 10/20/43 | 6081 |
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 124060 | 1.226 <sup>(a)(c)</sup> | 07/20/47 | 12161 |
| Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 271495 | 1.766 <sup>(a)(c)</sup> | 09/20/48 | 32451 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(e)</sup> – (continued) | Interest Only<sup>(e)</sup> – (continued) | Interest Only<sup>(e)</sup> – (continued) | Interest Only<sup>(e)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 279707 | 1.616 %<sup>(a)(c)</sup> | 01/20/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31453 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 123688 | 1.666 <sup>(a)(c)</sup> | 06/20/49 | 13867 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 1239296 | 4.000 <sup>(a)</sup> | 06/20/50 | 267218 |
| Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI |
| 3386383 | 2.500 <sup>(a)</sup> | 10/20/50 | 501866 |
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 196553 | 1.616 <sup>(a)(c)</sup> | 08/20/43 | 21011 |
| Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) |
| 73335 | 1.166 <sup>(a)(c)</sup> | 11/20/44 | 6568 |
| Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 127182 | 1.816 <sup>(a)(c)</sup> | 09/20/45 | 15382 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 67620 | 4.000 <sup>(a)</sup> | 06/20/45 | 9635 |
| Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 267359 | 1.766 <sup>(a)(c)</sup> | 09/20/48 | 32278 |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| 6338785 | 4.000 <sup>(a)</sup> | 12/20/49 | 1356492 |
| Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 7024339 | 1.616 <sup>(a)(c)</sup> | 04/20/50 | 866327 |
| Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI |
| 1566659 | 5.000 <sup>(a)</sup> | 05/20/50 | 377575 |
|  |  |  | 4623210 |
| Sequential Fixed Rate – 0.7% | Sequential Fixed Rate – 0.7% | Sequential Fixed Rate – 0.7% | Sequential Fixed Rate – 0.7% |
| CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 |
| 2089663 | 5.908 <sup>(a)(b)(d)</sup> | 10/25/69 | 2098762 |
| Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| 8148 | 7.000 | 10/25/42 | 8742 |
| Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| 27059 | 7.000 | 07/25/42 | 29262 |
| JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 |
| 3527119 | 5.695 <sup>(a)(b)(d)</sup> | 08/25/55 | 3529185 |
| Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 |
| 1631620 | 6.928 <sup>(a)(b)(d)</sup> | 08/25/68 | 1648389 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| Verus Securitization Trust Series 2024-1, Class A1 | Verus Securitization Trust Series 2024-1, Class A1 | Verus Securitization Trust Series 2024-1, Class A1 | Verus Securitization Trust Series 2024-1, Class A1 |
| 1722573 | 5.712 %<sup>(a)(b)(d)</sup> | 01/25/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724382 |
|  |  |  | 9038722 |
| Sequential Floating Rate<sup>(a)(c)</sup> – 1.6% | Sequential Floating Rate<sup>(a)(c)</sup> – 1.6% | Sequential Floating Rate<sup>(a)(c)</sup> – 1.6% | Sequential Floating Rate<sup>(a)(c)</sup> – 1.6% |
| Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A |
| 2539003 | 5.500 <sup>(b)</sup> | 12/25/55 | 2531666 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%) |
| 2825000 | 5.590 <sup>(b)</sup> | 08/25/44 | 2831794 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| 298099 | 8.240 <sup>(b)</sup> | 04/25/43 | 316163 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| 560000 | 7.436 <sup>(b)</sup> | 06/25/43 | 580976 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 950000 | 5.990 <sup>(b)</sup> | 05/25/44 | 950584 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 1033476 | 5.340 <sup>(b)</sup> | 07/25/44 | 1032614 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) |
| 1800000 | 6.040 <sup>(b)</sup> | 07/25/44 | 1799992 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 3425000 | 5.940 <sup>(b)</sup> | 09/25/44 | 3420688 |
| GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 |
| 2447395 | 5.500 <sup>(b)</sup> | 12/25/54 | 2443255 |
| Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) |
| 3959538 | 2.156 | 09/20/53 | 264217 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 3947941 | 2.520 <sup>(b)</sup> | 05/25/52 | 3276918 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 66850 | 3.750 <sup>(b)</sup> | 05/28/52 | 63123 |
| OBX Trust Series 2024-NQM17, Class A1 | OBX Trust Series 2024-NQM17, Class A1 | OBX Trust Series 2024-NQM17, Class A1 | OBX Trust Series 2024-NQM17, Class A1 |
| 1201678 | 5.610 <sup>(b)</sup> | 11/25/64 | 1204972 |
|  |  |  | 20716962 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 34378894 |
| Commercial Mortgage-Backed Securities – 7.5% | Commercial Mortgage-Backed Securities – 7.5% | Commercial Mortgage-Backed Securities – 7.5% | Commercial Mortgage-Backed Securities – 7.5% |
| Regular Floater<sup>(b)(c)</sup> – 0.5% | Regular Floater<sup>(b)(c)</sup> – 0.5% | Regular Floater<sup>(b)(c)</sup> – 0.5% | Regular Floater<sup>(b)(c)</sup> – 0.5% |
| KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) | KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1 mo. USD Term SOFR + 2.042%) |
| 2580000 | 6.361% | 12/15/39 $| 2580003 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Regular Floater<sup>(b)(c)</sup> – (continued) | Regular Floater<sup>(b)(c)</sup> – (continued) | Regular Floater<sup>(b)(c)</sup> – (continued) | Regular Floater<sup>(b)(c)</sup> – (continued) |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 3500000 | 6.452% | 11/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491254 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 950000 | 7.249 | 11/15/29 | 958482 |
|  |  |  | 7029739 |
| Sequential Fixed Rate – 4.1% | Sequential Fixed Rate – 4.1% | Sequential Fixed Rate – 4.1% | Sequential Fixed Rate – 4.1% |
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| 3800000 | 3.901 <sup>(b)</sup> | 08/10/35 | 3728931 |
| Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 | Bank Series 2023-BNK46, Class A4 |
| 4100000 | 5.745 <sup>(a)</sup> | 08/15/56 | 4282431 |
| Bank5 Series 2023-5YR4, Class A3 | Bank5 Series 2023-5YR4, Class A3 | Bank5 Series 2023-5YR4, Class A3 | Bank5 Series 2023-5YR4, Class A3 |
| 1298421 | 6.500 <sup>(a)</sup> | 12/15/56 | 1363621 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 2350000 | 5.769 <sup>(a)</sup> | 06/15/57 | 2426644 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 2450000 | 5.893 <sup>(a)</sup> | 11/15/57 | 2548959 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 1075000 | 6.139 <sup>(a)</sup> | 11/15/57 | 1106400 |
| Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 |
| 3000000 | 5.646 <sup>(a)</sup> | 04/15/58 | 3090000 |
| BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 |
| 2900000 | 5.451 <sup>(a)</sup> | 04/15/56 | 2975803 |
| BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB |
| 800000 | 5.700 <sup>(a)</sup> | 04/15/56 | 829414 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 5000000 | 6.160 <sup>(a)</sup> | 12/15/56 | 5359426 |
| BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A |
| 3900000 | 5.760 <sup>(b)</sup> | 10/13/27 | 3945449 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1500000 | 3.000 <sup>(a)(b)</sup> | 09/15/50 | 897763 |
| Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 |
| 740000 | 3.102 <sup>(a)</sup> | 12/15/72 | 684909 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 3650000 | 6.338 <sup>(b)</sup> | 08/10/44 | 3805610 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A |
| 1250000 | 2.287 <sup>(b)</sup> | 03/05/42 | 1134344 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 2100000 | 3.598 <sup>(a)(b)</sup> | 06/05/39 | 1930282 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| 3150000 | 6.890 <sup>(a)</sup> | 12/15/56 | 3320375 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 4300000 | 5.388 <sup>(b)</sup> | 11/13/41 | 4332250 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 3250000 | 7.109 <sup>(b)</sup> | 11/13/41 | 3364402 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| 900000 | 3.250 <sup>(a)(b)</sup> | 01/15/60 | 783423 |
|  |  |  | 51910436 |
| Sequential Floating Rate – 2.9% | Sequential Floating Rate – 2.9% | Sequential Floating Rate – 2.9% | Sequential Floating Rate – 2.9% |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 900000 | 5.637 <sup>(a)</sup> | 10/15/57 | 913332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 1225000 | 5.239 %<sup>(b)(c)</sup> | 03/15/37 | $1161260 |
| BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 |
| 2850000 | 6.804 <sup>(a)(c)</sup> | 11/15/56 | 3195936 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 1150000 | 5.488 <sup>(b)(c)</sup> | 03/15/37 | 1056753 |
| BX Commercial Mortgage Trust Series 2023-VLT3, Class A (1 mo. USD Term SOFR + 1.940%) | BX Commercial Mortgage Trust Series 2023-VLT3, Class A (1 mo. USD Term SOFR + 1.940%) | BX Commercial Mortgage Trust Series 2023-VLT3, Class A (1 mo. USD Term SOFR + 1.940%) | BX Commercial Mortgage Trust Series 2023-VLT3, Class A (1 mo. USD Term SOFR + 1.940%) |
| 2675000 | 6.259<sup></sup> <sup>(b)(c)</sup> | 11/15/28 | 2671574 |
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| 4471243 | 5.761 <sup>(b)(c)</sup> | 02/15/39 | 4473069 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 1859112 | 5.711 <sup>(b)(c)</sup> | 03/15/41 | 1859464 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 3500000 | 6.160 <sup>(b)(c)</sup> | 04/15/26 | 3499119 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 2500000 | 5.463 <sup>(b)(c)</sup> | 03/15/30 | 2481270 |
| Citigroup Commercial Mortgage Trust Series 2015-P1, Class C | Citigroup Commercial Mortgage Trust Series 2015-P1, Class C | Citigroup Commercial Mortgage Trust Series 2015-P1, Class C | Citigroup Commercial Mortgage Trust Series 2015-P1, Class C |
| 1949000 | 4.387 <sup>(a)(c)</sup> | 09/15/48 | 1880191 |
| COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) |
| 3750000 | 6.160 <sup>(b)(c)</sup> | 06/15/41 | 3720711 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 1375000 | 6.340 <sup>(b)(c)</sup> | 01/13/40 | 1396806 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 1375000 | 5.467 <sup>(b)(c)</sup> | 01/13/40 | 1399378 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 2200000 | 6.012 <sup>(b)(c)</sup> | 02/15/42 | 2177141 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 3150000 | 4.954 <sup>(b)(c)</sup> | 07/15/35 | 3157551 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1950000 | 5.360 <sup>(b)(c)</sup> | 07/15/35 | 1949952 |
|  |  |  | 36993507 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $&nbsp;&nbsp;&nbsp;&nbsp;95933682 |
| **Federal Agencies – 7.4%** | **Federal Agencies – 7.4%** | **Federal Agencies – 7.4%** | **Federal Agencies – 7.4%** |
| **Government National Mortgage Association – 2.2%** | **Government National Mortgage Association – 2.2%** | **Government National Mortgage Association – 2.2%** | **Government National Mortgage Association – 2.2%** |
| 1066605 | 4.500% | 08/20/47 | $1042112 |
| 165003 | 5.000 | 03/20/48 | 165463 |
| 1657325 | 4.000 | 05/20/48 | 1571802 |
| 590112 | 4.500 | 06/20/48 | 575824 |
| 599093 | 4.500 | 07/20/48 | 584399 |
| 910552 | 4.500 | 09/20/48 | 888220 |
| 631957 | 4.500 | 10/20/48 | 616260 |
| 790481 | 4.500 | 12/20/48 | 769859 |
| 1934404 | 4.500 | 01/20/49 | 1883938 |
| 598091 | 4.500 | 02/20/49 | 582114 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| 803426 | 4.500% | 03/20/49 | $782466 |
| 424487 | 4.500 | 10/20/49 | 413944 |
| 796504 | 5.000 | 12/20/49 | 796640 |
| 48569 | 5.000 | 02/20/50 | 48696 |
| 4314275 | 3.000 | 11/20/51 | 3796871 |
| 2000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 2029844 |
| 3000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 3071091 |
| 8000000 | 7.000 | TBA-30yr<sup>(f)</sup> | 8256883 |
|  |  |  | 27876426 |
| Uniform Mortgage-Backed Security – 5.2% | Uniform Mortgage-Backed Security – 5.2% | Uniform Mortgage-Backed Security – 5.2% | Uniform Mortgage-Backed Security – 5.2% |
| 834 | 5.000 | 11/01/26 | 833 |
| 2579 | 5.000 | 07/01/27 | 2579 |
| 60362 | 4.500 | 07/01/47 | 58779 |
| 38551 | 4.500 | 03/01/50 | 37219 |
| 7801470 | 6.000 | 11/01/52 | 8053504 |
| 1710033 | 5.500 | 12/01/52 | 1730691 |
| 4677854 | 6.000 | 12/01/52 | 4813482 |
| 3154674 | 6.000 | 01/01/53 | 3241741 |
| 859594 | 5.500 | 04/01/53 | 868099 |
| 2511978 | 6.000 | 04/01/53 | 2584863 |
| 2408038 | 6.500 | 09/01/53 | 2502631 |
| 5890010 | 6.500 | 11/01/53 | 6145771 |
| 2554449 | 6.500 | 12/01/53 | 2670160 |
| 15000000 | 5.000 | TBA-30yr<sup>(f)</sup> | 14701758 |
| 18000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 18281250 |
|  |  |  | 65693360 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $93569786 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $223,463,055)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $223,463,055)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $223,463,055)** | $&nbsp;&nbsp;&nbsp;&nbsp;223882362 |
| Asset-Backed Securities<sup>(a)</sup> – 13.4% | Asset-Backed Securities<sup>(a)</sup> – 13.4% | Asset-Backed Securities<sup>(a)</sup> – 13.4% | Asset-Backed Securities<sup>(a)</sup> – 13.4% |
| Automotive – 3.3% | Automotive – 3.3% | Automotive – 3.3% | Automotive – 3.3% |
| Bank of America Auto Trust Series 2023-2A, Class A2<sup>(b)</sup>  | Bank of America Auto Trust Series 2023-2A, Class A2<sup>(b)</sup>  | Bank of America Auto Trust Series 2023-2A, Class A2<sup>(b)</sup>  | Bank of America Auto Trust Series 2023-2A, Class A2<sup>(b)</sup>  |
| 574582 | 5.850% | 08/17/26 $| 575350 |
| Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 | Exeter Automobile Receivables Trust Series 2024-2A, Class A3 |
| 431731 | 5.630 | 10/15/26 | 431876 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 1700000 | 4.700 | 09/15/27 | 1699364 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 800000 | 4.670 | 08/15/28 | 800198 |
| Ford Credit Auto Lease Trust Series 2024-A, Class A2A | Ford Credit Auto Lease Trust Series 2024-A, Class A2A | Ford Credit Auto Lease Trust Series 2024-A, Class A2A | Ford Credit Auto Lease Trust Series 2024-A, Class A2A |
| 2149278 | 5.240 | 07/15/26 | 2150862 |
| Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 |
| 6100000 | 4.990 | 12/15/27 | 6142856 |
| Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(d)</sup>  |
| 3200000 | 4.870 | 08/15/36 | 3238110 |
| Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup>  |
| 2757929 | 4.770 | 03/15/27 | 2762467 |
| Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 |
| 5825000 | 4.840 | 03/15/29 | 5866882 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
| Nissan Auto Lease Trust Series 2024-A, Class A2A | Nissan Auto Lease Trust Series 2024-A, Class A2A | Nissan Auto Lease Trust Series 2024-A, Class A2A | Nissan Auto Lease Trust Series 2024-A, Class A2A |
| 4087805 | 5.110% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093087 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 1250000 | 4.760 | 08/16/27 | 1250008 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 2825000 | 4.740 | 01/16/29 | 2834315 |
| Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup>  |
| 3142950 | 6.130 | 09/21/26 | 3152185 |
| Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 |
| 550715 | 0.710 | 04/15/26 | 549045 |
| Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 |
| 4225000 | 4.880 | 03/15/29 | 4260132 |
| World Omni Auto Receivables Trust Series 2024-B, Class A2A | World Omni Auto Receivables Trust Series 2024-B, Class A2A | World Omni Auto Receivables Trust Series 2024-B, Class A2A | World Omni Auto Receivables Trust Series 2024-B, Class A2A |
| 2273373 | 5.480 | 09/15/27 | 2278776 |
|  |  |  | 42085513 |
| Collateralized Loan Obligations – 5.3% | Collateralized Loan Obligations – 5.3% | Collateralized Loan Obligations – 5.3% | Collateralized Loan Obligations – 5.3% |
| 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 6.360%) | 37 Capital CLO III Ltd. Series 2023-1A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 6.360%) |
| 2950000 | 10.662 | 04/15/36 | 2966653 |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) |
| 7600000 | 5.755 | 07/20/34 | 7603230 |
| Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.750%) | Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.750%) | Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.750%) | Barings CLO Ltd. Series 2023-1A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.750%) |
| 4800000 | 6.043 | 04/20/36 | 4801704 |
| Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.050%) | Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.050%) | Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.050%) | Bryant Park Funding Ltd. Series 2023-21A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.050%) |
| 3600000 | 6.343 | 10/18/36 | 3616488 |
| CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) |
| 2025000 | 11.943 | 01/20/37 | 2022376 |
| Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.452%) | Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.452%) | Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.452%) | Crown City CLO I Series 2020-1A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.452%) |
| 2500000 | 5.745 | 07/20/34 | 2499907 |
| Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 1100000 | 5.893 | 04/20/37 | 1102325 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.700%) |
| 2700000 | 0.000 | 04/20/38 | 2909935 |
| Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) |
| 4750000 | 3.496 | 11/20/34 | 5107313 |
| Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) |
| 3000000 | 5.420 | 07/25/34 | 2987334 |
| LCM 26 Ltd. Series 26A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.332%) | LCM 26 Ltd. Series 26A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.332%) | LCM 26 Ltd. Series 26A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.332%) | LCM 26 Ltd. Series 26A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.332%) |
| 1785418 | 5.625 | 01/20/31 | 1785897 |
| MJX Venture Management II LLC Series 2017-28RR, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.542%) | MJX Venture Management II LLC Series 2017-28RR, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.542%) | MJX Venture Management II LLC Series 2017-28RR, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.542%) | MJX Venture Management II LLC Series 2017-28RR, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.542%) |
| 1400412 | 5.835 | 07/22/30 | 1400780 |
| Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 676852 | 5.662 | 12/21/29 | 676807 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 2900000 | 4.062% | 01/20/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115202 |
| Palmer Square Loan Funding Ltd. Series 2024-3A, Class C <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) | Palmer Square Loan Funding Ltd. Series 2024-3A, Class C <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) |
| 3200000 | 7.247 | 08/08/32 | 3195578 |
| Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) |
| 4000000 | 5.762 | 10/25/34 | 4002024 |
| RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 3000000 | 6.002 | 07/15/39 | 3000798 |
| Sixth Street CLO XIV Ltd. Series 2019-14A, Class A1R2 <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Sixth Street CLO XIV Ltd. Series 2019-14A, Class A1R2 <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Sixth Street CLO XIV Ltd. Series 2019-14A, Class A1R2 <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Sixth Street CLO XIV Ltd. Series 2019-14A, Class A1R2 <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 7500000 | 5.467 | 01/20/38 | 7468755 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup>  |
| 338317 | 5.750 | 12/20/50 | 341426 |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) |
| 2200000 | 5.973 | 01/20/37 | 2200592 |
| Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) |
| 2500000 | 8.705 | 04/20/32 | 2442922 |
| Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 2209834 | 5.602 | 07/15/32 | 2209338 |
|  |  |  | 67457384 |
| Credit Card – 1.4% | Credit Card – 1.4% | Credit Card – 1.4% | Credit Card – 1.4% |
| American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A |
| 4500000 | 4.650 | 07/15/29 | 4536155 |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 7300000 | 4.720 | 02/15/29 | 7321498 |
| Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.900%) | Barclays Dryrock Issuance Trust Series 2023-2, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.900%) |
| 2425000 | 5.249 | 08/15/28 | 2431831 |
| Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A |
| 3800000 | 4.310 | 03/15/28 | 3796544 |
|  |  |  | 18086028 |
| Student Loan<sup>(c)</sup> – 3.4% | Student Loan<sup>(c)</sup> – 3.4% | Student Loan<sup>(c)</sup> – 3.4% | Student Loan<sup>(c)</sup> – 3.4% |
| Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.272%) | Apidos CLO XV Ltd. Series 2013-15A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.272%) |
| 1554109 | 5.565 | 04/20/31 | 1554726 |
| Bain Capital Credit CLO Ltd. Series 2023-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.800%) | Bain Capital Credit CLO Ltd. Series 2023-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.800%) |
| 3600000 | 6.097 | 07/24/36 | 3608384 |
| CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.262%) | CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.262%) | CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.262%) | CIFC Falcon Ltd. Series 2019-FAL, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.262%) |
| 4000000 | 5.555 | 01/20/33 | 3999400 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.830%) |
| 5500000 | 6.132 | 01/15/37 | 5521692 |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 4500000 | 5.813 | 04/18/37 | 4493331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Student Loan<sup>(c)</sup> – (continued) | Student Loan<sup>(c)</sup> – (continued) | Student Loan<sup>(c)</sup> – (continued) | Student Loan<sup>(c)</sup> – (continued) |
| Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) |
| 3700000 | 5.702% | 05/20/36 | $3700829 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) |
| 248061 | 5.719 | 07/25/45 | 247695 |
| Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) |
| 2500000 | 6.443 | 04/20/37 | 2508950 |
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R <sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 5603990 | 5.493 | 01/20/32 | 5593376 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 5025000 | 5.702 | 04/15/31 | 5025141 |
| Parallel Ltd. Series 2023-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 2.200%) | Parallel Ltd. Series 2023-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 2.200%) | Parallel Ltd. Series 2023-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 2.200%) | Parallel Ltd. Series 2023-1A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 2.200%) |
| 3000000 | 6.493 | 07/20/36 | 3002814 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 370886 | 5.604 | 09/25/65 | 372242 |
| RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) | RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) | RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) | RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) |
| 3500000 | 4.235 | 07/15/35 | 3754087 |
|  |  |  | 43382667 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $170,735,564) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $170,735,564) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $170,735,564) | $&nbsp;&nbsp;&nbsp;&nbsp;171011592 |
| Sovereign Debt Obligations – 2.0% | Sovereign Debt Obligations – 2.0% | Sovereign Debt Obligations – 2.0% | Sovereign Debt Obligations – 2.0% |
| United States Dollar – 2.0% | United States Dollar – 2.0% | United States Dollar – 2.0% | United States Dollar – 2.0% |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 3630000 | 5.250% | 06/16/29 | $3607312 |
| Indonesia Government International Bonds <sup>(a)</sup>  | Indonesia Government International Bonds <sup>(a)</sup>  | Indonesia Government International Bonds <sup>(a)</sup>  | Indonesia Government International Bonds <sup>(a)</sup>  |
| 6030000 | 4.550 | 01/11/28 | 6017940 |
| Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup>  | Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup>  | Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup>  | Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup>  |
| 3950000 | 4.250 | 07/27/27 | 3930487 |
| 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>  |
| 2860000 | 3.250 | 04/16/30 | 2585440 |
| 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>  |
| 2120000 | 2.392 | 01/23/26 | 2079593 |
| Qatar Government International Bonds <sup>(b)</sup>  | Qatar Government International Bonds <sup>(b)</sup>  | Qatar Government International Bonds <sup>(b)</sup>  | Qatar Government International Bonds <sup>(b)</sup>  |
| 690000 | 3.400 | 04/16/25 | 688896 |
| Republic of Poland Government International Bonds <sup>(a)</sup>  | Republic of Poland Government International Bonds <sup>(a)</sup>  | Republic of Poland Government International Bonds <sup>(a)</sup>  | Republic of Poland Government International Bonds <sup>(a)</sup>  |
| 2600000 | 4.625 | 03/18/29 | 2596724 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 1500000 | 3.000 <sup>(b)</sup> | 02/27/27 | 1440188 |
| 1700000 | 5.875 | 01/30/29 | 1688754 |
| Saudi Government International Bonds <sup>(b)</sup>  | Saudi Government International Bonds <sup>(b)</sup>  | Saudi Government International Bonds <sup>(b)</sup>  | Saudi Government International Bonds <sup>(b)</sup>  |
| 800000 | 2.900 | 10/22/25 | 792400 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $25,464,078) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $25,464,078) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $25,464,078) | $25427734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **<br>Description** | **<br>Description** | **Value** |
| Common Stocks<sup>(b)</sup> – 0.0% | Common Stocks<sup>(b)</sup> – 0.0% | Common Stocks<sup>(b)</sup> – 0.0% | Common Stocks<sup>(b)</sup> – 0.0% |
| Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% |
| 22377 | Sunac Services Holdings Ltd. | Sunac Services Holdings Ltd. | $4974 |
| (Cost $42,587) | (Cost $42,587) | (Cost $42,587) |  |
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations – 5.4% | U.S. Treasury Obligations – 5.4% | U.S. Treasury Obligations – 5.4% | U.S. Treasury Obligations – 5.4% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 16170000 | 1.250 %<sup>(g)</sup> | 11/30/26 | $15475827 |
| 9400000 | 0.500 | 06/30/27 | 8719234 |
| 15370000 | 1.250 | 03/31/28 | 14234061 |
| 850000 | 2.875 | 08/15/28 | 822508 |
| 15340000 | 4.000 | 03/31/30 | 15369961 |
| 13560000 | 4.125 | 03/31/32 | 13596019 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $67,634,155) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $67,634,155) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $67,634,155) | $68217610 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(h)</sup> – 4.0% | Investment Company<sup>(h)</sup> – 4.0% | Investment Company<sup>(h)</sup> – 4.0% | Investment Company<sup>(h)</sup> – 4.0% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 51061035 | 4.259% |  | $51061035 |
| (Cost $51,061,035) | (Cost $51,061,035) | (Cost $51,061,035) |  |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 98.2%<br>(Cost $1,248,246,051) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 98.2%<br>(Cost $1,248,246,051) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 98.2%<br>(Cost $1,248,246,051) | $1249115970 |
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – 2.0% | Short-term Investments – 2.0% | Short-term Investments – 2.0% | Short-term Investments – 2.0% |
| Certificates of Deposit<sup>(c)</sup> – 0.5% | Certificates of Deposit<sup>(c)</sup> – 0.5% | Certificates of Deposit<sup>(c)</sup> – 0.5% | Certificates of Deposit<sup>(c)</sup> – 0.5% |
| Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA (1 day USD SOFR + 0.500%) |
| 6000000 | 4.830% | 05/27/25 $| 6001325 |
| Commercial Paper<sup>(i)</sup> – 1.5% | Commercial Paper<sup>(i)</sup> – 1.5% | Commercial Paper<sup>(i)</sup> – 1.5% | Commercial Paper<sup>(i)</sup> – 1.5% |
| Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. |
| 12509000 | 0.000 | 04/01/25 | 12507344 |
| CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  |
| 6333000 | 0.000 | 04/07/25 | 6327138 |
|  |  |  | 18834482 |
| TOTAL SHORT-TERM INVESTMENTS<br>(Cost $24,836,815) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $24,836,815) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $24,836,815) | $24835807 |
| TOTAL INVESTMENTS – 100.2%<br>(Cost $1,273,082,866) | TOTAL INVESTMENTS – 100.2%<br>(Cost $1,273,082,866) | TOTAL INVESTMENTS – 100.2%<br>(Cost $1,273,082,866) | $1273951777 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.2)%** | (2538080) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1271413697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (e) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $46,340,826 which represents approximately 3.6% of net assets as of March 31, 2025.

(g) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(h) Represents an affiliated issuer.

(i) Issued with a zero coupon. Income is recognized through the accretion of discount.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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** |
|  MS & Co. Int. PLC | BRL | 1062753 | USD | 185030 | 04/02/25 | $1121 |
|  | BRL | 535717 | USD | 90628 | 06/18/25 | 1695 |
|  | CAD | 2543579 | USD | 1772376 | 06/18/25 | 2098 |
|  | CHF | 489656 | USD | 557616 | 06/18/25 | 1047 |
|  | CNH | 2519155 | USD | 348298 | 06/18/25 | 289 |
|  | EUR | 745006 | USD | 777703 | 04/09/25 | 28253 |
|  | EUR | 10738091 | USD | 11430389 | 06/18/25 | 232239 |
|  | GBP | 1465737 | USD | 1869353 | 06/18/25 | 23872 |
|  | HUF | 683668932 | USD | 1777922 | 06/18/25 | 49821 |
|  | INR | 133437200 | USD | 1532000 | 04/07/25 | 28395 |
|  | INR | 241605941 | USD | 2771773 | 06/18/25 | 38645 |
|  | MXN | 12277976 | USD | 579361 | 06/18/25 | 14347 |
|  | NOK | 39958576 | USD | 3637332 | 06/18/25 | 160670 |
|  | PLN | 1372550 | USD | 344923 | 06/18/25 | 8407 |
|  | SEK | 41384311 | USD | 3900475 | 06/18/25 | 235895 |
|  | SGD | 1029203 | USD | 766384 | 06/18/25 | 2802 |
|  | USD | 5588993 | AUD | 8863897 | 06/18/25 | 46778 |
|  | USD | 263536 | BRL | 1495960 | 04/02/25 | 1505 |
|  | USD | 668615 | CAD | 952429 | 06/17/25 | 4205 |
|  | USD | 4644176 | CAD | 6641742 | 06/18/25 | 10702 |
|  | USD | 279403 | CAD | 394888 | 09/17/25 | 2733 |
|  | USD | 2800256 | CHF | 2436785 | 06/18/25 | 20056 |
|  | USD | 600523 | CHF | 519098 | 09/17/25 | 2071 |
|  | USD | 1194947 | CLP | 1113097363 | 06/18/25 | 23384 |
|  | USD | 7287009 | CNH | 52446789 | 06/18/25 | 29707 |
|  | USD | 370413 | CNH | 2652988 | 09/17/25 | 978 |
|  | USD | 202223 | COP | 834324802 | 04/16/25 | 3148 |
|  | USD | 57739 | COP | 240825751 | 06/18/25 | 762 |
|  | USD | 3072196 | EUR | 2838914 | 04/09/25 | 1024 |
|  | USD | 9665843 | EUR | 8829816 | 06/18/25 | 75792 |
|  | USD | 223212 | EUR | 202351 | 09/17/25 | 2294 |
|  | USD | 226984 | GBP | 175740 | 09/17/25 | 48 |
|  | USD | 2680051 | HUF | 987947649 | 06/18/25 | 38838 |
|  | USD | 719903 | ILS | 2602805 | 06/18/25 | 18599 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD | 750545 | INR | 64482076 | 06/18/25 | $474 |
|  | USD | 1915053 | JPY | 281243280 | 06/18/25 | 23383 |
|  | USD | 477713 | JPY | 69811025 | 09/17/25 | 3677 |
|  | USD | 710934 | KRW | 1028649696 | 04/10/25 | 12723 |
|  | USD | 399941 | KRW | 584754321 | 04/24/25 | 2736 |
|  | USD | 1830377 | KRW | 2627351178 | 06/18/25 | 40555 |
|  | USD | 418263 | KRW | 601215419 | 09/17/25 | 6713 |
|  | USD | 468351 | MXN | 9520660 | 06/18/25 | 7975 |
|  | USD | 977444 | NZD | 1718236 | 05/07/25 | 999 |
|  | USD | 2463212 | NZD | 4255221 | 06/18/25 | 42597 |
|  | USD | 680726 | PLN | 2636540 | 06/18/25 | 2013 |
|  | USD | 1040129 | SGD | 1379179 | 06/18/25 | 9383 |
|  | USD | 570819 | TRY | 23640909 | 06/18/25 | 5917 |
|  | USD | 703577 | TWD | 23172320 | 04/07/25 | 6613 |
|  | USD | 671082 | TWD | 22004110 | 04/14/25 | 8888 |
|  | USD | 759000 | TWD | 25001460 | 04/21/25 | 6186 |
|  | USD | 197307 | TWD | 6453725 | 06/18/25 | 2177 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898771 | USD | 156772 | 06/18/25 | 328 |
| TOTAL |  |  |  |  |  | $1295557 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | 8130122 | USD | 5096205 | 06/18/25 | $(12788) |
|  | AUD | 880259 | USD | 560100 | 09/17/25 | (9304) |
|  | BRL | 1716798 | USD | 303000 | 04/02/25 | (2287) |
|  | CAD | 6339263 | USD | 4450659 | 06/18/25 | (28202) |
|  | CHF | 4539496 | USD | 5200868 | 06/18/25 | (21624) |
|  | CLP | 308996634 | USD | 327740 | 06/18/25 | (2513) |
|  | CNH | 29375936 | USD | 4078423 | 06/18/25 | (13541) |
|  | CNH | 9034137 | USD | 1263478 | 09/17/25 | (5450) |
|  | COP | 1258194557 | USD | 304422 | 04/16/25 | (4209) |
|  | CZK | 155827080 | USD | 6805784 | 06/18/25 | (43224) |
|  | EUR | 3859966 | USD | 4219236 | 06/18/25 | (26932) |
|  | EUR | 1242451 | USD | 1360463 | 09/17/25 | (4014) |
|  | GBP | 591519 | EUR | 706000 | 05/02/25 | (680) |
|  | GBP | 1641825 | USD | 2131398 | 06/18/25 | (10727) |
|  | ILS | 1062922 | USD | 291502 | 06/18/25 | (5107) |
|  | INR | 33193905 | USD | 386153 | 06/18/25 | (34) |
|  | JPY | 417374879 | USD | 2859309 | 06/18/25 | (52005) |
|  | JPY | 27902775 | USD | 190295 | 09/17/25 | (827) |
|  | KRW | 1147756029 | USD | 790680 | 04/10/25 | (11624) |
|  | KRW | 5437812881 | USD | 3757955 | 06/18/25 | (53572) |
|  | NOK | 6405641 | USD | 610000 | 06/18/25 | (1154) |
|  | NZD | 1158840 | USD | 674636 | 06/17/25 | (15439) |
|  | NZD | 7735048 | USD | 4423611 | 06/18/25 | (23469) |
|  | PLN | 6847548 | USD | 1769555 | 06/18/25 | (6820) |
|  | PLN | 2646603 | USD | 680726 | 09/17/25 | (1929) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC (continued) | SEK | 6802086 | USD | 680355 | 06/18/25 | $(485) |
|  | SGD | 3341675 | USD | 2509064 | 06/18/25 | (11624) |
|  | TRY | 32429851 | USD | 818294 | 06/18/25 | (43379) |
|  | TWD | 25966272 | USD | 790209 | 04/07/25 | (9210) |
|  | TWD | 22074047 | USD | 664395 | 04/14/25 | (96) |
|  | TWD | 25307958 | USD | 764000 | 05/02/25 | (1302) |
|  | TWD | 26675874 | USD | 810945 | 06/18/25 | (4394) |
|  | USD | 222871 | BRL | 1282278 | 04/02/25 | (1732) |
|  | USD | 185030 | BRL | 1068684 | 05/05/25 | (1016) |
|  | USD | 976931 | CAD | 1404443 | 06/18/25 | (2850) |
|  | USD | 340264 | CAD | 488155 | 09/17/25 | (1751) |
|  | USD | 2436482 | CHF | 2160346 | 06/18/25 | (28321) |
|  | USD | 2264444 | CNH | 16415228 | 06/18/25 | (7006) |
|  | USD | 5383111 | CZK | 128115352 | 06/18/25 | (176819) |
|  | USD | 8841538 | EUR | 8570471 | 04/09/25 | (430104) |
|  | USD | 4935660 | EUR | 4645016 | 06/18/25 | (109285) |
|  | USD | 323163 | EUR | 296791 | 09/19/25 | (896) |
|  | USD | 680725 | GBP | 528994 | 06/17/25 | (2553) |
|  | USD | 3920278 | GBP | 3051858 | 06/18/25 | (21669) |
|  | USD | 680108 | GBP | 528093 | 09/17/25 | (1827) |
|  | USD | 1543139 | INR | 133626871 | 04/07/25 | (19474) |
|  | USD | 754306 | INR | 66328575 | 06/18/25 | (17243) |
|  | USD | 679791 | INR | 59788502 | 09/17/25 | (11935) |
|  | USD | 1337641 | MXN | 27842189 | 06/18/25 | (8683) |
|  | USD | 2491249 | NOK | 27367530 | 06/18/25 | (109993) |
|  | USD | 4117338 | NZD | 7302407 | 06/18/25 | (36693) |
|  | USD | 2265294 | PLN | 9138514 | 06/18/25 | (87195) |
|  | USD | 4498344 | SEK | 45292429 | 06/18/25 | (28644) |
|  | USD | 297809 | SEK | 2989617 | 09/17/25 | (2449) |
|  | USD | 301553 | TRY | 12936604 | 06/18/25 | (7569) |
|  | USD | 664395 | TWD | 21984353 | 06/18/25 | (307) |
|  | USD | 663587 | ZAR | 12259219 | 06/18/25 | (805) |
| TOTAL |  |  |  |  |  | $(1544784) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/15/25 | $(5000000) | $(4797762) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 04/15/25 | (1000000) | (936264) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/15/25 | (1000000) | (983761) |
|  Uniform Mortgage-Backed Security | 5.500 | TBA - 30yr | 04/15/25 | (2000000) | (1997422) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 04/15/25 | (9000000) | (9281953) |
| (PROCEEDS RECEIVED: $(17965957)) |  |  |  |  | $(17997162) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 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.K. Long Gilt | 48 | 06/26/25 | $5685144 | $(41378) |
|  2 Year U.S. Treasury Notes | 1891 | 06/30/25 | 391762018 | 1222634 |
|  30 Year German Euro-Buxl | 4 | 06/06/25 | 515823 | (30023) |
|  5 Year German Euro-Bund | 4 | 06/06/25 | 557215 | (13306) |
|  5 Year U.S. Treasury Notes | 665 | 06/30/25 | 71923906 | 54968 |
|  French 10 Year Government Bonds | 3 | 06/06/25 | 397994 | (9217) |
|  ICE 3M Sonia Bonds | 190 | 03/17/26 | 58943653 | 3334 |
|  Ultra 10-Year U.S. Treasury Notes | 24 | 06/18/25 | 2739000 | 23579 |
| Total |  |  |  | $1210591 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (162) | 06/18/25 | (18017437) | (22756) |
|  20 Year U.S. Treasury Bonds | (26) | 06/18/25 | (3049313) | 9392 |
|  Ultra Long U.S. Treasury Bonds | (36) | 06/18/25 | (4401000) | 16707 |
| Total |  |  |  | $3343 |
| TOTAL FUTURES CONTRACTS |  |  |  | $1213934 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Market**<br> **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup> <br> 3.851%<sup>(b)</sup> | 03/31/27 | $206660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286034 | $413737 |
|  12M SOFR<sup>(b)</sup> <br> 3.851<sup>(b)</sup> | 03/31/27 | 13720 | 46482 | (8015) | 54497 |
|  3.500%<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/18/27 | 2500 | 5995 | 10369 | (4374) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup>  | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.250%<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/18/27 | $17630 | $126092 | $155241 | $(29149) |
|  6M EURO<sup>(c)</sup> <br> 2.500%<sup>(b)</sup> | 06/18/27 | 1860 | 12959 | 8436 | 4523 |
|  6M CDOR<sup>(c)</sup> <br> 3.000<sup>(c)</sup> | 06/18/27 | 6770 | 64756 | 52976 | 11780 |
|  6M GBP<sup>(b)</sup> <br> 3.500<sup>(b)</sup> | 06/18/27 | 2750 | (32200) | (32379) | 179 |
|  6M NIBOR<sup>(c)</sup> <br> 4.000<sup>(b)</sup> | 06/18/27 | 373650 | (200717) | (248874) | 48157 |
| 1.750<sup>(b)</sup> <br> 6M EURO<sup>(b)</sup> | 06/18/27 | 7660 | 31011 | 21345 | 9666 |
| 3.750<sup>(b)</sup> <br> 6M GBP<sup>(b)</sup> | 06/18/27 | 1140 | 6471 | 6773 | (302) |
| 0.500<sup>(b)</sup> <br> 6M JYOR<sup>(b)</sup> | 06/18/27 | 4427000 | 237978 | 254181 | (16203) |
|  3M EURO<sup>(d)</sup> <br> 2.143<sup>(e)</sup> | 11/20/27 | 376640 | (375494) | (73541) | (301953) |
| 2.180<sup>(e)</sup> <br> 6M EURO<sup>(c)</sup> | 11/20/27 | 376640 | 454788 | 100532 | 354256 |
|  6M EURO<sup>(c)</sup> <br> 2.500<sup>(b)</sup> | 05/14/28 | 12313 | 52425 | (262835) | 315260 |
|  6M EURO<sup>(c)</sup> <br> 2.325<sup>(b)</sup> | 02/25/29 | 20144 | (55905) | (512248) | 456343 |
| 3.799<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/31/29 | $197720 | (1470562) | (735392) | (735170) |
|  6M JYOR<sup>(b)</sup> <br> 0.750<sup>(b)</sup> | 06/18/30 | 2136000 | (227028) | (267370) | 40342 |
|  3M STIBOR<sup>(d)</sup> <br> 2.500<sup>(b)</sup> | 06/18/30 | 70190 | (63500) | (64519) | 1019 |
|  6M GBP<sup>(b)</sup> <br> 3.500<sup>(b)</sup> | 06/18/30 | 7710 | (215514) | (220527) | 5013 |
|  6M NIBOR<sup>(c)</sup> <br> 4.000<sup>(b)</sup> | 06/18/30 | 81790 | (39606) | (73632) | 34026 |
| 3.822<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 01/31/32 | $32110 | (292708) | 11673 | (304381) |
|  12M SOFR<sup>(b)</sup> <br> 3.250<sup>(b)</sup> | 06/18/32 | 240 | (6220) | (7500) | 1280 |
| 1.295<sup>(b)</sup> <br> 6M JYOR<sup>(b)</sup> | 08/02/34 | 6755920 | 442871 | 13473 | 429398 |
| 3.864<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 11/15/34 | $12400 | (126009) | (11373) | (114636) |
|  6M EURO<sup>(c)</sup> <br> 3.000<sup>(b)</sup> | 03/28/35 | 11890 | 27868 | 15324 | 12544 |
| 3.250<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/18/35 | $3910 | 162594 | 200915 | (38321) |
|  6M EURO<sup>(c)</sup> <br> 2.500<sup>(b)</sup> | 06/18/35 | 2660 | (43088) | (67830) | 24742 |
|  3M STIBOR<sup>(d)</sup> <br> 2.750<sup>(b)</sup> | 06/18/35 | 42130 | (75077) | (70260) | (4817) |
|  12M SOFR<sup>(b)</sup> <br> 3.250<sup>(b)</sup> | 06/18/35 | $880 | (36594) | (45793) | 9199 |
|  6M GBP<sup>(b)</sup> <br> 3.500<sup>(b)</sup> | 06/18/35 | 1080 | (75541) | (74000) | (1541) |
|  3M NZDOR<sup>(d)</sup> <br> 4.250<sup>(c)</sup> | 06/18/35 | 6760 | 32155 | 19674 | 12481 |
| 4.250<sup>(c)</sup> <br> 6M AUDOR<sup>(c)</sup> | 06/18/35 | 7420 | 26543 | 50148 | (23605) |
| 3.000<sup>(c)</sup> <br> 6M CDOR<sup>(c)</sup> | 06/18/35 | 4590 | (74923) | (58237) | (16686) |
| 1.000<sup>(b)</sup> <br> 6M JYOR<sup>(b)</sup> | 06/18/35 | 5272000 | 1118800 | 1267547 | (148747) |
| 4.000<sup>(b)</sup> <br> 6M NIBOR<sup>(c)</sup> | 06/18/35 | 3610 | 2632 | 4611 | (1979) |
| 4.250<sup>(b)</sup> <br> 6M GBP<sup>(b)</sup> | 09/07/37 | 5020 | 9735 | (49653) | 59388 |
|  6M EURO<sup>(c)</sup> <br> 3.000<sup>(b)</sup> | 01/25/39 | 17950 | (57211) | 90375 | (147586) |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/28/40 | 14590 | 35190 | 47523 | (12333) |
| 2.500<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 01/25/44 | 42650 | 473285 | (67445) | 540730 |
|  6M JYOR<sup>(b)</sup> <br> 2.160<sup>(b)</sup> | 08/02/44 | 8552280 | (838750) | (548395) | (290355) |
|  6M EURO<sup>(c)</sup> <br> 2.500<sup>(b)</sup> | 06/18/45 | 3070 | (134744) | (152919) | 18175 |
|  6M EURO<sup>(c)</sup> <br> 2.000<sup>(b)</sup> | 01/25/49 | 25100 | (307533) | 9003 | (316536) |
| 2.000<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 05/17/53 | 4388 | 220443 | (112496) | 332939 |
| 2.500<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 11/10/53 | 6373 | 4448 | (497601) | 502049 |
|  6M EURO<sup>(b)</sup> <br> 2.530<sup>(b)</sup> | 03/19/56 | 4660 | (29355) | (34286) | 4931 |
| 2.610<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/19/56 | 4660 | 31607 | 29955 | 1652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup>  | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup>  | **Market**<br> **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.000%<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 06/18/75 | EUR | 1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254336 | $259442 | $(5106) |
| TOTAL |  |  |  | $(197044) | $(1381570) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184526 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made at maturity.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread<br>at March 31,**<br> **2025<sup>(b)</sup>**  | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.BBB.17 | 3.000% | 5.568% | MS & Co. Int. PLC | 12/15/56 | $3100 | $(442879) | $(419061) | $(23818) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>**  | **Credit<br>Spread at<br>March 31,<br>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:** |  |  |  |  |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000% | 0.346% | 06/20/26 | $3475 | $28424 | $15718 | $12706 |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000 | 0.293 | 12/20/25 | 10000 | 54011 | 15466 | 38545 |
|  CDX.NA.HY Index 44 | 5.000 | 3.768 | 06/20/30 | 30000 | 1601096 | 1561356 | 39740 |
|  CDX.NA.IG Index 40 | 1.000 | 0.389 | 06/20/28 | 19049 | 359309 | 199104 | 160205 |
|  CDX.NA.IG Index 42 | 1.000 | 0.502 | 06/20/29 | 136199 | 2679534 | 2214711 | 464823 |
|  CDX.NA.IG Index 43 | 1.000 | 0.558 | 12/20/29 | 99300 | 1912492 | 2180853 | (268361) |
| TOTAL |  |  |  |  | $6634866 | $6187208 | $447658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 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** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 2.200% | 09/08/2025 | 11050000 | $11050000 | $48807 | $39237 | $9570 |
|  2Y IRS | Deutsche Bank AG (London) | 2.050 | 05/13/2026 | 6730000 | 6730000 | 49974 | 92009 | (42035) |
|  2Y IRS | Deutsche Bank AG (London) | 2.000 | 11/11/2026 | 6850000 | 6850000 | 57951 | 109931 | (51980) |
|  1Y IRS | JPMorgan Securities, Inc. | 1.950 | 05/11/2026 | 6780000 | 6780000 | 41417 | 88873 | (47456) |
|  2Y IRS | JPMorgan Securities, Inc. | 2.250 | 03/08/2027 | 16000000 | 16000000 | 116254 | 103546 | 12708 |
| Total purchased option contracts | Total purchased option contracts |  |  | 47410000 | $47410000 | $314403 | $433596 | $(119193) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  Calls |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.085 | 11/11/2026 | (2010000) | (2010000) | (39622) | (111247) | 71625 |
|  2Y IRS | BofA Securities LLC | 2.347 | 03/08/2027 | (1490000) | (1490000) | (86090) | (102443) | 16353 |
|  1Y IRS | Deutsche Bank AG (London) | 2.463 | 09/08/2025 | (1030000) | (1030000) | (28063) | (38786) | 10723 |
|  2Y IRS | Deutsche Bank AG (London) | 2.065 | 05/11/2026 | (2000000) | (2000000) | (25196) | (89641) | 64445 |
|  2Y IRS | Deutsche Bank AG (London) | 2.105 | 05/13/2026 | (1980000) | (1980000) | (27390) | (89773) | 62383 |
| Total written option contracts | Total written option contracts |  |  | (8510000) | $(8510000) | $(206361) | $(431890) | $225529 |
| TOTAL |  |  |  | 38900000 | $38900000 | $108042 | $1706 | $106336 |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LIBOR | —London Interbank Offered Rate |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| REMICS | —Real Estate Mortgage Investment Conduits |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |
| STACR | —Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 1Y IRS | —1 Year Interest Rate Swaptions |
| 2Y IRS | —1 Year Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 44 | —CDX North America High Yield Index 44 |
| CDX.NA.IG Ind 40 | —CDX North America Investment Grade Index 40 |
| CDX.NA.IG Ind 42 | —CDX North America Investment Grade Index 42 |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CMBX | —Commercial Mortgage Backed Securities Index |
| EURO | —Euro Offered Rate |
| JYOR | —Japanese Yen Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| SOFR | —Secured Overnight Financing Rate |
| STIBOR | —Stockholm Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 32.2% | Mortgage-Backed Obligations – 32.2% | Mortgage-Backed Obligations – 32.2% | Mortgage-Backed Obligations – 32.2% |
| Collateralized Mortgage Obligations – 0.2% | Collateralized Mortgage Obligations – 0.2% | Collateralized Mortgage Obligations – 0.2% | Collateralized Mortgage Obligations – 0.2% |
| Sequential Fixed Rate – 0.2% | Sequential Fixed Rate – 0.2% | Sequential Fixed Rate – 0.2% | Sequential Fixed Rate – 0.2% |
| Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z |
| $24808 | 7.000 %<sup>(a)</sup> | 07/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25289 |
| Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z |
| 35235 | 6.500 <sup>(a)</sup> | 12/15/27 | 35891 |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| 31743 | 6.500 | 02/15/36 | 33229 |
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
| 192390 | 5.000 | 02/15/34 | 194274 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 124252 | 7.000 | 10/25/42 | 133315 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 435657 | 7.000 | 07/25/42 | 471124 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 893122 |
| Federal Agencies – 32.0% | Federal Agencies – 32.0% | Federal Agencies – 32.0% | Federal Agencies – 32.0% |
| Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.2% | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.2% | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.2% | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.2% |
| (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) |
| $71583 | 7.274% | 11/01/34 $| 73676 |
| (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) |
| 186950 | 6.998% | 06/01/35 | 190600 |
| (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) |
| 23447 | 7.516% | 05/01/36 | 24411 |
| (RFUCC 6 mo. Treasury + 2.057%) | (RFUCC 6 mo. Treasury + 2.057%) | (RFUCC 6 mo. Treasury + 2.057%) | (RFUCC 6 mo. Treasury + 2.057%) |
| 11015 | 6.682% | 10/01/36 | 11355 |
| (RFUCC 1 yr. Treasury + 1.792%) | (RFUCC 1 yr. Treasury + 1.792%) | (RFUCC 1 yr. Treasury + 1.792%) | (RFUCC 1 yr. Treasury + 1.792%) |
| 66277 | 7.412% | 06/01/42 | 68943 |
| (RFUCC 1 yr. Treasury + 1.647%) | (RFUCC 1 yr. Treasury + 1.647%) | (RFUCC 1 yr. Treasury + 1.647%) | (RFUCC 1 yr. Treasury + 1.647%) |
| 432852 | 7.135% | 11/01/44 | 447807 |
|  |  |  | 816792 |
| Adjustable Rate Federal National Mortgage Association – 0.5% | Adjustable Rate Federal National Mortgage Association – 0.5% | Adjustable Rate Federal National Mortgage Association – 0.5% | Adjustable Rate Federal National Mortgage Association – 0.5% |
| (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  |
| 1808 | 4.685% | 08/01/29 | 1798 |
| (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  |
| 19290 | 7.630% | 07/01/32 | 19860 |
| (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  |
| 142595 | 7.378% | 05/01/33 | 146659 |
| (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  |
| 198801 | 4.589% | 08/01/33 | 199170 |
| (1 yr. CMT + 2.287%)<sup>(b)</sup>  | (1 yr. CMT + 2.287%)<sup>(b)</sup>  | (1 yr. CMT + 2.287%)<sup>(b)</sup>  | (1 yr. CMT + 2.287%)<sup>(b)</sup>  |
| 72985 | 6.537% | 02/01/34 | 74592 |
| (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  |
| 4342 | 7.445% | 05/01/34 | 4465 |
| (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  |
| 173033 | 6.680% | 05/01/34 | 178366 |
| 14856 | 6.595 | 03/01/35 | 15337 |
| 17554 | 7.095 | 04/01/35 | 18138 |
| (1 yr. CMT + 2.220%)<sup>(b)</sup>  | (1 yr. CMT + 2.220%)<sup>(b)</sup>  | (1 yr. CMT + 2.220%)<sup>(b)</sup>  | (1 yr. CMT + 2.220%)<sup>(b)</sup>  |
| 118865 | 7.345% | 06/01/34 | 121382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) |
| (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  |
| $29468 | 7.185% | 10/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30409 |
| (RFUCC 1 yr. Treasury + 1.621%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.621%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.621%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.621%)<sup>(b)</sup>  |
| 57149 | 6.670% | 10/01/34 | 58825 |
| (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  |
| 38665 | 6.460% | 03/01/35 | 39908 |
| 119556 | 6.548 | 03/01/36 | 123542 |
| (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  |
| 73999 | 6.075% | 04/01/35 | 75640 |
| (RFUCC 1 yr. Treasury + 1.423%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.423%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.423%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.423%)<sup>(b)</sup>  |
| 53076 | 6.313% | 05/01/35 | 54397 |
| (1 yr. CMT + 2.095%)<sup>(b)</sup>  | (1 yr. CMT + 2.095%)<sup>(b)</sup>  | (1 yr. CMT + 2.095%)<sup>(b)</sup>  | (1 yr. CMT + 2.095%)<sup>(b)</sup>  |
| 44348 | 6.634% | 10/01/35 | 45328 |
| (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  |
| 337559 | 6.950% | 04/01/36 | 350998 |
| (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  |
| 77951 | 7.985% | 06/01/36 | 80989 |
| (1 yr. MTA + 2.103%)<sup>(b)</sup>  | (1 yr. MTA + 2.103%)<sup>(b)</sup>  | (1 yr. MTA + 2.103%)<sup>(b)</sup>  | (1 yr. MTA + 2.103%)<sup>(b)</sup>  |
| 211372 | 6.788% | 07/01/36 | 215258 |
| (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup>  |
| 26630 | 6.734 | 11/01/36 | 27681 |
| 3291 | 6.560 | 11/01/36 | 3418 |
| (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  |
| 248707 | 7.310% | 07/01/37 | 256992 |
|  |  |  | 2143152 |
| **Adjustable Rate Government National Mortgage Association – 0.3%** | **Adjustable Rate Government National Mortgage Association – 0.3%** | **Adjustable Rate Government National Mortgage Association – 0.3%** | **Adjustable Rate Government National Mortgage Association – 0.3%** |
| (1 yr. CMT + 1.500%)<sup>(b)</sup>  | (1 yr. CMT + 1.500%)<sup>(b)</sup>  | (1 yr. CMT + 1.500%)<sup>(b)</sup>  | (1 yr. CMT + 1.500%)<sup>(b)</sup>  |
| 34567 | 4.875 | 05/20/34 | 34874 |
| 101340 | 4.625 | 07/20/34 | 102044 |
| 98195 | 4.625 | 08/20/34 | 98890 |
| 622191 | 4.625 | 09/20/34 | 626607 |
| 89384 | 4.750 | 10/20/34 | 89895 |
| 97858 | 4.750 | 12/20/34 | 98430 |
|  |  |  | 1050740 |
| **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** |
| 3054 | 7.500 | 01/01/31 | 3233 |
| 10140 | 4.500 | 07/01/33 | 10145 |
| 253840 | 4.500 | 08/01/33 | 253969 |
| 516571 | 4.500 | 09/01/33 | 516833 |
| 46413 | 4.500 | 10/01/33 | 46436 |
| 1574 | 4.500 | 04/01/34 | 1574 |
| 1235 | 4.500 | 04/01/35 | 1235 |
| 984 | 4.500 | 07/01/35 | 984 |
| 2065 | 4.500 | 08/01/35 | 2065 |
| 9768 | 4.500 | 09/01/35 | 9772 |
| 2849 | 4.500 | 10/01/35 | 2849 |
| 496 | 4.500 | 12/01/35 | 497 |
| 396 | 4.500 | 05/01/36 | 396 |
| 35266 | 4.500 | 01/01/38 | 35270 |
| 533 | 4.500 | 04/01/38 | 528 |
| 289 | 4.500 | 05/01/38 | 287 |
| 2232 | 4.500 | 06/01/38 | 2234 |
| 57967 | 4.500 | 09/01/38 | 57455 |
| 1248 | 4.500 | 01/01/39 | 1237 |
| 29902 | 4.500 | 02/01/39 | 29643 |
| 16590 | 4.500 | 03/01/39 | 16448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 3441 | 4.500% | 04/01/39 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 |
|  | 85598 | 4.500 | 05/01/39 |  | 84864 |
|  | 257759 | 4.500 | 06/01/39 |  | 255557 |
|  | 10583 | 4.500 | 07/01/39 |  | 10493 |
|  | 12162 | 4.500 | 08/01/39 |  | 12056 |
|  | 16654 | 4.500 | 09/01/39 |  | 16511 |
|  | 3095 | 4.500 | 10/01/39 |  | 3069 |
|  | 5562 | 4.500 | 11/01/39 |  | 5515 |
|  | 6712 | 4.500 | 12/01/39 |  | 6655 |
|  | 10421 | 4.500 | 01/01/40 |  | 10332 |
|  | 2778 | 4.500 | 02/01/40 |  | 2752 |
|  | 6888 | 4.500 | 04/01/40 |  | 6821 |
|  | 11638 | 4.500 | 05/01/40 |  | 11523 |
|  | 14165 | 4.500 | 06/01/40 |  | 14024 |
|  | 8077 | 4.500 | 07/01/40 |  | 7997 |
|  | 9883 | 4.500 | 08/01/40 |  | 9785 |
|  | 6905 | 4.500 | 09/01/40 |  | 6837 |
|  | 2888 | 4.500 | 10/01/40 |  | 2860 |
|  | 3720 | 4.500 | 02/01/41 |  | 3681 |
|  | 10960 | 4.500 | 03/01/41 |  | 10844 |
|  | 20093 | 4.500 | 04/01/41 |  | 19882 |
|  | 21298 | 4.500 | 05/01/41 |  | 21073 |
|  | 37653 | 4.500 | 06/01/41 |  | 37257 |
|  | 3351 | 4.500 | 07/01/41 |  | 3315 |
|  | 105242 | 4.500 | 08/01/41 |  | 104131 |
|  | 109045 | 4.500 | 09/01/41 |  | 107955 |
|  | 6942 | 4.500 | 12/01/41 |  | 6868 |
|  | 96930 | 4.500 | 03/01/42 |  | 95906 |
|  |  |  |  |  | 1875065 |
| Federal National Mortgage Association – 0.0% | Federal National Mortgage Association – 0.0% | Federal National Mortgage Association – 0.0% | Federal National Mortgage Association – 0.0% | Federal National Mortgage Association – 0.0% | Federal National Mortgage Association – 0.0% |
|  | 76229 | 7.500 | 10/01/37 |  | 81064 |
| Government National Mortgage Association – 11.3% | Government National Mortgage Association – 11.3% | Government National Mortgage Association – 11.3% | Government National Mortgage Association – 11.3% | Government National Mortgage Association – 11.3% | Government National Mortgage Association – 11.3% |
|  | 836 | 6.500 | 01/15/32 |  | 854 |
|  | 2409 | 6.500 | 02/15/32 |  | 2483 |
|  | 1857 | 6.500 | 08/15/34 |  | 1946 |
|  | 7446 | 6.500 | 05/15/35 |  | 7715 |
|  | 1263 | 6.500 | 06/15/35 |  | 1311 |
|  | 5795 | 6.500 | 07/15/35 |  | 6004 |
|  | 2195 | 6.500 | 08/15/35 |  | 2275 |
|  | 4305 | 6.500 | 09/15/35 |  | 4466 |
|  | 7463 | 6.500 | 11/15/35 |  | 7744 |
|  | 2521 | 6.500 | 12/15/35 |  | 2609 |
|  | 13016 | 6.500 | 01/15/36 |  | 13479 |
|  | 14720 | 6.500 | 02/15/36 |  | 15274 |
|  | 8304 | 6.500 | 03/15/36 |  | 8603 |
|  | 26596 | 6.500 | 04/15/36 |  | 27702 |
|  | 30014 | 6.500 | 05/15/36 |  | 31145 |
|  | 26314 | 6.500 | 06/15/36 |  | 27312 |
|  | 93362 | 6.500 | 07/15/36 |  | 97663 |
|  | 94011 | 6.500 | 08/15/36 |  | 98295 |
|  | 209710 | 6.500 | 09/15/36 |  | 219906 |
|  | 75884 | 6.500 | 10/15/36 |  | 79333 |
|  | 110981 | 6.500 | 11/15/36 |  | 117126 |
|  | 38102 | 6.500 | 12/15/36 |  | 39704 |
|  | 15258 | 6.500 | 01/15/37 |  | 15849 |
|  | 12440 | 6.500 | 02/15/37 |  | 12971 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 7765 | 6.500% | 03/15/37 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 |
|  | 11530 | 6.500 | 04/15/37 |  | 12016 |
|  | 4324 | 6.500 | 05/15/37 |  | 4575 |
|  | 19488 | 6.500 | 09/15/37 |  | 20322 |
|  | 25401 | 6.500 | 10/15/37 |  | 27388 |
|  | 14572 | 6.500 | 11/15/37 |  | 15211 |
|  | 7943 | 6.500 | 05/15/38 |  | 8289 |
|  | 29221 | 6.000 | 11/15/38 |  | 30381 |
|  | 1932 | 6.500 | 01/15/39 |  | 1988 |
|  | 3237 | 6.500 | 02/15/39 |  | 3349 |
|  | 1931020 | 4.500 | 08/20/47 |  | 1886677 |
|  | 41243 | 4.500 | 02/20/48 |  | 40296 |
|  | 100996 | 4.500 | 05/20/48 |  | 98550 |
|  | 516151 | 4.500 | 09/20/48 |  | 503492 |
|  | 3748579 | 5.000 | 09/20/48 |  | 3745183 |
|  | 141824 | 5.000 | 10/20/48 |  | 141695 |
|  | 2930 | 5.000 | 11/20/48 |  | 2928 |
|  | 1409231 | 4.500 | 12/20/48 |  | 1372466 |
|  | 3208617 | 5.000 | 12/20/48 |  | 3204707 |
|  | 283914 | 4.500 | 01/20/49 |  | 276507 |
|  | 1654454 | 5.000 | 01/20/49 |  | 1652438 |
|  | 24271 | 5.000 | 03/20/49 |  | 24241 |
|  | 859572 | 4.000 | 04/20/49 |  | 813604 |
|  | 10448 | 5.000 | 05/20/49 |  | 10439 |
|  | 378658 | 5.000 | 06/20/49 |  | 378196 |
|  | 58824 | 5.000 | 11/20/49 |  | 58899 |
|  | 626290 | 5.000 | 12/20/49 |  | 626397 |
|  | 169674 | 5.000 | 07/20/50 |  | 170119 |
|  | 465016 | 4.000 | 01/20/51 |  | 439276 |
|  | 406533 | 2.500 | 09/20/51 |  | 343967 |
|  | 799834 | 2.500 | 10/20/51 |  | 679488 |
|  | 3642480 | 3.000 | 11/20/51 |  | 3231824 |
|  | 499286 | 2.500 | 11/20/51 |  | 424005 |
|  | 5178731 | 3.000 | 12/20/51 |  | 4594877 |
|  | 1089692 | 2.500 | 12/20/51 |  | 926871 |
|  | 2500922 | 4.500 | 09/20/52 |  | 2412154 |
|  | 2984765 | 4.500 | 10/20/52 |  | 2878823 |
|  | 9000000 | 2.500 | TBA-30yr<sup>(c)</sup> |  | 7674624 |
|  | 10000000 | 5.500 | TBA-30yr<sup>(c)</sup> |  | 10021923 |
|  |  |  |  |  | 49608016 |
|  **Uniform Mortgage-Backed Security – 19.3%** | **Uniform Mortgage-Backed Security – 19.3%** | **Uniform Mortgage-Backed Security – 19.3%** | **Uniform Mortgage-Backed Security – 19.3%** | **Uniform Mortgage-Backed Security – 19.3%** | **Uniform Mortgage-Backed Security – 19.3%** |
|  | 123257 | 4.500 | 11/01/36 |  | 121803 |
|  | 35065 | 4.500 | 02/01/39 |  | 34717 |
|  | 50983 | 4.500 | 04/01/39 |  | 50484 |
|  | 2670 | 4.500 | 08/01/39 |  | 2642 |
|  | 125936 | 4.500 | 08/01/41 |  | 124538 |
|  | 74806 | 4.500 | 10/01/41 |  | 73923 |
|  | 2880627 | 4.000 | 08/01/45 |  | 2754013 |
|  | 293466 | 4.500 | 06/01/48 |  | 284945 |
|  | 1960091 | 4.500 | 07/01/48 |  | 1902939 |
|  | 503245 | 4.500 | 08/01/48 |  | 488162 |
|  | 135363 | 4.500 | 09/01/48 |  | 131305 |
|  | 2271379 | 4.500 | 10/01/48 |  | 2204732 |
|  | 1028698 | 4.500 | 01/01/49 |  | 997807 |
|  | 1444321 | 4.000 | 01/01/49 |  | 1367675 |
|  | 235386 | 4.500 | 03/01/49 |  | 228257 |
|  | 134631 | 5.000 | 07/01/49 |  | 134408 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $364572 | 4.000% | 03/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344428 |
| 468521 | 4.500 | 05/01/50 | 453738 |
| 2640052 | 2.000 | 10/01/50 | 2118205 |
| 2638266 | 2.000 | 11/01/50 | 2113635 |
| 10244202 | 2.500 | 02/01/51 | 8576998 |
| 13699423 | 2.000 | 05/01/51 | 10962349 |
| 12166351 | 4.500 | 06/01/52 | 11775650 |
| 3277637 | 5.500 | 09/01/52 | 3314160 |
| 3115884 | 6.000 | 11/01/52 | 3216548 |
| 1559285 | 6.000 | 12/01/52 | 1604494 |
| 782000 | 6.000 | 01/01/53 | 803206 |
| 1608502 | 5.500 | 04/01/53 | 1622907 |
| 851483 | 6.500 | 12/01/53 | 890053 |
| 5553787 | 6.500 | 06/01/54 | 5815775 |
| 5000000 | 4.000 | TBA-30yr<sup>(c)</sup> | 4661524 |
| 4000000 | 5.500 | TBA-30yr<sup>(c)</sup> | 3994844 |
| 7000000 | 6.500 | TBA-30yr<sup>(c)</sup> | 7219297 |
| 4000000 | 6.000 | TBA-30yr<sup>(c)</sup> | 4062500 |
|  |  |  | 84452661 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $140027490 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $146,606,575)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $146,606,575)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $146,606,575)** | $140920612 |
| Agency Debentures – 12.5% | Agency Debentures – 12.5% | Agency Debentures – 12.5% | Agency Debentures – 12.5% |
| Sovereign – 12.5% | Sovereign – 12.5% | Sovereign – 12.5% | Sovereign – 12.5% |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| $43602000 | 0.750% | 05/15/25 | $43406663 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 10080000 | 3.500 | 06/11/32 | 9550094 |
| Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) |
| 1928000 | 4.440 <sup>(b)</sup> | 03/24/26 | 1928733 |
| **TOTAL AGENCY DEBENTURES**<br> **(Cost $55,782,236)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $55,782,236)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $55,782,236)** | $54885490 |
| U.S. Treasury Obligations – 62.9% | U.S. Treasury Obligations – 62.9% | U.S. Treasury Obligations – 62.9% | U.S. Treasury Obligations – 62.9% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| $410000 | 3.375% | 05/15/44 | $344784 |
| 59500 | 4.000 | 11/15/52 | 53662 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 2903006 | 1.500 | 02/15/53 | 2414484 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 29981900 | 0.750 | 04/30/26 | 28943074 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 40949100 | 3.625% | 05/15/26 | $40763549 |
|  | 38860000 | 0.750 | 05/31/26 | 37417930 |
|  | 22170000 | 0.875 | 06/30/26 | 21332563 |
|  | 56560000 | 0.625 | 07/31/26 | 54114222 |
|  | 4200000 | 1.375 | 08/31/26 | 4051359 |
|  | 5940000 | 1.125 | 10/31/26 | 5684766 |
|  | 12630000 | 2.250 | 11/15/27 | 12114933 |
|  | 11010000 | 1.125 | 02/29/28 | 10181670 |
|  | 1670000 | 1.250 | 03/31/28 | 1546577 |
|  | 11090000 | 1.250 | 04/30/28 | 10246987 |
|  | 5680000 | 1.250 | 05/31/28 | 5236250 |
|  | 2210000 | 1.750 | 01/31/29 | 2040970 |
|  | 5630000 | 2.625 | 02/15/29 | 5369612 |
|  | 4910000 | 3.500 | 04/30/30 | 4804128 |
|  | 10070000 | 0.625 | 05/15/30 | 8519377 |
|  | 2700000 | 3.750 | 05/31/30 | 2671312 |
|  | 3950000 | 3.750 | 06/30/30 | 3906180 |
|  | 8925200 | 0.625 | 08/15/30 | 7483920 |
|  | 4240000 | 4.625 <sup>(d)</sup> | 04/30/31 | 4372831 |
|  | 1690000 | 4.375 | 05/15/34 | 1712973 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $277,204,944)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $277,204,944)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $277,204,944)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $277,204,944)** | $275328113 |
| **TOTAL INVESTMENTS – 107.6%**<br> **(Cost $479,593,755)** | **TOTAL INVESTMENTS – 107.6%**<br> **(Cost $479,593,755)** | **TOTAL INVESTMENTS – 107.6%**<br> **(Cost $479,593,755)** | **TOTAL INVESTMENTS – 107.6%**<br> **(Cost $479,593,755)** | $471134215 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (7.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (7.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (7.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (7.6)%** | (33395507) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $437738708 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $37,634,712 which represents approximately 8.6% of net assets as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/15/25 | $(9000000) | $(8635972) |
|  Government National Mortgage Association | 3.000 | TBA - 30yr | 04/15/25 | (8000000) | (7085885) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 04/15/25 | (1000000) | (936264) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/15/25 | (10000000) | (9837613) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 04/15/25 | (19000000) | (18182852) |
|  Uniform Mortgage-Backed Security | 2.500 | TBA - 30yr | 04/15/25 | (10000000) | (8315625) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/15/25 | (18000000) | (14317734) |
| (PROCEEDS RECEIVED: $(67083828)) |  |  |  |  | $(67311945) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 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 | 697 | 06/30/25 | $144398798 | $490486 |
|  5 Year U.S. Treasury Notes | 370 | 06/30/25 | 40017812 | 38104 |
| Total |  |  |  | $528590 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (104) | 06/18/25 | (11566750) | (12025) |
|  20 Year U.S. Treasury Bonds | (56) | 06/18/25 | (6567750) | (47161) |
|  Ultra 10-Year U.S. Treasury Notes | (170) | 06/18/25 | (19401250) | (134818) |
|  Ultra Long U.S. Treasury Bonds | (17) | 06/18/25 | (2078250) | 14762 |
| Total |  |  |  | $(179242) |
| TOTAL FUTURES CONTRACTS |  |  |  | $349348 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund<sup>(a)</sup>** | **Payments**<br> **Received**<br> **by Fund<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(b)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR | 3.851% | 03/31/27 | $70050 | $237196 | $120417 | $116779 |
|  12M SOFR | 3.851 | 03/31/27 | 4430 | 15008 | (2588) | 17596 |
|  3.799% | 12M SOFR | 08/31/29 | 67100 | (499063) | (201057) | (298006) |
| 3.822 | 12M SOFR | 01/31/32 | 11030 | (100547) | 4549 | (105096) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund<sup>(a)</sup>** | **Payments<br>Received<br>by Fund<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(b)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.864% | 12M SOFR | 11/15/34 | $4120 | $(41867) | $(3778) | $(38089) |
| TOTAL |  |  |  | $(389273) | $(82457) | $(306816) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| MTA | —Monthly Treasury Average |
| REMICS | —Real Estate Mortgage Investment Conduits |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year |

---

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – 59.4% | Corporate Obligations – 59.4% | Corporate Obligations – 59.4% | Corporate Obligations – 59.4% |
| Aerospace & Defense<sup>(a)(b)</sup> – 0.5% | Aerospace & Defense<sup>(a)(b)</sup> – 0.5% | Aerospace & Defense<sup>(a)(b)</sup> – 0.5% | Aerospace & Defense<sup>(a)(b)</sup> – 0.5% |
| BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. |
| 10375000 | 3.850% | 12/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;10306629 |
| Agriculture<sup>(a)</sup> – 0.4% | Agriculture<sup>(a)</sup> – 0.4% | Agriculture<sup>(a)</sup> – 0.4% | Agriculture<sup>(a)</sup> – 0.4% |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 1689000 | 1.668 | 03/25/26 | 1640542 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 6023000 | 2.750 | 02/25/26 | 5931511 |
|  |  |  | 7572053 |
| Automotive – 6.0% | Automotive – 6.0% | Automotive – 6.0% | Automotive – 6.0% |
| BMW U.S. Capital LLC <sup>(b)(c)</sup> | BMW U.S. Capital LLC <sup>(b)(c)</sup> | BMW U.S. Capital LLC <sup>(b)(c)</sup> | BMW U.S. Capital LLC <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 6368000 | 5.158 | 08/13/26 | 6375896 |
| (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) |
| 12698000 | 5.281 | 03/21/28 | 12674509 |
| Daimler Truck Finance North America LLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.840%) | Daimler Truck Finance North America LLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.840%) | Daimler Truck Finance North America LLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.840%) | Daimler Truck Finance North America LLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.840%) |
| 14552000 | 5.196 | 01/13/28 | 14543996 |
| General Motors Co. <sup>(a)</sup> | General Motors Co. <sup>(a)</sup> | General Motors Co. <sup>(a)</sup> | General Motors Co. <sup>(a)</sup> |
| 3467000 | 6.125 | 10/01/25 | 3482879 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 5589000 | 2.750 <sup>(a)</sup> | 06/20/25 | 5561223 |
| (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) |
| 8337000 | 5.405 <sup>(c)</sup> | 07/15/27 | 8332415 |
| (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) |
| 302000 | 5.650 <sup>(c)</sup> | 04/07/25 | 302003 |
| Hyundai Capital America <sup>(b)(c)</sup> | Hyundai Capital America <sup>(b)(c)</sup> | Hyundai Capital America <sup>(b)(c)</sup> | Hyundai Capital America <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) |
| 10477000 | 5.270 | 01/07/28 | 10487687 |
| (Secured Overnight Financing Rate + 1.030%) | (Secured Overnight Financing Rate + 1.030%) | (Secured Overnight Financing Rate + 1.030%) | (Secured Overnight Financing Rate + 1.030%) |
| 13073000 | 5.392 | 09/24/27 | 13111957 |
| (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) |
| 13476000 | 5.848 | 01/08/27 | 13633400 |
| Mercedes-Benz Finance North America LLC <sup>(b)</sup> | Mercedes-Benz Finance North America LLC <sup>(b)</sup> | Mercedes-Benz Finance North America LLC <sup>(b)</sup> | Mercedes-Benz Finance North America LLC <sup>(b)</sup> |
| 10600000 | 4.875 | 07/31/26 | 10650244 |
| (Secured Overnight Financing Rate + 0.780%) | (Secured Overnight Financing Rate + 0.780%) | (Secured Overnight Financing Rate + 0.780%) | (Secured Overnight Financing Rate + 0.780%) |
| 10580000 | 5.143 <sup>(c)</sup> | 04/01/27 | 10568891 |
| Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> |
| 3163000 | 5.400 | 03/20/26 | 3185267 |
| 8500000 | 4.900 | 08/14/26 | 8512495 |
|  |  |  | 121422862 |
| Banks – 33.1% | Banks – 33.1% | Banks – 33.1% | Banks – 33.1% |
| 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> |
| (Secured Overnight Financing Rate + 0.910%) | (Secured Overnight Financing Rate + 0.910%) | (Secured Overnight Financing Rate + 0.910%) | (Secured Overnight Financing Rate + 0.910%) |
| 10698000 | 1.658 | 03/11/27 | 10407228 |
| (Secured Overnight Financing Rate + 1.010%) | (Secured Overnight Financing Rate + 1.010%) | (Secured Overnight Financing Rate + 1.010%) | (Secured Overnight Financing Rate + 1.010%) |
| 4109000 | 1.197 | 10/24/26 | 4031299 |
| (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) |
| 14416000 | 5.080 | 01/20/27 | 14465591 |
| Bank of America NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.020%) | Bank of America NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.020%) | Bank of America NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.020%) | Bank of America NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.020%) |
| 8020000 | 5.379 | 08/18/26 | 8098997 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 7100000 | 4.850 <sup>(a)</sup> | 07/30/26 | 7099219 |
| (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) |
| 5018000 | 5.238 <sup>(a)(c)</sup> | 09/10/27 | 5035362 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) |
| 9755000 | 5.519 %<sup>(c)</sup> | 12/11/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9844161 |
| Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| 14263000 | 5.450 | 06/12/25 | 14287390 |
| Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> |
| 6113000 | 4.524 | 07/13/25 | 6106887 |
| 5769000 | 4.935 | 01/26/26 | 5790345 |
| (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) |
| 9494000 | 5.490 <sup>(c)</sup> | 01/23/27 | 9549825 |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |
| 7345000 | 5.754 <sup>(c)</sup> | 07/13/26 | 7421976 |
| Barclays PLC <sup>(a)(c)</sup> (1 yr. CMT + 3.050%) | Barclays PLC <sup>(a)(c)</sup> (1 yr. CMT + 3.050%) | Barclays PLC <sup>(a)(c)</sup> (1 yr. CMT + 3.050%) | Barclays PLC <sup>(a)(c)</sup> (1 yr. CMT + 3.050%) |
| 14605000 | 7.325 | 11/02/26 | 14814290 |
| BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.074%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.074%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.074%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 2.074%) |
| 3735000 | 2.219 | 06/09/26 | 3716325 |
| BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> |
| 9369000 | 5.100 | 01/26/26 | 9385396 |
| (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) |
| 8995000 | 5.321 <sup>(c)</sup> | 09/25/25 | 9018117 |
| Canadian Imperial Bank of Commerce <sup>(c)</sup> | Canadian Imperial Bank of Commerce <sup>(c)</sup> | Canadian Imperial Bank of Commerce <sup>(c)</sup> | Canadian Imperial Bank of Commerce <sup>(c)</sup> |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 8110000 | 5.289 <sup>(a)</sup> | 09/11/27 | 8136601 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 12651000 | 5.575 | 10/02/26 | 12773715 |
| Citibank NA <sup>(a)</sup> | Citibank NA <sup>(a)</sup> | Citibank NA <sup>(a)</sup> | Citibank NA <sup>(a)</sup> |
| 10956000 | 4.929 | 08/06/26 | 11028967 |
| (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) |
| 6600000 | 5.071 <sup>(c)</sup> | 11/19/27 | 6608712 |
| (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) |
| 9176000 | 5.420 <sup>(c)</sup> | 12/04/26 | 9247573 |
| Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.842%) | Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.842%) | Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.842%) | Citigroup, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.842%) |
| 2205000 | 3.106 | 04/08/26 | 2203920 |
| Credit Agricole SA <sup>(b)</sup> | Credit Agricole SA <sup>(b)</sup> | Credit Agricole SA <sup>(b)</sup> | Credit Agricole SA <sup>(b)</sup> |
| 15478000 | 5.589 | 07/05/26 | 15684786 |
| (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) |
| 10000000 | 5.229 <sup>(c)</sup> | 03/11/27 | 10036400 |
| Danske Bank AS <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.350%) | Danske Bank AS <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.350%) | Danske Bank AS <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.350%) | Danske Bank AS <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.350%) |
| 5199000 | 1.621 | 09/11/26 | 5127150 |
| Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 1.219%) | (Secured Overnight Financing Rate + 1.219%) | (Secured Overnight Financing Rate + 1.219%) | (Secured Overnight Financing Rate + 1.219%) |
| 7999000 | 5.578 | 11/16/27 | 8027636 |
| (Secured Overnight Financing Rate + 3.190%) | (Secured Overnight Financing Rate + 3.190%) | (Secured Overnight Financing Rate + 3.190%) | (Secured Overnight Financing Rate + 3.190%) |
| 8610000 | 6.119 | 07/14/26 | 8636433 |
| Federation des Caisses Desjardins du Quebec <sup>(b)</sup> | Federation des Caisses Desjardins du Quebec <sup>(b)</sup> | Federation des Caisses Desjardins du Quebec <sup>(b)</sup> | Federation des Caisses Desjardins du Quebec <sup>(b)</sup> |
| 5015000 | 4.400 | 08/23/25 | 5008932 |
| (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) |
| 10600000 | 4.991 <sup>(c)</sup> | 01/27/27 | 10612880 |
| HSBC Holdings PLC <sup>(a)(c)</sup> | HSBC Holdings PLC <sup>(a)(c)</sup> | HSBC Holdings PLC <sup>(a)(c)</sup> | HSBC Holdings PLC <sup>(a)(c)</sup> |
| (3 mo. USD Term SOFR + 1.609%) | (3 mo. USD Term SOFR + 1.609%) | (3 mo. USD Term SOFR + 1.609%) | (3 mo. USD Term SOFR + 1.609%) |
| 3708000 | 4.292 | 09/12/26 | 3699323 |
| (Secured Overnight Financing Rate + 1.929%) | (Secured Overnight Financing Rate + 1.929%) | (Secured Overnight Financing Rate + 1.929%) | (Secured Overnight Financing Rate + 1.929%) |
| 8257000 | 2.099 | 06/04/26 | 8217201 |
| HSBC USA, Inc. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.960%) |
| 19698000 | 5.320 | 03/04/27 | 19810082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| ING Groep NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.100%) | ING Groep NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.100%) |
| 12532000 | 1.400% | 07/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;12424977 |
| Intesa Sanpaolo SpA <sup>(b)</sup> | Intesa Sanpaolo SpA <sup>(b)</sup> | Intesa Sanpaolo SpA <sup>(b)</sup> | Intesa Sanpaolo SpA <sup>(b)</sup> |
| 11359000 | 7.000 | 11/21/25 | 11502805 |
| JPMorgan Chase & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.800%) |
| 11853000 | 1.045 | 11/19/26 | 11594249 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| 2100000 | 4.450 | 05/08/25 | 2099160 |
| (1 yr. CMT + 1.750%) | (1 yr. CMT + 1.750%) | (1 yr. CMT + 1.750%) | (1 yr. CMT + 1.750%) |
| 1600000 | 4.716 <sup>(a)(c)</sup> | 08/11/26 | 1598992 |
| (Secured Overnight Financing Rate + 1.580%) | (Secured Overnight Financing Rate + 1.580%) | (Secured Overnight Financing Rate + 1.580%) | (Secured Overnight Financing Rate + 1.580%) |
| 6432000 | 5.940 <sup>(a)(c)</sup> | 01/05/28 | 6509055 |
| Macquarie Bank Ltd. <sup>(b)(c)</sup> | Macquarie Bank Ltd. <sup>(b)(c)</sup> | Macquarie Bank Ltd. <sup>(b)(c)</sup> | Macquarie Bank Ltd. <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) |
| 6871000 | 5.276 | 07/02/27 | 6918753 |
| (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) |
| 6000000 | 5.573 | 12/07/26 | 6063660 |
| (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) |
| 6867000 | 5.615 | 06/15/26 | 6924271 |
| Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) |
| 8240000 | 1.340 | 01/12/27 | 8032270 |
| Manufacturers & Traders Trust Co. <sup>(a)</sup> | Manufacturers & Traders Trust Co. <sup>(a)</sup> | Manufacturers & Traders Trust Co. <sup>(a)</sup> | Manufacturers & Traders Trust Co. <sup>(a)</sup> |
| 21475000 | 4.650 | 01/27/26 | 21465551 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 3163000 | 3.850 | 03/01/26 | 3145129 |
| Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) |
| 9609000 | 5.050 | 01/28/27 | 9642055 |
| (Secured Overnight Financing Rate + 1.669%) | (Secured Overnight Financing Rate + 1.669%) | (Secured Overnight Financing Rate + 1.669%) | (Secured Overnight Financing Rate + 1.669%) |
| 4203000 | 4.679 | 07/17/26 | 4202201 |
| (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) |
| 10842000 | 2.188 | 04/28/26 | 10820750 |
| Morgan Stanley Bank NA <sup>(a)(c)</sup> | Morgan Stanley Bank NA <sup>(a)(c)</sup> | Morgan Stanley Bank NA <sup>(a)(c)</sup> | Morgan Stanley Bank NA <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 0.685%) | (Secured Overnight Financing Rate + 0.685%) | (Secured Overnight Financing Rate + 0.685%) | (Secured Overnight Financing Rate + 0.685%) |
| 7224000 | 5.040 | 10/15/27 | 7224867 |
| (Secured Overnight Financing Rate + 1.165%) | (Secured Overnight Financing Rate + 1.165%) | (Secured Overnight Financing Rate + 1.165%) | (Secured Overnight Financing Rate + 1.165%) |
| 12535000 | 5.524 | 10/30/26 | 12656339 |
| National Bank of Canada <sup>(a)(c)</sup> | National Bank of Canada <sup>(a)(c)</sup> | National Bank of Canada <sup>(a)(c)</sup> | National Bank of Canada <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 0.557%) | (Secured Overnight Financing Rate + 0.557%) | (Secured Overnight Financing Rate + 0.557%) | (Secured Overnight Financing Rate + 0.557%) |
| 8709000 | 4.702 | 03/05/27 | 8721976 |
| (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) |
| 5728000 | 5.263 | 03/25/27 | 5742320 |
| National Securities Clearing Corp. <sup>(b)</sup> | National Securities Clearing Corp. <sup>(b)</sup> | National Securities Clearing Corp. <sup>(b)</sup> | National Securities Clearing Corp. <sup>(b)</sup> |
| 10738000 | 5.150 | 06/26/26 | 10859232 |
| NatWest Markets PLC <sup>(b)</sup> | NatWest Markets PLC <sup>(b)</sup> | NatWest Markets PLC <sup>(b)</sup> | NatWest Markets PLC <sup>(b)</sup> |
| 7725000 | 1.600 | 09/29/26 | 7401013 |
| (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) |
| 14800000 | 5.259 <sup>(c)</sup> | 05/17/27 | 14843808 |
| PNC Bank NA <sup>(a)</sup> | PNC Bank NA <sup>(a)</sup> | PNC Bank NA <sup>(a)</sup> | PNC Bank NA <sup>(a)</sup> |
| 4967000 | 3.250 | 06/01/25 | 4952298 |
| (Secured Overnight Financing Rate + 0.504%) | (Secured Overnight Financing Rate + 0.504%) | (Secured Overnight Financing Rate + 0.504%) | (Secured Overnight Financing Rate + 0.504%) |
| 11859000 | 4.775 <sup>(c)</sup> | 01/15/27 | 11857814 |
| Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 4388000 | 5.077 | 10/18/27 | 4394099 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) |
| 10253000 | 5.248% | 03/05/27 | $&nbsp;&nbsp;&nbsp;&nbsp;10333691 |
| Societe Generale SA <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.100%) | Societe Generale SA <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.100%) | Societe Generale SA <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.100%) | Societe Generale SA <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.100%) |
| 17746000 | 5.459 | 02/19/27 | 17773151 |
| Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(c)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 11099000 | 5.001 | 10/08/26 | 11107213 |
| Standard Chartered PLC <sup>(a)(b)(c)</sup> | Standard Chartered PLC <sup>(a)(b)(c)</sup> | Standard Chartered PLC <sup>(a)(b)(c)</sup> | Standard Chartered PLC <sup>(a)(b)(c)</sup> |
| (1 yr. CMT + 1.000%) | (1 yr. CMT + 1.000%) | (1 yr. CMT + 1.000%) | (1 yr. CMT + 1.000%) |
| 3633000 | 1.456 | 01/14/27 | 3540213 |
| (1 yr. CMT + 2.050%) | (1 yr. CMT + 2.050%) | (1 yr. CMT + 2.050%) | (1 yr. CMT + 2.050%) |
| 3225000 | 6.170 | 01/09/27 | 3258217 |
| State Street Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.845%) | State Street Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.845%) | State Street Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.845%) | State Street Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.845%) |
| 4891000 | 5.206 | 08/03/26 | 4916433 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 5000000 | 3.784 | 03/09/26 | 4970550 |
| 14272000 | 5.880 | 07/13/26 | 14515195 |
| 7434000 | 2.632 | 07/14/26 | 7265620 |
| Sumitomo Mitsui Trust Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.980%) | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.980%) | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.980%) | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.980%) |
| 15148000 | 5.353 | 09/10/27 | 15302813 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 2708000 | 5.532 | 07/17/26 | 2744314 |
| (Secured Overnight Financing Rate + 0.620%) | (Secured Overnight Financing Rate + 0.620%) | (Secured Overnight Financing Rate + 0.620%) | (Secured Overnight Financing Rate + 0.620%) |
| 4636000 | 4.979 <sup>(c)</sup> | 12/17/26 | 4640636 |
| (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) |
| 7942000 | 5.181 <sup>(c)</sup> | 01/31/28 | 7946130 |
| (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) |
| 10259000 | 5.437 <sup>(c)</sup> | 07/17/26 | 10332967 |
| Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.609%) | Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.609%) | Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.609%) | Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.609%) |
| 2000000 | 1.267 | 03/02/27 | 1938860 |
| UBS Group AG <sup>(b)</sup> | UBS Group AG <sup>(b)</sup> | UBS Group AG <sup>(b)</sup> | UBS Group AG <sup>(b)</sup> |
| 5006000 | 4.125 | 04/15/26 | 4986627 |
| (1 yr. CMT + 1.550%) | (1 yr. CMT + 1.550%) | (1 yr. CMT + 1.550%) | (1 yr. CMT + 1.550%) |
| 9131000 | 5.711 <sup>(a)(c)</sup> | 01/12/27 | 9200943 |
| (Secured Overnight Financing Rate + 2.044%) | (Secured Overnight Financing Rate + 2.044%) | (Secured Overnight Financing Rate + 2.044%) | (Secured Overnight Financing Rate + 2.044%) |
| 4887000 | 2.193 <sup>(a)(c)</sup> | 06/05/26 | 4863933 |
| (Secured Overnight Financing Rate + 3.340%) | (Secured Overnight Financing Rate + 3.340%) | (Secured Overnight Financing Rate + 3.340%) | (Secured Overnight Financing Rate + 3.340%) |
| 9497000 | 6.373 <sup>(a)(c)</sup> | 07/15/26 | 9539641 |
| 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> |
| (Secured Overnight Financing Rate + 1.320%) | (Secured Overnight Financing Rate + 1.320%) | (Secured Overnight Financing Rate + 1.320%) | (Secured Overnight Financing Rate + 1.320%) |
| 2334000 | 5.681 | 04/25/26 | 2335937 |
| (Secured Overnight Financing Rate + 2.000%) | (Secured Overnight Financing Rate + 2.000%) | (Secured Overnight Financing Rate + 2.000%) | (Secured Overnight Financing Rate + 2.000%) |
| 6853000 | 2.188 | 04/30/26 | 6838472 |
| Wells Fargo Bank NA <sup>(a)(c)</sup> | Wells Fargo Bank NA <sup>(a)(c)</sup> | Wells Fargo Bank NA <sup>(a)(c)</sup> | Wells Fargo Bank NA <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) |
| 6115000 | 5.419 | 08/07/26 | 6160557 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
| 10613000 | 5.429 | 12/11/26 | 10712232 |
|  |  |  | 670754708 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

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------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Beverages<sup>(c)</sup> – 0.4% | Beverages<sup>(c)</sup> – 0.4% | Beverages<sup>(c)</sup> – 0.4% | Beverages<sup>(c)</sup> – 0.4% |
| Keurig Dr. Pepper, Inc. (Secured Overnight Financing Rate + 0.880%) | Keurig Dr. Pepper, Inc. (Secured Overnight Financing Rate + 0.880%) | Keurig Dr. Pepper, Inc. (Secured Overnight Financing Rate + 0.880%) | Keurig Dr. Pepper, Inc. (Secured Overnight Financing Rate + 0.880%) |
| 7500000 | 5.239% | 03/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7550025 |
| Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 6364000 | 5.507 | 03/02/26 | 6364891 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. |
| 752000 | 3.000 <sup>(a)</sup> | 04/01/25 | 752000 |
| 5968000 | 4.500 | 03/12/27 | 5973789 |
|  |  |  | 6725789 |
| Commercial Services<sup>(c)</sup> – 0.7% | Commercial Services<sup>(c)</sup> – 0.7% | Commercial Services<sup>(c)</sup> – 0.7% | Commercial Services<sup>(c)</sup> – 0.7% |
| PayPal Holdings, Inc. (Secured Overnight Financing Rate + 0.670%) | PayPal Holdings, Inc. (Secured Overnight Financing Rate + 0.670%) | PayPal Holdings, Inc. (Secured Overnight Financing Rate + 0.670%) | PayPal Holdings, Inc. (Secured Overnight Financing Rate + 0.670%) |
| 14404000 | 5.028 | 03/06/28 | 14415667 |
| Diversified Financial Services – 6.1% | Diversified Financial Services – 6.1% | Diversified Financial Services – 6.1% | Diversified Financial Services – 6.1% |
| 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> |
| 12727000 | 6.500 | 07/15/25 | 12778926 |
| 10106000 | 2.450 | 10/29/26 | 9766944 |
| Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> |
| 9236000 | 3.375 | 07/01/25 | 9202473 |
| 9176000 | 2.875 | 01/15/26 | 9042397 |
| 3734000 | 1.875 | 08/15/26 | 3595394 |
| American Express Co. <sup>(a)(c)</sup> | American Express Co. <sup>(a)(c)</sup> | American Express Co. <sup>(a)(c)</sup> | American Express Co. <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) |
| 8208000 | 5.110 | 04/23/27 | 8229177 |
| (Secured Overnight Financing Rate + 0.999%) | (Secured Overnight Financing Rate + 0.999%) | (Secured Overnight Financing Rate + 0.999%) | (Secured Overnight Financing Rate + 0.999%) |
| 14567000 | 4.990 | 05/01/26 | 14569331 |
| (Secured Overnight Financing Rate + 1.350%) | (Secured Overnight Financing Rate + 1.350%) | (Secured Overnight Financing Rate + 1.350%) | (Secured Overnight Financing Rate + 1.350%) |
| 13810000 | 5.711 | 10/30/26 | 13881674 |
| Charles Schwab Corp. <sup>(a)</sup> | Charles Schwab Corp. <sup>(a)</sup> | Charles Schwab Corp. <sup>(a)</sup> | Charles Schwab Corp. <sup>(a)</sup> |
| 4785000 | 1.150 | 05/13/26 | 4617764 |
| (Secured Overnight Financing Rate + 0.520%) | (Secured Overnight Financing Rate + 0.520%) | (Secured Overnight Financing Rate + 0.520%) | (Secured Overnight Financing Rate + 0.520%) |
| 5422000 | 4.878 <sup>(c)</sup> | 05/13/26 | 5421295 |
| Citigroup Global Markets Holdings, Inc. <sup>(a)</sup> | Citigroup Global Markets Holdings, Inc. <sup>(a)</sup> | Citigroup Global Markets Holdings, Inc. <sup>(a)</sup> | Citigroup Global Markets Holdings, Inc. <sup>(a)</sup> |
| 9586000 | 4.800 | 12/19/25 | 9583316 |
| 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> |
| 10752000 | 5.000 | 02/10/26 | 10747054 |
| Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) | Merrill Lynch BV <sup>(c)</sup> (Secured Overnight Financing Rate + 0.450%) |
| 13000000 | 4.811 | 04/30/25 | 13008190 |
|  |  |  | 124443935 |
| Electrical<sup>(c)</sup> – 1.2% | Electrical<sup>(c)</sup> – 1.2% | Electrical<sup>(c)</sup> – 1.2% | Electrical<sup>(c)</sup> – 1.2% |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 17204000 | 4.760 | 12/03/25 | 17199183 |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 7000000 | 5.158 | 02/05/27 | 7037170 |
|  |  |  | 24236353 |
| Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 2000000 | 2.500 | 11/01/26 | 1944280 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food & Drug Retailing – 0.5% | Food & Drug Retailing – 0.5% | Food & Drug Retailing – 0.5% | Food & Drug Retailing – 0.5% |
| General Mills, Inc. <sup>(a)</sup> | General Mills, Inc. <sup>(a)</sup> | General Mills, Inc. <sup>(a)</sup> | General Mills, Inc. <sup>(a)</sup> |
| 7766000 | 4.000% | 04/17/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762971 |
| Mondelez International Holdings Netherlands BV <sup>(b)</sup> | Mondelez International Holdings Netherlands BV <sup>(b)</sup> | Mondelez International Holdings Netherlands BV <sup>(b)</sup> | Mondelez International Holdings Netherlands BV <sup>(b)</sup> |
| 2142000 | 4.250 | 09/15/25 | 2137952 |
|  |  |  | 9900923 |
| Healthcare Providers & Services – 1.7% | Healthcare Providers & Services – 1.7% | Healthcare Providers & Services – 1.7% | Healthcare Providers & Services – 1.7% |
| Baylor Scott & White Holdings <sup>(a)</sup> | Baylor Scott & White Holdings <sup>(a)</sup> | Baylor Scott & White Holdings <sup>(a)</sup> | Baylor Scott & White Holdings <sup>(a)</sup> |
| 726000 | 0.827 | 11/15/25 | 709883 |
| Health Care Service Corp. A Mutual Legal Reserve Co. <sup>(a)(b)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co. <sup>(a)(b)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co. <sup>(a)(b)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co. <sup>(a)(b)</sup> |
| 6781000 | 1.500 | 06/01/25 | 6739365 |
| PeaceHealth Obligated Group <sup>(a)</sup> | PeaceHealth Obligated Group <sup>(a)</sup> | PeaceHealth Obligated Group <sup>(a)</sup> | PeaceHealth Obligated Group <sup>(a)</sup> |
| 702000 | 1.375 | 11/15/25 | 687288 |
| UPMC | UPMC | UPMC | UPMC |
| 25960000 | 3.600 | 04/03/25 | 25957791 |
|  |  |  | 34094327 |
| Insurance<sup>(b)</sup> – 5.1% | Insurance<sup>(b)</sup> – 5.1% | Insurance<sup>(b)</sup> – 5.1% | Insurance<sup>(b)</sup> – 5.1% |
| Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
| 13789000 | 5.350 | 06/24/26 | 13928820 |
| (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) |
| 9529000 | 5.101 <sup>(c)</sup> | 01/07/28 | 9516326 |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 5318000 | 5.500 | 12/02/25 | 5349057 |
| 20374000 | 1.000 | 01/09/26 | 19839183 |
| 5957000 | 4.600 | 04/01/27 | 5963970 |
| Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup> | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup> | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup> | Great-West Lifeco U.S. Finance 2020 LP <sup>(a)</sup> |
| 6257000 | 0.904 | 08/12/25 | 6166274 |
| Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
| 10592000 | 4.900 | 01/13/27 | 10633838 |
| (Secured Overnight Financing Rate + 0.970%) | (Secured Overnight Financing Rate + 0.970%) | (Secured Overnight Financing Rate + 0.970%) | (Secured Overnight Financing Rate + 0.970%) |
| 11000000 | 5.324 <sup>(c)</sup> | 01/14/28 | 10970520 |
| New York Life Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 0.580%) | New York Life Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 0.580%) | New York Life Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 0.580%) | New York Life Global Funding <sup>(c)</sup> (Secured Overnight Financing Rate + 0.580%) |
| 2499000 | 4.938 | 08/28/26 | 2503773 |
| Pacific Life Global Funding II <sup>(c)</sup> (Secured Overnight Financing Rate + 1.050%) | Pacific Life Global Funding II <sup>(c)</sup> (Secured Overnight Financing Rate + 1.050%) | Pacific Life Global Funding II <sup>(c)</sup> (Secured Overnight Financing Rate + 1.050%) | Pacific Life Global Funding II <sup>(c)</sup> (Secured Overnight Financing Rate + 1.050%) |
| 8324000 | 5.411 | 07/28/26 | 8386430 |
| Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
| 3350000 | 1.200 | 09/01/26 | 3201562 |
| Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
| 1392000 | 5.366 | 01/06/26 | 1400867 |
| 5705000 | 1.618 | 04/15/26 | 5542864 |
|  |  |  | 103403484 |
| Machinery-Diversified<sup>(c)</sup> – 0.4% | Machinery-Diversified<sup>(c)</sup> – 0.4% | Machinery-Diversified<sup>(c)</sup> – 0.4% | Machinery-Diversified<sup>(c)</sup> – 0.4% |
| John Deere Capital Corp. (Secured Overnight Financing Rate + 0.680%) | John Deere Capital Corp. (Secured Overnight Financing Rate + 0.680%) | John Deere Capital Corp. (Secured Overnight Financing Rate + 0.680%) | John Deere Capital Corp. (Secured Overnight Financing Rate + 0.680%) |
| 9000000 | 5.033 | 07/15/27 | 9070290 |
| Media<sup>(a)</sup> – 0.2% | Media<sup>(a)</sup> – 0.2% | Media<sup>(a)</sup> – 0.2% | Media<sup>(a)</sup> – 0.2% |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 3421000 | 3.150 | 03/01/26 | 3380393 |
| Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% |
| Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. |
| 4632000 | 4.000 | 03/15/26 | 4599808 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services<sup>(a)</sup> – 0.0% | Oil Field Services<sup>(a)</sup> – 0.0% | Oil Field Services<sup>(a)</sup> – 0.0% | Oil Field Services<sup>(a)</sup> – 0.0% |
| Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
| 707000 | 5.850% | 12/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710026 |
| Pipelines – 0.5% | Pipelines – 0.5% | Pipelines – 0.5% | Pipelines – 0.5% |
| Colonial Pipeline Co. <sup>(a)(b)</sup> | Colonial Pipeline Co. <sup>(a)(b)</sup> | Colonial Pipeline Co. <sup>(a)(b)</sup> | Colonial Pipeline Co. <sup>(a)(b)</sup> |
| 3744000 | 3.750 | 10/01/25 | 3721199 |
| MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> |
| 2000000 | 4.875 | 06/01/25 | 2000040 |
| Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
| 3626000 | 5.400 | 03/02/26 | 3651636 |
|  |  |  | 9372875 |
| Retailing – 0.5% | Retailing – 0.5% | Retailing – 0.5% | Retailing – 0.5% |
| Dollar General Corp. <sup>(a)</sup> | Dollar General Corp. <sup>(a)</sup> | Dollar General Corp. <sup>(a)</sup> | Dollar General Corp. <sup>(a)</sup> |
| 1983000 | 4.150 | 11/01/25 | 1983000 |
| Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
| 8328000 | 5.150 | 06/25/26 | 8419275 |
|  |  |  | 10402275 |
| Savings & Loans<sup>(b)</sup> – 0.4% | Savings & Loans<sup>(b)</sup> – 0.4% | Savings & Loans<sup>(b)</sup> – 0.4% | Savings & Loans<sup>(b)</sup> – 0.4% |
| Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
| 8455000 | 3.900 | 07/21/25 | 8434454 |
| Semiconductors<sup>(a)</sup> – 0.1% | Semiconductors<sup>(a)</sup> – 0.1% | Semiconductors<sup>(a)</sup> – 0.1% | Semiconductors<sup>(a)</sup> – 0.1% |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 1763000 | 3.700 | 07/29/25 | 1756565 |
| Software<sup>(a)</sup> – 0.2% | Software<sup>(a)</sup> – 0.2% | Software<sup>(a)</sup> – 0.2% | Software<sup>(a)</sup> – 0.2% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2774000 | 2.500 | 04/01/25 | 2774000 |
| 2000000 | 2.950 | 05/15/25 | 1995380 |
|  |  |  | 4769380 |
| Telecommunication Services<sup>(a)</sup> – 0.5% | Telecommunication Services<sup>(a)</sup> – 0.5% | Telecommunication Services<sup>(a)</sup> – 0.5% | Telecommunication Services<sup>(a)</sup> – 0.5% |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 4568000 | 1.700 | 03/25/26 | 4442654 |
| NTT Finance Corp. <sup>(b)</sup> | NTT Finance Corp. <sup>(b)</sup> | NTT Finance Corp. <sup>(b)</sup> | NTT Finance Corp. <sup>(b)</sup> |
| 5697000 | 1.162 | 04/03/26 | 5515380 |
|  |  |  | 9958034 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,201,785,675)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,201,785,675)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,201,785,675)** | $1205590026 |
| Asset-Backed Securities<sup>(a)</sup> – 8.3% | Asset-Backed Securities<sup>(a)</sup> – 8.3% | Asset-Backed Securities<sup>(a)</sup> – 8.3% | Asset-Backed Securities<sup>(a)</sup> – 8.3% |
| Automotive – 6.6% | Automotive – 6.6% | Automotive – 6.6% | Automotive – 6.6% |
| BMW Vehicle Lease Trust Series 2023-2, Class A4 | BMW Vehicle Lease Trust Series 2023-2, Class A4 | BMW Vehicle Lease Trust Series 2023-2, Class A4 | BMW Vehicle Lease Trust Series 2023-2, Class A4 |
| 10800000 | 5.980% | 02/25/27 | $10930231 |
| BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 |
| 7381600 | 5.470 | 02/25/28 | 7429498 |
| Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(b)</sup> | Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(b)</sup> | Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(b)</sup> | Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(b)</sup> |
| 7135840 | 4.400 | 11/26/27 | 7126390 |
| Drive Auto Receivables Trust Series 2024-2, Class A2 | Drive Auto Receivables Trust Series 2024-2, Class A2 | Drive Auto Receivables Trust Series 2024-2, Class A2 | Drive Auto Receivables Trust Series 2024-2, Class A2 |
| 3125798 | 4.940 | 12/15/27 | 3128767 |
| Exeter Automobile Receivables Trust Series 2024-5A, Class A2 | Exeter Automobile Receivables Trust Series 2024-5A, Class A2 | Exeter Automobile Receivables Trust Series 2024-5A, Class A2 | Exeter Automobile Receivables Trust Series 2024-5A, Class A2 |
| 5139201 | 4.790 | 04/15/27 | 5140231 |
| Exeter Automobile Receivables Trust Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust Series 2024-5A, Class A3 |
| 5600000 | 4.450 | 03/15/28 | 5590824 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
|  Ford Credit Auto Owner Trust Series 2020-2, Class A<sup>(b)</sup> | Ford Credit Auto Owner Trust Series 2020-2, Class A<sup>(b)</sup> | Ford Credit Auto Owner Trust Series 2020-2, Class A<sup>(b)</sup> | Ford Credit Auto Owner Trust Series 2020-2, Class A<sup>(b)</sup> | Ford Credit Auto Owner Trust Series 2020-2, Class A<sup>(b)</sup> |
| $| 4775000 | 1.060% | 04/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684032 |
|  GM Financial Automobile Leasing Trust Series 2023-3, Class A3 | GM Financial Automobile Leasing Trust Series 2023-3, Class A3 | GM Financial Automobile Leasing Trust Series 2023-3, Class A3 | GM Financial Automobile Leasing Trust Series 2023-3, Class A3 | GM Financial Automobile Leasing Trust Series 2023-3, Class A3 |
|  | 9595259 | 5.380 | 11/20/26 | 9619977 |
|  GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 |
|  | 8225000 | 4.210 | 10/20/27 | 8200251 |
|  Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> |
|  | 4422196 | 4.770 | 03/15/27 | 4429472 |
|  Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 |
|  | 6815678 | 4.580 | 04/15/27 | 6814262 |
|  Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A |
|  | 6949743 | 4.570 | 12/15/26 | 6945923 |
|  Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | Santander Drive Auto Receivables Trust Series 2023-4, Class A3 |
|  | 3773831 | 5.730 | 04/17/28 | 3787983 |
|  Santander Drive Auto Receivables Trust Series 2024-5, Class A2 | Santander Drive Auto Receivables Trust Series 2024-5, Class A2 | Santander Drive Auto Receivables Trust Series 2024-5, Class A2 | Santander Drive Auto Receivables Trust Series 2024-5, Class A2 | Santander Drive Auto Receivables Trust Series 2024-5, Class A2 |
|  | 7538108 | 4.880 | 09/15/27 | 7542086 |
|  Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 |
|  | 5050000 | 4.710 | 06/15/28 | 5052748 |
|  Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup> | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup> | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup> | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup> | Tesla Auto Lease Trust Series 2023-B, Class A3<sup>(b)</sup> |
|  | 4962553 | 6.130 | 09/21/26 | 4977133 |
|  Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> |
|  | 9000000 | 5.250 | 04/20/27 | 9058765 |
|  Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(b)</sup> |
|  | 6853817 | 4.310 | 02/22/27 | 6841275 |
|  Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A |
|  | 8850000 | 4.650 | 11/22/27 | 8859249 |
|  World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 |
|  | 8374471 | 4.660 | 05/15/28 | 8375606 |
|  |  |  |  | 134534703 |
| Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.4% | Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.4% | Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.4% | Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.4% | Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.4% |
|  Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) |
|  | 3500000 | 5.323 | 10/20/35 | 3500094 |
|  Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) |
|  | 4500000 | 5.393 | 10/20/37 | 4500567 |
|  |  |  |  | 8000661 |
| Credit Card – 1.3% | Credit Card – 1.3% | Credit Card – 1.3% | Credit Card – 1.3% | Credit Card – 1.3% |
|  American Express Credit Account Master Trust Series 2022-3, Class A | American Express Credit Account Master Trust Series 2022-3, Class A | American Express Credit Account Master Trust Series 2022-3, Class A | American Express Credit Account Master Trust Series 2022-3, Class A | American Express Credit Account Master Trust Series 2022-3, Class A |
|  | 7762000 | 3.750 | 08/15/27 | 7737578 |
|  Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A | Capital One Multi-Asset Execution Trust Series 2022-A2, Class A |
|  | 10771000 | 3.490 | 05/15/27 | 10756328 |
|  Discover Card Execution Note Trust Series 2022-A4, Class A | Discover Card Execution Note Trust Series 2022-A4, Class A | Discover Card Execution Note Trust Series 2022-A4, Class A | Discover Card Execution Note Trust Series 2022-A4, Class A | Discover Card Execution Note Trust Series 2022-A4, Class A |
|  | 6770000 | 5.030 | 10/15/27 | 6787398 |
|  |  |  |  | 25281304 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $168,049,183) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $168,049,183) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $168,049,183) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $168,049,183) | $167816668 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

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------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Debt Obligations<sup>(a)</sup> – 0.7% | Municipal Debt Obligations<sup>(a)</sup> – 0.7% | Municipal Debt Obligations<sup>(a)</sup> – 0.7% | Municipal Debt Obligations<sup>(a)</sup> – 0.7% |
| New Jersey – 0.4% | New Jersey – 0.4% | New Jersey – 0.4% | New Jersey – 0.4% |
| New Jersey Transportation Trust Fund Authority RB (Refunding) Taxable Series BB | New Jersey Transportation Trust Fund Authority RB (Refunding) Taxable Series BB | New Jersey Transportation Trust Fund Authority RB (Refunding) Taxable Series BB | New Jersey Transportation Trust Fund Authority RB (Refunding) Taxable Series BB |
| 8500000 | 5.093% | 06/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8507618 |
| Texas – 0.3% | Texas – 0.3% | Texas – 0.3% | Texas – 0.3% |
| San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 |
| 5065000 | 5.635 | 02/01/26 | 5075279 |
| TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $13,565,000) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $13,565,000) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $13,565,000) | $13582897 |
| U.S. Treasury Obligations – 4.8% | U.S. Treasury Obligations – 4.8% | U.S. Treasury Obligations – 4.8% | U.S. Treasury Obligations – 4.8% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 21307700 | 4.750% | 07/31/25 | $21336000 |
| 7772200 | 5.000 | 08/31/25 | 7794363 |
| 29029500 | 5.000 | 10/31/25 | 29161040 |
| 29816900 | 4.250 | 01/31/26 | 29847183 |
| 9785000 | 4.875 | 05/31/26 | 9876734 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $97,588,714)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $97,588,714)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $97,588,714)** | $98015320 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(d)</sup> – 2.0% | Investment Company<sup>(d)</sup> – 2.0% | Investment Company<sup>(d)</sup> – 2.0% | Investment Company<sup>(d)</sup> – 2.0% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 40812045 |  | 4.259% | $40812045 |
| (Cost $40,812,045) | (Cost $40,812,045) | (Cost $40,812,045) |  |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 75.2%<br>(Cost $1,521,800,617) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 75.2%<br>(Cost $1,521,800,617) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 75.2%<br>(Cost $1,521,800,617) | $1525816956 |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – 26.8% | Short-term Investments – 26.8% | Short-term Investments – 26.8% | Short-term Investments – 26.8% |
| Certificates of Deposit – 10.5% | Certificates of Deposit – 10.5% | Certificates of Deposit – 10.5% | Certificates of Deposit – 10.5% |
| ASB Bank Ltd.<sup>(b)(c)</sup> (1 day USD SOFR + 0.370%) | ASB Bank Ltd.<sup>(b)(c)</sup> (1 day USD SOFR + 0.370%) | ASB Bank Ltd.<sup>(b)(c)</sup> (1 day USD SOFR + 0.370%) | ASB Bank Ltd.<sup>(b)(c)</sup> (1 day USD SOFR + 0.370%) |
| 5192000 | 4.720% | 05/08/25 | $5193291 |
| Bank of Nova Scotia<sup>(c)</sup> (1 day USD SOFR + 0.350%) | Bank of Nova Scotia<sup>(c)</sup> (1 day USD SOFR + 0.350%) | Bank of Nova Scotia<sup>(c)</sup> (1 day USD SOFR + 0.350%) | Bank of Nova Scotia<sup>(c)</sup> (1 day USD SOFR + 0.350%) |
| 1403000 | 4.710 | 04/04/25 | 1403035 |
| Bayerische Landesbank<sup>(c)</sup> (1 day USD SOFR + 0.450%) | Bayerische Landesbank<sup>(c)</sup> (1 day USD SOFR + 0.450%) | Bayerische Landesbank<sup>(c)</sup> (1 day USD SOFR + 0.450%) | Bayerische Landesbank<sup>(c)</sup> (1 day USD SOFR + 0.450%) |
| 7228000 | 4.810 | 04/14/25 | 7229014 |
| Bayerische Landesbank N Y Inst<sup>(c)</sup> (1 day USD SOFR + 0.390%) | Bayerische Landesbank N Y Inst<sup>(c)</sup> (1 day USD SOFR + 0.390%) | Bayerische Landesbank N Y Inst<sup>(c)</sup> (1 day USD SOFR + 0.390%) | Bayerische Landesbank N Y Inst<sup>(c)</sup> (1 day USD SOFR + 0.390%) |
| 13128000 | 4.750 | 01/28/26 | 13137692 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| 5000000 | 4.770 | 05/27/25 | 5002170 |
| 3061000 | 4.390 | 10/07/25 | 3060148 |
| Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(b)(c)</sup> | Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(b)(c)</sup> | Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(b)(c)</sup> | Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(b)(c)</sup> |
| (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) |
| 9029000 | 4.760 | 12/02/25 | 9036135 |
| (1 day USD SOFR + 0.450%) | (1 day USD SOFR + 0.450%) | (1 day USD SOFR + 0.450%) | (1 day USD SOFR + 0.450%) |
| 11372000 | 4.810 | 12/10/25 | 11381600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) |
| Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> (1 day USD SOFR + 0.590%) | Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> (1 day USD SOFR + 0.590%) | Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> (1 day USD SOFR + 0.590%) | Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> (1 day USD SOFR + 0.590%) |
| 7965000 | 4.950% | 08/28/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980102 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 5300000 | 4.630 | 11/06/25 | 5307937 |
| (1 day USD SOFR + 0.390%) | (1 day USD SOFR + 0.390%) | (1 day USD SOFR + 0.390%) | (1 day USD SOFR + 0.390%) |
| 3138000 | 4.750 <sup>(c)</sup> | 11/21/25 | 3140096 |
| (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) |
| 8681000 | 4.760 <sup>(c)</sup> | 05/22/25 | 8683589 |
| 9500000 | 4.756 <sup>(c)</sup> | 10/10/25 | 9506719 |
| HSBC Bank PLC<sup>(b)(c)</sup> (1 day USD SOFR + 0.360%) | HSBC Bank PLC<sup>(b)(c)</sup> (1 day USD SOFR + 0.360%) | HSBC Bank PLC<sup>(b)(c)</sup> (1 day USD SOFR + 0.360%) | HSBC Bank PLC<sup>(b)(c)</sup> (1 day USD SOFR + 0.360%) |
| 4858000 | 4.710 | 06/04/25 | 4859779 |
| Intesa Sanpaolo SpA<sup>(c)</sup> (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA<sup>(c)</sup> (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA<sup>(c)</sup> (1 day USD SOFR + 0.500%) | Intesa Sanpaolo SpA<sup>(c)</sup> (1 day USD SOFR + 0.500%) |
| 7400000 | 4.830 | 05/27/25 | 7401634 |
| Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
| 8406000 | 4.780 | 11/28/25 | 8412979 |
| (1 day USD SOFR + 0.300%) | (1 day USD SOFR + 0.300%) | (1 day USD SOFR + 0.300%) | (1 day USD SOFR + 0.300%) |
| 11367000 | 4.650 <sup>(c)</sup> | 09/19/25 | 11366037 |
| (1 day USD SOFR + 0.600%) | (1 day USD SOFR + 0.600%) | (1 day USD SOFR + 0.600%) | (1 day USD SOFR + 0.600%) |
| 9186000 | 4.960 <sup>(c)</sup> | 02/06/26 | 9197813 |
| Macquarie Bank Ltd.<sup>(b)(c)</sup> | Macquarie Bank Ltd.<sup>(b)(c)</sup> | Macquarie Bank Ltd.<sup>(b)(c)</sup> | Macquarie Bank Ltd.<sup>(b)(c)</sup> |
| (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) |
| 6452000 | 4.750 | 06/24/25 | 6456126 |
| (1 day USD SOFR + 0.430%) | (1 day USD SOFR + 0.430%) | (1 day USD SOFR + 0.430%) | (1 day USD SOFR + 0.430%) |
| 4317000 | 4.740 | 01/13/26 | 4322449 |
| Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> (1 day USD SOFR + 0.400%) | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> (1 day USD SOFR + 0.400%) | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> (1 day USD SOFR + 0.400%) | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> (1 day USD SOFR + 0.400%) |
| 10015000 | 4.760 | 05/01/25 | 10017540 |
| National Bank of Kuwait<sup>(c)</sup> | National Bank of Kuwait<sup>(c)</sup> | National Bank of Kuwait<sup>(c)</sup> | National Bank of Kuwait<sup>(c)</sup> |
| (1 day USD SOFR + 0.590%) | (1 day USD SOFR + 0.590%) | (1 day USD SOFR + 0.590%) | (1 day USD SOFR + 0.590%) |
| 10020000 | 4.950 | 03/26/26 | 10018275 |
| (1 day USD SOFR + 0.630%) | (1 day USD SOFR + 0.630%) | (1 day USD SOFR + 0.630%) | (1 day USD SOFR + 0.630%) |
| 19000000 | 4.990 | 12/12/25 | 18999960 |
| Old Line Funding LLC<sup>(c)</sup> | Old Line Funding LLC<sup>(c)</sup> | Old Line Funding LLC<sup>(c)</sup> | Old Line Funding LLC<sup>(c)</sup> |
| 15072000 | 4.550 | 06/23/25 | 15071979 |
| Paradelle Funding LLC<sup>(c)</sup> | Paradelle Funding LLC<sup>(c)</sup> | Paradelle Funding LLC<sup>(c)</sup> | Paradelle Funding LLC<sup>(c)</sup> |
| 7500000 | 4.710 | 01/02/26 | 7505671 |
| Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
| 9418000 | 4.650 | 11/20/25 | 9431613 |
| (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) | (1 day USD SOFR + 0.400%) |
| 136000 | 4.760 <sup>(c)</sup> | 10/06/25 | 136129 |
|  |  |  | 213259512 |
| Commercial Paper<sup>(e)</sup> – 15.3% | Commercial Paper<sup>(e)</sup> – 15.3% | Commercial Paper<sup>(e)</sup> – 15.3% | Commercial Paper<sup>(e)</sup> – 15.3% |
| Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> |
| 10262000 | 0.000 | 04/01/25 | 10260649 |
| 9213000 | 0.000 | 04/02/25 | 9210572 |
| 8000000 | 0.000 | 04/03/25 | 7996837 |
| Alimentation Couche-Tard, Inc.<sup>(b)</sup> | Alimentation Couche-Tard, Inc.<sup>(b)</sup> | Alimentation Couche-Tard, Inc.<sup>(b)</sup> | Alimentation Couche-Tard, Inc.<sup>(b)</sup> |
| 8739000 | 0.000 | 04/01/25 | 8737888 |
| American Electric Power Co., Inc.<sup>(b)</sup> | American Electric Power Co., Inc.<sup>(b)</sup> | American Electric Power Co., Inc.<sup>(b)</sup> | American Electric Power Co., Inc.<sup>(b)</sup> |
| 9802000 | 0.000 | 04/22/25 | 9774631 |
| 9424000 | 0.000 | 06/27/25 | 9318248 |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 9776000 | 0.000 | 04/16/25 | 9756424 |
| BAT International Finance PLC<sup>(b)</sup> | BAT International Finance PLC<sup>(b)</sup> | BAT International Finance PLC<sup>(b)</sup> | BAT International Finance PLC<sup>(b)</sup> |
| 8621000 | 0.000 | 05/06/25 | 8581412 |
| 3215000 | 0.000 | 08/14/25 | 3160369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) |
| Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. | Beth Israel Deaconess Medical Center, Inc. |
| 18580000 | 0.000% | 04/01/25 | $18577540 |
| 13669000 | 0.000 | 05/05/25 | 13605222 |
| 6482000 | 0.000 | 05/20/25 | 6438772 |
| 5739000 | 0.000 | 06/24/25 | 5674048 |
| BPCE SA<sup>(b)</sup> | BPCE SA<sup>(b)</sup> | BPCE SA<sup>(b)</sup> | BPCE SA<sup>(b)</sup> |
| 5951000 | 0.000 | 11/06/25 | 5798419 |
| Broadcom, Inc.<sup>(b)</sup> | Broadcom, Inc.<sup>(b)</sup> | Broadcom, Inc.<sup>(b)</sup> | Broadcom, Inc.<sup>(b)</sup> |
| 8362000 | 0.000 | 06/12/25 | 8284001 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 2000000 | 0.000 | 04/03/25 | 1999198 |
| 15048000 | 0.000 | 04/23/25 | 15001259 |
| 2149000 | 0.000 | 05/01/25 | 2139969 |
| 106000 | 0.000 | 05/07/25 | 105468 |
| 10742000 | 0.000 | 05/08/25 | 10686637 |
| 9066000 | 0.000 | 05/21/25 | 9003337 |
| CVS Health Corp.<sup>(b)</sup> | CVS Health Corp.<sup>(b)</sup> | CVS Health Corp.<sup>(b)</sup> | CVS Health Corp.<sup>(b)</sup> |
| 9423000 | 0.000 | 04/07/25 | 9414278 |
| Entergy Corp.<sup>(b)</sup> | Entergy Corp.<sup>(b)</sup> | Entergy Corp.<sup>(b)</sup> | Entergy Corp.<sup>(b)</sup> |
| 5629000 | 0.000 | 06/23/25 | 5568687 |
| First Abu Dhabi Bank PJSC<sup>(b)</sup> | First Abu Dhabi Bank PJSC<sup>(b)</sup> | First Abu Dhabi Bank PJSC<sup>(b)</sup> | First Abu Dhabi Bank PJSC<sup>(b)</sup> |
| 12099000 | 0.000 | 02/12/26 | 11655302 |
| Hannover Funding Co. LLC<sup>(b)</sup> | Hannover Funding Co. LLC<sup>(b)</sup> | Hannover Funding Co. LLC<sup>(b)</sup> | Hannover Funding Co. LLC<sup>(b)</sup> |
| 18616000 | 0.000 | 06/06/25 | 18459479 |
| 2509000 | 0.000 | 06/18/25 | 2484148 |
| HSBC USA, Inc.<sup>(b)</sup> | HSBC USA, Inc.<sup>(b)</sup> | HSBC USA, Inc.<sup>(b)</sup> | HSBC USA, Inc.<sup>(b)</sup> |
| 3412000 | 0.000 | 06/27/25 | 3374790 |
| Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC | Intesa Sanpaolo Funding LLC |
| 10147000 | 0.000 | 04/04/25 | 10141672 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| 8611000 | 0.000 | 06/18/25 | 8528315 |
| 10224000 | 0.000 | 06/26/25 | 10116347 |
| National Grid North America, Inc.<sup>(b)</sup> | National Grid North America, Inc.<sup>(b)</sup> | National Grid North America, Inc.<sup>(b)</sup> | National Grid North America, Inc.<sup>(b)</sup> |
| 4982000 | 0.000 | 04/11/25 | 4975088 |
| Parker-Hannifin Corp.<sup>(b)</sup> | Parker-Hannifin Corp.<sup>(b)</sup> | Parker-Hannifin Corp.<sup>(b)</sup> | Parker-Hannifin Corp.<sup>(b)</sup> |
| 4606000 | 0.000 | 06/03/25 | 4568541 |
| 8283000 | 0.000 | 06/05/25 | 8213572 |
| Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| 417000 | 0.000 | 04/21/25 | 415865 |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 2648000 | 0.000 | 10/16/25 | 2585475 |
| Pure Grove Funding<sup>(b)</sup> | Pure Grove Funding<sup>(b)</sup> | Pure Grove Funding<sup>(b)</sup> | Pure Grove Funding<sup>(b)</sup> |
| 13084000 | 0.000 | 11/24/25 | 12716761 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) |
| $| 5658000 | 0.000% | 01/07/26 | $5471856 |
|  RWE AG<sup>(b)</sup> | RWE AG<sup>(b)</sup> | RWE AG<sup>(b)</sup> | RWE AG<sup>(b)</sup> | RWE AG<sup>(b)</sup> |
|  | 10167000 | 0.000 | 04/03/25 | 10163004 |
|  | 4899000 | 0.000 | 04/07/25 | 4894475 |
|  TELUS Corp.<sup>(b)</sup> | TELUS Corp.<sup>(b)</sup> | TELUS Corp.<sup>(b)</sup> | TELUS Corp.<sup>(b)</sup> | TELUS Corp.<sup>(b)</sup> |
|  | 3713000 | 0.000 | 04/14/25 | 3706432 |
|  |  |  |  | 311564987 |
| Repurchase Agreement – 1.0% | Repurchase Agreement – 1.0% | Repurchase Agreement – 1.0% | Repurchase Agreement – 1.0% | Repurchase Agreement – 1.0% |
|  Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC |
|  | 20000000 | 5.260 | 04/30/25 | 20000000 |
|  Maturity Value: $20,005,260 | Maturity Value: $20,005,260 | Maturity Value: $20,005,260 | Maturity Value: $20,005,260 | Maturity Value: $20,005,260 |
|  Next Reset Date: 11/01/24 | Next Reset Date: 11/01/24 | Next Reset Date: 11/01/24 | Next Reset Date: 11/01/24 | Next Reset Date: 11/01/24 |
|  Collaterialized by various corporate obligations, certificates of deposit, sovereign debt and medium term notes, 2.797% to 6.625%, due 1/12/26 to 1/12/62. The market value of the collateral, including accrued interest, was $21,000,125. | Collaterialized by various corporate obligations, certificates of deposit, sovereign debt and medium term notes, 2.797% to 6.625%, due 1/12/26 to 1/12/62. The market value of the collateral, including accrued interest, was $21,000,125. | Collaterialized by various corporate obligations, certificates of deposit, sovereign debt and medium term notes, 2.797% to 6.625%, due 1/12/26 to 1/12/62. The market value of the collateral, including accrued interest, was $21,000,125. | Collaterialized by various corporate obligations, certificates of deposit, sovereign debt and medium term notes, 2.797% to 6.625%, due 1/12/26 to 1/12/62. The market value of the collateral, including accrued interest, was $21,000,125. | Collaterialized by various corporate obligations, certificates of deposit, sovereign debt and medium term notes, 2.797% to 6.625%, due 1/12/26 to 1/12/62. The market value of the collateral, including accrued interest, was $21,000,125. |
|  **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $544,678,134)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $544,678,134)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $544,678,134)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $544,678,134)** | $544824499 |
|  **TOTAL INVESTMENTS – 102.0%**<br> **(Cost $2,066,478,751)** | **TOTAL INVESTMENTS – 102.0%**<br> **(Cost $2,066,478,751)** | **TOTAL INVESTMENTS – 102.0%**<br> **(Cost $2,066,478,751)** | **TOTAL INVESTMENTS – 102.0%**<br> **(Cost $2,066,478,751)** | $2070641455 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.0)%** | (41357142) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2029284313 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| GO | —General Obligation |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – 132.7% | Mortgage-Backed Obligations – 132.7% | Mortgage-Backed Obligations – 132.7% | Mortgage-Backed Obligations – 132.7% |
| Collateralized Mortgage Obligations – 9.2% | Collateralized Mortgage Obligations – 9.2% | Collateralized Mortgage Obligations – 9.2% | Collateralized Mortgage Obligations – 9.2% |
| Interest Only<sup>(a)</sup> – 1.0% | Interest Only<sup>(a)</sup> – 1.0% | Interest Only<sup>(a)</sup> – 1.0% | Interest Only<sup>(a)</sup> – 1.0% |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| 91619 | 1.637 %<sup>(b)</sup> | 05/15/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9764 |
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| 139110 | 4.000 | 09/25/50 | 28524 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| 404880 | 1.537 <sup>(b)</sup> | 05/15/46 | 43998 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| 89897 | 1.587 <sup>(b)</sup> | 03/15/44 | 8629 |
| Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI |
| 456040 | 4.000 | 08/25/50 | 92484 |
| Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) |
| 263308 | 1.696 <sup>(b)</sup> | 01/25/48 | 30950 |
| Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) |
| 212113 | 1.696 <sup>(b)</sup> | 02/25/48 | 24057 |
| Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) |
| 131696 | 2.316 <sup>(b)</sup> | 04/25/37 | 11915 |
| Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) |
| 164039 | 1.846 <sup>(b)</sup> | 03/25/38 | 11819 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 111651 | 1.666 <sup>(b)(c)</sup> | 10/20/43 | 5701 |
| Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC |
| 187151 | 4.500 <sup>(c)</sup> | 09/16/45 | 35492 |
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 449716 | 1.226 <sup>(b)(c)</sup> | 07/20/47 | 44082 |
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 973406 | 1.266 <sup>(b)(c)</sup> | 01/20/48 | 99009 |
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 387903 | 1.766 <sup>(b)(c)</sup> | 05/20/48 | 46411 |
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| 535887 | 1.766 <sup>(b)(c)</sup> | 09/20/48 | 64944 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 144009 | 1.616 <sup>(b)(c)</sup> | 01/20/49 | 16229 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 214593 | 1.616 %<sup>(b)(c)</sup> | 01/20/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24131 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 136768 | 1.666 <sup>(b)(c)</sup> | 06/20/49 | 15333 |
| Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI |
| 1103362 | 3.500 <sup>(c)</sup> | 10/20/49 | 199433 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 558883 | 1.616 <sup>(b)(c)</sup> | 02/20/50 | 68368 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 564849 | 4.000 <sup>(c)</sup> | 06/20/50 | 121793 |
| Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI | Government National Mortgage Association REMICS Series 2020-146, Class KI |
| 1366435 | 2.500 <sup>(c)</sup> | 10/20/50 | 202507 |
| Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM |
| 998113 | 2.500 <sup>(c)</sup> | 10/20/50 | 146029 |
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 492376 | 1.616 <sup>(b)(c)</sup> | 08/20/43 | 52634 |
| Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM |
| 258826 | 4.000 <sup>(c)</sup> | 08/20/45 | 44536 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 142002 | 4.000 <sup>(c)</sup> | 06/20/45 | 20233 |
| Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) |
| 395996 | 1.666 <sup>(b)(c)</sup> | 09/20/49 | 42917 |
| Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 408844 | 1.666 <sup>(b)(c)</sup> | 09/20/49 | 48439 |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| 942496 | 4.000 <sup>(c)</sup> | 12/20/49 | 201693 |
| Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI |
| 63294 | 4.000 <sup>(c)</sup> | 10/20/46 | 12862 |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 144864 | 1.816 <sup>(b)(c)</sup> | 02/20/40 | 15967 |
| Government National Mortgage Association REMICS Series 2014-11, Class KI | Government National Mortgage Association REMICS Series 2014-11, Class KI | Government National Mortgage Association REMICS Series 2014-11, Class KI | Government National Mortgage Association REMICS Series 2014-11, Class KI |
| 5242 | 4.500 <sup>(c)</sup> | 12/20/42 | 49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) | Interest Only<sup>(a)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) |
| 203654 | 1.816 %<sup>(b)(c)</sup> | 08/20/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24285 |
| Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI |
| 8849 | 3.500 <sup>(c)</sup> | 04/20/45 | 772 |
| Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI |
| 18160 | 3.500 <sup>(c)</sup> | 06/20/45 | 2544 |
| Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI |
| 7884 | 3.500 <sup>(c)</sup> | 05/20/45 | 890 |
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| 94393 | 1.766 <sup>(b)(c)</sup> | 01/20/46 | 11014 |
|  |  |  | 1830437 |
| Regular Floater<sup>(b)</sup> – 3.1% | Regular Floater<sup>(b)</sup> – 3.1% | Regular Floater<sup>(b)</sup> – 3.1% | Regular Floater<sup>(b)</sup> – 3.1% |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 313264 | 5.340 | 02/25/55 | 311395 |
| Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) |
| 928057 | 4.854 | 12/25/57 | 908898 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 423665 | 5.340 | 03/25/55 | 422865 |
| Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) |
| 966098 | 4.734 <sup>(c)</sup> | 12/16/47 | 942432 |
| Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) |
| 887157 | 2.500 <sup>(c)</sup> | 06/20/51 | 744503 |
| Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) |
| 2331279 | 3.000 <sup>(c)</sup> | 07/20/51 | 2013414 |
|  |  |  | 5343507 |
| Sequential Fixed Rate – 2.3% | Sequential Fixed Rate – 2.3% | Sequential Fixed Rate – 2.3% | Sequential Fixed Rate – 2.3% |
| Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N |
| 5013 | 6.500 <sup>(c)</sup> | 03/15/28 | 5117 |
| Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM |
| 270730 | 4.000 <sup>(c)(d)</sup> | 12/15/50 | 255922 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 141684 | 5.000 | 10/25/41 | 142727 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 24443 | 7.000 | 10/25/42 | 26226 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 92002 | 7.000 | 07/25/42 | 99492 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
|  Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| $| 139426 | 5.000% | 06/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140283 |
|  Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG |
|  | 35834 | 8.500 | 06/25/30 | 38115 |
|  Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA |
|  | 1507221 | 3.000 | 04/25/44 | 1362852 |
|  Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ |
|  | 268812 | 5.500 | 07/25/35 | 276786 |
|  Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A |
|  | 2037158 | 2.000 <sup>(c)</sup> | 08/20/51 | 1667765 |
|  |  |  |  | 4015285 |
| Sequential Floating Rate<sup>(b)(c)</sup> – 2.8% | Sequential Floating Rate<sup>(b)(c)</sup> – 2.8% | Sequential Floating Rate<sup>(b)(c)</sup> – 2.8% | Sequential Floating Rate<sup>(b)(c)</sup> – 2.8% | Sequential Floating Rate<sup>(b)(c)</sup> – 2.8% |
|  Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 |
|  | 76300 | 6.152 | 07/25/35 | 74467 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
|  | 46504 | 5.990 <sup>(e)</sup> | 01/25/34 | 46686 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
|  | 116840 | 5.890 <sup>(e)</sup> | 10/25/41 | 117380 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
|  | 40300 | 6.240 <sup>(e)</sup> | 04/25/42 | 40566 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
|  | 94000 | 7.340 <sup>(e)</sup> | 04/25/42 | 96003 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
|  | 124000 | 8.240 <sup>(e)</sup> | 04/25/43 | 131514 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
|  | 90000 | 7.436 <sup>(e)</sup> | 06/25/43 | 93371 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
|  | 125000 | 6.140 <sup>(e)</sup> | 01/25/44 | 125195 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
|  | 150000 | 6.286 <sup>(e)</sup> | 03/25/44 | 150537 |
|  Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
|  | 419127 | 1.776 | 05/20/53 | 25445 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) |
| 2675608 | 5.344% | 07/20/53 | $&nbsp;&nbsp;&nbsp;&nbsp;2675199 |
| Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) |
| 1079874 | 2.156 | 09/20/53 | 72059 |
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
| 11994 | 4.911 | 01/19/36 | 13390 |
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
| 4117 | 5.155 | 10/25/34 | 3972 |
| JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 |
| 380678 | 2.500 <sup>(e)</sup> | 10/25/51 | 310074 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 688327 | 3.515 <sup>(e)</sup> | 07/25/52 | 596707 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 59423 | 3.750 <sup>(e)</sup> | 05/28/52 | 56109 |
| Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 |
| 69463 | 3.250 <sup>(e)</sup> | 07/25/56 | 68472 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 61745 | 1.824 <sup>(e)</sup> | 11/25/66 | 55908 |
| Verus Securitization Trust Series 2019-INV3, Class A1 | Verus Securitization Trust Series 2019-INV3, Class A1 | Verus Securitization Trust Series 2019-INV3, Class A1 | Verus Securitization Trust Series 2019-INV3, Class A1 |
| 27093 | 3.692 <sup>(e)</sup> | 11/25/59 | 26605 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| 22798 | 3.500 <sup>(e)</sup> | 07/25/49 | 20366 |
|  |  |  | 4800025 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 15989254 |
| Commercial Mortgage-Backed Securities – 6.7% | Commercial Mortgage-Backed Securities – 6.7% | Commercial Mortgage-Backed Securities – 6.7% | Commercial Mortgage-Backed Securities – 6.7% |
| Sequential Fixed Rate – 1.3% | Sequential Fixed Rate – 1.3% | Sequential Fixed Rate – 1.3% | Sequential Fixed Rate – 1.3% |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 400000 | 3.000 %<sup>(c)(e)</sup> | 09/15/50 | $239404 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 375000 | 6.338 <sup>(e)</sup> | 08/10/44 | 390987 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 400000 | 2.956 <sup>(e)</sup> | 05/10/41 | 350308 |
| GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 | GS Mortgage Securities Trust Series 2017-GS7, Class A4 |
| 350000 | 3.430 <sup>(c)</sup> | 08/10/50 | 336691 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| 300000 | 3.024 <sup>(e)</sup> | 01/05/39 | 278665 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D |
| 150000 | 3.060 <sup>(c)(e)</sup> | 10/15/48 | 137075 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 450000 | 5.388 <sup>(e)</sup> | 11/13/41 | 453375 |
|  |  |  | 2186505 |
| Sequential Floating Rate – 5.4% | Sequential Floating Rate – 5.4% | Sequential Floating Rate – 5.4% | Sequential Floating Rate – 5.4% |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 400000 | 2.778 <sup>(b)</sup> | 11/15/54 | 337428 |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 200000 | 2.618 <sup>(b)(c)</sup> | 11/15/64 | 173075 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
|  Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 |
| $| 550000 | 3.393 %<sup>(b)(c)</sup> | 03/15/64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496857 |
|  Bank Series 2018-BN10, Class AS | Bank Series 2018-BN10, Class AS | Bank Series 2018-BN10, Class AS | Bank Series 2018-BN10, Class AS | Bank Series 2018-BN10, Class AS |
|  | 420000 | 3.898 <sup>(b)(c)</sup> | 02/15/61 | 403570 |
|  BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
|  | 450000 | 5.239 <sup>(b)(e)</sup> | 03/15/37 | 426586 |
|  BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
|  | 125000 | 5.488 <sup>(b)(e)</sup> | 03/15/37 | 114864 |
|  Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 |
|  | 500000 | 3.002 <sup>(b)</sup> | 01/15/55 | 434013 |
|  BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
|  | 450000 | 5.961 <sup>(b)(e)</sup> | 02/15/41 | 449333 |
|  COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) | COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%) |
|  | 550000 | 6.160 <sup>(b)(e)</sup> | 06/15/41 | 545704 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 |
|  | 800000 | 3.500 <sup>(b)(c)</sup> | 07/25/32 | 750704 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 |
|  | 1166000 | 3.900 <sup>(b)(c)</sup> | 12/25/30 | 1133621 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
|  | 217235 | 5.023 <sup>(b)(c)</sup> | 11/25/29 | 217917 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 |
|  | 800000 | 3.820 <sup>(b)(c)</sup> | 12/25/32 | 761566 |
|  Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
|  | 250000 | 5.462 <sup>(b)(e)</sup> | 02/05/45 | 253563 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C |
|  | 255000 | 5.952 <sup>(b)(e)</sup> | 01/13/40 | 259200 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
|  | 330000 | 5.467 <sup>(b)(e)</sup> | 01/13/40 | 335851 |
|  IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
|  | 600000 | 5.295 <sup>(b)(c)(e)</sup> | 03/14/47 | 597863 |
|  IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
|  | 250000 | 5.730 <sup>(b)(c)(e)</sup> | 03/14/47 | 245764 |
|  JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%) |
|  | 317291 | 5.426 <sup>(b)(e)</sup> | 04/15/37 | 309934 |
|  MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
|  | 300000 | 6.014 <sup>(b)(c)</sup> | 12/15/56 | 319259 |
|  NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
|  | 300000 | 6.012 <sup>(b)(e)</sup> | 02/15/42 | 296883 |
|  ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C |
|  | 250000 | 6.471 <sup>(e)</sup> | 11/13/41 | 257249 |
|  Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
|  | 275000 | 5.360 <sup>(b)(e)</sup> | 07/15/35 | 274993 |
|  |  |  |  | 9395797 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $11582302 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

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------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Agencies – 116.8% | Federal Agencies – 116.8% | Federal Agencies – 116.8% | Federal Agencies – 116.8% |
| Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% |
| (1 yr. CMT + 2.250%)<sup>(b)</sup> | (1 yr. CMT + 2.250%)<sup>(b)</sup> | (1 yr. CMT + 2.250%)<sup>(b)</sup> | (1 yr. CMT + 2.250%)<sup>(b)</sup> |
| 3617 | 7.091% | 04/01/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674 |
| 3299 | 7.306 | 09/01/33 | 3365 |
| 4220 | 6.439 | 11/01/34 | 4306 |
| 3344 | 6.488 | 02/01/35 | 3415 |
| 9407 | 6.998 | 06/01/35 | 9591 |
| (1 yr. CMT + 2.107%)<sup>(b)</sup> | (1 yr. CMT + 2.107%)<sup>(b)</sup> | (1 yr. CMT + 2.107%)<sup>(b)</sup> | (1 yr. CMT + 2.107%)<sup>(b)</sup> |
| 2418 | 6.932% | 10/01/34 | 2466 |
|  |  |  | 26817 |
| Adjustable Rate Federal National Mortgage Association – 0.1% | Adjustable Rate Federal National Mortgage Association – 0.1% | Adjustable Rate Federal National Mortgage Association – 0.1% | Adjustable Rate Federal National Mortgage Association – 0.1% |
| (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> |
| 1208 | 4.340% | 07/01/27 | 1196 |
| (1 yr. MTA + 1.150%)<sup>(b)</sup> | (1 yr. MTA + 1.150%)<sup>(b)</sup> | (1 yr. MTA + 1.150%)<sup>(b)</sup> | (1 yr. MTA + 1.150%)<sup>(b)</sup> |
| 942 | 5.836 | 11/01/27 | 926 |
| 923 | 5.836 | 01/01/38 | 919 |
| (1 yr. MTA + 1.125%)<sup>(b)</sup> | (1 yr. MTA + 1.125%)<sup>(b)</sup> | (1 yr. MTA + 1.125%)<sup>(b)</sup> | (1 yr. MTA + 1.125%)<sup>(b)</sup> |
| 4228 | 5.811% | 06/01/32 | 4202 |
| (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> |
| 4067 | 4.355% | 08/01/32 | 3963 |
| (11th District Cost of Funds - Consumer + 1.326%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.326%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.326%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.326%)<sup>(b)</sup> |
| 3183 | 4.431% | 05/01/33 | 3102 |
| (1 yr. CMT + 2.260%)<sup>(b)</sup> | (1 yr. CMT + 2.260%)<sup>(b)</sup> | (1 yr. CMT + 2.260%)<sup>(b)</sup> | (1 yr. CMT + 2.260%)<sup>(b)</sup> |
| 21265 | 7.354% | 06/01/33 | 21678 |
| (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> |
| 1270 | 6.331% | 06/01/33 | 1291 |
| (1 yr. CMT + 2.023%)<sup>(b)</sup> | (1 yr. CMT + 2.023%)<sup>(b)</sup> | (1 yr. CMT + 2.023%)<sup>(b)</sup> | (1 yr. CMT + 2.023%)<sup>(b)</sup> |
| 494 | 6.491% | 07/01/33 | 502 |
| (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> |
| 21174 | 4.292% | 08/01/33 | 20709 |
| (RFUCC 1 yr. Treasury + 1.637%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.637%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.637%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.637%)<sup>(b)</sup> |
| 9216 | 6.331% | 12/01/33 | 9452 |
| (1 yr. CMT + 2.304%)<sup>(b)</sup> | (1 yr. CMT + 2.304%)<sup>(b)</sup> | (1 yr. CMT + 2.304%)<sup>(b)</sup> | (1 yr. CMT + 2.304%)<sup>(b)</sup> |
| 277 | 7.059% | 04/01/34 | 283 |
| (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> |
| 2928 | 6.848% | 11/01/34 | 3019 |
| (1 yr. CMT + 2.192%)<sup>(b)</sup> | (1 yr. CMT + 2.192%)<sup>(b)</sup> | (1 yr. CMT + 2.192%)<sup>(b)</sup> | (1 yr. CMT + 2.192%)<sup>(b)</sup> |
| 4394 | 6.429% | 02/01/35 | 4492 |
| (RFUCC 1 yr. Treasury + 1.619%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.619%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.619%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.619%)<sup>(b)</sup> |
| 9222 | 6.554% | 03/01/35 | 9496 |
| (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> |
| 5024 | 6.604% | 04/01/35 | 5204 |
| (RFUCC 1 yr. Treasury + 2.160%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.160%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.160%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.160%)<sup>(b)</sup> |
| 5699 | 7.380% | 05/01/35 | 5938 |
| (11th District Cost of Funds - Consumer + 1.242%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.242%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.242%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.242%)<sup>(b)</sup> |
| 2865 | 4.875% | 12/01/37 | 2832 |
| (1 yr. MTA + 1.175%)<sup>(b)</sup> | (1 yr. MTA + 1.175%)<sup>(b)</sup> | (1 yr. MTA + 1.175%)<sup>(b)</sup> | (1 yr. MTA + 1.175%)<sup>(b)</sup> |
| 2364 | 5.861% | 11/01/40 | 2352 |
|  |  |  | 101556 |
| Adjustable Rate Government National Mortgage Association – 0.0% | Adjustable Rate Government National Mortgage Association – 0.0% | Adjustable Rate Government National Mortgage Association – 0.0% | Adjustable Rate Government National Mortgage Association – 0.0% |
| (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> |
| 63 | 5.000 | 05/20/25 | 63 |
| 224 | 5.000 | 07/20/25 | 224 |
| 529 | 4.625 | 02/20/26 | 529 |
| 25 | 4.625 | 07/20/26 | 25 |
| 2164 | 4.625 | 01/20/27 | 2167 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) | Adjustable Rate Government National Mortgage Association – (continued) |
| $| 591 | 4.625% | 02/20/27 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 |
|  | 7214 | 4.875 | 04/20/27 |  | 7214 |
|  | 574 | 4.875 | 05/20/27 |  | 574 |
|  | 1567 | 4.875 | 06/20/27 |  | 1567 |
|  | 500 | 4.750 | 11/20/27 |  | 499 |
|  | 1362 | 4.750 | 12/20/27 |  | 1360 |
|  | 3500 | 4.625 | 01/20/28 |  | 3513 |
|  | 1347 | 4.625 | 02/20/28 |  | 1352 |
|  | 1234 | 4.625 | 03/20/28 |  | 1239 |
|  | 8918 | 4.625 | 07/20/29 |  | 8931 |
|  | 3076 | 4.625 | 08/20/29 |  | 3081 |
|  | 884 | 4.625 | 09/20/29 |  | 885 |
|  | 4102 | 4.750 | 10/20/29 |  | 4104 |
|  | 5611 | 4.750 | 11/20/29 |  | 5615 |
|  | 898 | 4.750 | 12/20/29 |  | 899 |
|  | 1831 | 4.625 | 01/20/30 |  | 1845 |
|  | 500 | 4.625 | 02/20/30 |  | 504 |
|  | 3138 | 4.625 | 03/20/30 |  | 3161 |
|  | 4639 | 4.875 | 04/20/30 |  | 4660 |
|  | 8033 | 4.875 | 05/20/30 |  | 8072 |
|  | 6007 | 5.000 | 05/20/30 |  | 6036 |
|  | 1503 | 4.875 | 06/20/30 |  | 1510 |
|  | 12492 | 5.000 | 07/20/30 |  | 12541 |
|  | 2421 | 5.000 | 09/20/30 |  | 2431 |
|  | 3609 | 4.750 | 10/20/30 |  | 3615 |
|  |  |  |  |  | 88809 |
| Federal Home Loan Mortgage Corp. – 6.4% | Federal Home Loan Mortgage Corp. – 6.4% | Federal Home Loan Mortgage Corp. – 6.4% | Federal Home Loan Mortgage Corp. – 6.4% | Federal Home Loan Mortgage Corp. – 6.4% | Federal Home Loan Mortgage Corp. – 6.4% |
|  | 1125000 | 4.450 | 12/01/32 |  | 1106865 |
|  | 22897 | 5.000 | 10/01/33 |  | 23022 |
|  | 1033 | 5.000 | 07/01/35 |  | 1041 |
|  | 514 | 4.500 | 08/01/35 |  | 515 |
|  | 1202 | 4.500 | 09/01/35 |  | 1203 |
|  | 596 | 4.500 | 10/01/35 |  | 596 |
|  | 27278 | 5.000 | 12/01/35 |  | 27631 |
|  | 9193 | 4.500 | 01/01/38 |  | 9196 |
|  | 403 | 4.500 | 06/01/38 |  | 403 |
|  | 15816 | 4.500 | 09/01/38 |  | 15676 |
|  | 85 | 4.500 | 01/01/39 |  | 84 |
|  | 7821 | 4.500 | 02/01/39 |  | 7753 |
|  | 2989 | 4.500 | 03/01/39 |  | 2964 |
|  | 825 | 4.500 | 04/01/39 |  | 818 |
|  | 23236 | 4.500 | 05/01/39 |  | 23037 |
|  | 56720 | 5.000 | 05/01/39 |  | 57347 |
|  | 70128 | 4.500 | 06/01/39 |  | 69528 |
|  | 104494 | 5.000 | 07/01/39 |  | 105985 |
|  | 2262 | 4.500 | 07/01/39 |  | 2242 |
|  | 1587 | 4.500 | 08/01/39 |  | 1574 |
|  | 3695 | 4.500 | 09/01/39 |  | 3664 |
|  | 845 | 4.500 | 10/01/39 |  | 837 |
|  | 565 | 4.500 | 11/01/39 |  | 560 |
|  | 836 | 4.500 | 12/01/39 |  | 829 |
|  | 2526 | 4.500 | 01/01/40 |  | 2504 |
|  | 1446 | 4.500 | 04/01/40 |  | 1432 |
|  | 2553 | 4.500 | 05/01/40 |  | 2528 |
|  | 3640 | 4.500 | 06/01/40 |  | 3603 |
|  | 6271 | 4.000 | 06/01/40 |  | 6044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 750 | 4.500% | 07/01/40 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
|  | 210 | 4.500 | 08/01/40 |  | 208 |
|  | 1439 | 5.000 | 08/01/40 |  | 1450 |
|  | 42449 | 4.000 | 02/01/41 |  | 40915 |
|  | 13427 | 4.500 | 02/01/41 |  | 13285 |
|  | 2990 | 4.500 | 03/01/41 |  | 2959 |
|  | 4595 | 4.500 | 04/01/41 |  | 4547 |
|  | 5433 | 4.500 | 05/01/41 |  | 5375 |
|  | 9756 | 4.500 | 06/01/41 |  | 9653 |
|  | 811 | 5.000 | 06/01/41 |  | 823 |
|  | 28097 | 4.500 | 08/01/41 |  | 27802 |
|  | 28456 | 4.500 | 09/01/41 |  | 28173 |
|  | 21674 | 4.000 | 10/01/41 |  | 20859 |
|  | 3843 | 4.000 | 11/01/41 |  | 3695 |
|  | 1894 | 4.500 | 12/01/41 |  | 1874 |
|  | 26446 | 4.500 | 03/01/42 |  | 26167 |
|  | 205805 | 4.000 | 03/01/42 |  | 197727 |
|  | 10103 | 3.000 | 05/01/42 |  | 9188 |
|  | 156783 | 3.500 | 06/01/42 |  | 146955 |
|  | 270903 | 4.500 | 06/01/42 |  | 268376 |
|  | 44505 | 3.000 | 08/01/42 |  | 40576 |
|  | 35160 | 3.500 | 08/01/42 |  | 32877 |
|  | 108006 | 3.500 | 10/01/42 |  | 100918 |
|  | 20104 | 3.000 | 10/01/42 |  | 18266 |
|  | 59827 | 3.500 | 11/01/42 |  | 55919 |
|  | 287255 | 3.000 | 11/01/42 |  | 262056 |
|  | 496700 | 3.000 | 12/01/42 |  | 453211 |
|  | 882440 | 3.000 | 01/01/43 |  | 807413 |
|  | 82036 | 3.000 | 02/01/43 |  | 74319 |
|  | 399211 | 4.000 | 08/01/43 |  | 384218 |
|  | 177291 | 4.000 | 01/01/44 |  | 170636 |
|  | 235187 | 3.500 | 02/01/44 |  | 219053 |
|  | 233527 | 3.500 | 06/01/44 |  | 218634 |
|  | 4812 | 4.000 | 11/01/44 |  | 4613 |
|  | 29010 | 3.500 | 02/01/45 |  | 26940 |
|  | 48193 | 3.500 | 03/01/45 |  | 44710 |
|  | 6362 | 3.500 | 08/01/45 |  | 5862 |
|  | 8447 | 3.500 | 09/01/45 |  | 7784 |
|  | 16214 | 3.500 | 11/01/45 |  | 14940 |
|  | 127404 | 3.500 | 03/01/46 |  | 117694 |
|  | 212013 | 3.500 | 05/01/46 |  | 195656 |
|  | 238478 | 3.500 | 06/01/46 |  | 219525 |
|  | 109614 | 3.500 | 07/01/46 |  | 100902 |
|  | 17980 | 3.500 | 10/01/46 |  | 16551 |
|  | 15147 | 3.500 | 12/01/46 |  | 13943 |
|  | 5739124 | 3.000 | 05/01/47 |  | 5127763 |
|  | 167260 | 3.500 | 12/01/47 |  | 154071 |
|  |  |  |  |  | 11179305 |
| Federal National Mortgage Association – 3.2% | Federal National Mortgage Association – 3.2% | Federal National Mortgage Association – 3.2% | Federal National Mortgage Association – 3.2% | Federal National Mortgage Association – 3.2% | Federal National Mortgage Association – 3.2% |
|  | 740 | 7.000 | 08/01/31 |  | 776 |
|  | 45138 | 3.500 | 07/01/42 |  | 42085 |
|  | 42274 | 3.500 | 08/01/42 |  | 39475 |
|  | 26223 | 3.500 | 09/01/42 |  | 24502 |
|  | 3474 | 3.500 | 10/01/42 |  | 3244 |
|  | 6908 | 3.500 | 11/01/42 |  | 6451 |
|  | 3996 | 3.500 | 01/01/43 |  | 3726 |
|  | 93675 | 3.500 | 02/01/43 |  | 87330 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) |
| $| 10278 | 3.500% | 05/01/43 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605 |
|  | 400479 | 3.500 | 07/01/43 |  | 372872 |
|  | 198709 | 3.500 | 01/01/44 |  | 185302 |
|  | 7787 | 3.500 | 12/01/44 |  | 7207 |
|  | 176476 | 4.000 | 03/01/45 |  | 168706 |
|  | 82186 | 4.000 | 04/01/45 |  | 78133 |
|  | 955960 | 4.500 | 06/01/51 |  | 935321 |
|  | 2314144 | 4.000 | 07/01/56 |  | 2155084 |
|  | 1527264 | 4.000 | 02/01/57 |  | 1419951 |
|  |  |  |  |  | 5539770 |
| Government National Mortgage Association – 28.3% | Government National Mortgage Association – 28.3% | Government National Mortgage Association – 28.3% | Government National Mortgage Association – 28.3% | Government National Mortgage Association – 28.3% | Government National Mortgage Association – 28.3% |
|  | 114 | 6.000 | 04/15/26 |  | 114 |
|  | 123 | 6.500 | 01/15/32 |  | 126 |
|  | 358 | 6.500 | 02/15/32 |  | 368 |
|  | 104595 | 5.500 | 04/15/33 |  | 107408 |
|  | 2801 | 5.000 | 11/15/33 |  | 2820 |
|  | 289 | 6.500 | 08/15/34 |  | 303 |
|  | 452 | 6.500 | 02/15/36 |  | 469 |
|  | 995 | 6.500 | 03/15/36 |  | 1030 |
|  | 1618 | 6.500 | 04/15/36 |  | 1697 |
|  | 4075 | 6.500 | 05/15/36 |  | 4232 |
|  | 2042 | 6.500 | 06/15/36 |  | 2115 |
|  | 12026 | 6.500 | 07/15/36 |  | 12602 |
|  | 12342 | 6.500 | 08/15/36 |  | 12921 |
|  | 27590 | 6.500 | 09/15/36 |  | 28991 |
|  | 11257 | 6.500 | 10/15/36 |  | 11774 |
|  | 17858 | 6.500 | 11/15/36 |  | 18848 |
|  | 6128 | 6.500 | 12/15/36 |  | 6386 |
|  | 2451 | 6.500 | 01/15/37 |  | 2547 |
|  | 1244 | 6.500 | 03/15/37 |  | 1291 |
|  | 1857 | 6.500 | 04/15/37 |  | 1936 |
|  | 697 | 6.500 | 05/15/37 |  | 737 |
|  | 3140 | 6.500 | 09/15/37 |  | 3274 |
|  | 4092 | 6.500 | 10/15/37 |  | 4412 |
|  | 2344 | 6.500 | 11/15/37 |  | 2447 |
|  | 1272 | 6.500 | 05/15/38 |  | 1328 |
|  | 518 | 6.500 | 02/15/39 |  | 536 |
|  | 109290 | 5.000 | 01/20/40 |  | 110691 |
|  | 108837 | 4.500 | 05/15/40 |  | 107505 |
|  | 87461 | 5.000 | 07/15/40 |  | 88682 |
|  | 118472 | 3.500 | 09/15/42 |  | 111243 |
|  | 126781 | 3.500 | 02/15/45 |  | 118106 |
|  | 24031 | 4.000 | 05/20/45 |  | 23112 |
|  | 17399 | 4.000 | 07/20/45 |  | 16631 |
|  | 30547 | 4.000 | 10/20/45 |  | 29161 |
|  | 94115 | 4.000 | 01/20/46 |  | 89847 |
|  | 388368 | 4.500 | 03/20/46 |  | 380906 |
|  | 780797 | 4.500 | 02/20/47 |  | 765167 |
|  | 157317 | 4.500 | 03/20/47 |  | 154000 |
|  | 889484 | 4.500 | 05/20/47 |  | 869614 |
|  | 151327 | 4.500 | 06/20/47 |  | 147947 |
|  | 43551 | 4.500 | 07/20/47 |  | 42551 |
|  | 432594 | 4.500 | 08/20/47 |  | 422661 |
|  | 474948 | 4.500 | 09/20/48 |  | 463300 |
|  | 1124303 | 5.000 | 11/20/48 |  | 1123284 |
|  | 568509 | 4.500 | 12/20/48 |  | 553678 |
|  | 462908 | 5.000 | 12/20/48 |  | 462344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 82838 | 4.500% | 01/20/49 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80677 |
|  | 269666 | 4.500 | 02/20/49 |  | 262462 |
|  | 398781 | 4.500 | 03/20/49 |  | 388378 |
|  | 283180 | 4.500 | 10/20/49 |  | 276147 |
|  | 562076 | 3.500 | 12/20/50 |  | 520292 |
|  | 867128 | 3.000 | 07/20/51 |  | 763135 |
|  | 700778 | 2.500 | 09/20/51 |  | 592927 |
|  | 499286 | 2.500 | 11/20/51 |  | 424005 |
|  | 862855 | 3.000 | 11/20/51 |  | 759374 |
|  | 657814 | 2.500 | 12/20/51 |  | 556863 |
|  | 2931948 | 4.500 | 10/20/52 |  | 2827881 |
|  | 11000000 | 2.000 | TBA-30yr<sup>(f)</sup> |  | 8995528 |
|  | 9000000 | 2.500 | TBA-30yr<sup>(f)</sup> |  | 7674624 |
|  | 5000000 | 3.000 | TBA-30yr<sup>(f)</sup> |  | 4428678 |
|  | 3000000 | 4.000 | TBA-30yr<sup>(f)</sup> |  | 2808792 |
|  | 5000000 | 3.500 | TBA-30yr<sup>(f)</sup> |  | 4562451 |
|  | 4000000 | 5.500 | TBA-30yr<sup>(f)</sup> |  | 4008769 |
|  | 3000000 | 5.000 | TBA-30yr<sup>(f)</sup> |  | 2951284 |
|  |  |  |  |  | 49193409 |
| Uniform Mortgage-Backed Security – 78.8% | Uniform Mortgage-Backed Security – 78.8% | Uniform Mortgage-Backed Security – 78.8% | Uniform Mortgage-Backed Security – 78.8% | Uniform Mortgage-Backed Security – 78.8% | Uniform Mortgage-Backed Security – 78.8% |
|  | 571626 | 1.500 | 07/01/35 |  | 506773 |
|  | 134297 | 1.500 | 08/01/35 |  | 119060 |
|  | 921837 | 1.500 | 09/01/35 |  | 816932 |
|  | 1376267 | 1.500 | 10/01/35 |  | 1219170 |
|  | 630608 | 1.500 | 11/01/35 |  | 558406 |
|  | 696175 | 1.500 | 12/01/35 |  | 616225 |
|  | 372252 | 1.500 | 02/01/36 |  | 330377 |
|  | 94316 | 4.500 | 07/01/36 |  | 93204 |
|  | 709855 | 1.500 | 10/01/36 |  | 629552 |
|  | 4571 | 4.500 | 12/01/36 |  | 4517 |
|  | 69078 | 4.500 | 02/01/39 |  | 68402 |
|  | 2098 | 4.500 | 03/01/39 |  | 2077 |
|  | 2981 | 4.500 | 05/01/39 |  | 2952 |
|  | 1443 | 4.500 | 07/01/39 |  | 1428 |
|  | 1358 | 4.000 | 08/01/39 |  | 1307 |
|  | 3080 | 4.500 | 09/01/39 |  | 3050 |
|  | 5878 | 4.500 | 10/01/39 |  | 5821 |
|  | 12799 | 4.500 | 02/01/40 |  | 12674 |
|  | 2400 | 4.500 | 03/01/40 |  | 2376 |
|  | 30739 | 4.500 | 04/01/40 |  | 30394 |
|  | 12890 | 4.500 | 06/01/40 |  | 12758 |
|  | 66157 | 4.500 | 09/01/40 |  | 65419 |
|  | 3236 | 4.500 | 12/01/40 |  | 3200 |
|  | 28728 | 4.500 | 01/01/41 |  | 28406 |
|  | 9638 | 4.500 | 04/01/41 |  | 9524 |
|  | 14618 | 4.500 | 06/01/41 |  | 14445 |
|  | 14642 | 4.500 | 07/01/41 |  | 14469 |
|  | 59145 | 4.500 | 08/01/41 |  | 58424 |
|  | 62607 | 4.500 | 09/01/41 |  | 61870 |
|  | 31273 | 4.500 | 10/01/41 |  | 30904 |
|  | 53453 | 3.500 | 10/01/41 |  | 50088 |
|  | 12284 | 3.500 | 11/01/41 |  | 11507 |
|  | 40452 | 4.500 | 11/01/41 |  | 39975 |
|  | 35133 | 4.500 | 12/01/41 |  | 34719 |
|  | 28699 | 4.500 | 01/01/42 |  | 28361 |
|  | 45912 | 3.500 | 01/01/42 |  | 43048 |
|  | 6079 | 3.500 | 02/01/42 |  | 5669 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $— | 179174 | 4.000% | 03/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171933 |
|  | 2327 | 4.500 | 03/01/42 | 2297 |
|  | 43361 | 4.000 | 04/01/42 | 41609 |
|  | 4562 | 4.500 | 04/01/42 | 4505 |
|  | 5700 | 3.500 | 05/01/42 | 5314 |
|  | 19558 | 3.500 | 06/01/42 | 18304 |
|  | 12279 | 3.500 | 09/01/42 | 11544 |
|  | 39109 | 3.000 | 09/01/42 | 35487 |
|  | 105722 | 3.500 | 10/01/42 | 98764 |
|  | 220500 | 3.000 | 12/01/42 | 199860 |
|  | 36827 | 3.500 | 12/01/42 | 34437 |
|  | 48110 | 3.000 | 01/01/43 | 43984 |
|  | 18501 | 3.000 | 02/01/43 | 16912 |
|  | 138906 | 3.500 | 02/01/43 | 129576 |
|  | 506938 | 3.000 | 03/01/43 | 461832 |
|  | 290011 | 3.500 | 03/01/43 | 270657 |
|  | 563174 | 3.000 | 04/01/43 | 512520 |
|  | 676680 | 3.000 | 05/01/43 | 615366 |
|  | 196497 | 2.500 | 05/01/43 | 172343 |
|  | 87983 | 3.500 | 05/01/43 | 81938 |
|  | 25362 | 3.000 | 06/01/43 | 22992 |
|  | 373804 | 3.500 | 06/01/43 | 348180 |
|  | 201795 | 3.000 | 07/01/43 | 183342 |
|  | 278261 | 3.500 | 07/01/43 | 259477 |
|  | 24408 | 3.500 | 08/01/43 | 22702 |
|  | 18925 | 3.500 | 09/01/43 | 17644 |
|  | 34778 | 3.500 | 01/01/44 | 32455 |
|  | 17680 | 3.500 | 08/01/44 | 16345 |
|  | 23098 | 3.500 | 09/01/44 | 21491 |
|  | 52166 | 3.500 | 10/01/44 | 48488 |
|  | 20501 | 5.000 | 12/01/44 | 20610 |
|  | 11453 | 3.500 | 01/01/45 | 10594 |
|  | 125923 | 4.000 | 02/01/45 | 120105 |
|  | 62441 | 3.500 | 03/01/45 | 57862 |
|  | 30394 | 3.500 | 04/01/45 | 27990 |
|  | 413988 | 3.500 | 05/01/45 | 384992 |
|  | 731425 | 4.500 | 06/01/45 | 719003 |
|  | 43555 | 3.500 | 07/01/45 | 40110 |
|  | 154344 | 4.000 | 11/01/45 | 146716 |
|  | 7060 | 3.500 | 11/01/45 | 6497 |
|  | 137427 | 3.500 | 01/01/46 | 126556 |
|  | 48948 | 4.000 | 03/01/46 | 46529 |
|  | 348747 | 3.500 | 03/01/46 | 323990 |
|  | 56787 | 3.500 | 04/01/46 | 52738 |
|  | 279730 | 3.500 | 05/01/46 | 258040 |
|  | 58754 | 4.000 | 06/01/46 | 55592 |
|  | 133991 | 4.500 | 06/01/46 | 130938 |
|  | 170853 | 3.000 | 07/01/46 | 151683 |
|  | 180974 | 4.000 | 07/01/46 | 171235 |
|  | 17372 | 4.000 | 08/01/46 | 16437 |
|  | 93936 | 3.000 | 08/01/46 | 83396 |
|  | 414539 | 3.000 | 09/01/46 | 368027 |
|  | 124195 | 3.000 | 10/01/46 | 110259 |
|  | 20801 | 4.000 | 10/01/46 | 19682 |
|  | 517651 | 3.000 | 11/01/46 | 459506 |
|  | 228627 | 3.000 | 12/01/46 | 202975 |
|  | 910929 | 3.000 | 01/01/47 | 808719 |
|  | 472491 | 4.500 | 02/01/47 | 464467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $— | 45180 | 3.000% | 02/01/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40110 |
|  | 126947 | 3.000 | 04/01/47 | 112725 |
|  | 285630 | 3.500 | 06/01/47 | 261792 |
|  | 128778 | 4.500 | 11/01/47 | 125481 |
|  | 4444 | 4.500 | 02/01/48 | 4321 |
|  | 231188 | 4.500 | 05/01/48 | 225259 |
|  | 373425 | 3.500 | 06/01/48 | 342259 |
|  | 196845 | 4.500 | 07/01/48 | 190945 |
|  | 700971 | 4.500 | 08/01/48 | 679971 |
|  | 295707 | 4.500 | 09/01/48 | 286844 |
|  | 5766 | 4.500 | 10/01/48 | 5618 |
|  | 1039287 | 5.000 | 11/01/48 | 1041256 |
|  | 482040 | 4.500 | 11/01/48 | 467855 |
|  | 247825 | 4.500 | 12/01/48 | 240238 |
|  | 285989 | 4.500 | 02/01/49 | 277327 |
|  | 3197 | 4.500 | 05/01/49 | 3102 |
|  | 1501746 | 3.000 | 09/01/49 | 1328315 |
|  | 4990 | 4.500 | 11/01/49 | 4841 |
|  | 314181 | 4.500 | 01/01/50 | 304764 |
|  | 49106 | 4.500 | 02/01/50 | 47623 |
|  | 557322 | 3.000 | 03/01/50 | 490854 |
|  | 3446661 | 4.500 | 03/01/50 | 3364414 |
|  | 394066 | 4.500 | 04/01/50 | 381886 |
|  | 1966170 | 2.000 | 09/01/50 | 1579487 |
|  | 362115 | 4.500 | 09/01/50 | 351355 |
|  | 3136492 | 2.500 | 09/01/50 | 2652855 |
|  | 2017092 | 3.000 | 10/01/50 | 1777227 |
|  | 3481857 | 2.000 | 10/01/50 | 2796005 |
|  | 883107 | 2.500 | 11/01/50 | 746383 |
|  | 3473263 | 2.000 | 12/01/50 | 2788026 |
|  | 883128 | 2.500 | 01/01/51 | 740690 |
|  | 4239138 | 2.000 | 02/01/51 | 3395568 |
|  | 10649973 | 2.000 | 05/01/51 | 8522163 |
|  | 7209307 | 2.500 | 05/01/51 | 6075390 |
|  | 7460374 | 2.500 | 07/01/51 | 6293276 |
|  | 1537175 | 2.500 | 09/01/51 | 1298226 |
|  | 1683027 | 2.000 | 11/01/51 | 1343631 |
|  | 4622540 | 2.500 | 12/01/51 | 3895215 |
|  | 1277628 | 2.000 | 01/01/52 | 1027222 |
|  | 27852 | 2.000 | 02/01/52 | 22445 |
|  | 2133391 | 2.000 | 03/01/52 | 1717263 |
|  | 3248170 | 2.000 | 04/01/52 | 2611554 |
|  | 597442 | 6.000 | 11/01/52 | 614764 |
|  | 841255 | 4.500 | 05/01/53 | 815514 |
|  | 998827 | 5.500 | 08/01/53 | 998706 |
|  | 1073721 | 6.500 | 08/01/53 | 1115899 |
|  | 618029 | 6.500 | 10/01/53 | 642306 |
|  | 2601609 | 6.500 | 11/01/53 | 2714578 |
|  | 2875684 | 2.500 | 01/01/54 | 2396803 |
|  | 4493804 | 6.000 | 04/01/54 | 4616235 |
|  | 2765287 | 6.500 | 06/01/54 | 2886203 |
|  | 1876589 | 6.500 | 08/01/54 | 1959835 |
|  | 933311 | 6.500 | 09/01/54 | 976463 |
|  | 924231 | 6.000 | 09/01/54 | 939248 |
|  | 2873977 | 5.500 | 10/01/54 | 2872013 |
|  | 1956464 | 5.000 | 12/01/54 | 1941216 |
|  | 6000000 | 5.000 | TBA-30yr<sup>(f)</sup> | 5880703 |
|  | 2000000 | 4.000 | TBA-30yr<sup>(f)</sup> | 1864609 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| 4000000 | 3.500% | TBA-30yr<sup>(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;3608438 |
| 5000000 | 2.000 | TBA-30yr<sup>(f)</sup> | 4521679 |
| 15000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 15101249 |
| 6000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 6118484 |
|  |  |  | 137271755 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $203401421 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $238,796,354) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $238,796,354) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $238,796,354) | $230972977 |
| Asset-Backed Securities<sup>(c)(e)</sup> – 1.4% | Asset-Backed Securities<sup>(c)(e)</sup> – 1.4% | Asset-Backed Securities<sup>(c)(e)</sup> – 1.4% | Asset-Backed Securities<sup>(c)(e)</sup> – 1.4% |
| Collateralized Loan Obligations – 1.1% | Collateralized Loan Obligations – 1.1% | Collateralized Loan Obligations – 1.1% | Collateralized Loan Obligations – 1.1% |
| Apidos CLO XXXV Ltd. Series 2021-35A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 2.912%) | Apidos CLO XXXV Ltd. Series 2021-35A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 2.912%) | Apidos CLO XXXV Ltd. Series 2021-35A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 2.912%) | Apidos CLO XXXV Ltd. Series 2021-35A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 2.912%) |
| 750000 | 7.205% | 04/20/34 | $744626 |
| BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 1.962%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 1.962%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 1.962%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 1.962%) |
| 500000 | 6.284 | 11/20/34 | 499974 |
| CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 500000 | 8.543 | 01/20/37 | 506541 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 90218 | 5.750 | 12/20/50 | 91047 |
|  |  |  | 1842188 |
| Student Loan<sup>(b)</sup> – 0.3% | Student Loan<sup>(b)</sup> – 0.3% | Student Loan<sup>(b)</sup> – 0.3% | Student Loan<sup>(b)</sup> – 0.3% |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) |
| 600000 | 8.793 | 01/20/37 | 605437 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $2,387,844) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $2,387,844) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $2,387,844) | $2447625 |
| U.S. Treasury Obligations – 5.2% | U.S. Treasury Obligations – 5.2% | U.S. Treasury Obligations – 5.2% | U.S. Treasury Obligations – 5.2% |
| U.S. Treasury Bills<sup>(g)</sup> | U.S. Treasury Bills<sup>(g)</sup> | U.S. Treasury Bills<sup>(g)</sup> | U.S. Treasury Bills<sup>(g)</sup> |
| 6000000 | 0.000% | 04/24/25 | $5983771 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 1025722 | 1.500 | 02/15/53 | 853112 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 556200 | 4.375 <sup>(h)</sup> | 11/30/28 | 564890 |
| 1650000 | 4.125 | 03/31/32 | 1654383 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,087,080) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,087,080) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,087,080) | $9056156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(i)</sup> – 0.4% | Investment Company<sup>(i)</sup> – 0.4% | Investment Company<sup>(i)</sup> – 0.4% | Investment Company<sup>(i)</sup> – 0.4% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 675553 |  | 4.259% | $675553 |
| (Cost $675,553) | (Cost $675,553) |  |  |
| TOTAL INVESTMENTS – 139.7%<br>(Cost $250,946,831) | TOTAL INVESTMENTS – 139.7%<br>(Cost $250,946,831) | TOTAL INVESTMENTS – 139.7%<br>(Cost $250,946,831) | $243152311 |
| **LIABILITIES IN EXCESS OF OTHER <br>ASSETS – (39.7)%** | **LIABILITIES IN EXCESS OF OTHER <br>ASSETS – (39.7)%** | **LIABILITIES IN EXCESS OF OTHER <br>ASSETS – (39.7)%** | (69068741) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $174083570 |

---

---

| | |
|:---|:---|
| 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 a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

(c) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025.

(e) Exempt from registration under Rule 144A of the Securities Act of 1933.

(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $72,525,288 which represents approximately 41.7% of net assets as of March 31, 2025.

(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

(h) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(i) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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** |
|  HSBC Bank PLC | EUR | 504061 | USD | 546234 | 04/09/25 | $(934) |
|  Westpac Banking Corp. | USD | 517590 | EUR | 500000 | 04/09/25 | (23317) |
| TOTAL |  |  |  |  |  | $(24251) |

---

FORWARD SALES CONTRACTS — At March 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/15/25 | $(1000000) | $(959552) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 04/15/25 | (14000000) | (13397891) |
|  Uniform Mortgage-Backed Security | 2.500 | TBA - 30yr | 04/15/25 | (6000000) | (4989375) |
|  Uniform Mortgage-Backed Security | 3.000 | TBA - 30yr | 04/15/25 | (4000000) | (3467344) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/15/25 | (9000000) | (7158867) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 04/15/25 | (9000000) | (9281953) |
|  Uniform Mortgage-Backed Security | 1.500 | TBA - 15yr | 04/15/25 | (2000000) | (1756160) |
| (PROCEEDS RECEIVED: $(40904922)) |  |  |  |  | $(41011142) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 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 | 77 | 06/18/25 | $8563844 | $(5693) |
|  5 Year U.S. Treasury Notes | 127 | 06/30/25 | 13735843 | 10904 |
|  Ultra 10-Year U.S. Treasury Notes | 9 | 06/18/25 | 1027125 | (2090) |
| Total |  |  |  | $3121 |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (161) | 06/30/25 | (33354672) | (51401) |
|  20 Year U.S. Treasury Bonds | (29) | 06/18/25 | (3401156) | (1870) |
|  Ultra Long U.S. Treasury Bonds | (6) | 06/18/25 | (733500) | (3023) |
| Total |  |  |  | $(56294) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(53173) |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund<sup>(a)</sup>** | **Payments**<br> **Received**<br> **by Fund<sup>(a)</sup>** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s)<sup>(b)</sup> | **Market**<br> **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR | 3.851% | 03/31/27 | $24990 | $84619 | $40975 | $43644 |
|  12M SOFR | 3.851 | 03/31/27 | 1590 | 5386 | (929) | 6315 |
|  3.799% | 12M SOFR | 08/31/29 | 24140 | (179543) | (65266) | (114277) |
| 3.822 | 12M SOFR | 01/31/32 | 3930 | (35825) | 1634 | (37459) |
| 3.864 | 12M SOFR | 11/15/34 | 1510 | (15345) | (1385) | (13960) |
| TOTAL |  |  |  | $(140708) | $(24971) | $(115737) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread<br>at March 31,**<br> **2025<sup>(b)</sup>**  | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.BBB.17 | 3.000% | 5.568% | JPMorgan Securities, Inc. | 12/15/56 | $500 | $(71432) | $(62427) | $(9005) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| |
|:---|
| Currency Abbreviations: |
| EUR —Euro |
| USD —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| LLC | —Limited Liability Company |
| MTA | —Monthly Treasury Average |
| PI | —Private Investment |
| REMICS | —Real Estate Mortgage Investment Conduits |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | —Secured Overnight Financing Rate |
| STACR | —Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CMBX | —Commercial Mortgage Backed Securities Index |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Enhanced<br>Income**<br> **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government <br>Income**<br> **Fund** | **Inflation<br>Protected<br> Securities** <br> **Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $553,134,384, $146,395,978 and $201,112,002, respectively) | $553672661 | $141343648 | $204404580 |
|  Investments in affiliated issuers, at value (cost $35,629,321, $2,553 and $3,168,972, respectively) | 35629321 | 2553 | 3168972 |
|  Cash | 8877355 | 478459 | 3128144 |
|  Foreign currencies, at value (cost $19,774, $0 and $0, respectively) | 20610 |  |  |
|  Unrealized gain on forward foreign currency exchange contracts | 76442 |  |  |
|  Variation margin on futures contracts | —3355 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 3898661 | 613609 | 1146060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 2745561 | 556585 | 1875855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 11180 | 38195 | 96257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 4970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  | 16445098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 829 | 4439304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser |  | 24659 | 18171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  | 165522 |  |
|  Other assets | 31026 | 32578 | 27084 |
|  **Total assets** | 604967787 | 159705090 | 218304427 |
| Liabilities: |  |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 205131 |  |  |
|  Variation margin on swaps contracts | 74935 | 28866 | 97602 |
|  Variation margin on futures contracts | 26258 |  | 30984 |
|  Forward sale contracts, at value (proceeds received $0, $16,445,098 and $0, respectively) |  | 16496373 |  |
|  Foreign currency overdraft, at value (identified cost $0, $0 and $10, respectively) |  |  | 9 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6093899 | 2553 | 4493084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 299694 | 387451 | 272328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 64700 | 22652 | 21605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 9270 | 8814 | 12311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 5211 | 12068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis |  | 21783945 |  |
|  Accrued expenses | 216990 | 190964 | 167134 |
|  **Total liabilities** | 6996088 | 38933686 | 5095057 |
| Net Assets: |  |  |  |
|  Paid-in capital | 621681662 | 163526328 | 281837598 |
|  Total distributable loss | (23709963) | (42754924) | (68628228) |
|  **NET ASSETS** | $597971699 | $120771404 | $213209370 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10829932 | $35240865 | $28472001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 656270 | 841949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 3097682 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 172687357 | 27261006 | 55757345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 27707 | 17920984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2320819 | 1038010 | 13657963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2858654 | 7109211 | 80457025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 9449971 | 19022796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 406149548 | 22095087 | 15000291 |
|  Total Net Assets | $597971699 | $120771404 | $213209370 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1132288 | 2697640 | 2987085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 50245 | 90609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 323465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 18084577 | 2089505 | 5755494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 2901 | 1375514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 243262 | 79473 | 1421059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 299270 | 545161 | 8313619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 724237 | 2009792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 42528029 | 1694392 | 1548790 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.56 | $13.06 | $9.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 13.06 | 9.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 9.58 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9.55 | 13.05 | 9.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 9.55 | 13.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 9.54 | 13.06 | 9.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9.55 | 13.04 | 9.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 13.05 | 9.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 9.55 | 13.04 | 9.69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | |
|:---|:---|
| **Fund** | **Swaps** |
|  Enhanced Income Fund | $2745561 |
|  Government Income Fund | 556585 |
|  Inflation Protected Securities Fund | 1875855 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Government Income and Inflation Protected Securities Funds is $13.57 and $9.90, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Short<br>Duration<br>Bond**<br> **Fund** | **Short**<br> **Duration<br> Government** <br> **Fund** | **Short-Term<br> Conservative <br>Income**<br> **Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,222,021,831, $479,593,755 and $2,025,666,706, respectively) | $1222890742 | $471134215 | $2029829410 |
|  Investments in affiliated issuers, at value (cost $51,061,035, $0 and $40,812,045, respectively) | 51061035 |  | 40812045 |
|  Purchased options, at value (premium paid $433,596, $0 and $0, respectively) | 314403 |  |  |
|  Cash | 18843066 | 691563 | 11416774 |
|  Foreign currencies, at value (cost $57,864, $0 and $0, respectively) | 55753 |  |  |
|  Unrealized gain on forward foreign currency exchange contracts | 1295557 |  |  |
|  Variation margin on futures contracts | 36791 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 26589176 | 1842312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 17965957 | 67083828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 8786986 | 2028358 | 13842819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 608590 | 925399 | 882523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 29093 | 23657 | 25854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 17511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  | 100228 |
|  Other assets | 43160 | 26378 | 50898 |
|  **Total assets** | 1348520309 | 543773221 | 2096960551 |
| Liabilities: |  |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 1544784 |  |  |
|  Variation margin on swaps contracts | 451494 | 82248 |  |
|  Variation margin on futures contracts |  | 27193 |  |
|  Forward sale contracts, at value (proceeds received $17,965,957, $67,083,828 and $0, respectively) | 17997162 | 67311945 |  |
|  Unrealized loss on swap contracts | 23818 |  |  |
|  Written option contracts, at value (premium received $431,890, $0 and $0, respectively) | 206361 |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 53637035 | 37512969 | 16531937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1895673 | 683007 | 2602148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts | 419061 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 290014 |  | 48047315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 198999 | 79354 | 163364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker — upfront payment | 133559 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 53355 | 116870 | 77017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 26102 | 14574 | 49535 |
|  Accrued expenses | 229195 | 206353 | 204922 |
|  **Total liabilities** | 77106612 | 106034513 | 67676238 |
| Net Assets: |  |  |  |
|  Paid-in capital | 1375009773 | 513596696 | 2040037300 |
|  Total distributable loss | (103596076) | (75857988) | (10752987) |
|  **NET ASSETS** | $1271413697 | $437738708 | $2029284313 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $63789679 | $49315946 | $89054250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1827809 | 2572612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 154770844 | 193174139 | 767056780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 14821609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 34049324 | 16530496 | 332775884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 5782105 | 12005030 | 110806378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 29914 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1011164022 | 149318876 | 729591021 |
|  Total Net Assets | $1271413697 | $437738708 | $2029284313 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6544896 | 5259711 | 8816420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 187587 | 276607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 15852133 | 20675332 | 75878262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 1588156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3488777 | 1760897 | 32927992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 592553 | 1284535 | 10964280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 3062 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 103616969 | 15981649 | 72258028 |
|  Net asset value, offering and redemption price per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.75 | $9.38 | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.74 | 9.30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9.76 | 9.34 | 10.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | —9.33 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 9.76 | 9.39 | 10.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9.76 | 9.35 | 10.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9.77 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 9.76 | 9.34 | 10.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Swaps** | **Forwards** | **TBA** |
|  Short Duration Bond Fund | $25329176 | $1260000 | $— |
|  Short Duration Government Fund | 1582312 |  | 260000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Short Duration Bond and Short Duration Government Funds is $9.90 and $9.52, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **U.S. Mortgages<br>Fund** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $250,271,278) | $242476758 |
|  Investments in affiliated issuers, at value (cost $675,553) | 675553 |
|  Cash | 2600358 |
|  Foreign currencies, at value (cost $21,934) | 21866 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 71313242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 570167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 546850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 66593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 19874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 817 |
|  Other assets | 21284 |
|  **Total assets** | 318313362 |
| Liabilities: |  |
|  Unrealized loss on forward foreign currency exchange contracts | 24251 |
|  Variation margin on swaps contracts | 29604 |
|  Variation margin on futures contracts | 12548 |
|  Forward sale contracts, at value (proceeds received $40,904,922) | 41011142 |
|  Unrealized loss on swap contracts | 9005 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 102661250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 138088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 87568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts | 62427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 24141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2668 |
|  Accrued expenses | 162820 |
|  **Total liabilities** | 144229792 |
| Net Assets: |  |
|  Paid-in capital | 220981396 |
|  Total distributable loss | (46897826) |
|  **NET ASSETS** | $174083570 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $5753598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 47480933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional | 77117568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 30809714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10236254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2685503 |
|  Total Net Assets | $174083570 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 644413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 5301530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional | 8633791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3441950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1143550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 300152 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional | 8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | |
|:---|:---|
| **Fund** | **Swaps** |
|  U.S. Mortgages Fund | $570167 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of U.S. Mortgages Fund is $9.28. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Enhanced<br>Income<br>Fund** | **Government<br>Income<br>Fund** | **Inflation<br>Protected<br>Securities<br>Fund** |
| Investment Income: |  |  |  |
|  Interest | $23886551 | $4323633 | $11681170 |
|  Dividends — affiliated issuers | 676211 | 32221 | 150911 |
|  **Total investment income** | 24562762 | 4355854 | 11832081 |
| Expenses: |  |  |  |
|  Management fees | 1367952 | 645687 | 630625 |
|  Custody, accounting and administrative services | 208504 | 164156 | 118824 |
|  Transfer Agency fees<sup>(a)</sup>  | 193463 | 85540 | 135098 |
|  Registration fees | 116485 | 120648 | 110488 |
|  Professional fees | 70646 | 82527 | 123301 |
|  Trustee fees | 30040 | 29046 | 29323 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 16292 | 192431 | 174676 |
|  Shareholder Administration fees — Service Class | 10340 | 45928 |  |
|  Printing and mailing costs | 8926 | 81944 | 78207 |
|  Service fees — Class C |  | 1873 | 3062 |
|  Other | 13801 | 9667 | 8906 |
|  **Total expenses** | 2036449 | 1459447 | 1412510 |
|  Less — expense reductions | (122274) | (580028) | (367859) |
|  **Net expenses** | 1914175 | 879419 | 1044651 |
|  **NET INVESTMENT INCOME** | 22648587 | 3476435 | 10787430 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (1041341) | (3098764) | (4499059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | (4036) | (8071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 491012 | 612493 | 2930498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (17552) | (6107) | (23878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1006713) | (504365) | (12656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 312296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (12078) |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 7643839 | 4834351 | 6101373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 334011 | 111817 | 516971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (637022) | (275397) | (2377880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (160956) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 1025 |  |  |
|  **Net realized and unrealized gain** | 5906521 | 1669992 | 2627298 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $28555108 | $5146427 | $13414728 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Adminstration** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Enhanced Income Fund | $15824 | $— | $468 | $— | $12660 | $— | $1580 | $68049 | $74 | $3185 | $868 | $— | $107047 |
|  Government Income Fund | 92640 | 5619 | 45928 | 48244 | 44467 | 899 |  | 12098 | 7348 | 1896 | 2120 | 11579 | 5133 |
|  Inflation Protected Securities Fund | 72172 | 9187 |  | 93317 | 34643 | 1470 |  | 20215 |  | 17864 | 33633 | 22396 | 4877 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Short<br>Duration<br>Bond**<br> **Fund** | **Short<br>Duration<br>Government<br>Fund** | **Short-Term<br>Conservative<br>Income**<br> **Fund** |
| Investment Income: |  |  |  |
|  Interest (net of foreign withholding taxes of $0, $0 and $31,122, respectively) | $54658331 | $16639107 | $95903688 |
|  Dividends — affiliated issuers | 799011 | 192107 | 6884388 |
|  Dividends — unaffiliated issuers | 450 |  |  |
|  **Total investment income** | 55457792 | 16831214 | 102788076 |
| Expenses: |  |  |  |
|  Management fees | 4896799 | 2036891 | 4898794 |
|  Transfer Agency fees<sup>(a)</sup>  | 473592 | 230732 | 994774 |
|  Custody, accounting and administrative services | 280559 | 202132 | 177510 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 155420 | 182816 | 104333 |
|  Registration fees | 138618 | 108885 | 165225 |
|  Professional fees | 109180 | 84372 | 138686 |
|  Printing and mailing costs | 67466 | 57464 | 81384 |
|  Trustee fees | 31628 | 29856 | 33328 |
|  Prime broker fees | 5878 |  |  |
|  Service fees — Class C | 4706 | 7857 |  |
|  Shareholder Administration fees — Service Class |  | 37757 |  |
|  Other | 25794 | 16857 | 77866 |
|  **Total expenses** | 6189640 | 2995619 | 6671900 |
|  Less — expense reductions | (532007) | (498807) | (1804923) |
|  **Net expenses** | 5657633 | 2496812 | 4866977 |
|  **NET INVESTMENT INCOME** | 49800159 | 14334402 | 97921099 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (2681605) | (744833) | 6979957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 520571 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2405364 | 1047211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (225547) | (17134) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 2850841 | (1781429) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 874243 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (77520) |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 23870420 | 9538442 | (1562174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (140162) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1710656 | 1226281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 188476 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (4645847) | (673144) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (464192) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (130819) |  |  |
|  **Net realized and unrealized gain** | 24054879 | 8595394 | 5417783 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $73855038 | $22929796 | $103338882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Short Duration Bond Fund | $136940 | $14118 | $— | $4362 | $65731 | $2259 | $57367 | $— | $43652 | $1799 | $1047 | $301737 |
|  Short Duration Government Fund | 121489 | 23570 | 37757 |  | 58315 | 3771 | 84256 | 6041 | 30286 | 3973 |  | 44090 |
|  Short-Term Conservative Income Fund | 104333 |  |  |  | 83466 |  | 322761 |  | 351506 | 37283 |  | 199758 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **U.S. Mortgages<br>Fund** |
| Investment Income: |  |
|  Interest | $7925513 |
|  Dividends — affiliated issuers | 72396 |
|  **Total investment income** | 7997909 |
| Expenses: |  |
|  Management fees | 613521 |
|  Custody, accounting and administrative services | 125157 |
|  Registration fees | 96472 |
|  Transfer Agency fees<sup>(a)</sup>  | 91840 |
|  Professional fees | 84338 |
|  Printing and mailing costs | 58561 |
|  Trustee fees | 29185 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 20815 |
|  Other | 12105 |
|  **Total expenses** | 1131994 |
|  Less — expense reductions | (275092) |
|  **Net expenses** | 856902 |
|  **NET INVESTMENT INCOME** | 7141007 |
| Realized and unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (790352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (4177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 364645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (6459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (384898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 13644 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 3325669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (47032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (259117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (24251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (79) |
|  **Net realized and unrealized gain** | 2187593 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $9328600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class A** | **Institutional** | **Separate Account Institutional** | **Investor** | **Class R6** | **Class P** |
|  U.S. Mortgages Fund | $20815 | $9992 | $16965 | $25761 | $34628 | $3194 | $1300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Government Income Fund** | **Government Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $22648587 | $19970768 | $3476435 | $3843207 |
|  Net realized loss | (1274376) | (6037559) | (3000779) | (14772791) |
|  Net change in unrealized gain | 7180897 | 18233565 | 4670771 | 10328688 |
|  **Net increase (decrease) in net assets resulting from operations** | 28555108 | 32166774 | 5146427 | (600896) |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (413028) | (410224) | (992345) | (1013069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (14442) | (12155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (153598) | (176355) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (7061553) | (7277906) | (903146) | (1101957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (6717) | (8365) | (457203) | (440906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (107828) | (212723) | (46224) | (540896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (120295) | (154303) | (211863) | (204191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (234260) | (208378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (14871025) | (11463714) | (513741) | (241215) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (2126) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares |  | (914) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (37707) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  | (43) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (1102) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (799) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (59393) |  |  |
|  **Total distributions to shareholders** | (22734044) | (19805674) | (3373224) | (3762767) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 206446032 | 144082050 | 32991689 | 38365122 |
|  Reinvestment of distributions | 22637799 | 19636458 | 3239499 | 3622854 |
|  Cost of shares redeemed | (161398449) | (265644479) | (42661664) | (129999172) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 67685382 | (101925971) | (6430476) | (88011196) |
|  **TOTAL INCREASE (DECREASE)** | 73506446 | (89564871) | (4657273) | (92374859) |
| Net assets: |  |  |  |  |
|  Beginning of year | 524465253 | 614030124 | 125428677 | 217803536 |
|  End of year | $597971699 | $524465253 | $120771404 | $125428677 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $10787430 | $&nbsp;&nbsp;&nbsp;&nbsp;11612913 | $&nbsp;&nbsp;&nbsp;&nbsp;49800159 | $&nbsp;&nbsp;&nbsp;&nbsp;45222080 |
|  Net realized gain (loss) | (1613166) | (42163119) | 3666347 | (37727825) |
|  Net change in unrealized gain | 4240464 | 29620512 | 20388532 | 54556899 |
|  **Net increase (decrease) in net assets resulting from operations** | 13414728 | (929694) | 73855038 | 62051154 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (1139491) | (1483347) | (2077968) | (1438521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (38085) | (85642) | (63904) | (63734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2179654) | (2797112) | (5884169) | (4785815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (614844) | (1102194) | (1471215) | (1793693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (4566682) | (5630780) | (246640) | (1760979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (698225) | (659600) | (30809) | (670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (643324) | (863096) | (41377813) | (36522465) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (78452) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (4530) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (147936) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (58294) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (297805) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  | (34886) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (45648) |  |  |
|  **Total distributions to shareholders** | (9880305) | (13289322) | (51152518) | (46365877) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 98259721 | 73379253 | 419640225 | 320957618 |
|  Reinvestment of distributions | 8764502 | 12034843 | 50741970 | 46004487 |
|  Cost of shares redeemed | (143517060) | (192705116) | (456575304) | (599029889) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (36492837) | (107291020) | 13806891 | (232067784) |
|  **TOTAL INCREASE (DECREASE)** | (32958414) | (121510036) | 36509411 | (216382507) |
| Net assets: |  |  |  |  |
|  Beginning of year | 246167784 | 367677820 | 1234904286 | 1451286793 |
|  End of year | $213209370 | $246167784 | $1271413697 | $1234904286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $14334402 | $15195367 | $97921099 | $105732321 |
|  Net realized gain (loss) | (1496185) | (2929364) | 6979957 | 955271 |
|  Net change in unrealized gain (loss) | 10091579 | (59020) | (1562174) | 9319898 |
|  **Net increase in net assets resulting from operations** | 22929796 | 12206983 | 103338882 | 116007490 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (1381180) | (1523391) | (3290463) | (1970661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (76839) | (111142) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares<sup>(a)</sup>  |  |  |  | (1183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares<sup>(b)</sup>  |  |  |  | (1178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (6677998) | (6746262) | (40507212) | (50546331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (403350) | (440204) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (779744) | (967428) | (14386362) | (13192691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (422239) | (465568) | (6209435) | (4015678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4674927) | (5135551) | (33337226) | (36065618) |
|  **Total distributions to shareholders** | (14416277) | (15389546) | (97730698) | (105793340) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 99155628 | 126501166 | 1022438445 | 1210316473 |
|  Reinvestment of distributions | 13015249 | 13970147 | 96643867 | 102969697 |
|  Cost of shares redeemed | (161771631) | (196932889) | (1063335773) | (1463311006) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (49600754) | (56461576) | 55746539 | (150024836) |
|  **TOTAL INCREASE (DECREASE)** | (41087235) | (59644139) | 61354723 | (139810686) |
| Net assets: |  |  |  |  |
|  Beginning of year | 478825943 | 538470082 | 1967929590 | 2107740276 |
|  End of year | $437738708 | $478825943 | $2029284313 | $1967929590 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) At the close of business on January 12, 2024, Administration Shares of the Short-Term Conservative Income Fund were liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At the close of business on January 12, 2024, Preferred Shares of the Short-Term Conservative Income Fund were liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
| From operations: |  |  |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;7141007 | $&nbsp;&nbsp;&nbsp;&nbsp;7517999 |
|  Net realized loss | (807597) | (7874779) |
|  Net change in unrealized gain | 2995190 | 1953537 |
|  **Net increase in net assets resulting from operations** | 9328600 | 1596757 |
| Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (319229) | (530022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1794048) | (2050572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares | (3618723) | (3640075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1196081) | (995493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (449558) | (564162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (179160) | (262453) |
|  Return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2301) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (12931) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares | (26082) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (8621) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (3240) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1291) |  |
|  **Total distributions to shareholders** | (7611265) | (8042777) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 29776954 | 41088749 |
|  Reinvestment of distributions | 6970304 | 7408891 |
|  Cost of shares redeemed | (55805149) | (83720968) |
|  **Net decrease in net assets resulting from share transactions** | (19057891) | (35223328) |
|  **TOTAL DECREASE** | (17340556) | (41669348) |
| Net assets: |  |  |
|  Beginning of year | 191424126 | 233093474 |
|  End of year | $174083570 | $191424126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.46 | $9.25 | $9.37 | $9.56 | $9.22 |
|  Net investment income<sup>(a)</sup>  | 0.37 | 0.31 | 0.15 | 0.04 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.10 | 0.21 | (0.05) | (0.18) | 0.34 |
|  Total from investment operations | 0.47 | 0.52 | 0.10 | (0.14) | 0.44 |
|  Distributions to shareholders from net investment income | (0.37) | (0.31) | (0.16) | (0.05) | (0.10) |
|  Distributions to shareholders from net realized gains |  |  | (0.05) |  |  |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.01) |  |  |
|  Total distributions | (0.37) | (0.31) | (0.22) | (0.05) | (0.10) |
|  Net asset value, end of year | $9.56 | $9.46 | $9.25 | $9.37 | $9.56 |
|  **Total return<sup>(c)</sup>**  | 5.20% | 5.65% | 1.14% | (1.48)% | 4.82% |
|  Net assets, end of year (in 000s) | $10830 | $11649 | $13575 | $25272 | $15098 |
|  Ratio of net expenses to average net assets | 0.58% | 0.58% | 0.58% | 0.57% | 0.58% |
|  Ratio of total expenses to average net assets | 0.60% | 0.63% | 0.60% | 0.58% | 0.61% |
|  Ratio of net investment income to average net assets | 3.90% | 3.29% | 1.67% | 0.46% | 1.04% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 23% | 25% | 17% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.47 | $9.26 | $9.38 | $9.57 | $9.23 |
|  Net investment income<sup>(a)</sup>  | 0.37 | 0.31 | 0.16 | 0.04 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.20 | (0.06) | (0.18) | 0.35 |
|  Total from investment operations | 0.48 | 0.51 | 0.10 | (0.14) | 0.44 |
|  Distributions to shareholders from net investment income | (0.37) | (0.30) | (0.16) | (0.05) | (0.10) |
|  Distributions to shareholders from net realized gains |  |  | (0.05) |  |  |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.01) |  |  |
|  Total distributions | (0.37) | (0.30) | (0.22) | (0.05) | (0.10) |
|  Net asset value, end of year | $9.58 | $9.47 | $9.26 | $9.38 | $9.57 |
|  **Total return<sup>(c)</sup>**  | 5.18% | 5.62% | 1.12% | (1.50)% | 4.79% |
|  Net assets, end of year (in 000s) | $3098 | $5403 | $4992 | $4934 | $16333 |
|  Ratio of net expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.59% |
|  Ratio of total expenses to average net assets | 0.62% | 0.65% | 0.63% | 0.60% | 0.63% |
|  Ratio of net investment income to average net assets | 3.87% | 3.28% | 1.74% | 0.39% | 0.97% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 23% | 25% | 17% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.44 | $9.24 | $9.36 | $9.55 | $9.21 |
|  Net investment income<sup>(a)</sup>  | 0.39 | 0.33 | 0.17 | 0.06 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.20 | (0.05) | (0.16) | 0.35 |
|  Total from investment operations | 0.50 | 0.53 | 0.12 | (0.10) | 0.47 |
|  Distributions to shareholders from net investment income | (0.39) | (0.33) | (0.18) | (0.09) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  | (0.05) |  |  |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.01) |  |  |
|  Total distributions | (0.39) | (0.33) | (0.24) | (0.09) | (0.13) |
|  Net asset value, end of year | $9.55 | $9.44 | $9.24 | $9.36 | $9.55 |
|  **Total return<sup>(c)</sup>**  | 5.44% | 5.78% | 1.37% | (1.26)% | 5.18% |
|  Net assets, end of year (in 000s) | $172687 | $175291 | $242734 | $408324 | $299844 |
|  Ratio of net expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.34% | 0.34% |
|  Ratio of total expenses to average net assets | 0.37% | 0.40% | 0.37% | 0.35% | 0.38% |
|  Ratio of net investment income to average net assets | 4.14% | 3.50% | 1.83% | 0.68% | 1.25% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 23% | 25% | 17% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended**<br> **March 31, 2022<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | <br> **2023** | **Period Ended**<br> **March 31, 2022<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |
|  Net asset value, beginning of period | $9.45 | $9.24 | $9.35 | $9.49 |
|  Net investment income<sup>(b)</sup>  | 0.34 | 0.28 | 0.18 | 0.01 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.21 | (0.09) | (0.15) |
|  Total from investment operations | 0.45 | 0.49 | 0.09 | (0.14) |
|  Distributions to shareholders from net investment income | (0.35) | (0.28) | (0.15) | — <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital |  | — <sup>(d)</sup> | — <sup>(d)</sup> |  |
|  Total distributions | (0.35) | (0.28) | (0.20) | — <sup>(c)</sup> |
|  Net asset value, end of period | $9.55 | $9.45 | $9.24 | $9.35 |
|  **Total return<sup>(e)</sup>**  | 4.81% | 5.37% | 0.87% | (1.23)% |
|  Net assets, end of period (in 000s) | $28 | $284 | $275 | $28 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85<sup></sup> %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.87% | 0.90% | 0.89% | 0.85<sup></sup> %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 3.58% | 3.03% | 1.98% | 0.22<sup></sup> %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup>  | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 10, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.44 | $9.23 | $9.35 | $9.54 | $9.19 |
|  Net investment income<sup>(a)</sup>  | 0.38 | 0.31 | 0.17 | 0.06 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.22 | (0.05) | (0.17) | 0.36 |
|  Total from investment operations | 0.49 | 0.53 | 0.12 | (0.11) | 0.47 |
|  Distributions to shareholders from net investment income | (0.39) | (0.32) | (0.18) | (0.08) | (0.12) |
|  Distributions to shareholders from net realized gains |  |  | (0.05) |  |  |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.01) |  |  |
|  Total distributions | (0.39) | (0.32) | (0.24) | (0.08) | (0.12) |
|  Net asset value, end of year | $9.54 | $9.44 | $9.23 | $9.35 | $9.54 |
|  **Total return<sup>(c)</sup>**  | 5.25% | 5.81% | 1.29% | (1.34)% | 5.10% |
|  Net assets, end of year (in 000s) | $2321 | $3499 | $8894 | $11980 | $9184 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% | 0.43% | 0.42% | 0.42% |
|  Ratio of total expenses to average net assets | 0.45% | 0.48% | 0.46% | 0.43% | 0.46% |
|  Ratio of net investment income to average net assets | 4.04% | 3.38% | 1.86% | 0.60% | 1.20% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 23% | 25% | 17% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.45 | $9.24 | $9.36 | $9.55 | $9.21 |
|  Net investment income<sup>(a)</sup>  | 0.39 | 0.33 | 0.17 | 0.06 | 0.13 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.21 | (0.04) | (0.17) | 0.34 |
|  Total from investment operations | 0.50 | 0.54 | 0.13 | (0.11) | 0.47 |
|  Distributions to shareholders from net investment income | (0.40) | (0.33) | (0.19) | (0.08) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  | (0.05) |  |  |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.01) |  |  |
|  Total distributions | (0.40) | (0.33) | (0.25) | (0.08) | (0.13) |
|  Net asset value, end of year | $9.55 | $9.45 | $9.24 | $9.36 | $9.55 |
|  **Total return<sup>(c)</sup>**  | 5.34% | 5.90% | 1.38% | (1.25)% | 5.19% |
|  Net assets, end of year (in 000s) | $2859 | $2912 | $6539 | $14426 | $36558 |
|  Ratio of net expenses to average net assets | 0.34% | 0.34% | 0.34% | 0.33% | 0.33% |
|  Ratio of total expenses to average net assets | 0.36% | 0.39% | 0.36% | 0.34% | 0.37% |
|  Ratio of net investment income to average net assets | 4.14% | 3.49% | 1.87% | 0.66% | 1.34% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 23% | 25% | 17% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.44 | $9.24 | $9.36 | $9.55 | $9.21 |
|  Net investment income<sup>(a)</sup>  | 0.40 | 0.33 | 0.18 | 0.07 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.20 | (0.05) | (0.18) | 0.35 |
|  Total from investment operations | 0.51 | 0.53 | 0.13 | (0.11) | 0.47 |
|  Distributions to shareholders from net investment income | (0.40) | (0.33) | (0.19) | (0.08) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  | (0.05) |  |  |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.01) |  |  |
|  Total distributions | (0.40) | (0.33) | (0.25) | (0.08) | (0.13) |
|  Net asset value, end of year | $9.55 | $9.44 | $9.24 | $9.36 | $9.55 |
|  **Total return<sup>(c)</sup>**  | 5.45% | 5.79% | 1.38% | (1.25)% | 5.19% |
|  Net assets, end of year (in 000s) | $406150 | $325427 | $337021 | $593178 | $294205 |
|  Ratio of net expenses to average net assets | 0.34% | 0.34% | 0.34% | 0.33% | 0.33% |
|  Ratio of total expenses to average net assets | 0.36% | 0.38% | 0.37% | 0.34% | 0.37% |
|  Ratio of net investment income to average net assets | 4.15% | 3.54% | 1.97% | 0.71% | 1.23% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 23% | 25% | 17% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.87 | $13.11 | $14.09 | $15.14 | $15.57 |
|  Net investment income<sup>(a)</sup>  | 0.36 | 0.32 | 0.20 | 0.05 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.25) | (0.96) | (0.77) | (0.35) |
|  Total from investment operations | 0.54 | 0.07 | (0.76) | (0.72) | (0.28) |
|  Distributions to shareholders from net investment income | (0.35) | (0.31) | (0.22) | (0.12) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.35) | (0.31) | (0.22) | (0.33) | (0.15) |
|  Net asset value, end of year | $13.06 | $12.87 | $13.11 | $14.09 | $15.14 |
|  **Total return<sup>(b)</sup>**  | 4.31% | 0.56% | (5.38)% | (4.82)% | (1.73)% |
|  Net assets, end of year (in 000s) | $35241 | $39366 | $45870 | $56679 | $74473 |
|  Ratio of net expenses to average net assets | 0.81% | 0.82% | 0.82% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.30% | 1.25% | 1.12% | 1.09% | 1.07% |
|  Ratio of net investment income to average net assets | 2.76% | 2.46% | 1.53% | 0.35% | 0.43% |
|  Portfolio turnover rate<sup>(c)</sup>  | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.87 | $13.11 | $14.09 | $15.14 | $15.57 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.26 | 0.22 | 0.10 | (0.06) | (0.05) |
|  Net realized and unrealized gain (loss) | 0.18 | (0.25) | (0.96) | (0.77) | (0.34) |
|  Total from investment operations | 0.44 | (0.03) | (0.86) | (0.83) | (0.39) |
|  Distributions to shareholders from net investment income | (0.25) | (0.21) | (0.12) | (0.01) | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.25) | (0.21) | (0.12) | (0.22) | (0.04) |
|  Net asset value, end of year | $13.06 | $12.87 | $13.11 | $14.09 | $15.14 |
|  **Total return<sup>(b)</sup>**  | 3.53% | (0.18)% | (6.09)% | (5.52)% | (2.53)% |
|  Net assets, end of year (in 000s) | $656 | $731 | $840 | $1532 | $2420 |
|  Ratio of net expenses to average net assets | 1.56% | 1.57% | 1.57% | 1.58% | 1.58% |
|  Ratio of total expenses to average net assets | 2.05% | 2.00% | 1.87% | 1.84% | 1.81% |
|  Ratio of net investment income (loss) to average net assets | 2.01% | 1.71% | 0.73% | (0.41)% | (0.31)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.85 | $13.09 | $14.07 | $15.12 | $15.54 |
|  Net investment income<sup>(a)</sup>  | 0.40 | 0.35 | 0.23 | 0.10 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.19 | (0.24) | (0.95) | (0.77) | (0.34) |
|  Total from investment operations | 0.59 | 0.11 | (0.72) | (0.67) | (0.22) |
|  Distributions to shareholders from net investment income | (0.39) | (0.35) | (0.26) | (0.17) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.39) | (0.35) | (0.26) | (0.38) | (0.20) |
|  Net asset value, end of year | $13.05 | $12.85 | $13.09 | $14.07 | $15.12 |
|  **Total return<sup>(b)</sup>**  | 4.63% | 0.87% | (5.10)% | (4.47)% | (1.50)% |
|  Net assets, end of year (in 000s) | $27261 | $33354 | $47454 | $110854 | $148150 |
|  Ratio of net expenses to average net assets | 0.50% | 0.51% | 0.51% | 0.52% | 0.52% |
|  Ratio of total expenses to average net assets | 0.97% | 0.92% | 0.78% | 0.76% | 0.73% |
|  Ratio of net investment income to average net assets | 3.07% | 2.77% | 1.71% | 0.65% | 0.74% |
|  Portfolio turnover rate<sup>(c)</sup>  | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.84 | $13.08 | $14.05 | $15.10 | $15.52 |
|  Net investment income<sup>(a)</sup>  | 0.33 | 0.29 | 0.18 | 0.02 | 0.04 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.25) | (0.96) | (0.77) | (0.34) |
|  Total from investment operations | 0.51 | 0.04 | (0.78) | (0.75) | (0.30) |
|  Distributions to shareholders from net investment income | (0.32) | (0.28) | (0.19) | (0.09) | (0.12) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.32) | (0.28) | (0.19) | (0.30) | (0.12) |
|  Net asset value, end of year | $13.03 | $12.84 | $13.08 | $14.05 | $15.10 |
|  **Total return<sup>(b)</sup>**  | 4.03% | 0.37% | (5.51)% | (5.02)% | (1.93)% |
|  Net assets, end of year (in 000s) | $17921 | $18858 | $21311 | $27085 | $32692 |
|  Ratio of net expenses to average net assets | 1.00% | 1.01% | 1.01% | 1.02% | 1.02% |
|  Ratio of total expenses to average net assets | 1.47% | 1.42% | 1.29% | 1.26% | 1.23% |
|  Ratio of net investment income to average net assets | 2.57% | 2.27% | 1.34% | 0.16% | 0.25% |
|  Portfolio turnover rate<sup>(c)</sup>  | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** | **Government Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.87 | $13.11 | $14.09 | $15.13 | $15.56 |
|  Net investment income<sup>(a)</sup>  | 0.39 | 0.33 | 0.24 | 0.10 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.23) | (0.97) | (0.77) | (0.35) |
|  Total from investment operations | 0.57 | 0.10 | (0.73) | (0.67) | (0.24) |
|  Distributions to shareholders from net investment income | (0.38) | (0.34) | (0.25) | (0.16) | (0.19) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.38) | (0.34) | (0.25) | (0.37) | (0.19) |
|  Net asset value, end of year | $13.06 | $12.87 | $13.11 | $14.09 | $15.13 |
|  **Total return<sup>(b)</sup>**  | 4.57% | 0.81% | (5.14)% | (4.52)% | (1.55)% |
|  Net assets, end of year (in 000s) | $1038 | $2095 | $77074 | $72599 | $6459 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.57% | 0.58% | 0.58% |
|  Ratio of total expenses to average net assets | 1.05% | 0.91% | 0.87% | 0.85% | 0.81% |
|  Ratio of net investment income to average net assets | 3.01% | 2.56% | 1.82% | 0.67% | 0.71% |
|  Portfolio turnover rate<sup>(c)</sup>  | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Government Income Fund | Government Income Fund | Government Income Fund | Government Income Fund | Government Income Fund |
|  | Class R6 Shares | Class R6 Shares | Class R6 Shares | Class R6 Shares | Class R6 Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.85 | $13.09 | $14.07 | $15.11 | $15.54 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.36 | 0.24 | 0.10 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.25) | (0.96) | (0.76) | (0.35) |
|  Total from investment operations | 0.58 | 0.11 | (0.72) | (0.66) | (0.23) |
|  Distributions to shareholders from net investment income | (0.39) | (0.35) | (0.26) | (0.17) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.39) | (0.35) | (0.26) | (0.38) | (0.20) |
|  Net asset value, end of year | $13.04 | $12.85 | $13.09 | $14.07 | $15.11 |
|  **Total return<sup>(b)</sup>** | 4.56% | 0.88% | (5.09)% | (4.46)% | (1.49)% |
|  Net assets, end of year (in 000s) | $7109 | $8112 | $7199 | $8722 | $10019 |
|  Ratio of net expenses to average net assets | 0.49% | 0.50% | 0.50% | 0.51% | 0.51% |
|  Ratio of total expenses to average net assets | 0.96% | 0.92% | 0.78% | 0.75% | 0.72% |
|  Ratio of net investment income to average net assets | 3.08% | 2.79% | 1.85% | 0.67% | 0.75% |
|  Portfolio turnover rate<sup>(c)</sup> | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Government Income Fund | Government Income Fund | Government Income Fund | Government Income Fund | Government Income Fund |
|  | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.86 | $13.10 | $14.08 | $15.12 | $15.55 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.28 | 0.17 | 0.01 | 0.03 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.24) | (0.96) | (0.75) | (0.35) |
|  Total from investment operations | 0.50 | 0.04 | (0.79) | (0.74) | (0.32) |
|  Distributions to shareholders from net investment income | (0.31) | (0.28) | (0.19) | (0.09) | (0.11) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.31) | (0.28) | (0.19) | (0.30) | (0.11) |
|  Net asset value, end of year | $13.05 | $12.86 | $13.10 | $14.08 | $15.12 |
|  **Total return<sup>(b)</sup>** | 3.97% | 0.31% | (5.62)% | (5.00)% | (2.05)% |
|  Net assets, end of year (in 000s) | $9450 | $9954 | $9963 | $10753 | $14021 |
|  Ratio of net expenses to average net assets | 1.06% | 1.07% | 1.07% | 1.08% | 1.08% |
|  Ratio of total expenses to average net assets | 1.55% | 1.51% | 1.37% | 1.34% | 1.32% |
|  Ratio of net investment income to average net assets | 2.51% | 2.22% | 1.29% | 0.10% | 0.19% |
|  Portfolio turnover rate<sup>(c)</sup> | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Government Income Fund | Government Income Fund | Government Income Fund | Government Income Fund | Government Income Fund |
|  | Class P Shares | Class P Shares | Class P Shares | Class P Shares | Class P Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.85 | $13.09 | $14.07 | $15.11 | $15.54 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.36 | 0.25 | 0.10 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.25) | (0.97) | (0.76) | (0.35) |
|  Total from investment operations | 0.58 | 0.11 | (0.72) | (0.66) | (0.23) |
|  Distributions to shareholders from net investment income | (0.39) | (0.35) | (0.26) | (0.17) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.21) |  |
|  Total distributions | (0.39) | (0.35) | (0.26) | (0.38) | (0.20) |
|  Net asset value, end of year | $13.04 | $12.85 | $13.09 | $14.07 | $15.11 |
|  **Total return<sup>(b)</sup>** | 4.56% | 0.88% | (5.09)% | (4.46)% | (1.42)% |
|  Net assets, end of year (in 000s) | $22095 | $12960 | $8092 | $9106 | $13725 |
|  Ratio of net expenses to average net assets | 0.49% | 0.49% | 0.50% | 0.52% | 0.51% |
|  Ratio of total expenses to average net assets | 0.96% | 0.92% | 0.78% | 0.75% | 0.72% |
|  Ratio of net investment income to average net assets | 3.08% | 2.79% | 1.86% | 0.66% | 0.75% |
|  Portfolio turnover rate<sup>(c)</sup> | 830% | 602% | 709% | 578% | 820% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.38 | $9.82 | $11.16 | $11.35 | $10.72 |
|  Net investment income<sup>(a)</sup> | 0.41 | 0.35 | 0.54 | 0.57 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.11 | (0.37) | (1.27) | (0.14) | 0.62 |
|  Total from investment operations | 0.52 | (0.02) | (0.73) | 0.43 | 0.72 |
|  Distributions to shareholders from net investment income | (0.37) | (0.40) | (0.58) | (0.52) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.10) |  |
|  Distributions to shareholders from return of capital |  | (0.02) |  |  |  |
|  Total distributions | (0.37) | (0.42) | (0.61) | (0.62) | (0.09) |
|  Net asset value, end of year | $9.53 | $9.38 | $9.82 | $11.16 | $11.35 |
|  **Total return<sup>(b)</sup>** | 5.67% | (0.17)% | (6.36)% | 3.65% | 6.72% |
|  Net assets, end of year (in 000s) | $28472 | $33182 | $43635 | $61867 | $69090 |
|  Ratio of net expenses to average net assets | 0.67% | 0.68% | 0.67% | 0.67% | 0.67% |
|  Ratio of total expenses to average net assets | 0.82% | 0.79% | 0.74% | 0.71% | 0.75% |
|  Ratio of net investment income to average net assets | 4.35% | 3.64% | 5.32% | 4.89% | 0.86% |
|  Portfolio turnover rate<sup>(c)</sup> | 222% | 165% | 38% | 62% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.15 | $9.57 | $10.89 | $11.12 | $10.54 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.27 | 0.45 | 0.45 | —<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | 0.08 | (0.36) | (1.23) | (0.12) | 0.63 |
|  Total from investment operations | 0.43 | (0.09) | (0.78) | 0.33 | 0.63 |
|  Distributions to shareholders from net investment income | (0.29) | (0.31) | (0.51) | (0.46) | (0.05) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.10) |  |
|  Distributions to shareholders from return of capital |  | (0.02) |  |  |  |
|  Total distributions | (0.29) | (0.33) | (0.54) | (0.56) | (0.05) |
|  Net asset value, end of year | $9.29 | $9.15 | $9.57 | $10.89 | $11.12 |
|  **Total return<sup>(c)</sup>** | 4.80% | (0.86)% | (7.12)% | 2.91% | 6.01% |
|  Net assets, end of year (in 000s) | $842 | $1584 | $3498 | $4327 | $2374 |
|  Ratio of net expenses to average net assets | 1.42% | 1.43% | 1.42% | 1.42% | 1.42% |
|  Ratio of total expenses to average net assets | 1.57% | 1.54% | 1.49% | 1.46% | 1.50% |
|  Ratio of net investment income to average net assets | 3.82% | 2.94% | 4.58% | 4.00% | 0.03% |
|  Portfolio turnover rate<sup>(d)</sup> | 222% | 165% | 38% | 62% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.53 | $9.97 | $11.31 | $11.50 | $10.86 |
|  Net investment income<sup>(a)</sup> | 0.44 | 0.39 | 0.62 | 0.61 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.12 | (0.38) | (1.32) | (0.14) | 0.63 |
|  Total from investment operations | 0.56 | 0.01 | (0.70) | 0.47 | 0.77 |
|  Distributions to shareholders from net investment income | (0.40) | (0.43) | (0.61) | (0.56) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.10) |  |
|  Distributions to shareholders from return of capital |  | (0.02) |  |  |  |
|  Total distributions | (0.40) | (0.45) | (0.64) | (0.66) | (0.13) |
|  Net asset value, end of year | $9.69 | $9.53 | $9.97 | $11.31 | $11.50 |
|  **Total return<sup>(b)</sup>** | 6.04% | 0.16% | (6.05)% | 4.04% | 7.06% |
|  Net assets, end of year (in 000s) | $55757 | $45678 | $86504 | $170776 | $194076 |
|  Ratio of net expenses to average net assets | 0.34% | 0.35% | 0.34% | 0.34% | 0.34% |
|  Ratio of total expenses to average net assets | 0.49% | 0.46% | 0.41% | 0.38% | 0.41% |
|  Ratio of net investment income to average net assets | 4.57% | 4.01% | 6.06% | 5.16% | 1.18% |
|  Portfolio turnover rate<sup>(c)</sup> | 222% | 165% | 38% | 62% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | Investor Shares | Investor Shares | Investor Shares | Investor Shares | Investor Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.46 | $9.89 | $11.24 | $11.43 | $10.79 |
|  Net investment income<sup>(a)</sup> | 0.44 | 0.38 | 0.61 | 0.60 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.10 | (0.37) | (1.33) | (0.14) | 0.62 |
|  Total from investment operations | 0.54 | 0.01 | (0.72) | 0.46 | 0.76 |
|  Distributions to shareholders from net investment income | (0.39) | (0.42) | (0.60) | (0.55) | (0.12) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.10) |  |
|  Distributions to shareholders from return of capital |  | (0.02) |  |  |  |
|  Total distributions | (0.39) | (0.44) | (0.63) | (0.65) | (0.12) |
|  Net asset value, end of year | $9.61 | $9.46 | $9.89 | $11.24 | $11.43 |
|  **Total return<sup>(b)</sup>** | 5.88% | 0.17% | (6.17)% | 3.90% | 7.03% |
|  Net assets, end of year (in 000s) | $13658 | $17699 | $43039 | $77500 | $74650 |
|  Ratio of net expenses to average net assets | 0.42% | 0.43% | 0.42% | 0.42% | 0.42% |
|  Ratio of total expenses to average net assets | 0.57% | 0.54% | 0.49% | 0.46% | 0.49% |
|  Ratio of net investment income to average net assets | 4.67% | 4.00% | 5.98% | 5.16% | 1.21% |
|  Portfolio turnover rate<sup>(c)</sup> | 222% | 165% | 38% | 62% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | Class R6 Shares | Class R6 Shares | Class R6 Shares | Class R6 Shares | Class R6 Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.52 | $9.96 | $11.30 | $11.50 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.37 | 0.56 | 0.60 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.13 | (0.36) | (1.26) | (0.14) | 0.63 |
|  Total from investment operations | 0.56 | 0.01 | (0.70) | 0.46 | 0.78 |
|  Distributions to shareholders from net investment income | (0.40) | (0.43) | (0.61) | (0.56) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.10) |  |
|  Distributions to shareholders from return of capital |  | (0.02) |  |  |  |
|  Total distributions | (0.40) | (0.45) | (0.64) | (0.66) | (0.13) |
|  Net asset value, end of year | $9.68 | $9.52 | $9.96 | $11.30 | $11.50 |
|  **Total return<sup>(b)</sup>** | 6.06% | 0.17% | (6.02)% | 3.96% | 7.17% |
|  Net assets, end of year (in 000s) | $80457 | $115887 | $147866 | $150116 | $107354 |
|  Ratio of net expenses to average net assets | 0.33% | 0.34% | 0.33% | 0.33% | 0.33% |
|  Ratio of total expenses to average net assets | 0.48% | 0.45% | 0.40% | 0.37% | 0.40% |
|  Ratio of net investment income to average net assets | 4.47% | 3.88% | 5.50% | 5.14% | 1.27% |
|  Portfolio turnover rate<sup>(c)</sup> | 222% | 165% | 38% | 62% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.32 | $9.76 | $11.09 | $11.29 | $10.67 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.31 | 0.49 | 0.53 | 0.06 |
|  Net realized and unrealized gain (loss) | 0.14 | (0.36) | (1.24) | (0.13) | 0.63 |
|  Total from investment operations | 0.50 | (0.05) | (0.75) | 0.40 | 0.69 |
|  Distributions to shareholders from net investment income | (0.35) | (0.37) | (0.55) | (0.50) | (0.07) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.10) |  |
|  Distributions to shareholders from return of capital |  | (0.02) |  |  |  |
|  Total distributions | (0.35) | (0.39) | (0.58) | (0.60) | (0.07) |
|  Net asset value, end of year | $9.47 | $9.32 | $9.76 | $11.09 | $11.29 |
|  **Total return<sup>(b)</sup>** | 5.47% | (0.41)% | (6.63)% | 3.45% | 6.43% |
|  Net assets, end of year (in 000s) | $19023 | $15553 | $16584 | $18525 | $17052 |
|  Ratio of net expenses to average net assets | 0.92% | 0.93% | 0.92% | 0.92% | 0.92% |
|  Ratio of total expenses to average net assets | 1.07% | 1.04% | 0.99% | 0.96% | 1.00% |
|  Ratio of net investment income to average net assets | 3.89% | 3.29% | 4.88% | 4.63% | 0.54% |
|  Portfolio turnover rate<sup>(c)</sup> | 222% | 165% | 38% | 62% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | Class P Shares | Class P Shares | Class P Shares | Class P Shares | Class P Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.53 | $9.96 | $11.31 | $11.50 | $10.86 |
|  Net investment income<sup>(a)</sup> | 0.44 | 0.39 | 0.58 | 0.60 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.12 | (0.37) | (1.29) | (0.13) | 0.61 |
|  Total from investment operations | 0.56 | 0.02 | (0.71) | 0.47 | 0.77 |
|  Distributions to shareholders from net investment income | (0.40) | (0.43) | (0.61) | (0.56) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.10) |  |
|  Distributions to shareholders from return of capital |  | (0.02) |  |  |  |
|  Total distributions | (0.40) | (0.45) | (0.64) | (0.66) | (0.13) |
|  Net asset value, end of year | $9.69 | $9.53 | $9.96 | $11.31 | $11.50 |
|  **Total return<sup>(b)</sup>** | 6.05% | 0.27% | (6.11)% | 4.05% | 7.07% |
|  Net assets, end of year (in 000s) | $15000 | $16584 | $26552 | $35167 | $49767 |
|  Ratio of net expenses to average net assets | 0.33% | 0.34% | 0.33% | 0.33% | 0.33% |
|  Ratio of total expenses to average net assets | 0.48% | 0.45% | 0.40% | 0.37% | 0.40% |
|  Ratio of net investment income to average net assets | 4.59% | 4.01% | 5.69% | 5.15% | 1.36% |
|  Portfolio turnover rate<sup>(c)</sup> | 222% | 165% | 38% | 62% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund |
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.57 | $9.44 | $9.72 | $10.15 | $9.68 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.28 | 0.20 | 0.06 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.19 | 0.14 | (0.26) | (0.38) | 0.53 |
|  Total from investment operations | 0.55 | 0.42 | (0.06) | (0.32) | 0.65 |
|  Distributions to shareholders from net investment income | (0.37) | (0.29) | (0.13) | (0.07) | (0.17) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.01) | —<sup>(b)</sup> |
|  Distributions to shareholders from return of capital |  |  | (0.09) | (0.03) | (0.01) |
|  Total distributions | (0.37) | (0.29) | (0.22) | (0.11) | (0.18) |
|  Net asset value, end of year | $9.75 | $9.57 | $9.44 | $9.72 | $10.15 |
|  **Total return<sup>(c)</sup>** | 5.81% | 4.55% | (0.63)% | (3.24)% | 6.64% |
|  Net assets, end of year (in 000s) | $63790 | $47737 | $48018 | $64658 | $82370 |
|  Ratio of net expenses to average net assets | 0.75% | 0.75% | 0.74% | 0.73% | 0.75% |
|  Ratio of total expenses to average net assets | 0.81% | 0.81% | 0.80% | 0.78% | 0.80% |
|  Ratio of net investment income to average net assets | 3.69% | 3.01% | 2.10% | 0.59% | 1.21% |
|  Portfolio turnover rate<sup>(d)</sup> | 227% | 286% | 181% | 240% | 253% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.57 | $9.44 | $9.72 | $10.15 | $9.68 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.25 | 0.16 | 0.02 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.18 | 0.14 | (0.26) | (0.38) | 0.52 |
|  Total from investment operations | 0.50 | 0.39 | (0.10) | (0.36) | 0.61 |
|  Distributions to shareholders from net investment income | (0.33) | (0.26) | (0.10) | (0.04) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.01) | —<sup>(b)</sup> |
|  Distributions to shareholders from return of capital |  |  | (0.08) | (0.02) | (0.01) |
|  Total distributions | (0.33) | (0.26) | (0.18) | (0.07) | (0.14) |
|  Net asset value, end of year | $9.74 | $9.57 | $9.44 | $9.72 | $10.15 |
|  **Total return<sup>(c)</sup>** | 5.39% | 4.03% | (1.02)% | (3.63)% | 6.22% |
|  Net assets, end of year (in 000s) | $1828 | $1922 | $2810 | $2895 | $2556 |
|  Ratio of net expenses to average net assets | 1.15% | 1.15% | 1.14% | 1.12% | 1.15% |
|  Ratio of total expenses to average net assets | 1.56% | 1.56% | 1.55% | 1.53% | 1.55% |
|  Ratio of net investment income to average net assets | 3.29% | 2.60% | 1.72% | 0.21% | 0.88% |
|  Portfolio turnover rate<sup>(d)</sup> | 227% | 286% | 181% | 240% | 253% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund |
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.59 | $9.46 | $9.74 | $10.17 | $9.70 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.31 | 0.23 | 0.09 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.18 | 0.14 | (0.26) | (0.38) | 0.53 |
|  Total from investment operations | 0.57 | 0.45 | (0.03) | (0.29) | 0.69 |
|  Distributions to shareholders from net investment income | (0.40) | (0.32) | (0.15) | (0.09) | (0.21) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.01) | —<sup>(b)</sup> |
|  Distributions to shareholders from return of capital |  |  | (0.10) | (0.04) | (0.01) |
|  Total distributions | (0.40) | (0.32) | (0.25) | (0.14) | (0.22) |
|  Net asset value, end of year | $9.76 | $9.59 | $9.46 | $9.74 | $10.17 |
|  **Total return<sup>(c)</sup>** | 6.14% | 4.76% | (0.31)% | (2.92)% | 6.99% |
|  Net assets, end of year (in 000s) | $154771 | $131635 | $150768 | $172910 | $276641 |
|  Ratio of net expenses to average net assets | 0.44% | 0.44% | 0.43% | 0.41% | 0.42% |
|  Ratio of total expenses to average net assets | 0.48% | 0.48% | 0.47% | 0.45% | 0.47% |
|  Ratio of net investment income to average net assets | 3.99% | 3.32% | 2.46% | 0.89% | 1.58% |
|  Portfolio turnover rate<sup>(d)</sup> | 227% | 286% | 181% | 240% | 253% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund |
|  | Investor Shares | Investor Shares | Investor Shares | Investor Shares | Investor Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.58 | $9.46 | $9.74 | $10.16 | $9.70 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.31 | 0.24 | 0.09 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.19 | 0.13 | (0.28) | (0.37) | 0.52 |
|  Total from investment operations | 0.57 | 0.44 | (0.04) | (0.28) | 0.67 |
|  Distributions to shareholders from net investment income | (0.39) | (0.32) | (0.14) | (0.09) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.01) | —<sup>(b)</sup> |
|  Distributions to shareholders from return of capital |  |  | (0.10) | (0.04) | (0.01) |
|  Total distributions | (0.39) | (0.32) | (0.24) | (0.14) | (0.21) |
|  Net asset value, end of year | $9.76 | $9.58 | $9.46 | $9.74 | $10.16 |
|  **Total return<sup>(c)</sup>** | 6.07% | 4.70% | (0.37)% | (2.89)% | 6.90% |
|  Net assets, end of year (in 000s) | $34049 | $40149 | $64060 | $23825 | $25579 |
|  Ratio of net expenses to average net assets | 0.50% | 0.50% | 0.49% | 0.47% | 0.50% |
|  Ratio of total expenses to average net assets | 0.56% | 0.56% | 0.55% | 0.53% | 0.55% |
|  Ratio of net investment income to average net assets | 3.94% | 3.25% | 2.50% | 0.85% | 1.46% |
|  Portfolio turnover rate<sup>(d)</sup> | 227% | 286% | 181% | 240% | 253% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund | Short Duration Bond Fund |
|  | Class R6 Shares | Class R6 Shares | Class R6 Shares | Class R6 Shares | Class R6 Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.58 | $9.45 | $9.73 | $10.16 | $9.69 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.30 | 0.23 | 0.11 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.19 | 0.15 | (0.26) | (0.40) | 0.53 |
|  Total from investment operations | 0.58 | 0.45 | (0.03) | (0.29) | 0.69 |
|  Distributions to shareholders from net investment income | (0.40) | (0.32) | (0.15) | (0.09) | (0.21) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.01) | —<sup>(b)</sup> |
|  Distributions to shareholders from return of capital |  |  | (0.10) | (0.04) | (0.01) |
|  Total distributions | (0.40) | (0.32) | (0.25) | (0.14) | (0.22) |
|  Net asset value, end of year | $9.76 | $9.58 | $9.45 | $9.73 | $10.16 |
|  **Total return<sup>(c)</sup>** | 6.15% | 4.88% | (0.31)% | (2.92)% | 7.00% |
|  Net assets, end of year (in 000s) | $5782 | $6065 | $81479 | $56824 | $7944 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% | 0.42% | 0.40% | 0.41% |
|  Ratio of total expenses to average net assets | 0.47% | 0.47% | 0.46% | 0.44% | 0.46% |
|  Ratio of net investment income to average net assets | 4.00% | 3.24% | 2.47% | 1.07% | 1.57% |
|  Portfolio turnover rate<sup>(d)</sup> | 227% | 286% | 181% | 240% | 253% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.59 | $9.46 | $9.74 | $10.16 | $9.70 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.26 | 0.17 | 0.04 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.19 | 0.14 | (0.26) | (0.38) | 0.51 |
|  Total from investment operations | 0.52 | 0.40 | (0.09) | (0.34) | 0.62 |
|  Distributions to shareholders from net investment income | (0.34) | (0.27) | (0.11) | (0.05) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.01) | —<sup>(b)</sup> |
|  Distributions to shareholders from return of capital |  |  | (0.08) | (0.02) | (0.01) |
|  Total distributions | (0.34) | (0.27) | (0.19) | (0.08) | (0.16) |
|  Net asset value, end of year | $9.77 | $9.59 | $9.46 | $9.74 | $10.16 |
|  **Total return<sup>(c)</sup>** | 5.54% | 4.30% | (0.87)% | (3.38)% | 6.37% |
|  Net assets, end of year (in 000s) | $30 | $25 | $30 | $161 | $184 |
|  Ratio of net expenses to average net assets | 1.01% | 1.00% | 0.99% | 0.97% | 0.99% |
|  Ratio of total expenses to average net assets | 1.06% | 1.05% | 1.05% | 1.03% | 1.05% |
|  Ratio of net investment income to average net assets | 3.41% | 2.77% | 1.82% | 0.38% | 1.03% |
|  Portfolio turnover rate<sup>(d)</sup> | 227% | 286% | 181% | 240% | 253% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | Class P Shares | Class P Shares | Class P Shares | Class P Shares | Class P Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.58 | $9.45 | $9.74 | $10.16 | $9.70 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.32 | 0.22 | 0.09 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.19 | 0.13 | (0.26) | (0.37) | 0.52 |
|  Total from investment operations | 0.58 | 0.45 | (0.04) | (0.28) | 0.68 |
|  Distributions to shareholders from net investment income | (0.40) | (0.32) | (0.15) | (0.09) | (0.21) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.01) | —<sup>(b)</sup> |
|  Distributions to shareholders from return of capital |  |  | (0.10) | (0.04) | (0.01) |
|  Total distributions | (0.40) | (0.32) | (0.25) | (0.14) | (0.22) |
|  Net asset value, end of year | $9.76 | $9.58 | $9.45 | $9.74 | $10.16 |
|  **Total return<sup>(c)</sup>** | 6.15% | 4.77% | (0.30)% | (2.82)% | 7.00% |
|  Net assets, end of year (in 000s) | $1011164 | $1007371 | $1104122 | $2148459 | $2080421 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% | 0.42% | 0.40% | 0.41% |
|  Ratio of total expenses to average net assets | 0.47% | 0.47% | 0.46% | 0.44% | 0.46% |
|  Ratio of net investment income to average net assets | 4.01% | 3.33% | 2.37% | 0.94% | 1.61% |
|  Portfolio turnover rate<sup>(d)</sup> | 227% | 286% | 181% | 240% | 253% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.20 | $9.26 | $9.52 | $10.00 | $9.97 |
|  Net investment income (loss)<sup>(a)</sup> | 0.26 | 0.25 | 0.14 | (0.04) | 0.01 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.05) | (0.25) | (0.41) | 0.11 |
|  Total from investment operations | 0.44 | 0.20 | (0.11) | (0.45) | 0.12 |
|  Distributions to shareholders from net investment income | (0.26) | (0.26) | (0.15) | (0.03) | (0.09) |
|  Net asset value, end of year | $9.38 | $9.20 | $9.26 | $9.52 | $10.00 |
|  **Total return<sup>(b)</sup>** | 4.77% | 2.26% | (1.22)% | (4.39)% | 1.17% |
|  Net assets, end of year (in 000s) | $49316 | $51300 | $60857 | $70980 | $105604 |
|  Ratio of net expenses to average net assets | 0.81% | 0.81% | 0.81% | 0.81% | 0.79% |
|  Ratio of total expenses to average net assets | 0.92% | 0.92% | 0.90% | 0.88% | 0.87% |
|  Ratio of net investment income (loss) to average net assets | 2.82% | 2.74% | 1.48% | (0.39)% | 0.13% |
|  Portfolio turnover rate<sup>(c)</sup> | 913% | 782% | 655% | 466% | 566% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.13 | $9.18 | $9.45 | $9.93 | $9.90 |
|  Net investment income (loss)<sup>(a)</sup> | 0.22 | 0.21 | 0.10 | (0.08) | (0.02) |
|  Net realized and unrealized gain (loss) | 0.17 | (0.04) | (0.26) | (0.39) | 0.10 |
|  Total from investment operations | 0.39 | 0.17 | (0.16) | (0.47) | 0.08 |
|  Distributions to shareholders from net investment income | (0.22) | (0.22) | (0.11) | (0.01) | (0.05) |
|  Net asset value, end of year | $9.30 | $9.13 | $9.18 | $9.45 | $9.93 |
|  **Total return<sup>(b)</sup>** | 4.37% | 1.85% | (1.64)% | (4.77)% | 0.77% |
|  Net assets, end of year (in 000s) | $2573 | $3783 | $6088 | $8916 | $13685 |
|  Ratio of net expenses to average net assets | 1.21% | 1.21% | 1.21% | 1.21% | 1.19% |
|  Ratio of total expenses to average net assets | 1.67% | 1.67% | 1.65% | 1.63% | 1.62% |
|  Ratio of net investment income (loss) to average net assets | 2.43% | 2.33% | 1.06% | (0.78)% | (0.25)% |
|  Portfolio turnover rate<sup>(c)</sup> | 913% | 782% | 655% | 466% | 566% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Short Duration Government Fund | Short Duration Government Fund | Short Duration Government Fund | Short Duration Government Fund | Short Duration Government Fund |
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.17 | $9.23 | $9.49 | $9.97 | $9.93 |
|  Net investment income (loss)<sup>(a)</sup> | 0.29 | 0.28 | 0.17 | (0.01) | 0.04 |
|  Net realized and unrealized gain (loss) | 0.17 | (0.06) | (0.25) | (0.41) | 0.12 |
|  Total from investment operations | 0.46 | 0.22 | (0.08) | (0.42) | 0.16 |
|  Distributions to shareholders from net investment income | (0.29) | (0.28) | (0.18) | (0.06) | (0.12) |
|  Net asset value, end of year | $9.34 | $9.17 | $9.23 | $9.49 | $9.97 |
|  **Total return<sup>(b)</sup>** | 5.13% | 2.48% | (0.80)% | (4.09)% | 1.51% |
|  Net assets, end of year (in 000s) | $193174 | $215245 | $225558 | $305174 | $510541 |
|  Ratio of net expenses to average net assets | 0.48% | 0.48% | 0.48% | 0.48% | 0.46% |
|  Ratio of total expenses to average net assets | 0.59% | 0.59% | 0.57% | 0.55% | 0.54% |
|  Ratio of net investment income (loss) to average net assets | 3.15% | 3.07% | 1.79% | (0.06)% | 0.44% |
|  Portfolio turnover rate<sup>(c)</sup> | 913% | 782% | 655% | 466% | 566% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **98** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.16 | $9.22 | $9.48 | $9.95 | $9.92 |
|  Net investment income (loss)<sup>(a)</sup> | 0.25 | 0.23 | 0.13 | (0.05) | —<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | 0.17 | (0.05) | (0.25) | (0.40) | 0.10 |
|  Total from investment operations | 0.42 | 0.18 | (0.12) | (0.45) | 0.10 |
|  Distributions to shareholders from net investment income | (0.25) | (0.24) | (0.14) | (0.02) | (0.07) |
|  Net asset value, end of year | $9.33 | $9.16 | $9.22 | $9.48 | $9.95 |
|  **Total return<sup>(c)</sup>** | 4.61% | 2.08% | (1.40)% | (4.56)% | 1.00% |
|  Net assets, end of year (in 000s) | $14822 | $15314 | $18289 | $17521 | $20016 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.98% | 0.98% | 0.96% |
|  Ratio of total expenses to average net assets | 1.09% | 1.09% | 1.07% | 1.05% | 1.04% |
|  Ratio of net investment income (loss) to average net assets | 2.65% | 2.57% | 1.36% | (0.53)% | (0.03)% |
|  Portfolio turnover rate<sup>(d)</sup> | 913% | 782% | 655% | 466% | 566% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **99** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.21 | $9.27 | $9.53 | $10.01 | $9.98 |
|  Net investment income (loss)<sup>(a)</sup> | 0.29 | 0.27 | 0.17 | (0.01) | 0.04 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.05) | (0.25) | (0.41) | 0.10 |
|  Total from investment operations | 0.47 | 0.22 | (0.08) | (0.42) | 0.14 |
|  Distributions to shareholders from net investment income | (0.29) | (0.28) | (0.18) | (0.06) | (0.11) |
|  Net asset value, end of year | $9.39 | $9.21 | $9.27 | $9.53 | $10.01 |
|  **Total return<sup>(b)</sup>** | 5.03% | 2.51% | (0.97)% | (4.15)% | 1.53% |
|  Net assets, end of year (in 000s) | $16530 | $28339 | $35606 | $27635 | $38958 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.56% | 0.56% | 0.54% |
|  Ratio of total expenses to average net assets | 0.67% | 0.67% | 0.65% | 0.63% | 0.62% |
|  Ratio of net investment income (loss) to average net assets | 3.07% | 2.98% | 1.83% | (0.13)% | 0.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 913% | 782% | 655% | 466% | 566% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **100** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.17 | $9.23 | $9.49 | $9.97 | $9.94 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.28 | 0.17 | — <sup>(b)</sup> | 0.05 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.05) | (0.25) | (0.41) | 0.10 |
|  Total from investment operations | 0.47 | 0.23 | (0.08) | (0.41) | 0.15 |
|  Distributions to shareholders from net investment income | (0.29) | (0.29) | (0.18) | (0.07) | (0.12) |
|  Net asset value, end of year | $9.35 | $9.17 | $9.23 | $9.49 | $9.97 |
|  **Total return<sup>(c)</sup>** | 5.14% | 2.60% | (0.89)% | (3.98)% | 1.52% |
|  Net assets, end of year (in 000s) | $12005 | $15608 | $13995 | $13385 | $16029 |
|  Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.47% | 0.47% | 0.45% |
|  Ratio of total expenses to average net assets | 0.58% | 0.58% | 0.56% | 0.54% | 0.53% |
|  Ratio of net investment income (loss) to average net assets | 3.17% | 3.09% | 1.86% | (0.02)% | 0.48% |
|  Portfolio turnover rate<sup>(d)</sup> | 913% | 782% | 655% | 466% | 566% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **101** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.17 | $9.22 | $9.49 | $9.96 | $9.93 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.28 | 0.17 | — <sup>(b)</sup> | 0.05 |
|  Net realized and unrealized gain (loss) | 0.17 | (0.04) | (0.26) | (0.40) | 0.10 |
|  Total from investment operations | 0.46 | 0.24 | (0.09) | (0.40) | 0.15 |
|  Distributions to shareholders from net investment income | (0.29) | (0.29) | (0.18) | (0.07) | (0.12) |
|  Net asset value, end of year | $9.34 | $9.17 | $9.22 | $9.49 | $9.96 |
|  **Total return<sup>(c)</sup>** | 5.14% | 2.60% | (0.89)% | (4.08)% | 1.52% |
|  Net assets, end of year (in 000s) | $149319 | $149238 | $178078 | $246221 | $337747 |
|  Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.47% | 0.47% | 0.45% |
|  Ratio of total expenses to average net assets | 0.58% | 0.58% | 0.56% | 0.54% | 0.53% |
|  Ratio of net investment income (loss) to average net assets | 3.16% | 3.08% | 1.83% | (0.03)% | 0.49% |
|  Portfolio turnover rate<sup>(d)</sup> | 913% | 782% | 655% | 466% | 566% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **102** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.07 | $10.02 | $10.01 | $10.07 | $9.88 |
|  Net investment income<sup>(a)</sup> | 0.48 | 0.51 | 0.23 | — <sup>(b)</sup> | 0.04 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.05 | 0.02 | (0.05) | 0.20 |
|  Total from investment operations | 0.51 | 0.56 | 0.25 | (0.05) | 0.24 |
|  Distributions to shareholders from net investment income | (0.48) | (0.51) | (0.24) | (0.01) | (0.05) |
|  Net asset value, end of year | $10.10 | $10.07 | $10.02 | $10.01 | $10.07 |
|  **Total return<sup>(c)</sup>** | 5.19% | 5.68% | 2.57% | (0.54)% | 2.42% |
|  Net assets, end of year (in 000s) | $89054 | $50595 | $33870 | $50104 | $122562 |
|  Ratio of net expenses to average net assets | 0.46% | 0.47% | 0.47% | 0.44% | 0.45% |
|  Ratio of total expenses to average net assets | 0.55% | 0.56% | 0.55% | 0.54% | 0.54% |
|  Ratio of net investment income to average net assets | 4.74% | 5.06% | 2.31% | — %<sup>(d)</sup> | 0.38% |
|  Portfolio turnover rate<sup>(e)</sup> | 117% | 180% | 86% | 102% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than 0.005% per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **103** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.08 | $10.03 | $10.01 | $10.07 | $9.88 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.53 | 0.24 | 0.02 | 0.06 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.05 | 0.05 | (0.05) | 0.20 |
|  Total from investment operations | 0.54 | 0.58 | 0.29 | (0.03) | 0.26 |
|  Distributions to shareholders from net investment income | (0.51) | (0.53) | (0.27) | (0.03) | (0.07) |
|  Net asset value, end of year | $10.11 | $10.08 | $10.03 | $10.01 | $10.07 |
|  **Total return<sup>(b)</sup>** | 5.43% | 5.92% | 2.90% | (0.32)% | 2.66% |
|  Net assets, end of year (in 000s) | $767057 | $927495 | $950889 | $1954768 | $2598107 |
|  Ratio of net expenses to average net assets | 0.23% | 0.24% | 0.24% | 0.22% | 0.22% |
|  Ratio of total expenses to average net assets | 0.32% | 0.33% | 0.32% | 0.31% | 0.31% |
|  Ratio of net investment income to average net assets | 5.03% | 5.27% | 2.39% | 0.22% | 0.63% |
|  Portfolio turnover rate<sup>(c)</sup> | 117% | 180% | 86% | 102% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **104** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.08 | $10.02 | $10.01 | $10.07 | $9.88 |
|  Net investment income<sup>(a)</sup> | 0.50 | 0.52 | 0.29 | 0.01 | 0.06 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.06 | (0.02) | (0.05) | 0.19 |
|  Total from investment operations | 0.53 | 0.58 | 0.27 | (0.04) | 0.25 |
|  Distributions to shareholders from net investment income | (0.50) | (0.52) | (0.26) | (0.02) | (0.06) |
|  Net asset value, end of year | $10.11 | $10.08 | $10.02 | $10.01 | $10.07 |
|  **Total return<sup>(b)</sup>** | 5.24% | 5.94% | 2.72% | (0.40)% | 2.57% |
|  Net assets, end of year (in 000s) | $332776 | $247017 | $248024 | $112830 | $94682 |
|  Ratio of net expenses to average net assets | 0.31% | 0.32% | 0.32% | 0.30% | 0.30% |
|  Ratio of total expenses to average net assets | 0.40% | 0.41% | 0.40% | 0.39% | 0.39% |
|  Ratio of net investment income to average net assets | 4.92% | 5.20% | 2.89% | 0.15% | 0.60% |
|  Portfolio turnover rate<sup>(c)</sup> | 117% | 180% | 86% | 102% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **105** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.08 | $10.02 | $10.01 | $10.08 | $9.89 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.53 | 0.22 | 0.02 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.06 | 0.06 | (0.06) | 0.19 |
|  Total from investment operations | 0.54 | 0.59 | 0.28 | (0.04) | 0.26 |
|  Distributions to shareholders from net investment income | (0.51) | (0.53) | (0.27) | (0.03) | (0.07) |
|  Net asset value, end of year | $10.11 | $10.08 | $10.02 | $10.01 | $10.08 |
|  **Total return<sup>(b)</sup>** | 5.34% | 6.03% | 2.81% | (0.41)% | 2.66% |
|  Net assets, end of year (in 000s) | $110806 | $93343 | $72414 | $180045 | $313236 |
|  Ratio of net expenses to average net assets | 0.22% | 0.23% | 0.23% | 0.21% | 0.21% |
|  Ratio of total expenses to average net assets | 0.31% | 0.32% | 0.31% | 0.30% | 0.30% |
|  Ratio of net investment income to average net assets | 5.01% | 5.29% | 2.22% | 0.24% | 0.70% |
|  Portfolio turnover rate<sup>(c)</sup> | 117% | 180% | 86% | 102% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **106** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.07 | $10.02 | $10.00 | $10.07 | $9.87 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.53 | 0.24 | 0.02 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.05 | 0.05 | (0.06) | 0.20 |
|  Total from investment operations | 0.54 | 0.58 | 0.29 | (0.04) | 0.27 |
|  Distributions to shareholders from net investment income | (0.51) | (0.53) | (0.27) | (0.03) | (0.07) |
|  Net asset value, end of year | $10.10 | $10.07 | $10.02 | $10.00 | $10.07 |
|  **Total return<sup>(b)</sup>** | 5.44% | 5.93% | 2.91% | (0.41)% | 2.77% |
|  Net assets, end of year (in 000s) | $729591 | $649480 | $802487 | $1716714 | $3136259 |
|  Ratio of net expenses to average net assets | 0.22% | 0.23% | 0.23% | 0.21% | 0.21% |
|  Ratio of total expenses to average net assets | 0.31% | 0.32% | 0.31% | 0.30% | 0.30% |
|  Ratio of net investment income to average net assets | 5.02% | 5.28% | 2.40% | 0.23% | 0.65% |
|  Portfolio turnover rate<sup>(c)</sup> | 117% | 180% | 86% | 102% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **107** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.84 | $9.06 | $9.87 | $10.56 | $10.55 |
|  Net investment income (loss)<sup>(a)</sup> | 0.32 | 0.30 | 0.20 | (0.01) | 0.12 |
|  Net realized and unrealized gain (loss) | 0.12 | (0.20) | (0.77) | (0.57) | 0.16 |
|  Total from investment operations | 0.44 | 0.10 | (0.57) | (0.58) | 0.28 |
|  Distributions to shareholders from net investment income | (0.35) | (0.32) | (0.24) | (0.10) | (0.27) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  |  | (0.01) |  |
|  Total distributions | (0.35) | (0.32) | (0.24) | (0.11) | (0.27) |
|  Net asset value, end of year | $8.93 | $8.84 | $9.06 | $9.87 | $10.56 |
|  **Total return<sup>(c)</sup>** | 5.05% | 1.15% | (5.73)% | (5.48)% | 2.54% |
|  Net assets, end of year (in 000s) | $5754 | $14053 | $19159 | $30488 | $38327 |
|  Ratio of net expenses to average net assets | 0.78% | 0.79% | 0.78% | 0.77% | 0.78% |
|  Ratio of total expenses to average net assets | 0.93% | 0.91% | 0.88% | 0.84% | 0.81% |
|  Ratio of net investment income (loss) to average net assets | 3.66% | 3.35% | 2.12% | (0.08)% | 1.08% |
|  Portfolio turnover rate<sup>(d)</sup> | 1896% | 1369% | 1386% | 1242% | 1,027% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **108** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.87 | $9.08 | $9.89 | $10.58 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.32 | 0.24 | 0.02 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.12 | (0.18) | (0.78) | (0.57) | 0.14 |
|  Total from investment operations | 0.47 | 0.14 | (0.54) | (0.55) | 0.30 |
|  Distributions to shareholders from net investment income | (0.38) | (0.35) | (0.27) | (0.13) | (0.30) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  |  | (0.01) |  |
|  Total distributions | (0.38) | (0.35) | (0.27) | (0.14) | (0.30) |
|  Net asset value, end of year | $8.96 | $8.87 | $9.08 | $9.89 | $10.58 |
|  **Total return<sup>(c)</sup>** | 5.51% | 1.49% | (5.40)% | (5.24)% | 2.88% |
|  Net assets, end of year (in 000s) | $47481 | $41265 | $65787 | $66445 | $89598 |
|  Ratio of net expenses to average net assets | 0.45% | 0.46% | 0.45% | 0.44% | 0.45% |
|  Ratio of total expenses to average net assets | 0.61% | 0.58% | 0.55% | 0.51% | 0.48% |
|  Ratio of net investment income to average net assets | 3.97% | 3.66% | 2.56% | 0.16% | 1.48% |
|  Portfolio turnover rate<sup>(d)</sup> | 1896% | 1369% | 1386% | 1242% | 1,027% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **109** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.84 | $9.06 | $9.87 | $10.56 | $10.55 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.32 | 0.23 | 0.03 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.12 | (0.19) | (0.77) | (0.58) | 0.17 |
|  Total from investment operations | 0.47 | 0.13 | (0.54) | (0.55) | 0.32 |
|  Distributions to shareholders from net investment income | (0.38) | (0.35) | (0.27) | (0.13) | (0.31) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  |  | (0.01) |  |
|  Total distributions | (0.38) | (0.35) | (0.27) | (0.14) | (0.31) |
|  Net asset value, end of year | $8.93 | $8.84 | $9.06 | $9.87 | $10.56 |
|  **Total return<sup>(c)</sup>** | 5.41% | 1.49% | (5.41)% | (5.25)% | 2.99% |
|  Net assets, end of year (in 000s) | $77118 | $91446 | $97749 | $115063 | $150887 |
|  Ratio of net expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.43% | 0.44% |
|  Ratio of total expenses to average net assets | 0.59% | 0.57% | 0.54% | 0.50% | 0.47% |
|  Ratio of net investment income to average net assets | 3.99% | 3.69% | 2.54% | 0.25% | 1.44% |
|  Portfolio turnover rate<sup>(d)</sup> | 1896% | 1369% | 1386% | 1242% | 1,027% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **110** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.86 | $9.08 | $9.89 | $10.58 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.32 | 0.23 | 0.01 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.11 | (0.20) | (0.77) | (0.57) | 0.14 |
|  Total from investment operations | 0.46 | 0.12 | (0.54) | (0.56) | 0.30 |
|  Distributions to shareholders from net investment income | (0.37) | (0.34) | (0.27) | (0.12) | (0.30) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  |  | (0.01) |  |
|  Total distributions | (0.37) | (0.34) | (0.27) | (0.13) | (0.30) |
|  Net asset value, end of year | $8.95 | $8.86 | $9.08 | $9.89 | $10.58 |
|  **Total return<sup>(c)</sup>** | 5.31% | 1.52% | (5.58)% | (5.32)% | 2.79% |
|  Net assets, end of year (in 000s) | $30810 | $26297 | $25775 | $30695 | $57023 |
|  Ratio of net expenses to average net assets | 0.53% | 0.54% | 0.53% | 0.52% | 0.53% |
|  Ratio of total expenses to average net assets | 0.69% | 0.66% | 0.63% | 0.59% | 0.57% |
|  Ratio of net investment income to average net assets | 3.89% | 3.60% | 2.45% | 0.10% | 1.47% |
|  Portfolio turnover rate<sup>(d)</sup> | 1896% | 1369% | 1386% | 1242% | 1,027% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **111** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.86 | $9.08 | $9.89 | $10.58 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.24 | 0.05 | 0.17 |
|  Net realized and unrealized gain (loss) | 0.12 | (0.20) | (0.78) | (0.60) | 0.14 |
|  Total from investment operations | 0.47 | 0.13 | (0.54) | (0.55) | 0.31 |
|  Distributions to shareholders from net investment income | (0.38) | (0.35) | (0.27) | (0.13) | (0.31) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  |  | (0.01) |  |
|  Total distributions | (0.38) | (0.35) | (0.27) | (0.14) | (0.31) |
|  Net asset value, end of year | $8.95 | $8.86 | $9.08 | $9.89 | $10.58 |
|  **Total return<sup>(c)</sup>** | 5.40% | 1.50% | (5.39)% | (5.23)% | 2.89% |
|  Net assets, end of year (in 000s) | $10236 | $11969 | $17665 | $19337 | $8245 |
|  Ratio of net expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.43% | 0.44% |
|  Ratio of total expenses to average net assets | 0.59% | 0.57% | 0.54% | 0.50% | 0.49% |
|  Ratio of net investment income to average net assets | 3.99% | 3.68% | 2.56% | 0.47% | 1.55% |
|  Portfolio turnover rate<sup>(d)</sup> | 1896% | 1369% | 1386% | 1242% | 1,027% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **112** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.86 | $9.07 | $9.89 | $10.58 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.33 | 0.25 | 0.02 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.11 | (0.19) | (0.80) | (0.57) | 0.17 |
|  Total from investment operations | 0.47 | 0.14 | (0.55) | (0.55) | 0.31 |
|  Distributions to shareholders from net investment income | (0.38) | (0.35) | (0.27) | (0.13) | (0.31) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  |  | (0.01) |  |
|  Total distributions | (0.38) | (0.35) | (0.27) | (0.14) | (0.31) |
|  Net asset value, end of year | $8.95 | $8.86 | $9.07 | $9.89 | $10.58 |
|  **Total return<sup>(c)</sup>** | 5.40% | 1.61% | (5.50)% | (5.23)% | 2.89% |
|  Net assets, end of year (in 000s) | $2686 | $6394 | $6959 | $4471 | $12382 |
|  Ratio of net expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.43% | 0.44% |
|  Ratio of total expenses to average net assets | 0.59% | 0.57% | 0.55% | 0.50% | 0.46% |
|  Ratio of net investment income to average net assets | 4.02% | 3.69% | 2.78% | 0.17% | 1.30% |
|  Portfolio turnover rate<sup>(d)</sup> | 1896% | 1369% | 1386% | 1242% | 1,027% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **113** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/**<br> **Non-diversified** |
| Goldman Sachs Enhanced Income Fund | A, Administration, Institutional, Service, Investor, R6 and P | Diversified |
| Goldman Sachs Government Income Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Inflation Protected Securities Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Short Duration Bond Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Short Duration Government Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |
| Goldman Sachs Short-Term Conservative Income Fund | A, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs U.S. Mortgages Fund | A, Institutional, Separate Account Institutional, Investor, R6 and P | Diversified |

---

Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government and U.S. Mortgages Funds are sold with a front-end sales charge of up to 3.75%, 3.75%, 1.50%, 1.50% and 3.75%, respectively. Class C Shares are generally sold with a contingent deferred sales charge ("CDSC") of 1.00% (0.65% for Short Duration Bond and Short Duration Government Funds), which is imposed on redemptions made within 12 months of purchase. Class A Shares of the Enhanced Income and Short-Term Conservative Income Funds are not subject to a sales charge. Similarly, Administration, Institutional, Service, Separate Account Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**114**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Income Dividends**<br>| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>| **Capital Gains Distributions**<br>|
| **Fund** | **Declared/Paid** |  | **Declared/Paid** |
| Enhanced Income Fund | Daily/Monthly |  | Annually |
| Government Income Fund | Daily/Monthly |  | Annually |
| Inflation Protected Securities Fund | Quarterly/Quarterly |  | Annually |
| Short Duration Bond Fund | Daily/Monthly |  | Annually |
| Short Duration Government Fund | Daily/Monthly |  | Annually |
| Short-Term Conservative Income Fund | Daily/Monthly |  | Annually |
| U.S. Mortgages Fund | Daily/Monthly | | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**115**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**116**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Shares class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Inverse Floaters — The interest rate on inverse floating rate securities ("inverse floaters") resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**117**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the ;underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**118**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**119**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $300321614 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 91470183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 30308450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 11280068 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 2277196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 1332699 |  |
|  Investment Company | 35629321 |  |  |
|  Short-term Investments |  | 116682451 |  |
|  **Total** | $46909389 | $542392593 | $— |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $76442 | $— |
|  Futures Contracts | 244147 |  |  |
|  Interest Rate Swap Contracts |  | 763314 |  |
|  **Total** | $244147 | $839756 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**120**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(205131) | $— |
|  Interest Rate Swap Contracts |  | (1470711) |  |
|  **Total** | $— | $(1675842) | $— |
| **GOVERNMENT INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $74675946 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 37846786 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 23489425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 3220828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 2110663 |  |
|  Investment Company | 2553 |  |  |
|  **Total** | $37849339 | $103496862 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(16496373) | $— |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $107379 | $— | $— |
|  Interest Rate Swap Contracts |  | 45368 |  |
|  **Total** | $107379 | $45368 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Interest Rate Swap Contracts | $— | $(152556) | $— |
| **INFLATION PROTECTED SECURITIES FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $204404580 | $— | $— |
|  Investment Company | 3168972 |  |  |
|  **Total** | $207573552 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**121**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **INFLATION PROTECTED SECURITIES FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $671125 | $— | $— |
|  Interest Rate Swap Contracts |  | 1062943 |  |
|  **Total** | $671125 | $1062943 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(192371) | $— | $— |
|  Interest Rate Swap Contracts |  | (1453822) |  |
|  **Total** | $(192371) | $(1453822) | $— |
| **SHORT DURATION BOND FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $709510663 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 223882362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 171011592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 68217610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 25427734 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | 4974 |  |
|  Investment Company | 51061035 |  |  |
|  Short-term Investments |  | 24835807 |  |
|  **Total** | $119278645 | $1154673132 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(17997162) | $— |
|  **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1295557 | $— |
|  Futures Contracts<sup>(a)</sup> | 1330614 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 3698306 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 716019 |  |
|  Purchased Option Contracts |  | 314403 |  |
|  **Total** | $1330614 | $6024285 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**122**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **SHORT DURATION BOND FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(1544784) | $— |
|  Futures Contracts<sup>(a)</sup> | (116680) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (2513780) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (292179) |  |
|  Written Option Contracts |  | (206361) |  |
|  **Total** | $(116680) | $(4557104) | $— |
| **SHORT DURATION GOVERNMENT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $275328113 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 140920612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 54885490 |  |
|  **Total** | $275328113 | $195806102 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(67311945) | $— |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $543352 | $— | $— |
|  Interest Rate Swap Contracts |  | 134375 |  |
|  **Total** | $543352 | $134375 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(194004) | $— | $— |
|  Interest Rate Swap Contracts |  | (441191) |  |
|  **Total** | $(194004) | $(441191) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**123**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM CONSERVATIVE INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1205590026 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 167816668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 98015320 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 13582897 |  |
|  Investment Company | 40812045 |  |  |
|  Short-term Investments |  | 544824499 |  |
|  **Total** | $138827365 | $1931814090 | $— |
| **U.S. MORTGAGES FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $230972977 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 9056156 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2447625 |  |
|  Investment Company | 675553 |  |  |
|  **Total** | $9731709 | $233420602 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(41011142) | $— |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $10904 | $— | $— |
|  Interest Rate Swap Contracts |  | 49959 |  |
|  **Total** | $10904 | $49959 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(24251) | $— |
|  Futures Contracts | (64077) |  |  |
|  Interest Rate Swap Contracts |  | (165696) |  |
|  Credit Default Swap Contracts |  | (9005) |  |
|  **Total** | $(64077) | $(198952) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**124**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Enhanced Income Fund** | **Enhanced Income Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $76442 | Payable for unrealized loss on forward foreign currency exchange contracts | $(205131) |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | 1007461 <sup>(a)</sup> | Variation margin on swap contracts | (1470711)<sup>(a)</sup> |
|  **Total** |  | $1083903 |  | $(1675842) |
| **Government Income Fund** | **Government Income Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | $152747 <sup>(a)</sup> | Variation margin on swap contracts | $(152556)<sup>(a)</sup> |
| **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | $1734068 <sup>(a)</sup> | Variation margin on futures contracts; Variation margin on swap contracts | $(1646193)<sup>(a)</sup> |
| **Short Duration Bond Fund** | **Short Duration Bond Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $716019 <sup>(a)</sup> | Variation margin on swap contracts; payable for unrealized loss on swap contracts | $(292179)<sup>(a)(b)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 1295557 | Payable for unrealized loss on forward foreign currency exchange contracts | (1544784) |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 5343323 <sup>(a)</sup> | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (2836821)<sup>(a)</sup> |
|  **Total** |  | $7354899 |  | $(4673784) |
| **Short Duration Government Fund** | **Short Duration Government Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | $677727 <sup>(a)</sup> | Variation margin on futures contracts; Variation margin on swap contracts | $(635195)<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**125**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Payable for unrealized loss on swap contracts | $(9005)<sup>(b)</sup> |
| Currency |  |  | Payable for unrealized loss on forward<br> foreign currency contracts | (24251) |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | 60863 <sup>(a)</sup> | Variation margin on futures contracts; Variation margin on swap contracts | (229773)<sup>(a)</sup> |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;60863 |  | $&nbsp;&nbsp;&nbsp;&nbsp;(263029) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information section of the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate of amounts includes $23,818 and $9,005 for the Short Duration Bond and U.S. Mortgages Funds, respectively, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, the Fund's performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Enhanced Income Fund** | **Enhanced Income Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $312296 | $(160956) |
| Interest rate | Net realized gain (loss) from futures contracts, written option contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303011) |
|  **Total** |  | $(220957) | $(463967) |
| **Government Income Fund** | **Government Income Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Interest rate | Net realized gain (loss) from purchased option contracts, futures contracts, swap contracts and written option contracts / Net change in unrealized gain (loss) on futures contracts and swap contracts | $97985 | $(163580) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**126**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts | $2885893 | $(1860909) |
| **Short Duration Bond Fund** | **Short Duration Bond Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $1154590 | $17752 |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 874243 | (464192) |
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts, swap contract, purchased options contracts and written options contracts | 4396639 | (2904629) |
|  **Total** |  | $6425472 | $(3351069) |
| **Short Duration Government Fund** | **Short Duration Government Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Interest rate | Net realized gain (loss) from futures contracts, written option contracts and swap contracts//Net change in unrealized gain (loss) on futures contracts and swap contracts | $(751352) | $553137 |
| **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $28633 | $(15251) |
| Currency | Net change in unrealized loss on forward foreign currency exchange contracts |  | (24251) |
| Interest rate | Net realized gain (loss) from futures contracts, written option contracts, purchased option contracts and swap contracts; /Net change in unrealized gain (loss) on futures contracts and swap contracts | (59522) | (290898) |
|  **Total** |  | $(30889) | $(330400) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**127**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended March 31, 2025, the relevant values for each derivative type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| **Fund** | **Futures**<br>**Contracts** | **Forward**<br>**Contracts** | **Swap**<br>**Agreements** | **Purchased**<br>**Swaptions** | **Written**<br>**Swaptions** |
|  Enhanced Income Fund | 776 | $4899436 | $262196167 | $— | $36800000 |
|  Government Income Fund | 208 |  | 81117700 | 1140000 | 12800000 |
|  Inflation Protected Securities Fund | 870 |  | 224187517 | 2280000 | 50060000 |
|  Short Duration Bond Fund | 3374 | 238750392 | 2315119540 | 64597432 | 74211724 |
|  Short Duration Government Fund | 1692 |  | 247501308 |  | 35920000 |
|  U.S. Mortgages Fund | 183 | 699667 | 85324405 | 1180000 | 13540000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended March 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Effective Rate** | **Effective Net**<br>**Management**<br>**Rate<sup>^</sup>** |
| **Fund** | <br> **First**<br>**$1 billion** | <br> **Next**<br>**$1 billion** | <br> **Next**<br>**$3 billion** | <br> **Next**<br>**$3 billion** | <br> **Over**<br>**$8 billion** | **Effective Rate** | **Effective Net**<br>**Management**<br>**Rate<sup>^</sup>** |
|  Enhanced Income Fund | 0.25% | 0.23% | 0.22% | 0.22% | 0.22% | 0.25% | 0.25% |
|  Government Income Fund | 0.53 | 0.48 | 0.45 | 0.44 | 0.44 | 0.53 | 0.46<sup>+</sup> |
|  Inflation Protected Securities Fund | 0.26 | 0.23 | 0.22 | 0.22 | 0.21 | 0.26 | 0.26 |
|  Short Duration Bond Fund | 0.40 | 0.36 | 0.34 | 0.33 | 0.32 | 0.39 | 0.39 |
|  Short Duration Government Fund | 0.44 | 0.40 | 0.38 | 0.37 | 0.36 | 0.44 | 0.44 |
|  Short-Term Conservative Income Fund | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.19\* |
|  U.S. Mortgages Fund | 0.34 | 0.31 | 0.29 | 0.28 | 0.28 | 0.34 | 0.34 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

---

| | |
|:---|:---|
| + | The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.46% as an annual percentage of the Fund's average daily net assets of the Government Income Fund. This arrangement will remain in effect through at least July 29, 2025.  |

---

\* The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate of the Fund's average daily net assets. This arrangement will remain in effect through at least July 29, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**128**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended March 31, 2025, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Enhanced Income Fund | $23904 |
|  Government Income Fund | 986 |
|  Inflation Protected Securities Fund | 5057 |
|  Short Duration Bond Fund | 27681 |
|  Short Duration Government Fund | 6168 |
|  Short-Term Conservative Income Fund | 227527 |
|  U.S. Mortgages Fund | 2576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**129**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
| **Fund** | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Enhanced Income Fund | 0.15% | —% | 0.25% | —% |
|  Government Income Fund | 0.25 | 0.75 | 0.25 | 0.50 |
|  Inflation Protected Securities Fund | 0.25 | 0.75 |  | 0.50 |
|  Short Duration Bond Fund | 0.25 | 0.75 |  | 0.50 |
|  Short Duration Government Fund | 0.25 | 0.75 | 0.25 |  |
|  Short-Term Conservative Income Fund | 0.15 |  |  |  |
|  U.S. Mortgages Fund | 0.25 |  |  |  |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund's and Short Duration Bond Fund's Class C Shares in an amount equal to 0.35% of the average daily net assets. These arrangements will remain in place through at least July 29, 2025, and prior to such date Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. These fee waivers may be modified or terminated by Goldman Sachs at its discretion and without shareholder approval after such date, although Goldman Sachs does not presently intend to do so.

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended March 31, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End** <br> **Sales Charge** |
| **Fund** | **Class A** |
|  Government Income Fund | $741 |
|  Inflation Protected Securities Fund | 1026 |
|  Short Duration Bond Fund | 3041 |
|  Short Duration Government Fund | 850 |
|  U.S. Mortgages Fund | 1113 |

---

During the fiscal year ended March 31, 2025, Goldman Sachs did not retain any portion of Class C Shares' CDSC.

&nbsp;&nbsp;&nbsp;&nbsp;D. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.25% and 0.25% of the average daily net assets attributable to Administration, Class C and Service Shares of the Funds, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**130**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Administration, Institutional, Service Shares and 0.03% of the average daily net assets with respect to the U.S. Mortgages Fund's Separate Account Institutional Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Government Income Fund and Short Duration Bond Fund through at least July 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government, Short-Term Conservative Income and U.S. Mortgages Funds are 0.064%, 0.004%, 0.044%, 0.014%, 0.004%, 0.004% and 0.074%, respectively. These Other Expense limitations will remain in place through at least July 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended March 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Management**<br>**Fee Waiver** | **Class C**<br>**Distributions and**<br>**Service Fees** | **Transfer Agency**<br>**Waivers/Credits** | **Other**<br>**Expense**<br>**Reimbursements** | **Total**<br>**Expense**<br>**Reductions** |
|  Enhanced Income Fund | $23904 | $— | $163 | $98207 | $122274 |
|  Government Income Fund | 86265 |  | 10648 | 483115 | 580028 |
|  Inflation Protected Securities Fund | 5057 |  | 475 | 362327 | 367859 |
|  Short Duration Bond Fund | 27681 | 6588 | 19368 | 478370 | 532007 |
|  Short Duration Government Fund | 6168 | 10999 | 590 | 481050 | 498807 |
|  Short-Term Conservative Income Fund | 1207286 |  | 2019 | 595618 | 1804923 |
|  U.S. Mortgages Fund | 2576 |  | 229 | 272287 | 275092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of March 31, 2025, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000. The facility was changed to $1,300,000,000 on April 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**131**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2025, Goldman Sachs earned $22,075, $9,291, $30,069, $113,511, $46,563 and $13,860 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government and U.S. Mortgages Funds, respectively.

As of March 31, 2025, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs Balanced**<br>**Strategy Portfolio** | **Goldman Sachs**<br>**Growth and Income Portfolio** | **Goldman Sachs**<br>**Collective Trust**<br>**Tactical Exposure Fund** |
|  Inflation Protected Securities Fund | 8% | 14% | —% |
|  Short-Term Conservative Income Fund |  |  | 5 |

---

As of March 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Service** | **Class R** |
|  Enhanced Income Fund | 40% | —% |
|  Short Duration Bond Fund |  | 41 |

---

The table below shows the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning**<br>**Value as of**<br>**March 31,**<br>**2024** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Ending**<br>**Value as of**<br>**March 31,**<br>**2025** | **Shares as of**<br>**March 31,**<br>**2025** | **Dividend**<br>**Income** |
|  Enhanced Income Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $— | $439355553 | $(403726232) | $35629321 | 35629321 | $676211 |
|  Government Income Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 353647 | 27265245 | (27616339) | 2553 | 2553 | 32221 |
|  Inflation Protected Securities Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares |  | 89250894 | (86081922) | 3168972 | 3168972 | 150911 |
|  Short Duration Bond Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares |  | 590349878 | (539288843) | 51061035 | 51061035 | 799011 |
|  Short Duration Government Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 5261845 | 143950347 | (149212192) |  |  | 192107 |
|  Short-Term Conservative Income Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 106239359 | 1769994113 | (1835421427) | 40812045 | 40812045 | 6884388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**132**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning**<br>**Value as of**<br>**March 31,**<br>**2024** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** |  | **Ending**<br>**Value as of**<br>**March 31,**<br>**2025** | **Shares as of**<br>**March 31,**<br>**2025** | **Dividend**<br>**Income** |
|  U.S. Mortgages Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $5688152 | $80247532 | $(85260131) |)$| 675553 | 675553 | $72396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of**<br>**U.S. Government and**<br>**Agency Obligations** | **Purchases (Excluding**<br>**U.S. Government and**<br>**Agency Obligations)** | **Sales and**<br>**Maturities of**<br>**U.S. Government and**<br>**Agency Obligations** | **Sales and**<br>**Maturities of (Excluding**<br>**U.S. Government and**<br>**Agency Obligations)** |
|  Enhanced Income Fund | $5222731 | $182467887 | $2168768 | $249027703 |
|  Government Income Fund | 1043484348 | 4761485 | 1040900724 | 6665091 |
|  Inflation Protected Securities Fund | 527941051 |  | 577384349 |  |
|  Short Duration Bond Fund | 2158617357 | 555964584 | 2108392803 | 598767313 |
|  Short Duration Government Fund | 4287594684 |  | 4356091398 |  |
|  Short-Term Conservative Income Fund | 68348178 | 1456772740 | 185689724 | 1212049339 |
|  U.S. Mortgages Fund | 3930766826 | 9941501 | 3948593724 | 14957882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced**<br>**Income** | **Government**<br>**Income** | **Inflation**<br>**Protected**<br>**Securities** | **Short Duration**<br>**Bond** | **Short Duration**<br>**Government** | **Short-Term**<br>**Conservative**<br>**Income** | **U.S.**<br>**Mortgages** |
|  Distributions paid from: |  |  |  |  |  |  |  |
|  Ordinary income | $22734044 | $3373224 | $9880305 | $51152518 | $14416277 | $97730698 | $7556799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $22734044 | $3373224 | $9880305 | $51152518 | $14416277 | $97730698 | $7556799 |
|  Tax return of capital | $— | $— | $— | $— | $— | $— | $54466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**133**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended March 31, 2024 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced**<br>**Income** | **Government**<br>**Income** | **Inflation**<br>**Protected**<br>**Securities** | **Short Duration**<br>**Bond** | **Short Duration**<br>**Government** | **Short-Term**<br>**Conservative**<br>**Income** | **U.S.**<br>**Mortgages** |
| Distributions paid from: |  |  |  |  |  |  |  |
| Ordinary income | $19703590 | $3762767 | $12621771 | $46365877 | $15389546 | $105793340 | $8042777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $19703590 | $3762767 | $12621771 | $46365877 | $15389546 | $105793340 | $8042777 |
| Tax return of capital | $102084 | $— | $667551 | $— | $— | $— | $— |

---

As of March 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced**<br>**Income** | **Government**<br>**Income** | **Inflation**<br>**Protected**<br>**Securities** | **Short Duration**<br>**Bond** | **Short Duration**<br>**Government** | **Short-Term**<br>**Conservative**<br>**Income** | **U.S.**<br>**Mortgages** |
|  Undistributed ordinary income — net | $185045 | $539492 | $909612 | $3696606 | $1710027 | $319182 | $— |
|  Capital loss carryforwards<sup>(1)</sup>: |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Short-Term | (9495540) | (17514345) | (25733407) | (36559434) | (25268687) | (9181296) | (21200212) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Long-Term | (14008547) | (19955373) | (42748696) | (73395482) | (42524063) | (5903337) | (17234926) |
|  Total capital loss carryforwards | (23504087) | (37469718) | (68482103) | (109954916) | (67792750) | (15084633) | (38435138) |
|  Timing differences (Dividends Payable, Post October Capital Loss Deferral and Straddle Loss Deferrals) | $(265196) | $(677004) | $(2847350) | $(723017) | $(914436) | $(77017) | $(445957) |
|  Unrealized gains (loss) — net | (125725) | (5147694) | 1791613 | 3385251 | (8860829) | 4089481 | (8016731) |
|  Total accumulated earnings (loss) net | $(23709963) | $(42754924) | $(68628228) | $(103596076) | $(75857988) | $(10752987) | $(46897826) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Short-Term Conservative Income Fund utilized $6,929,128 of capital losses in the current fiscal year.

As of March 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced**<br>**Income** | **Government**<br>**Income** | **Inflation**<br>**Protected**<br>**Securities** | **Short Duration**<br>**Bond** | **Short Duration**<br>**Government** | **Short-Term**<br>**Conservative**<br>**Income** | **U.S.**<br>**Mortgages** |
|  Tax Cost | $588836683 | $146442692 | $205869958 | $1273420543 | $479809459 | $2066551974 | $250860297 |
|  Gross unrealized gain | 1816778 | 701250 | 1853795 | 12012991 | 1137453 | 4794896 | 1309624 |
|  Gross unrealized loss | (1942503) | (5848944) | (62182) | (8627740) | (9998282) | (705415) | (9326355) |
|  Net unrealized gain (loss) | $(125725) | $(5147694) | $1791613 | $3385251 | $(8860829) | $4089481 | $(8016731) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**134**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

The difference between GAAP- basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts and net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of market discount accretion and premium amortization and swap transactions.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Asset-Backed Securities Risk — Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Call/Prepayment Risk — An issuer could exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer's credit quality improves. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**135**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors 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.

Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**136**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

U.S. Government Securities Risk — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Funds may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Agency ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Fund's financial statements.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**137**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund**  | **Enhanced Income Fund**  | **Enhanced Income Fund**  | **Enhanced Income Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 171337 | $1635751 | 140259 | $1303945 |
|  Reinvestment of distributions | 42836 | 408300 | 43641 | 408634 |
|  Shares redeemed | (313319) | (2981148) | (419637) | (3922211) |
|  | (99146) | (937097) | (235737) | (2209632) |
|  **Administration Shares** |  |  |  |  |
|  Shares sold | 95 | 898 | 39165 | 363463 |
|  Reinvestment of distributions | 16097 | 153598 | 18903 | 177269 |
|  Shares redeemed | (263273) | (2500470) | (26430) | (250024) |
|  | (247081) | (2345974) | 31638 | 290708 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3788927 | 36087925 | 3152015 | 29428168 |
|  Reinvestment of distributions | 732455 | 6971107 | 765597 | 7150366 |
|  Shares redeemed | (4997960) | (47458064) | (11631529) | (108438117) |
|  | (476578) | (4399032) | (7713917) | (71859583) |
|  **Service Shares** |  |  |  |  |
|  Reinvestment of distributions | 707 | 6717 | 899 | 8407 |
|  Shares redeemed | (27832) | (265240) | (615) | (5800) |
|  | (27125) | (258523) | 284 | 2607 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 31562 | 299720 | 247314 | 2304912 |
|  Reinvestment of distributions | 11251 | 106969 | 22939 | 213810 |
|  Shares redeemed | (170317) | (1612857) | (863091) | (8052465) |
|  | (127504) | (1206168) | (592838) | (5533743) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 84131 | 799243 | 51873 | 484465 |
|  Reinvestment of distributions | 12635 | 120291 | 16605 | 155054 |
|  Shares redeemed | (105771) | (1005829) | (467860) | (4360562) |
|  | (9005) | (86295) | (399382) | (3721043) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 17614256 | 167622495 | 11792719 | 110197097 |
|  Reinvestment of distributions | 1561950 | 14870817 | 1232452 | 11522918 |
|  Shares redeemed | (11103577) | (105574841) | (15051280) | (140615300) |
|  | 8072629 | 76918471 | (2026109) | (18895285) |
|  **NET INCREASE (DECREASE)** | 7086190 | $67685382 | (10936061) | $(101925971) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**138**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Government Income Fund**  | **Government Income Fund**  | **Government Income Fund**  | **Government Income Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 297067 | $3860911 | 336591 | $4329309 |
|  Reinvestment of distributions | 70874 | 916967 | 73697 | 942501 |
|  Shares redeemed | (728585) | (9435781) | (849997) | (10888399) |
|  | (360644) | (4657903) | (439709) | (5616589) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 38154 | 496727 | 21813 | 279571 |
|  Reinvestment of distributions | 1089 | 14087 | 944 | 12065 |
|  Shares redeemed | (45772) | (591250) | (30053) | (386412) |
|  | (6529) | (80436) | (7296) | (94776) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 678754 | 8784520 | 680690 | 8687079 |
|  Reinvestment of distributions | 68440 | 884184 | 83972 | 1072511 |
|  Shares redeemed | (1252406) | (16210095) | (1793807) | (22934233) |
|  | (505212) | (6541391) | (1029145) | (13174643) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 137849 | 1777522 | 151148 | 1928193 |
|  Reinvestment of distributions | 35329 | 455806 | 34140 | 435518 |
|  Shares redeemed | (266655) | (3437798) | (345853) | (4404089) |
|  | (93477) | (1204470) | (160565) | (2040378) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 24381 | 315301 | 909958 | 11927145 |
|  Reinvestment of distributions | 3526 | 45573 | 41714 | 540855 |
|  Shares redeemed | (111172) | (1435827) | (6668031) | (85695721) |
|  | (83265) | (1074953) | (5716359) | (73227721) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 208791 | 2700392 | 227093 | 2906902 |
|  Reinvestment of distributions | 13589 | 175362 | 13336 | 170269 |
|  Shares redeemed | (308566) | (3954487) | (159091) | (2040968) |
|  | (86186) | (1078733) | 81338 | 1036203 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 138623 | 1795787 | 216272 | 2770573 |
|  Reinvestment of distributions | 18090 | 233779 | 16283 | 207920 |
|  Shares redeemed | (206705) | (2676510) | (218995) | (2818383) |
|  | (49992) | (646944) | 13560 | 160110 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1027269 | 13260529 | 435629 | 5536350 |
|  Reinvestment of distributions | 39737 | 513741 | 18885 | 241215 |
|  Shares redeemed | (381342) | (4919916) | (64066) | (830967) |
|  | 685664 | 8854354 | 390448 | 4946598 |
|  **NET DECREASE** | (499641) | $(6430476) | (6867728) | $(88011196) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**139**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund**  | **Inflation Protected Securities Fund**  | **Inflation Protected Securities Fund**  | **Inflation Protected Securities Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 556875 | $5249623 | 745003 | $7059121 |
|  Reinvestment of distributions | 99920 | 937615 | 131060 | 1231087 |
|  Shares redeemed | (1206159) | (11333378) | (1784141) | (16944224) |
|  | (549364) | (5146140) | (908078) | (8654016) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 1790 | 16413 | 1010 | 9289 |
|  Reinvestment of distributions | 4132 | 37731 | 9811 | 89868 |
|  Shares redeemed | (88521) | (813023) | (203238) | (1870010) |
|  | (82599) | (758879) | (192417) | (1770853) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 2974508 | 28365454 | 1099106 | 10609332 |
|  Reinvestment of distributions | 142675 | 1361045 | 230883 | 2202143 |
|  Shares redeemed | (2154476) | (20551840) | (5217278) | (50226556) |
|  | 962707 | 9174659 | (3887289) | (37415081) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 246409 | 2344108 | 325397 | 3129698 |
|  Reinvestment of distributions | 64974 | 614844 | 122577 | 1160338 |
|  Shares redeemed | (761695) | (7209760) | (2927449) | (28232781) |
|  | (450312) | (4250808) | (2479475) | (23942745) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 5206287 | 49596214 | 4766059 | 45111409 |
|  Reinvestment of distributions | 470144 | 4473982 | 603273 | 5750455 |
|  Shares redeemed | (9535679) | (90931827) | (8049083) | (77169779) |
|  | (3859248) | (36861631) | (2679751) | (26307915) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 983983 | 9150556 | 751023 | 7095389 |
|  Reinvestment of distributions | 74660 | 695961 | 74174 | 692208 |
|  Shares redeemed | (717326) | (6700458) | (856250) | (8032780) |
|  | 341317 | 3146059 | (31053) | (245183) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 368650 | 3537353 | 37856 | 365015 |
|  Reinvestment of distributions | 67452 | 643324 | 95337 | 908744 |
|  Shares redeemed | (627871) | (5976774) | (1057673) | (10228986) |
|  | (191769) | (1796097) | (924480) | (8955227) |
|  **NET DECREASE** | (3829268) | $(36492837) | (11102543) | $(107291020) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**140**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 2921286 | $28277030 | 1915720 | $18134371 |
|  Reinvestment of distributions | 214474 | 2075787 | 152006 | 1438521 |
|  Shares redeemed | (1579681) | (15273961) | (2164290) | (20402673) |
|  | 1556079 | 15078856 | (96564) | (829781) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 49686 | 480002 | 33814 | 320233 |
|  Reinvestment of distributions | 6581 | 63630 | 6738 | 63711 |
|  Shares redeemed | (69643) | (671747) | (137303) | (1296310) |
|  | (13376) | (128115) | (96751) | (912366) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 6275489 | 60688454 | 4463876 | 42274803 |
|  Reinvestment of distributions | 565276 | 5478073 | 471316 | 4468258 |
|  Shares redeemed | (4721534) | (45724064) | (7141416) | (67715946) |
|  | 2119231 | 20442463 | (2206224) | (20972885) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 2048492 | 19854343 | 2092809 | 19822061 |
|  Reinvestment of distributions | 151970 | 1471202 | 189400 | 1793684 |
|  Shares redeemed | (2901657) | (28051053) | (4867118) | (46092542) |
|  | (701195) | (6725508) | (2584909) | (24476797) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 91734 | 889910 | 128040 | 1216537 |
|  Reinvestment of distributions | 25467 | 246608 | 182439 | 1717294 |
|  Shares redeemed | (157754) | (1529057) | (8299111) | (78229834) |
|  | (40553) | (392539) | (7988632) | (75296003) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 201858 | 1937611 | 766 | 7276 |
|  Reinvestment of distributions | 3087 | 29978 | 71 | 670 |
|  Shares redeemed | (204451) | (1983303) | (1419) | (13362) |
|  | 494 | (15714) | (582) | (5416) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 31723376 | 307512875 | 25245121 | 239182337 |
|  Reinvestment of distributions | 4272517 | 41376692 | 3854877 | 36522349 |
|  Shares redeemed | (37523163) | (363342119) | (40737892) | (385279222) |
|  | (1527270) | (14452552) | (11637894) | (109574536) |
|  **NET INCREASE (DECREASE)** | 1393410 | $13806891 | (24611556) | $(232067784) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**141**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund**  | **Short Duration Government Fund**  | **Short Duration Government Fund**  | **Short Duration Government Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2024** | **For the Fiscal Year Ended<br>March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1269146 | $11832269 | 624732 | $5733499 |
|  Reinvestment of distributions | 97541 | 905723 | 123199 | 1130423 |
|  Shares redeemed | (1680449) | (15624147) | (1747318) | (16024402) |
|  | (313762) | (2886155) | (999387) | (9160480) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 30589 | 280909 | 81960 | 747265 |
|  Reinvestment of distributions | 7559 | 69605 | 10338 | 94096 |
|  Shares redeemed | (175861) | (1618733) | (340906) | (3108877) |
|  | (137713) | (1268219) | (248608) | (2267516) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 5854344 | 54216224 | 6249576 | 57229240 |
|  Reinvestment of distributions | 653562 | 6049227 | 655161 | 5990738 |
|  Shares redeemed | (9300003) | (86128124) | (7884960) | (72034631) |
|  | (2792097) | (25862673) | (980223) | (8814653) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 91782 | 844835 | 147795 | 1351673 |
|  Reinvestment of distributions | 15854 | 146584 | 20615 | 188170 |
|  Shares redeemed | (191040) | (1763674) | (481489) | (4405964) |
|  | (83404) | (772255) | (313079) | (2866121) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1139840 | 10565830 | 574996 | 5305402 |
|  Reinvestment of distributions | 83850 | 779713 | 105171 | 966148 |
|  Shares redeemed | (2538284) | (23630890) | (1446120) | (13277521) |
|  | (1314594) | (12285347) | (765953) | (7005971) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 478868 | 4437120 | 622941 | 5686334 |
|  Reinvestment of distributions | 45624 | 422118 | 50836 | 465021 |
|  Shares redeemed | (941181) | (8737208) | (489058) | (4465739) |
|  | (416689) | (3877970) | 184719 | 1685616 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1835899 | 16978441 | 5525718 | 50447753 |
|  Reinvestment of distributions | 501531 | 4642279 | 561672 | 5135551 |
|  Shares redeemed | (2627509) | (24268855) | (9119489) | (83615755) |
|  | (290079) | (2648135) | (3032099) | (28032451) |
|  **NET DECREASE** | (5348338) | $(49600754) | (6154630) | $(56461576) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**142**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund**  | **Short-Term Conservative Income Fund**  | **Short-Term Conservative Income Fund**  | **Short-Term Conservative Income Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 5980037 | $60353114 | 3496425 | $35105015 |
|  Reinvestment of distributions | 326004 | 3290413 | 196131 | 1970537 |
|  Shares redeemed | (2512841) | (25362812) | (2050119) | (20578953) |
|  | 3793200 | 38280715 | 1642437 | 16496599 |
|  **Administration Shares<sup>(a)</sup>** |  |  |  |  |
|  Reinvestment of distributions |  |  | 112 | 1119 |
|  Shares redeemed |  |  | (2887) | (29095) |
|  |  |  | (2775) | (27976) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 31110386 | 314219126 | 63370062 | 637108731 |
|  Reinvestment of distributions | 3912721 | 39503422 | 4748763 | 47723065 |
|  Shares redeemed | (51156565) | (516488462) | (70944093) | (712885278) |
|  | (16133458) | (162765914) | (2825268) | (28053482) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 25621073 | 258640808 | 23157783 | 232546788 |
|  Reinvestment of distributions | 1424908 | 14384703 | 1313206 | 13192566 |
|  Shares redeemed | (18629998) | (188133086) | (24702528) | (248098798) |
|  | 8415983 | 84892425 | (231539) | (2359444) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 4445617 | 44834064 | 1643493 | 16560961 |
|  Reinvestment of distributions | 606982 | 6128326 | 399686 | 4015678 |
|  Shares redeemed | (3351364) | (33866422) | (4421) | (44469) |
|  | 1701235 | 17095968 | 2038758 | 20532170 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 34129243 | 344391333 | 28787235 | 288994978 |
|  Reinvestment of distributions | 3305132 | 33337003 | 3593098 | 36065617 |
|  Shares redeemed | (29684420) | (299484991) | (47994815) | (481645450) |
|  | 7749955 | 78243345 | (15614482) | (156584855) |
|  **Preferred Shares<sup>(b)</sup>** |  |  |  |  |
|  Reinvestment of distributions |  |  | 111 | 1115 |
|  Shares redeemed |  |  | (2876) | (28963) |
|  |  |  | (2765) | (27848) |
|  **NET INCREASE (DECREASE)** | 5526915 | $55746539 | (14995634) | $(150024836) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) At the close of business on January 12, 2024, Administration Shares of the Short-Term Conservative Income Fund were liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At the close of business on January 12, 2024, Preferred Shares of the Short-Term Conservative Income Fund were liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**143**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund**  | **U.S. Mortgages Fund**  | **U.S. Mortgages Fund**  | **U.S. Mortgages Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 155464 | $1370760 | 197914 | $1740370 |
|  Reinvestment of distributions | 34285 | 303924 | 42321 | 372449 |
|  Shares redeemed | (1134976) | (10011394) | (766325) | (6826439) |
|  | (945227) | (8336710) | (526090) | (4713620) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1559716 | 13859783 | 2198657 | 19328599 |
|  Reinvestment of distributions | 159117 | 1415211 | 201494 | 1777065 |
|  Shares redeemed | (1071933) | (9451685) | (4990597) | (43287737) |
|  | 646900 | 5823309 | (2590446) | (22182073) |
|  **Separate Account Institutional Shares** |  |  |  |  |
|  Shares sold | 433733 | 3818520 | 633281 | 5612205 |
|  Reinvestment of distributions | 385571 | 3418314 | 391107 | 3441208 |
|  Shares redeemed | (2528136) | (22362578) | (1474404) | (13023415) |
|  | (1708832) | (15125744) | (450016) | (3970002) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1011746 | 8947048 | 1374089 | 12230339 |
|  Reinvestment of distributions | 135033 | 1200802 | 112591 | 992457 |
|  Shares redeemed | (672748) | (5956846) | (1358993) | (11965559) |
|  | 474031 | 4191004 | 127687 | 1257237 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 192312 | 1725843 | 245845 | 2171236 |
|  Reinvestment of distributions | 50827 | 451602 | 63836 | 563259 |
|  Shares redeemed | (450521) | (3970753) | (905083) | (7951090) |
|  | (207382) | (1793308) | (595402) | (5216595) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 6279 | 55000 | 671 | 6000 |
|  Reinvestment of distributions | 20336 | 180451 | 29779 | 262453 |
|  Shares redeemed | (448460) | (4051893) | (75573) | (666728) |
|  | (421845) | (3816442) | (45123) | (398275) |
|  **NET DECREASE** | (2162355) | $(19057891) | (4079390) | $(35223328) |

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**144**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Bond Fund, Goldman Sachs Short-Term Conservative Income Fund and Goldman Sachs U.S. Mortgages Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Bond Fund, Goldman Sachs Short-Term Conservative Income Fund and Goldman Sachs U.S. Mortgages Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 23, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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**145**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Short Duration and Government Fixed Income Funds Tax Information (Unaudited)
Pursuant to Section 871(k) of the Internal Revenue Code, the Inflation Protected Securities Fund designates $9,880,305 as interest-related dividends paid during the fiscal year ended March 31, 2025.

For the fiscal year ended March 31, 2025, the Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Government, Short Duration Bond, Short-Term Conservative Income, and U.S. Mortgages Funds designate 100%,100%, 100%, 100%, 97.87%, 100%, 99.34% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

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**146**

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![LOGO](g930255dsp150.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. SDFIAR-25

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![LOGO](g696347dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements March 31, 2025 Single Sector Fixed Income Funds Goldman Sachs Emerging Markets Credit Fund Goldman Sachs Emerging Markets Debt Fund Goldman Sachs High Yield Fund Goldman Sachs High Yield Floating Rate Fund Goldman Sachs Investment Grade Credit Fund Goldman Sachs Short Duration High Yield Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Single Sector Fixed Income Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#ssfi696347_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Credit Fund](#ssfi696347_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Debt Fund](#ssfi696347_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Fund](#ssfi696347_4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Floating Rate Fund](#ssfi696347_5) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investment Grade Credit Fund](#ssfi696347_6) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration High Yield Fund](#ssfi696347_7) | 70 |
|  **[Financial Statements](#ssfi696347_8)** | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#ssfi696347_9) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#ssfi696347_10) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#ssfi696347_11) | 84 |
|  **[Financial Highlights](#ssfi696347_12)** | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Credit Fund](#ssfi696347_13) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Debt Fund](#ssfi696347_14) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Fund](#ssfi696347_15) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Floating Rate Fund](#ssfi696347_16) | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investment Grade Credit Fund](#ssfi696347_17) | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration High Yield Fund](#ssfi696347_18) | 120 |
|  **[Notes to Financial Statements](#ssfi696347_19)** | 126 |
|  **[Report of Independent Registered Public Accounting Firm](#ssfi696347_20)** | 159 |

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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 93.1% | Corporate Obligations – 93.1% | Corporate Obligations – 93.1% | Corporate Obligations – 93.1% |
| Angola<sup>(a)(b)</sup> – 0.8% | Angola<sup>(a)(b)</sup> – 0.8% | Angola<sup>(a)(b)</sup> – 0.8% | Angola<sup>(a)(b)</sup> – 0.8% |
| Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) |  |
| $200000 | 8.125% | 01/23/30 | $199680 |
| Argentina<sup>(a)</sup> – 1.3% | Argentina<sup>(a)</sup> – 1.3% | Argentina<sup>(a)</sup> – 1.3% | Argentina<sup>(a)</sup> – 1.3% |
| Tecpetrol SA (NR/B3) | Tecpetrol SA (NR/B3) | Tecpetrol SA (NR/B3) |  |
| 30000 | 7.625 <sup>(b)</sup> | 01/22/33 | 30243 |
| Vista Energy Argentina SAU (NR/Caa1) | Vista Energy Argentina SAU (NR/Caa1) | Vista Energy Argentina SAU (NR/Caa1) |  |
| 30000 | 7.625 | 12/10/35 | 29190 |
| YPF SA (NR/NR) | YPF SA (NR/NR) | YPF SA (NR/NR) |  |
| 90000 | 8.250 <sup>(b)</sup> | 01/17/34 | 89370 |
| 10000 | 8.250 | 01/17/34 | 9930 |
| YPF SA (NR/Caa1) | YPF SA (NR/Caa1) | YPF SA (NR/Caa1) |  |
| 190000 | 9.500 <sup>(b)</sup> | 01/17/31 | 198123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;356856 |
| Australia<sup>(a)</sup> – 0.7% | Australia<sup>(a)</sup> – 0.7% | Australia<sup>(a)</sup> – 0.7% | Australia<sup>(a)</sup> – 0.7% |
| Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) |  |
| 200000 | 4.125 | 09/14/27 | 195882 |
| Brazil – 5.7% | Brazil – 5.7% | Brazil – 5.7% | Brazil – 5.7% |
| Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) |  |
| 230661 | 7.500 <sup>(a)</sup> | 07/13/35 | 229796 |
| Braskem Netherlands Finance BV (BB+/NR) | Braskem Netherlands Finance BV (BB+/NR) | Braskem Netherlands Finance BV (BB+/NR) |  |
| 200000 | 4.500 <sup>(a)</sup> | 01/31/30 | 170890 |
| Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) |  |
| 159730 | 5.198 | 06/15/34 | 149696 |
| Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) |  |
| 190000 | 6.000 <sup>(a)</sup> | 01/13/35 | 180975 |
| 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 | 195026 |
| Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) |
| 264209 | 9.000 <sup>(a)(c)</sup> | 06/30/31 | 256282 |
| Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) |  |
| 260000 | 5.375 <sup>(a)</sup> | 04/04/32 | 248625 |
| Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) |  |
| 70000 | 6.400 <sup>(a)</sup> | 06/28/54 | 68985 |
|  |  |  | 1500275 |
| Canada<sup>(a)(b)</sup> – 0.7% | Canada<sup>(a)(b)</sup> – 0.7% | Canada<sup>(a)(b)</sup> – 0.7% | Canada<sup>(a)(b)</sup> – 0.7% |
| 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 | 198300 |
| Chile<sup>(a)</sup> – 3.8% | Chile<sup>(a)</sup> – 3.8% | Chile<sup>(a)</sup> – 3.8% | Chile<sup>(a)</sup> – 3.8% |
| AES Andes SA (BBB-/Baa3) | AES Andes SA (BBB-/Baa3) | AES Andes SA (BBB-/Baa3) |  |
| 200000 | 6.300 | 03/15/29 | 204132 |
| 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 | 200240 |
| 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 | 209400 |
| Interchile SA (NR/Baa1) | Interchile SA (NR/Baa1) | Interchile SA (NR/Baa1) | Interchile SA (NR/Baa1) |
| 250000 | 4.500 | 06/30/56 | 200500 |
| 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 | 198650 |
|  |  |  | 1012922 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| China<sup>(a)(c)</sup> – 0.1% | China<sup>(a)(c)</sup> – 0.1% | China<sup>(a)(c)</sup> – 0.1% | China<sup>(a)(c)</sup> – 0.1% |
| Huachen Energy Co. Ltd. (NR/WR) (PIK 2.350%, Cash 2.300%) | Huachen Energy Co. Ltd. (NR/WR) (PIK 2.350%, Cash 2.300%) | Huachen Energy Co. Ltd. (NR/WR) (PIK 2.350%, Cash 2.300%) | Huachen Energy Co. Ltd. (NR/WR) (PIK 2.350%, Cash 2.300%) |
| $49282 | 4.650% | 12/29/26 | $34251 |
| Colombia – 5.6% | Colombia – 5.6% | Colombia – 5.6% | Colombia – 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>(a)(d)</sup> | 04/22/31 | 174220 |
| Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) |
| 200000 | 6.250 | 05/12/26 | 200888 |
| 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%) |
| 200000 | 8.625 <sup>(a)(d)</sup> | 12/24/34 | 211450 |
| Ecopetrol SA (BB+/Ba1)<sup>(a)</sup>  | Ecopetrol SA (BB+/Ba1)<sup>(a)</sup>  | Ecopetrol SA (BB+/Ba1)<sup>(a)</sup>  | Ecopetrol SA (BB+/Ba1)<sup>(a)</sup>  |
| 200000 | 8.625 | 01/19/29 | 212400 |
| 210000 | 4.625 | 11/02/31 | 174825 |
| 70000 | 7.750 | 02/01/32 | 68530 |
| Empresas Publicas de Medellin ESP (NR/Baa3) | Empresas Publicas de Medellin ESP (NR/Baa3) | Empresas Publicas de Medellin ESP (NR/Baa3) | Empresas Publicas de Medellin ESP (NR/Baa3) |
| 290000 | 4.250 <sup>(a)</sup> | 07/18/29 | 263610 |
| 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 <sup>(a)</sup> | 12/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;176122 |
|  |  |  | 1482045 |
| Dominican Republic<sup>(a)(b)</sup> – 1.0% | Dominican Republic<sup>(a)(b)</sup> – 1.0% | Dominican Republic<sup>(a)(b)</sup> – 1.0% | Dominican Republic<sup>(a)(b)</sup> – 1.0% |
| Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) |
| 260000 | 7.000 | 06/30/34 | 261011 |
| Ghana<sup>(a)(b)</sup> – 0.9% | Ghana<sup>(a)(b)</sup> – 0.9% | Ghana<sup>(a)(b)</sup> – 0.9% | Ghana<sup>(a)(b)</sup> – 0.9% |
| Kosmos Energy Ltd. (B/B3u) | Kosmos Energy Ltd. (B/B3u) | Kosmos Energy Ltd. (B/B3u) | Kosmos Energy Ltd. (B/B3u) |
| 260000 | 8.750 | 10/01/31 | 240664 |
| Guatemala<sup>(a)</sup> – 2.3% | Guatemala<sup>(a)</sup> – 2.3% | Guatemala<sup>(a)</sup> – 2.3% | Guatemala<sup>(a)</sup> – 2.3% |
| 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 | 197300 |
| 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 | 191800 |
| Energuate Trust (NR/Ba2) | Energuate Trust (NR/Ba2) | Energuate Trust (NR/Ba2) | Energuate Trust (NR/Ba2) |
| 220000 | 5.875 | 05/03/27 | 219340 |
|  |  |  | 608440 |
| Hong Kong – 1.4% | Hong Kong – 1.4% | Hong Kong – 1.4% | Hong Kong – 1.4% |
| 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 <sup>(a)</sup> | 07/17/27 | 254800 |
| NWD MTN Ltd. (NR/NR) | NWD MTN Ltd. (NR/NR) | NWD MTN Ltd. (NR/NR) | NWD MTN Ltd. (NR/NR) |
| 200000 | 4.125 | 07/18/29 | 118000 |
|  |  |  | 372800 |
| Hungary<sup>(a)(d)</sup> – 0.8% | Hungary<sup>(a)(d)</sup> – 0.8% | Hungary<sup>(a)(d)</sup> – 0.8% | Hungary<sup>(a)(d)</sup> – 0.8% |
| OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) |
| 200000 | 8.750 | 05/15/33 | 212250 |
| India – 4.9% | India – 4.9% | India – 4.9% | India – 4.9% |
| 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 | 187731 |
| CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) |
| 200000 | 5.375 <sup>(a)</sup> | 10/31/26 | 196440 |
| 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 | 201250 |

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**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| India (continued) | India (continued) | India (continued) | India (continued) |
| JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) |
| 147500 | 4.125 %<sup>(a)</sup> | 05/18/31 | 132027 |
| JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) |
| 200000 | 4.950 <sup>(a)</sup> | 01/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;192500 |
| 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 | 177500 |
| 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 | 211500 |
|  |  |  | 1298948 |
| Indonesia<sup>(a)</sup> – 0.7% | Indonesia<sup>(a)</sup> – 0.7% | Indonesia<sup>(a)</sup> – 0.7% | Indonesia<sup>(a)</sup> – 0.7% |
| Cikarang Listrindo Tbk. PT (BBB-/Baa3) | Cikarang Listrindo Tbk. PT (BBB-/Baa3) | Cikarang Listrindo Tbk. PT (BBB-/Baa3) | Cikarang Listrindo Tbk. PT (BBB-/Baa3) |
| 200000 | 4.950 | 09/14/26 | 199600 |
| Israel – 1.3% | Israel – 1.3% | Israel – 1.3% | Israel – 1.3% |
| Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) |
| 150000 | 3.150 | 10/01/26 | 145404 |
| 200000 | 4.750 <sup>(a)</sup> | 05/09/27 | 197054 |
|  |  |  | 342458 |
| Jamaica<sup>(a)(b)</sup> – 0.8% | Jamaica<sup>(a)(b)</sup> – 0.8% | Jamaica<sup>(a)(b)</sup> – 0.8% | Jamaica<sup>(a)(b)</sup> – 0.8% |
| 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 | 200810 |
| Jordan – 0.9% | Jordan – 0.9% | Jordan – 0.9% | Jordan – 0.9% |
| Hikma Finance USA LLC (BBB-/WR) | Hikma Finance USA LLC (BBB-/WR) | Hikma Finance USA LLC (BBB-/WR) | Hikma Finance USA LLC (BBB-/WR) |
| 250000 | 3.250 | 07/09/25 | 248663 |
| Luxembourg – 1.8% | Luxembourg – 1.8% | Luxembourg – 1.8% | Luxembourg – 1.8% |
| 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 | 189000 |
| 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) |
| 320000 | 4.500 <sup>(a)</sup> | 01/22/30 | 297200 |
|  |  |  | 486200 |
| Macau<sup>(a)</sup> – 1.7% | Macau<sup>(a)</sup> – 1.7% | Macau<sup>(a)</sup> – 1.7% | Macau<sup>(a)</sup> – 1.7% |
| MGM China Holdings Ltd. (B+/B1) | MGM China Holdings Ltd. (B+/B1) | MGM China Holdings Ltd. (B+/B1) | MGM China Holdings Ltd. (B+/B1) |
| 200000 | 4.750 | 02/01/27 | 195500 |
| 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 | 264937 |
|  |  |  | 460437 |
| Malaysia<sup>(a)</sup> – 0.7% | Malaysia<sup>(a)</sup> – 0.7% | Malaysia<sup>(a)</sup> – 0.7% | Malaysia<sup>(a)</sup> – 0.7% |
| 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 | 178750 |
| Mauritius<sup>(a)</sup> – 0.9% | Mauritius<sup>(a)</sup> – 0.9% | Mauritius<sup>(a)</sup> – 0.9% | Mauritius<sup>(a)</sup> – 0.9% |
| Axian Telecom (B/NR) | Axian Telecom (B/NR) | Axian Telecom (B/NR) | Axian Telecom (B/NR) |
| 240000 | 7.375 | 02/16/27 | 241425 |
| Mexico – 7.9% | Mexico – 7.9% | Mexico – 7.9% | Mexico – 7.9% |
| 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 | 297900 |
| 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 | 189200 |
| 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 | 201952 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) |
| Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) |
| 200000 | 3.875 %<sup>(a)</sup> | 07/11/31 | 179000 |
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) |
| 400000 | 4.375 <sup>(a)</sup> | 07/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;326500 |
| 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) |
| 198850 | 7.250 <sup>(a)</sup> | 01/31/41 | 196663 |
| Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  |
| 330000 | 4.250 | 10/31/26 | 324192 |
| 200000 | 5.500 | 07/31/47 | 164376 |
| Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) |
| 20000 | 6.500 | 03/13/27 | 19478 |
| 20000 | 5.350 | 02/12/28 | 18530 |
| 30000 | 6.500 | 01/23/29 | 28190 |
| 20000 | 8.750 <sup>(a)</sup> | 06/02/29 | 19898 |
| 50000 | 6.840 <sup>(a)</sup> | 01/23/30 | 45595 |
| 20000 | 6.375 | 01/23/45 | 13529 |
| 40000 | 6.750 | 09/21/47 | 27318 |
| 20000 | 6.350 | 02/12/48 | 13198 |
| 40000 | 6.950 <sup>(a)</sup> | 01/28/60 | 27116 |
|  |  |  | 2092635 |
| Moldova<sup>(a)(b)</sup> – 0.8% | Moldova<sup>(a)(b)</sup> – 0.8% | Moldova<sup>(a)(b)</sup> – 0.8% | Moldova<sup>(a)(b)</sup> – 0.8% |
| 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 | 201818 |
| Mongolia<sup>(a)</sup> – 0.5% | Mongolia<sup>(a)</sup> – 0.5% | Mongolia<sup>(a)</sup> – 0.5% | Mongolia<sup>(a)</sup> – 0.5% |
| Mongolian Mining Corp./Energy Resources LLC (NR/B3) | Mongolian Mining Corp./Energy Resources LLC (NR/B3) | Mongolian Mining Corp./Energy Resources LLC (NR/B3) | Mongolian Mining Corp./Energy Resources LLC (NR/B3) |
| 125000 | 12.500 | 09/13/26 | 135938 |
| Morocco<sup>(a)</sup> – 3.0% | Morocco<sup>(a)</sup> – 3.0% | Morocco<sup>(a)</sup> – 3.0% | Morocco<sup>(a)</sup> – 3.0% |
| OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) |
| 200000 | 7.500 | 05/02/54 | 204750 |
| OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) |
| 200000 | 3.750 | 06/23/31 | 177500 |
| 260000 | 5.125 | 06/23/51 | 197818 |
| 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 | 204948 |
|  |  |  | 785016 |
| **Netherlands – 2.4%** | **Netherlands – 2.4%** | **Netherlands – 2.4%** | **Netherlands – 2.4%** |
| Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |
| 157880 | 4.625 | 08/10/30 | 153222 |
| MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) |
| 300840 | 6.748 | 06/01/34 | 290058 |
| 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 | 184428 |
|  |  |  | 627708 |
| **Nigeria – 3.4%** | **Nigeria – 3.4%** | **Nigeria – 3.4%** | **Nigeria – 3.4%** |
| Access Bank PLC (NR/Caa1) | Access Bank PLC (NR/Caa1) | Access Bank PLC (NR/Caa1) | Access Bank PLC (NR/Caa1) |
| 370000 | 6.125 | 09/21/26 | 361675 |
| 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 | 217800 |

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|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Nigeria (continued) | Nigeria (continued) | Nigeria (continued) | Nigeria (continued) |
| 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 | 328314 |
|  |  |  | 907789 |
| Norway<sup>(a)</sup> – 1.5% | Norway<sup>(a)</sup> – 1.5% | Norway<sup>(a)</sup> – 1.5% | Norway<sup>(a)</sup> – 1.5% |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |
| 200000 | 8.500 | 03/27/30 | 199760 |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |
| 200000 | 9.250 | 06/04/29 | 207500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;407260 |
| Panama<sup>(a)</sup> – 3.1% | Panama<sup>(a)</sup> – 3.1% | Panama<sup>(a)</sup> – 3.1% | Panama<sup>(a)</sup> – 3.1% |
| 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 | 4.000 | 08/11/41 | 149200 |
| 200000 | 5.125 | 08/11/61 | 141000 |
| 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) |
| 379267 | 4.375 | 05/31/30 | 338638 |
| 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 | 182000 |
|  |  |  | 810838 |
| Paraguay<sup>(a)</sup> – 1.9% | Paraguay<sup>(a)</sup> – 1.9% | Paraguay<sup>(a)</sup> – 1.9% | Paraguay<sup>(a)</sup> – 1.9% |
| Banco Continental SAECA (NR/Baa3) | Banco Continental SAECA (NR/Baa3) | Banco Continental SAECA (NR/Baa3) | Banco Continental SAECA (NR/Baa3) |
| 300000 | 2.750 | 12/10/25 | 293175 |
| 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 | 198150 |
|  |  |  | 491325 |
| Peru<sup>(a)</sup> – 3.4% | Peru<sup>(a)</sup> – 3.4% | Peru<sup>(a)</sup> – 3.4% | Peru<sup>(a)</sup> – 3.4% |
| 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) |
| 200000 | 8.550 <sup>(b)</sup> | 09/18/33 | 223100 |
| InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) |
| 200000 | 3.250 | 03/22/28 | 187800 |
| 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 | 197800 |
| 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 | 293677 |
|  |  |  | 902377 |
| Philippines<sup>(a)(d)</sup> – 0.9% | Philippines<sup>(a)(d)</sup> – 0.9% | Philippines<sup>(a)(d)</sup> – 0.9% | Philippines<sup>(a)(d)</sup> – 0.9% |
| San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) | San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) | San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) | San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) |
| 250000 | 8.125 | 12/02/29 | 250625 |
| Romania<sup>(a)(d)</sup> – 2.2% | Romania<sup>(a)(d)</sup> – 2.2% | Romania<sup>(a)(d)</sup> – 2.2% | Romania<sup>(a)(d)</sup> – 2.2% |
| Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) | Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) | Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) | Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) |
| 200000 | 7.625 | 05/19/27 | 225451 |
| 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%) |
| 320000 | 8.875 | 04/27/27 | 362452 |
|  |  |  | 587903 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Saudi Arabia – 1.9% | Saudi Arabia – 1.9% | Saudi Arabia – 1.9% | Saudi Arabia – 1.9% |
| EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) |
| $198529 | 3.545% | 08/31/36 | $174395 |
| Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup>  | Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup>  | Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup>  | Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup>  |
| 200000 | 3.250 | 11/24/50 | 130358 |
| 200000 | 5.750 <sup>(b)</sup> | 07/17/54 | 188248 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;493001 |
| Singapore – 1.5% | Singapore – 1.5% | Singapore – 1.5% | Singapore – 1.5% |
| 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 | 207250 |
| LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) |
| 181800 | 6.875 | 02/04/39 | 182311 |
|  |  |  | 389561 |
| South Africa – 3.9% | South Africa – 3.9% | South Africa – 3.9% | South Africa – 3.9% |
| 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 | 237600 |
| Anglo American Capital PLC (BBB/Baa2) | Anglo American Capital PLC (BBB/Baa2) | Anglo American Capital PLC (BBB/Baa2) | Anglo American Capital PLC (BBB/Baa2) |
| 200000 | 6.000 <sup>(a)(b)</sup> | 04/05/54 | 198762 |
| 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 | 3.625 <sup>(a)</sup> | 09/23/26 | 194750 |
| Eskom Holdings SOC Ltd. (BB-/Ba2) | Eskom Holdings SOC Ltd. (BB-/Ba2) | Eskom Holdings SOC Ltd. (BB-/Ba2) | Eskom Holdings SOC Ltd. (BB-/Ba2) |
| 200000 | 4.314 <sup>(e)</sup> | 07/23/27 | 191180 |
| Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) |
| 200000 | 8.250 | 02/06/28 | 202862 |
|  |  |  | 1025154 |
| Turkey – 6.3% | Turkey – 6.3% | Turkey – 6.3% | Turkey – 6.3% |
| Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) |
| 210000 | 7.498 <sup>(b)</sup> | 01/20/30 | 210525 |
| 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 | 282112 |
| 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 | 198000 |
| 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) |
| 264871 | 9.500 <sup>(a)</sup> | 07/10/36 | 256265 |
| 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 | 205000 |
| Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) |
| 200000 | 8.375 <sup>(a)(b)(d)</sup> | 02/28/34 | 200687 |
| 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 | 304327 |
|  |  |  | 1656916 |
| United Arab Emirates<sup>(a)</sup> – 2.2% | United Arab Emirates<sup>(a)</sup> – 2.2% | United Arab Emirates<sup>(a)</sup> – 2.2% | United Arab Emirates<sup>(a)</sup> – 2.2% |
| Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) |
| 200000 | 5.125 <sup>(b)</sup> | 09/11/54 | 182312 |
| NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) |
| 400000 | 4.500 <sup>(d)</sup> | 08/27/25 | 397125 |
|  |  |  | 579437 |
| United Kingdom<sup>(a)</sup> – 0.8% | United Kingdom<sup>(a)</sup> – 0.8% | United Kingdom<sup>(a)</sup> – 0.8% | United Kingdom<sup>(a)</sup> – 0.8% |
| Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) |
| 220000 | 5.000 | 10/14/26 | 216484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| United States<sup>(a)</sup> – 1.4% | United States<sup>(a)</sup> – 1.4% | United States<sup>(a)</sup> – 1.4% | United States<sup>(a)</sup> – 1.4% |
| 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 | $173218 |
| Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) |
| 200000 | 3.900 | 08/08/29 | 188122 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;361340 |
| **Uzbekistan – 3.0%** | **Uzbekistan – 3.0%** | **Uzbekistan – 3.0%** | **Uzbekistan – 3.0%** |
| Ipoteka-Bank ATIB (BB-/NR) | Ipoteka-Bank ATIB (BB-/NR) | Ipoteka-Bank ATIB (BB-/NR) | Ipoteka-Bank ATIB (BB-/NR) |
| 400000 | 5.500 | 11/19/25 | 396875 |
| 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 <sup>(b)</sup> | 10/17/31 | 198658 |
| 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 <sup>(b)</sup> | 07/24/29 | 207875 |
|  |  |  | 803408 |
| **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) |
| 205861 | 5.125 | 05/07/29 | 199171 |
| Zambia<sup>(a)(b)</sup> – 1.6% | Zambia<sup>(a)(b)</sup> – 1.6% | Zambia<sup>(a)(b)</sup> – 1.6% | Zambia<sup>(a)(b)</sup> – 1.6% |
| 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 | 206550 |
| First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |
| 200000 | 9.375 | 03/01/29 | 210500 |
|  |  |  | 417050 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $23,898,975)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $23,898,975)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $23,898,975)** | $24675421 |
| Sovereign Debt Obligations – 3.4% | Sovereign Debt Obligations – 3.4% | Sovereign Debt Obligations – 3.4% | Sovereign Debt Obligations – 3.4% |
| El Salvador<sup>(a)</sup> – 0.5% | El Salvador<sup>(a)</sup> – 0.5% | El Salvador<sup>(a)</sup> – 0.5% | El Salvador<sup>(a)</sup> – 0.5% |
| 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) |
| $150000 | 7.125% | 01/20/50 | $119700 |
| Oman – 0.8% | Oman – 0.8% | Oman – 0.8% | Oman – 0.8% |
| Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) |
| 200000 | 6.500 | 03/08/47 | 202222 |
| Paraguay<sup>(a)</sup> – 0.6% | Paraguay<sup>(a)</sup> – 0.6% | Paraguay<sup>(a)</sup> – 0.6% | Paraguay<sup>(a)</sup> – 0.6% |
| Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) |
| 200000 | 5.400 | 03/30/50 | 171235 |
| Uzbekistan – 1.5% | Uzbekistan – 1.5% | Uzbekistan – 1.5% | Uzbekistan – 1.5% |
| National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) |
| 200000 | 4.850 | 10/21/25 | 197836 |
| 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) |
| 200000 | 7.850 <sup>(b)</sup> | 10/12/28 | 208562 |
|  |  |  | 406398 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $895,749)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $895,749)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $895,749)** | $899555 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(f)</sup> – 1.5% | Investment Company<sup>(f)</sup> – 1.5% | Investment Company<sup>(f)</sup> – 1.5% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 397110 | 4.259% | $397110 |
| (Cost $397,110) | (Cost $397,110) | (Cost $397,110) |
| **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $25,191,834)** | **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $25,191,834)** | $25972086 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.0%** | 522839 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $26494925 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Pay-in-kind securities. |
| (d) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (e) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $191,180, which represents approximately 0.7% of the Fund's net assets as of March 31, 2025. |
| (f) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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** |
|  JPMorgan Securities, Inc. | USD | 582361 | EUR | 564473 | 04/09/25 | $(28293) |

---

FUTURES CONTRACTS — At March 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 | 4 | 06/30/25 | $828688 | $2273 |
|  20 Year U.S. Treasury Bonds | 1 | 06/18/25 | 117281 | (213) |
| Total |  |  |  | $2060 |
|  **Short position contracts:** |  |  |  |  |
|  Ultra Long U.S. Treasury Bonds | (1) | 06/18/25 | (122250) | 1106 |
| TOTAL FUTURES CONTRACTS |  |  |  | $3166 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup>  | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup>  | **Market<br>Value** | **Upfront**<br> **Premium**<br> (Received)<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  6M EURO<sup>(b)</sup> <br> 2.250%<sup>(c)</sup> | 06/18/27 | EUR | 160 | $279 | $(227) | $506 |
|  2.250%<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 06/18/30 |  | 100 | 842 | 1312 | (470) |
| 2.250<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 06/18/32 |  | 100 | 1964 | 2494 | (530) |
|  6M EURO<sup>(b)</sup> <br> 2.500<sup>(c)</sup> | 06/18/35 |  | 140 | (2268) | (3570) | 1302 |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 06/18/40 |  | 110 | 4114 | 4655 | (541) |
| TOTAL |  |  |  | $4931 | $4664 | $267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LLC | —Limited Liability Company |
| MTN | —Medium Term Note |
| NR | —Not Rated |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| WR | —Withdrawn Rating |

---

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| EURO | —Euro Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 71.9% | Sovereign Debt Obligations – 71.9% | Sovereign Debt Obligations – 71.9% | Sovereign Debt Obligations – 71.9% |
| Angola – 1.3% | Angola – 1.3% | Angola – 1.3% | Angola – 1.3% |
| 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 | $795375 |
| 450000 | 8.750 <sup>(a)</sup> | 04/14/32 | 384750 |
| 1050000 | 9.125 | 11/26/49 | 806400 |
| Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) |
| 327000 | 9.500 | 11/12/25 | 326591 |
| 320000 | 8.250 | 05/09/28 | 297300 |
| 1340000 | 8.250 <sup>(a)</sup> | 05/09/28 | 1244944 |
| 1330000 | 9.375 | 05/08/48 | 1050035 |
|  |  |  | 4905395 |
| Argentina<sup>(b)</sup> – 2.3% | Argentina<sup>(b)</sup> – 2.3% | Argentina<sup>(b)</sup> – 2.3% | Argentina<sup>(b)</sup> – 2.3% |
| 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) |
| 908822 | 4.125 <sup>(c)</sup> | 07/09/46 | 558017 |
| 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) |
| 108079 | 0.500 | 07/09/29 | 87533 |
| $44413 | 1.000 | 07/09/29 | 34435 |
| 928116 | 0.750 <sup>(c)</sup> | 07/09/30 | 674740 |
| 2415877 | 4.125 <sup>(c)</sup> | 07/09/35 | 1507507 |
| 4610000 | 5.000 <sup>(c)</sup> | 01/09/38 | 3033380 |
| 5094455 | 3.500 <sup>(c)</sup> | 07/09/41 | 2949689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8845301 |
| Azerbaijan – 0.7% | Azerbaijan – 0.7% | Azerbaijan – 0.7% | Azerbaijan – 0.7% |
| Republic of Azerbaijan International Bonds (NR/Ba1u) | Republic of Azerbaijan International Bonds (NR/Ba1u) | Republic of Azerbaijan International Bonds (NR/Ba1u) | Republic of Azerbaijan International Bonds (NR/Ba1u) |
| 3170000 | 3.500 | 09/01/32 | 2780684 |
| Bahrain – 1.9% | Bahrain – 1.9% | Bahrain – 1.9% | Bahrain – 1.9% |
| Bahrain Government International Bonds (B+/B2u) | Bahrain Government International Bonds (B+/B2u) | Bahrain Government International Bonds (B+/B2u) | Bahrain Government International Bonds (B+/B2u) |
| 980000 | 7.375 <sup>(a)</sup> | 05/14/30 | 1020102 |
| 1320000 | 5.625 <sup>(a)</sup> | 09/30/31 | 1255237 |
| 450000 | 5.625 | 09/30/31 | 427922 |
| 230000 | 5.450 | 09/16/32 | 213684 |
| 820000 | 5.450 <sup>(a)</sup> | 09/16/32 | 761831 |
| Bahrain Government International Bonds (B+/NR) | Bahrain Government International Bonds (B+/NR) | Bahrain Government International Bonds (B+/NR) | Bahrain Government International Bonds (B+/NR) |
| 2390000 | 6.750 | 09/20/29 | 2433331 |
| 1230000 | 5.250 | 01/25/33 | 1118919 |
|  |  |  | 7231026 |
| Benin – 0.5% | Benin – 0.5% | Benin – 0.5% | Benin – 0.5% |
| 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 | 326812 |
| 400000 | 7.960 | 02/13/38 | 373500 |
| Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) |
| 720000 | 8.375 <sup>(a)</sup> | 01/23/41 | 681300 |
| Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) |
| 530000 | 4.875 <sup>(a)</sup> | 01/19/32 | 507052 |
|  |  |  | 1888664 |
| Bermuda<sup>(b)</sup> – 0.1% | Bermuda<sup>(b)</sup> – 0.1% | Bermuda<sup>(b)</sup> – 0.1% | Bermuda<sup>(b)</sup> – 0.1% |
| Bermuda Government International Bonds (A+/A2) | Bermuda Government International Bonds (A+/A2) | Bermuda Government International Bonds (A+/A2) | Bermuda Government International Bonds (A+/A2) |
| $580000 | 3.375 | 08/20/50 | 394371 |
| Brazil – 2.0% | Brazil – 2.0% | Brazil – 2.0% | Brazil – 2.0% |
| Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) |
| 1290000 | 6.000 | 10/20/33 | 1253880 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Brazil (continued) | Brazil (continued) | Brazil (continued) | Brazil (continued) |
| $1040000 | 6.125% | 03/15/34 | 1012180 |
| 900000 | 6.625 | 03/15/35 | 896400 |
| 1518000 | 5.625 | 01/07/41 | 1338117 |
| 2510000 | 4.750 <sup>(b)</sup> | 01/14/50 | 1765785 |
| 1350000 | 7.125 | 05/13/54 | 1291950 |
|  |  |  | 7558312 |
| Chile<sup>(b)</sup> – 1.1% | Chile<sup>(b)</sup> – 1.1% | Chile<sup>(b)</sup> – 1.1% | Chile<sup>(b)</sup> – 1.1% |
| Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) |
| 440000 | 4.340 | 03/07/42 | 378180 |
| 390000 | 3.500 | 01/25/50 | 275730 |
| 890000 | 4.000 | 01/31/52 | 676400 |
| 280000 | 5.330 | 01/05/54 | 262640 |
| 904000 | 3.100 | 01/22/61 | 542029 |
| 3200000 | 3.250 | 09/21/71 | 1929600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4064579 |
| Colombia<sup>(b)</sup> – 2.6% | Colombia<sup>(b)</sup> – 2.6% | Colombia<sup>(b)</sup> – 2.6% | Colombia<sup>(b)</sup> – 2.6% |
| Colombia Government International Bonds (BB+/Baa2) | Colombia Government International Bonds (BB+/Baa2) | Colombia Government International Bonds (BB+/Baa2) | Colombia Government International Bonds (BB+/Baa2) |
| 570000 | 4.500 | 03/15/29 | 536655 |
| 2290000 | 3.000 | 01/30/30 | 1945355 |
| 3130000 | 3.125 | 04/15/31 | 2539213 |
| 1300000 | 3.250 | 04/22/32 | 1014000 |
| 580000 | 7.500 | 02/02/34 | 575940 |
| 720000 | 5.625 | 02/26/44 | 540720 |
| 1380000 | 5.000 | 06/15/45 | 928740 |
| 1230000 | 4.125 | 05/15/51 | 701100 |
| 2320000 | 3.875 | 02/15/61 | 1207560 |
|  |  |  | 9989283 |
| Costa Rica – 1.3% | Costa Rica – 1.3% | Costa Rica – 1.3% | Costa Rica – 1.3% |
| Costa Rica Government International Bonds (BB-/Ba3) | Costa Rica Government International Bonds (BB-/Ba3) | Costa Rica Government International Bonds (BB-/Ba3) | Costa Rica Government International Bonds (BB-/Ba3) |
| 880000 | 6.125 | 02/19/31 | 891000 |
| 2343000 | 6.550 <sup>(a)(b)</sup> | 04/03/34 | 2400403 |
| 470000 | 5.625 | 04/30/43 | 421590 |
| 930000 | 7.000 | 04/04/44 | 944183 |
| 460000 | 7.300 <sup>(a)(b)</sup> | 11/13/54 | 475209 |
|  |  |  | 5132385 |
| Dominican Republic – 3.4% | Dominican Republic – 3.4% | Dominican Republic – 3.4% | Dominican Republic – 3.4% |
| Dominican Republic International Bonds (BB/Ba3) | Dominican Republic International Bonds (BB/Ba3) | Dominican Republic International Bonds (BB/Ba3) | Dominican Republic International Bonds (BB/Ba3) |
| 940000 | 5.500 <sup>(a)(b)</sup> | 02/22/29 | 925900 |
| 610000 | 5.500 <sup>(b)</sup> | 02/22/29 | 600850 |
| 2900000 | 4.500 <sup>(a)</sup> | 01/30/30 | 2712950 |
| 190000 | 4.500 | 01/30/30 | 177745 |
| 150000 | 7.050 <sup>(b)</sup> | 02/03/31 | 155100 |
| 2020000 | 7.050 <sup>(a)(b)</sup> | 02/03/31 | 2088680 |
| 940000 | 4.875 | 09/23/32 | 856218 |
| 150000 | 6.600 <sup>(a)(b)</sup> | 06/01/36 | 149400 |
| 980000 | 6.600 <sup>(b)</sup> | 06/01/36 | 976080 |
| 28750000 | 10.750 <sup>(a)(b)</sup> | 06/01/36 | 470872 |
| $2419000 | 6.950 <sup>(a)(b)</sup> | 03/15/37 | 2443190 |
| 199000 | 6.850 | 01/27/45 | 196214 |
| 360000 | 6.400 <sup>(a)</sup> | 06/05/49 | 336600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Dominican Republic (continued) | Dominican Republic (continued) | Dominican Republic (continued) | Dominican Republic (continued) |
| 840000 | 5.875% | 01/30/60 | 707700 |
|  |  |  | 12797499 |
| Ecuador – 1.3% | Ecuador – 1.3% | Ecuador – 1.3% | Ecuador – 1.3% |
| 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 | 701933 |
| 589000 | 0.000 <sup>(d)</sup> | 07/31/30 | 282720 |
| 1282817 | 6.900 <sup>(c)</sup> | 07/31/30 | 761993 |
| 3782467 | 5.500 <sup>(a)(c)</sup> | 07/31/35 | 1857191 |
| 19000 | 5.500 <sup>(c)</sup> | 07/31/35 | 9329 |
| 2650000 | 5.000 <sup>(c)</sup> | 07/31/40 | 1179250 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4792416 |
| Egypt – 2.6% | Egypt – 2.6% | Egypt – 2.6% | Egypt – 2.6% |
| Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  | Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  | Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  | Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  |
| 1090000 | 8.625 | 02/04/30 | 1053550 |
| 270000 | 9.450 | 02/04/33 | 254273 |
| Egypt Government International Bonds (B-/Caa1) | Egypt Government International Bonds (B-/Caa1) | Egypt Government International Bonds (B-/Caa1) | Egypt Government International Bonds (B-/Caa1) |
| 1740000 | 7.300 | 09/30/33 | 1430280 |
| 200000 | 8.750 | 09/30/51 | 152361 |
| 820000 | 7.500 | 02/16/61 | 544537 |
| 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 | 1067206 |
| 700000 | 7.625 <sup>(a)</sup> | 05/29/32 | 602455 |
| 2530000 | 8.700 | 03/01/49 | 1924698 |
| 1870000 | 8.875 <sup>(a)</sup> | 05/29/50 | 1443902 |
| 1850000 | 8.875 | 05/29/50 | 1428459 |
| 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 | 158621 |
|  |  |  | 10060342 |
| El Salvador – 1.1% | El Salvador – 1.1% | El Salvador – 1.1% | El Salvador – 1.1% |
| El Salvador Government International Bonds (B-/B3) | El Salvador Government International Bonds (B-/B3) | El Salvador Government International Bonds (B-/B3) | El Salvador Government International Bonds (B-/B3) |
| 470000 | 9.650 <sup>(a)(b)</sup> | 11/21/54 | 473290 |
| 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) |
| 380000 | 8.625 | 02/28/29 | 388360 |
| 630000 | 8.250 | 04/10/32 | 619920 |
| 610000 | 7.650 | 06/15/35 | 565013 |
| 810000 | 7.625 | 02/01/41 | 718875 |
| 830000 | 7.125 <sup>(b)</sup> | 01/20/50 | 662340 |
| 650000 | 9.500 <sup>(a)(b)</sup> | 07/15/52 | 652600 |
| 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 | 249374 |
|  |  |  | 4329772 |
| Ghana<sup>(a)</sup> – 1.4% | Ghana<sup>(a)</sup> – 1.4% | Ghana<sup>(a)</sup> – 1.4% | Ghana<sup>(a)</sup> – 1.4% |
| Ghana Government International Bonds (CCC+/Caa2) | Ghana Government International Bonds (CCC+/Caa2) | Ghana Government International Bonds (CCC+/Caa2) | Ghana Government International Bonds (CCC+/Caa2) |
| 225672 | 0.000 <sup>(d)</sup> | 07/03/26 | 211233 |
| 2275526 | 5.000 <sup>(c)</sup> | 07/03/29 | 1977842 |
| 379494 | 0.000 <sup>(d)</sup> | 01/03/30 | 293634 |
| 3872244 | 5.000 <sup>(c)</sup> | 07/03/35 | 2731868 |
|  |  |  | 5214577 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Guatemala – 1.8% | Guatemala – 1.8% | Guatemala – 1.8% | Guatemala – 1.8% |
| Guatemala Government Bonds (BB/Ba1) | Guatemala Government Bonds (BB/Ba1) | Guatemala Government Bonds (BB/Ba1) | Guatemala Government Bonds (BB/Ba1) |
| $1400000 | 4.375 %<sup>(a)</sup> | 06/05/27 | $1367240 |
| 416000 | 5.250 <sup>(a)(b)</sup> | 08/10/29 | 409344 |
| 470000 | 5.250 <sup>(b)</sup> | 08/10/29 | 462480 |
| 1270000 | 4.900 <sup>(b)</sup> | 06/01/30 | 1224153 |
| 220000 | 6.050 <sup>(a)(b)</sup> | 08/06/31 | 220000 |
| 430000 | 7.050 <sup>(b)</sup> | 10/04/32 | 452440 |
| 350000 | 7.050 <sup>(a)(b)</sup> | 10/04/32 | 368266 |
| 200000 | 6.550 <sup>(a)(b)</sup> | 02/06/37 | 199200 |
| 1090000 | 6.125 <sup>(a)(b)</sup> | 06/01/50 | 978820 |
| 381000 | 6.125 <sup>(b)</sup> | 06/01/50 | 342138 |
| Guatemala Government Bonds (BB/NR) | Guatemala Government Bonds (BB/NR) | Guatemala Government Bonds (BB/NR) |  |
| 1120000 | 4.650 <sup>(b)</sup> | 10/07/41 | 875000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6899081 |
| Honduras<sup>(a)(b)</sup> – 0.1% | Honduras<sup>(a)(b)</sup> – 0.1% | Honduras<sup>(a)(b)</sup> – 0.1% | Honduras<sup>(a)(b)</sup> – 0.1% |
| Honduras Government International Bonds (BB-/B1) | Honduras Government International Bonds (BB-/B1) | Honduras Government International Bonds (BB-/B1) | Honduras Government International Bonds (BB-/B1) |
| 240000 | 8.625 | 11/27/34 | 238800 |
| 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 | 208688 |
| 990000 | 5.250 <sup>(a)</sup> | 06/16/29 | 983812 |
| 1770000 | 2.125 | 09/22/31 | 1438125 |
| 1810000 | 6.250 <sup>(a)</sup> | 09/22/32 | 1860707 |
| 630000 | 5.500 <sup>(a)</sup> | 06/16/34 | 608737 |
| 1450000 | 5.500 <sup>(a)</sup> | 03/26/36 | 1385566 |
| 910000 | 5.500 | 03/26/36 | 869562 |
| 180000 | 7.625 | 03/29/41 | 202509 |
| 1960000 | 3.125 | 09/21/51 | 1160585 |
| 580000 | 6.750 <sup>(a)</sup> | 09/25/52 | 594871 |
| 200000 | 6.750 | 09/25/52 | 205128 |
| 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 | 804566 |
|  |  |  | 10322856 |
| Indonesia – 0.9% | Indonesia – 0.9% | Indonesia – 0.9% | Indonesia – 0.9% |
| 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 | 1017674 |
| 720000 | 4.625 | 04/15/43 | 638280 |
| 1260000 | 3.200 <sup>(b)</sup> | 09/23/61 | 768600 |
| 1490000 | 3.350 | 03/12/71 | 917095 |
|  |  |  | 3341649 |
| 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) |  |
| 1016250 | 5.800 | 01/15/28 | 995290 |
| Israel – 0.1% | Israel – 0.1% | Israel – 0.1% | Israel – 0.1% |
| State of Israel (A/Baa1) | State of Israel (A/Baa1) | State of Israel (A/Baa1) |  |
| 200000 | 3.375 | 01/15/50 | 130250 |
| 670000 | 3.800 | 05/13/60 | 428378 |
|  |  |  | 558628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Ivory Coast – 1.6% | Ivory Coast – 1.6% | Ivory Coast – 1.6% | Ivory Coast – 1.6% |
| 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) |
| $770000 | 6.375% | 03/03/28 | $771209 |
| 990000 | 5.250 | 03/22/30 | 1019973 |
| $290000 | 7.625 | 01/30/33 | 281581 |
| 2220000 | 6.125 | 06/15/33 | 1973713 |
| 370000 | 8.075 <sup>(a)</sup> | 04/01/36 | 353350 |
| 680000 | 8.250 <sup>(a)</sup> | 01/30/37 | 651206 |
| 890000 | 8.250 | 01/30/37 | 852314 |
| 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) |
| 114467 | 5.750 <sup>(b)(c)</sup> | 12/31/32 | 108357 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6011703 |
| Jamaica – 0.3% | Jamaica – 0.3% | Jamaica – 0.3% | Jamaica – 0.3% |
| Jamaica Government International Bonds (BB-/B1) | Jamaica Government International Bonds (BB-/B1) | Jamaica Government International Bonds (BB-/B1) | Jamaica Government International Bonds (BB-/B1) |
| 1060000 | 7.875 | 07/28/45 | 1216880 |
| Jordan – 0.9% | Jordan – 0.9% | Jordan – 0.9% | Jordan – 0.9% |
| 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 | 1021498 |
| 330000 | 7.750 | 01/15/28 | 334333 |
| 480000 | 7.500 <sup>(a)</sup> | 01/13/29 | 478800 |
| 800000 | 5.850 <sup>(a)</sup> | 07/07/30 | 738000 |
| 940000 | 5.850 | 07/07/30 | 867150 |
|  |  |  | 3439781 |
| Kazakhstan<sup>(a)</sup> – 0.7% | Kazakhstan<sup>(a)</sup> – 0.7% | Kazakhstan<sup>(a)</sup> – 0.7% | Kazakhstan<sup>(a)</sup> – 0.7% |
| Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) |
| 2660000 | 4.714 | 04/09/35 | 2577540 |
| Kenya – 1.1% | Kenya – 1.1% | Kenya – 1.1% | Kenya – 1.1% |
| 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) |
| 240000 | 7.250 | 02/28/28 | 230400 |
| 550000 | 9.750 <sup>(a)</sup> | 02/16/31 | 536250 |
| 980000 | 8.000 | 05/22/32 | 877100 |
| 200000 | 8.000 <sup>(a)</sup> | 05/22/32 | 179000 |
| 510000 | 6.300 | 01/23/34 | 395686 |
| 1143000 | 9.500 <sup>(a)</sup> | 03/05/36 | 1037273 |
| 1020000 | 8.250 | 02/28/48 | 801465 |
|  |  |  | 4057174 |
| 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 (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) |
| 665000 | 7.000 | 03/20/28 | 103075 |
| 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 | 37975 |
| 173000 | 6.650 | 11/03/28 | 26815 |
| 585000 | 6.850 | 05/25/29 | 90675 |
| 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 | 41850 |
| 1083000 | 7.150 | 11/20/31 | 167865 |
|  |  |  | 468255 |
| Mexico – 2.7% | Mexico – 2.7% | Mexico – 2.7% | Mexico – 2.7% |
| Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) |
| 60000000 | 8.500 | 03/01/29 | 2899633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) |
| 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>  |
| $610000 | 6.350% | 02/09/35 | 610915 |
| 950000 | 6.000 | 05/07/36 | 919125 |
| 1240000 | 4.280 | 08/14/41 | 941160 |
| 1110000 | 2.125 | 10/25/51 | 628027 |
| $1250000 | 6.338 | 05/04/53 | 1137500 |
| 4719000 | 3.771 | 05/24/61 | 2755896 |
| 760000 | 3.750 | 04/19/71 | 428260 |
|  |  |  | 10320516 |
| Mongolia – 0.7% | Mongolia – 0.7% | Mongolia – 0.7% | Mongolia – 0.7% |
| Mongolia Government International Bonds (B+/B2u) | Mongolia Government International Bonds (B+/B2u) | Mongolia Government International Bonds (B+/B2u) | Mongolia Government International Bonds (B+/B2u) |
| 700000 | 3.500 | 07/07/27 | 646100 |
| 460000 | 3.500 <sup>(a)</sup> | 07/07/27 | 424580 |
| 720000 | 8.650 <sup>(a)</sup> | 01/19/28 | 747270 |
| 400000 | 8.650 | 01/19/28 | 415150 |
| 200000 | 7.875 <sup>(a)</sup> | 06/05/29 | 204500 |
| 420000 | 6.625 <sup>(a)</sup> | 02/25/30 | 411810 |
|  |  |  | 2849410 |
| Morocco – 1.1% | Morocco – 1.1% | Morocco – 1.1% | Morocco – 1.1% |
| Morocco Government International Bonds (BB+/Ba1u) | Morocco Government International Bonds (BB+/Ba1u) | Morocco Government International Bonds (BB+/Ba1u) | Morocco Government International Bonds (BB+/Ba1u) |
| 420000 | 2.375 <sup>(a)</sup> | 12/15/27 | 387975 |
| 270000 | 2.375 | 12/15/27 | 249412 |
| 1030000 | 5.950 <sup>(a)</sup> | 03/08/28 | 1044379 |
| 710000 | 1.500 <sup>(a)</sup> | 11/27/31 | 646423 |
| $490000 | 3.000 <sup>(a)</sup> | 12/15/32 | 404539 |
| 280000 | 6.500 | 09/08/33 | 290850 |
| 1230000 | 4.000 | 12/15/50 | 837175 |
| Morocco Government International Bonds (BB+/NR) | Morocco Government International Bonds (BB+/NR) | Morocco Government International Bonds (BB+/NR) | Morocco Government International Bonds (BB+/NR) |
| 510000 | 5.500 | 12/11/42 | 454058 |
|  |  |  | 4314811 |
| Nigeria – 2.7% | Nigeria – 2.7% | Nigeria – 2.7% | Nigeria – 2.7% |
| Nigeria Government International Bonds (B-/Caa1) | Nigeria Government International Bonds (B-/Caa1) | Nigeria Government International Bonds (B-/Caa1) | Nigeria Government International Bonds (B-/Caa1) |
| 1815000 | 6.500 | 11/28/27 | 1741728 |
| 410000 | 6.125 <sup>(a)</sup> | 09/28/28 | 373965 |
| 2080000 | 6.125 | 09/28/28 | 1897189 |
| 1070000 | 8.375 | 03/24/29 | 1033887 |
| 1518000 | 7.143 | 02/23/30 | 1367726 |
| 310000 | 9.625 <sup>(a)</sup> | 06/09/31 | 305045 |
| 1320000 | 7.875 | 02/16/32 | 1171606 |
| 310000 | 10.375 <sup>(a)</sup> | 12/09/34 | 310852 |
| 690000 | 7.696 <sup>(a)</sup> | 02/23/38 | 556619 |
| 980000 | 7.625 | 11/28/47 | 736392 |
| 1215000 | 8.250 | 09/28/51 | 948915 |
|  |  |  | 10443924 |
| Oman – 2.8% | Oman – 2.8% | Oman – 2.8% | Oman – 2.8% |
| Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) |
| 1500000 | 6.500 | 03/08/47 | 1516665 |
| Oman Government International Bonds (NR/Ba1) | Oman Government International Bonds (NR/Ba1) | Oman Government International Bonds (NR/Ba1) | Oman Government International Bonds (NR/Ba1) |
| 1740000 | 6.750 <sup>(a)</sup> | 10/28/27 | 1803075 |
| 2380000 | 5.625 | 01/17/28 | 2392376 |
| 2100000 | 6.000 | 08/01/29 | 2148783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Oman (continued) | Oman (continued) | Oman (continued) | Oman (continued) |
| $520000 | 6.250% | 01/25/31 | 539536 |
| 680000 | 7.375 <sup>(a)</sup> | 10/28/32 | 754800 |
| 1420000 | 6.750 <sup>(a)</sup> | 01/17/48 | 1467925 |
| 250000 | 6.750 | 01/17/48 | 258438 |
|  |  |  | 10881598 |
| Pakistan – 1.3% | Pakistan – 1.3% | Pakistan – 1.3% | Pakistan – 1.3% |
| Pakistan Government International Bonds (CCC+/Caa2) | Pakistan Government International Bonds (CCC+/Caa2) | Pakistan Government International Bonds (CCC+/Caa2) | Pakistan Government International Bonds (CCC+/Caa2) |
| 1170000 | 6.875 | 12/05/27 | 1064700 |
| 500000 | 7.875 | 03/31/36 | 393750 |
| Pakistan Government International Bonds (NR/Caa2) | Pakistan Government International Bonds (NR/Caa2) | Pakistan Government International Bonds (NR/Caa2) | Pakistan Government International Bonds (NR/Caa2) |
| 320000 | 8.250 | 09/30/25 | 318400 |
| 1840000 | 7.375 | 04/08/31 | 1560320 |
| 1480000 | 8.875 | 04/08/51 | 1161800 |
| Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) |
| 590000 | 7.500 | 06/04/31 | 468460 |
|  |  |  | 4967430 |
| Panama – 1.8% | Panama – 1.8% | Panama – 1.8% | Panama – 1.8% |
| 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>  |
| 820000 | 2.252 | 09/29/32 | 596140 |
| 470000 | 6.875 | 01/31/36 | 452375 |
| 1510000 | 4.500 | 04/16/50 | 962625 |
| 460000 | 6.853 | 03/28/54 | 402902 |
| 1530000 | 4.500 | 04/01/56 | 934639 |
| 3101000 | 3.870 | 07/23/60 | 1671439 |
| 570000 | 4.500 | 01/19/63 | 345990 |
| Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) |  |
| 1460000 | 3.750 | 04/17/26 | 1440059 |
|  |  |  | 6806169 |
| Paraguay – 1.4% | Paraguay – 1.4% | Paraguay – 1.4% | Paraguay – 1.4% |
| Paraguay Government International Bonds (NR/Baa3) | Paraguay Government International Bonds (NR/Baa3) | Paraguay Government International Bonds (NR/Baa3) | Paraguay Government International Bonds (NR/Baa3) |
| 480000 | 6.650 <sup>(a)(b)</sup> | 03/04/55 | 483360 |
| Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) |
| 140000 | 5.000 <sup>(a)</sup> | 04/15/26 | 139757 |
| 1165000 | 4.700 <sup>(a)</sup> | 03/27/27 | 1153350 |
| 340000 | 4.950 <sup>(a)(b)</sup> | 04/28/31 | 330480 |
| 2509000 | 2.739 <sup>(a)(b)</sup> | 01/29/33 | 2070778 |
| 1390000 | 5.400 <sup>(b)</sup> | 03/30/50 | 1190083 |
|  |  |  | 5367808 |
| Peru – 1.4% | Peru – 1.4% | Peru – 1.4% | Peru – 1.4% |
| Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) |  |
| 3040000 | 6.150 | 08/12/32 | 829417 |
| 2770000 | 5.400 | 08/12/34 | 685818 |
| Peru Government International Bonds (BBB-/Baa1)<sup>(b)</sup>  | Peru Government International Bonds (BBB-/Baa1)<sup>(b)</sup>  | Peru Government International Bonds (BBB-/Baa1)<sup>(b)</sup>  | Peru Government International Bonds (BBB-/Baa1)<sup>(b)</sup>  |
| 580000 | 1.250 | 03/11/33 | 503526 |
| $840000 | 5.375 | 02/08/35 | 822360 |
| 1460000 | 2.780 | 12/01/60 | 793510 |
| 330000 | 3.600 | 01/15/72 | 204963 |
| 2910000 | 3.230 | 07/28/21<sup>(g)</sup> | 1564125 |
|  |  |  | 5403719 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% |
| Philippines Government International Bonds (BBB+/Baa2) | Philippines Government International Bonds (BBB+/Baa2) | Philippines Government International Bonds (BBB+/Baa2) | Philippines Government International Bonds (BBB+/Baa2) |
| $740000 | 3.200% | 07/06/46 | $517526 |
| Poland – 1.5% | Poland – 1.5% | Poland – 1.5% | Poland – 1.5% |
| 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 | 1444791 |
| Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  | Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  | Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  | Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  |
| 290000 | 5.125 | 09/18/34 | 286277 |
| 1530000 | 5.375 | 02/12/35 | 1534590 |
| 690000 | 5.500 | 04/04/53 | 647230 |
| 1840000 | 5.500 | 03/18/54 | 1723712 |
|  |  |  | 5636600 |
| Qatar – 0.3% | Qatar – 0.3% | Qatar – 0.3% | Qatar – 0.3% |
| Qatar Government International Bonds (AA/Aa2) | Qatar Government International Bonds (AA/Aa2) | Qatar Government International Bonds (AA/Aa2) | Qatar Government International Bonds (AA/Aa2) |
| 400000 | 4.400 | 04/16/50 | 342738 |
| 830000 | 4.400 <sup>(a)</sup> | 04/16/50 | 711180 |
|  |  |  | 1053918 |
| Romania – 2.0% | Romania – 2.0% | Romania – 2.0% | Romania – 2.0% |
| Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) |
| 1620000 | 6.625 <sup>(a)</sup> | 02/17/28 | 1658345 |
| 450000 | 6.625 | 02/17/28 | 460652 |
| 1050000 | 3.000 <sup>(a)</sup> | 02/14/31 | 877800 |
| 20000 | 3.625 <sup>(a)</sup> | 03/27/32 | 16710 |
| 1540000 | 6.375 | 01/30/34 | 1479940 |
| 1080000 | 5.750 | 03/24/35 | 975780 |
| 140000 | 3.375 | 01/28/50 | 89624 |
| $1340000 | 4.000 | 02/14/51 | 816147 |
| 740000 | 7.625 <sup>(a)</sup> | 01/17/53 | 736707 |
| 460000 | 7.625 | 01/17/53 | 457953 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7569658 |
| Rwanda – 0.2% | Rwanda – 0.2% | Rwanda – 0.2% | Rwanda – 0.2% |
| Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) |
| 810000 | 5.500 | 08/09/31 | 651734 |
| Saudi Arabia – 1.3% | Saudi Arabia – 1.3% | Saudi Arabia – 1.3% | Saudi Arabia – 1.3% |
| 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 | 663390 |
| 1160000 | 4.625 | 10/04/47 | 962464 |
| 1270000 | 3.250 | 11/17/51 | 807085 |
| 1360000 | 5.000 <sup>(a)</sup> | 01/18/53 | 1160733 |
| 1450000 | 5.750 | 01/16/54 | 1380907 |
| 200000 | 3.750 | 01/21/55 | 135332 |
|  |  |  | 5109911 |
| Senegal – 0.5% | Senegal – 0.5% | Senegal – 0.5% | Senegal – 0.5% |
| Senegal Government International Bonds (B/B3) | Senegal Government International Bonds (B/B3) | Senegal Government International Bonds (B/B3) | Senegal Government International Bonds (B/B3) |
| 230000 | 4.750 | 03/13/28 | 215980 |
| $1600000 | 7.750 | 06/10/31 | 1334000 |
| 400000 | 6.250 | 05/23/33 | 297000 |
| 200000 | 6.750 | 03/13/48 | 129688 |
|  |  |  | 1976668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Serbia – 1.2% | Serbia – 1.2% | Serbia – 1.2% | Serbia – 1.2% |
| Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) |
| $2630000 | 2.125% | 12/01/30 | $2163175 |
| 520000 | 1.650 | 03/03/33 | 438227 |
| $880000 | 6.500 <sup>(a)</sup> | 09/26/33 | 904754 |
| 460000 | 6.500 | 09/26/33 | 472940 |
| 480000 | 6.000 <sup>(a)</sup> | 06/12/34 | 474902 |
| 290000 | 2.050 | 09/23/36 | 228030 |
|  |  |  | 4682028 |
| 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) |
| 21180000 | 8.500 | 01/31/37 | 958537 |
| 21040000 | 9.000 | 01/31/40 | 947816 |
| 13380000 | 6.500 | 02/28/41 | 470338 |
| 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) |
| $2600000 | 4.850 | 09/30/29 | 2445950 |
| 660000 | 5.875 | 06/22/30 | 642345 |
| 1290000 | 5.875 | 04/20/32 | 1224694 |
| 590000 | 7.100 <sup>(a)</sup> | 11/19/36 | 572447 |
| 530000 | 6.250 | 03/08/41 | 451162 |
| 1140000 | 5.375 | 07/24/44 | 845025 |
| 430000 | 5.000 | 10/12/46 | 293475 |
| 1130000 | 5.750 | 09/30/49 | 829420 |
| 500000 | 7.300 | 04/20/52 | 440375 |
| 390000 | 7.950 <sup>(a)</sup> | 11/19/54 | 366210 |
| 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) |
| 1850000 | 5.650 | 09/27/47 | 1367150 |
|  |  |  | 11854944 |
| Sri Lanka<sup>(a)</sup> – 1.3% | Sri Lanka<sup>(a)</sup> – 1.3% | Sri Lanka<sup>(a)</sup> – 1.3% | Sri Lanka<sup>(a)</sup> – 1.3% |
| Sri Lanka Government International Bonds (CCC+/Caa1) | Sri Lanka Government International Bonds (CCC+/Caa1) | Sri Lanka Government International Bonds (CCC+/Caa1) | Sri Lanka Government International Bonds (CCC+/Caa1) |
| 804611 | 4.000 | 04/15/28 | 754725 |
| 861204 | 3.600 <sup>(c)</sup> | 06/15/35 | 581313 |
| 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 | 01/15/30 | 660954 |
| 1635421 | 3.350 | 03/15/33 | 1275628 |
| 747693 | 3.600 | 05/15/36 | 581705 |
| 1295891 | 3.600 | 02/15/38 | 1015979 |
|  |  |  | 4870304 |
| Trinidad and Tobago<sup>(a)(b)</sup> – 0.6% | Trinidad and Tobago<sup>(a)(b)</sup> – 0.6% | Trinidad and Tobago<sup>(a)(b)</sup> – 0.6% | Trinidad and Tobago<sup>(a)(b)</sup> – 0.6% |
| 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) |
| 1560000 | 4.500 | 06/26/30 | 1439100 |
| 900000 | 6.400 | 06/26/34 | 880650 |
|  |  |  | 2319750 |
| Turkey – 4.3% | Turkey – 4.3% | Turkey – 4.3% | Turkey – 4.3% |
| Republic of Turkiye (NR/B1) | Republic of Turkiye (NR/B1) | Republic of Turkiye (NR/B1) | Republic of Turkiye (NR/B1) |
| 290000 | 6.500 | 01/03/35 | 268868 |
| Turkiye Government Bonds (NR/NR) | Turkiye Government Bonds (NR/NR) | Turkiye Government Bonds (NR/NR) | Turkiye Government Bonds (NR/NR) |
| 21990000 | 36.000 | 08/12/26 | 531677 |
| Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) |
| $1100000 | 7.125 | 02/12/32 | 1081300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Turkey (continued) | Turkey (continued) | Turkey (continued) | Turkey (continued) |
| Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) |
| $1090000 | 5.250% | 03/13/30 | 1013646 |
| 2200000 | 5.950 | 01/15/31 | 2068550 |
| 1280000 | 5.875 | 06/26/31 | 1190080 |
| 1530000 | 7.125 | 07/17/32 | 1500838 |
| 3310000 | 6.500 | 09/20/33 | 3103953 |
| 1902000 | 7.625 | 05/15/34 | 1910996 |
| 1750000 | 6.000 | 01/14/41 | 1431938 |
| 980000 | 4.875 | 04/16/43 | 681668 |
| 2000000 | 5.750 | 05/11/47 | 1493150 |
|  |  |  | 16276664 |
| Ukraine – 1.5% | Ukraine – 1.5% | Ukraine – 1.5% | Ukraine – 1.5% |
| Ukraine Government International Bonds (CC/NR) | Ukraine Government International Bonds (CC/NR) | Ukraine Government International Bonds (CC/NR) | Ukraine Government International Bonds (CC/NR) |
| 648000 | 0.000 <sup>(b)(h)</sup> | 08/01/41 | 466560 |
| Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) |
| 150000 | 1.750 <sup>(c)</sup> | 02/01/35 | 78000 |
| Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  |
| 223742 | 0.000 <sup>(a)</sup> | 02/01/30 | 114108 |
| 1456099 | 0.000 <sup>(a)</sup> | 02/01/34 | 571519 |
| 1697309 | 1.750 <sup>(a)</sup> | 02/01/34 | 899574 |
| 400000 | 1.750 | 02/01/34 | 212000 |
| 706562 | 0.000 <sup>(a)</sup> | 02/01/35 | 388609 |
| 2948223 | 1.750 <sup>(a)</sup> | 02/01/35 | 1533076 |
| 588801 | 0.000 <sup>(a)</sup> | 02/01/36 | 322368 |
| 1800485 | 1.750 <sup>(a)</sup> | 02/01/36 | 922749 |
| 420000 | 1.750 | 02/01/36 | 215250 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5723813 |
| 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) |
| 360000 | 5.500 <sup>(a)</sup> | 04/30/54 | 361024 |
| 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) |
| 1890000 | 3.900 | 09/09/50 | 1365525 |
|  |  |  | 1726549 |
| Uruguay – 1.0% | Uruguay – 1.0% | Uruguay – 1.0% | Uruguay – 1.0% |
| Oriental Republic of Uruguay (BBB+/NR) | Oriental Republic of Uruguay (BBB+/NR) | Oriental Republic of Uruguay (BBB+/NR) | Oriental Republic of Uruguay (BBB+/NR) |
| 520000 | 5.250 <sup>(b)</sup> | 09/10/60 | 474240 |
| Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) |
| 1925920 | 5.750 <sup>(b)</sup> | 10/28/34 | 2008735 |
| 1410000 | 4.975 | 04/20/55 | 1259130 |
|  |  |  | 3742105 |
| Uzbekistan – 1.5% | Uzbekistan – 1.5% | Uzbekistan – 1.5% | Uzbekistan – 1.5% |
| National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) |  |
| 1560000 | 4.850 | 10/21/25 | 1543121 |
| Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) |
| 9450000000 | 15.500 <sup>(a)</sup> | 02/25/28 | 738482 |
| Republic of Uzbekistan International Bonds (BB-/Ba3) | Republic of Uzbekistan International Bonds (BB-/Ba3) | Republic of Uzbekistan International Bonds (BB-/Ba3) | Republic of Uzbekistan International Bonds (BB-/Ba3) |
| 310000 | 5.375 <sup>(a)</sup> | 05/29/27 | 338766 |
| 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 | 573546 |
| 1120000 | 5.375 | 02/20/29 | 1067718 |
| 600000 | 3.700 <sup>(a)</sup> | 11/25/30 | 508406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Uzbekistan (continued) | Uzbekistan (continued) | Uzbekistan (continued) | Uzbekistan (continued) |
| $1000000 | 3.700% | 11/25/30 | $847344 |
|  |  |  | 5617383 |
| Venezuela<sup>(f)</sup> – 0.4% | Venezuela<sup>(f)</sup> – 0.4% | Venezuela<sup>(f)</sup> – 0.4% | Venezuela<sup>(f)</sup> – 0.4% |
| Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) |
| 2310000 | 7.650 | 04/21/25 | 403095 |
| 176000 | 11.750 | 10/21/26 | 36344 |
| 3721000 | 9.250 | 05/07/28 | 706990 |
| 1920000 | 11.950 | 08/05/31 | 386880 |
|  |  |  | 1533309 |
| Vietnam<sup>(b)(e)</sup> – 0.1% | Vietnam<sup>(b)(e)</sup> – 0.1% | Vietnam<sup>(b)(e)</sup> – 0.1% | Vietnam<sup>(b)(e)</sup> – 0.1% |
| Viet Nam Debt & Asset Trading Corp. (NR/NR) | Viet Nam Debt & Asset Trading Corp. (NR/NR) | Viet Nam Debt & Asset Trading Corp. (NR/NR) | Viet Nam Debt & Asset Trading Corp. (NR/NR) |
| 280000 | 1.000 | 10/10/25 | 268212 |
| Zambia – 0.5% | Zambia – 0.5% | Zambia – 0.5% | Zambia – 0.5% |
| Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) |
| 521378 | 5.750 <sup>(c)</sup> | 06/30/33 | 453517 |
| 2167926 | 0.500 | 12/31/53 | 1312950 |
|  |  |  | 1766467 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $280,557,913)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $280,557,913)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $280,557,913)** | $274365171 |
| Corporate Obligations – 25.0% | Corporate Obligations – 25.0% | Corporate Obligations – 25.0% | Corporate Obligations – 25.0% |
| Angola<sup>(a)(b)</sup> – 0.2% | Angola<sup>(a)(b)</sup> – 0.2% | Angola<sup>(a)(b)</sup> – 0.2% | Angola<sup>(a)(b)</sup> – 0.2% |
| Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) |
| $930000 | 8.125% | 01/23/30 | $928512 |
| Argentina<sup>(a)(b)</sup> – 0.1% | Argentina<sup>(a)(b)</sup> – 0.1% | Argentina<sup>(a)(b)</sup> – 0.1% | Argentina<sup>(a)(b)</sup> – 0.1% |
| YPF SA (NR/NR) | YPF SA (NR/NR) | YPF SA (NR/NR) | YPF SA (NR/NR) |
| 520000 | 8.250 | 01/17/34 | 516360 |
| 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) |
| 363000 | 6.875 | 09/19/33 | 390472 |
| 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 | 681020 |
|  |  |  | 1071492 |
| Bermuda<sup>(a)(b)</sup> – 0.3% | Bermuda<sup>(a)(b)</sup> – 0.3% | Bermuda<sup>(a)(b)</sup> – 0.3% | Bermuda<sup>(a)(b)</sup> – 0.3% |
| Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) | Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) | Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) | Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) |
| 1280000 | 2.625 | 08/15/25 | 1261440 |
| Brazil – 2.0% | Brazil – 2.0% | Brazil – 2.0% | Brazil – 2.0% |
| Banco Bradesco SA (NR/Ba1) | Banco Bradesco SA (NR/Ba1) | Banco Bradesco SA (NR/Ba1) | Banco Bradesco SA (NR/Ba1) |
| 490000 | 6.500 <sup>(a)</sup> | 01/22/30 | 503206 |
| Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) | Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) | Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) | Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) |
| 310000 | 8.748 <sup>(b)(h)</sup> | 10/15/25 | 314941 |
| 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 | 1039500 |
| BRF SA (NR/Ba2) | BRF SA (NR/Ba2) | BRF SA (NR/Ba2) | BRF SA (NR/Ba2) |
| 860000 | 4.875 <sup>(b)</sup> | 01/24/30 | 813560 |
| 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 | 197375 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Brazil (continued) | Brazil (continued) | Brazil (continued) | Brazil (continued) |
| Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) |  |
| 650000 | 6.000 %<sup>(b)</sup> | 01/13/35 | 619125 |
| Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  |
| 300000 | 6.700 | 02/25/37 | 299565 |
| 200000 | 6.950 | 03/05/54 | 195026 |
| 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>  |  |
| 500000 | 5.700 <sup>(a)</sup> | 01/17/35 | 473525 |
| 200000 | 5.700 | 01/17/35 | 189410 |
| Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) |  |
| 330000 | 4.950 <sup>(b)</sup> | 01/17/28 | 323503 |
| 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) |
| 780000 | 5.375 <sup>(b)</sup> | 04/04/32 | 745875 |
| Vale Overseas Ltd. (BBB-/Baa2)<sup>(b)</sup>  | Vale Overseas Ltd. (BBB-/Baa2)<sup>(b)</sup>  | Vale Overseas Ltd. (BBB-/Baa2)<sup>(b)</sup>  |  |
| 1570000 | 6.125 | 06/12/33 | 1608465 |
| 150000 | 6.400 | 06/28/54 | 147825 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7470901 |
| Chile – 1.3% | Chile – 1.3% | Chile – 1.3% | Chile – 1.3% |
| 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 | 628200 |
| (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) |
| 910000 | 7.950 | 05/02/29 | 952770 |
| Corp. Nacional del Cobre de Chile (BBB+/Baa1) | Corp. Nacional del Cobre de Chile (BBB+/Baa1) | Corp. Nacional del Cobre de Chile (BBB+/Baa1) | Corp. Nacional del Cobre de Chile (BBB+/Baa1) |
| 480000 | 6.330 <sup>(a)(b)</sup> | 01/13/35 | 494400 |
| 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 | 364838 |
| GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) |  |
| 561376 | 4.634 | 07/31/29 | 554639 |
| Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup>  | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup>  | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup>  |  |
| 200000 | 3.850 | 01/13/30 | 186684 |
| 540000 | 6.125 <sup>(a)</sup> | 06/23/33 | 549617 |
| Inversiones CMPC SA (BBB/NR) | Inversiones CMPC SA (BBB/NR) | Inversiones CMPC SA (BBB/NR) |  |
| 200000 | 6.125 <sup>(a)(b)</sup> | 02/26/34 | 202800 |
| 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 | 973385 |
| 130000 | 7.875 | 04/15/30 | 129123 |
|  |  |  | 5036456 |
| China – 0.2% | China – 0.2% | China – 0.2% | China – 0.2% |
| 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 | 116 |
| 90223 | 0.000 <sup>(c)</sup> | 12/31/99 | 677 |
| (5.500% PIK, 0.000% Cash) | (5.500% PIK, 0.000% Cash) | (5.500% PIK, 0.000% Cash) |  |
| 34932 | 5.500 <sup>(i)</sup> | 09/30/31 | 419 |
| Easy Tactic Ltd. (NR/NR) (PIK 7.500%, Cash 6.500%) | Easy Tactic Ltd. (NR/NR) (PIK 7.500%, Cash 6.500%) | Easy Tactic Ltd. (NR/NR) (PIK 7.500%, Cash 6.500%) | Easy Tactic Ltd. (NR/NR) (PIK 7.500%, Cash 6.500%) |
| 441612 | 6.500 <sup>(b)(i)</sup> | 07/11/28 | 13800 |
| 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 | 8500 |
| 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 | 5000 |
| Meituan (BBB+/Baa1) | Meituan (BBB+/Baa1) | Meituan (BBB+/Baa1) | Meituan (BBB+/Baa1) |
| 250000 | 3.050 <sup>(b)</sup> | 10/28/30 | 227162 |
| Meituan (NR/Baa1) | Meituan (NR/Baa1) | Meituan (NR/Baa1) | Meituan (NR/Baa1) |
| 400000 | 0.000 <sup>(d)(j)</sup> | 04/27/28 | 387520 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| China (continued) | China (continued) | China (continued) | China (continued) |
| Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) |  |
| 220000 | 9.700 %<sup>(b)(f)</sup> | 04/16/23 | 2200 |
| Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) |
| 2020000 | 5.375 <sup>(b)(f)(h)</sup> | 09/29/25 | 40400 |
|  |  |  | 685794 |
| Colombia – 1.0% | Colombia – 1.0% | Colombia – 1.0% | Colombia – 1.0% |
| 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 | 351554 |
| 660000 | 6.250 | 05/12/26 | 662930 |
| 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%) |
| 550000 | 8.625 <sup>(b)(h)</sup> | 12/24/34 | 581488 |
| Ecopetrol SA (BB+/Ba1)<sup>(b)</sup>  | Ecopetrol SA (BB+/Ba1)<sup>(b)</sup>  | Ecopetrol SA (BB+/Ba1)<sup>(b)</sup>  |  |
| 590000 | 8.625 | 01/19/29 | 626580 |
| 210000 | 6.875 | 04/29/30 | 207648 |
| 650000 | 4.625 | 11/02/31 | 541125 |
| 815000 | 7.750 | 02/01/32 | 797885 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3769210 |
| Ghana<sup>(a)(b)</sup> – 0.3% | Ghana<sup>(a)(b)</sup> – 0.3% | Ghana<sup>(a)(b)</sup> – 0.3% | Ghana<sup>(a)(b)</sup> – 0.3% |
| Kosmos Energy Ltd. (B/B3u) | Kosmos Energy Ltd. (B/B3u) | Kosmos Energy Ltd. (B/B3u) |  |
| 730000 | 7.750 | 05/01/27 | 700574 |
| 310000 | 8.750 | 10/01/31 | 286945 |
|  |  |  | 987519 |
| 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) |
| 1000000 | 5.250 | 04/27/29 | 959000 |
| 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) | Add Hero Holdings Ltd. (NR/NR) | Add Hero Holdings Ltd. (NR/NR) |  |
| (PIK 8.500%, Cash 7.500%) | (PIK 8.500%, Cash 7.500%) | (PIK 8.500%, Cash 7.500%) |  |
| 61691 | 8.500 | 09/30/29 | 4627 |
| (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) |  |
| 47682 | 9.000 | 09/30/30 | 1192 |
| (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) |  |
| 62462 | 9.800 | 09/30/31 | 1405 |
|  |  |  | 7224 |
| India – 0.8% | India – 0.8% | India – 0.8% | India – 0.8% |
| Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) |
| 262000 | 3.949 | 02/12/30 | 223119 |
| 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) |
| 370000 | 4.200 <sup>(b)</sup> | 08/04/27 | 347303 |
| 270000 | 4.375 | 07/03/29 | 242325 |
| CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) |  |
| 1030000 | 5.375 <sup>(b)</sup> | 10/31/26 | 1011666 |
| JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) |  |
| 656375 | 4.125 <sup>(b)</sup> | 05/18/31 | 587521 |
| Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) |  |
| 770000 | 2.875 <sup>(a)</sup> | 01/12/32 | 669900 |
|  |  |  | 3081834 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Indonesia – 0.9% | Indonesia – 0.9% | Indonesia – 0.9% | Indonesia – 0.9% |
| 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 | $262710 |
| Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) |
| 380000 | 6.530 | 11/15/28 | 397328 |
| 270000 | 5.450 <sup>(b)</sup> | 05/15/30 | 271512 |
| 560000 | 5.800 <sup>(a)(b)</sup> | 05/15/50 | 517670 |
| Pertamina Geothermal Energy PT (NR/Baa3) | Pertamina Geothermal Energy PT (NR/Baa3) | Pertamina Geothermal Energy PT (NR/Baa3) | Pertamina Geothermal Energy PT (NR/Baa3) |
| 330000 | 5.150 <sup>(a)(b)</sup> | 04/27/28 | 329588 |
| Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) |  |
| 330000 | 6.500 | 05/27/41 | 338250 |
| 920000 | 6.000 | 05/03/42 | 893205 |
| Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) |  |
| 620000 | 4.150 <sup>(b)</sup> | 02/25/60 | 433302 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3443565 |
| Jamaica<sup>(b)</sup> – 0.3% | Jamaica<sup>(b)</sup> – 0.3% | Jamaica<sup>(b)</sup> – 0.3% | Jamaica<sup>(b)</sup> – 0.3% |
| 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 | 1024131 |
| 200000 | 6.750 | 12/15/36 | 200810 |
|  |  |  | 1224941 |
| Kazakhstan<sup>(a)(b)</sup> – 0.4% | Kazakhstan<sup>(a)(b)</sup> – 0.4% | Kazakhstan<sup>(a)(b)</sup> – 0.4% | Kazakhstan<sup>(a)(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 | 04/14/33 | 1550200 |
| Kuwait<sup>(b)(h)</sup> – 0.1% | Kuwait<sup>(b)(h)</sup> – 0.1% | Kuwait<sup>(b)(h)</sup> – 0.1% | Kuwait<sup>(b)(h)</sup> – 0.1% |
| NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) |
| 220000 | 3.625 | 08/24/26 | 212575 |
| Luxembourg<sup>(b)</sup> – 0.1% | Luxembourg<sup>(b)</sup> – 0.1% | Luxembourg<sup>(b)</sup> – 0.1% | Luxembourg<sup>(b)</sup> – 0.1% |
| 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 | 237760 |
| 302000 | 4.500 | 01/22/30 | 280483 |
|  |  |  | 518243 |
| Malaysia<sup>(b)</sup> – 0.8% | Malaysia<sup>(b)</sup> – 0.8% | Malaysia<sup>(b)</sup> – 0.8% | Malaysia<sup>(b)</sup> – 0.8% |
| Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) |  |
| 920000 | 3.500 | 04/21/30 | 866640 |
| 1130000 | 5.340 <sup>(a)</sup> | 04/03/35 | 1137707 |
| 1020000 | 4.550 <sup>(a)</sup> | 04/21/50 | 867000 |
|  |  |  | 2871347 |
| Mexico – 5.0% | Mexico – 5.0% | Mexico – 5.0% | Mexico – 5.0% |
| Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |  |
| 1100000 | 8.750 | 05/20/35 | 1092300 |
| (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) |  |
| 790000 | 5.875 | 01/24/27 | 762832 |
| 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 | 520300 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (NR/A3) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (NR/A3) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (NR/A3) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (NR/A3) |
| 230000 | 5.250 <sup>(a)(b)</sup> | 09/10/29 | 229448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) |
|  Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  |
| $| 1260000 | 6.050% | 01/15/29 | $| 1303470 |
|  | 340000 | 6.400 | 01/15/34 |  | 361434 |
|  | 340000 | 5.375 | 01/09/36 |  | 335872 |
|  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 + 5.157%) | (5 yr. CMT + 5.157%) | (5 yr. CMT + 5.157%) | (5 yr. CMT + 5.157%) |  |  |
|  | 760000 | 9.125 <sup>(a)</sup> | 03/14/28 |  | 773528 |
|  (5 yr. CMT + 5.157%) | (5 yr. CMT + 5.157%) | (5 yr. CMT + 5.157%) | (5 yr. CMT + 5.157%) |  |  |
|  | 200000 | 9.125 | 03/14/28 |  | 203560 |
|  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 |  | 397625 |
|  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>  | 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>  |
|  | 248563 | 7.250 <sup>(a)</sup> | 01/31/41 |  | 245828 |
|  | 715860 | 7.250 | 01/31/41 |  | 707986 |
|  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>  | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  |
|  | 620000 | 4.250 <sup>(a)</sup> | 10/31/26 |  | 609088 |
|  | 1310000 | 3.875 <sup>(a)</sup> | 04/30/28 |  | 1250238 |
|  | 280000 | 5.500 <sup>(a)</sup> | 10/31/46 |  | 229040 |
|  | 522000 | 5.500 | 10/31/46 |  | 426996 |
|  | 1109000 | 5.500 | 07/31/47 |  | 911465 |
|  Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) |  |  |
|  | 514000 | 6.490 <sup>(b)</sup> | 01/23/27 |  | 502769 |
|  | 180000 | 6.500 | 03/13/27 |  | 175302 |
|  | 440000 | 5.350 | 02/12/28 |  | 407660 |
|  | 360000 | 6.500 | 01/23/29 |  | 338274 |
|  | 320000 | 8.750 <sup>(b)</sup> | 06/02/29 |  | 318368 |
|  | 330000 | 6.840 <sup>(b)</sup> | 01/23/30 |  | 300927 |
|  | 654000 | 5.950 <sup>(b)</sup> | 01/28/31 |  | 553905 |
|  | 170000 | 6.700 <sup>(b)</sup> | 02/16/32 |  | 149158 |
|  | 240000 | 6.375 | 01/23/45 |  | 162348 |
|  | 370000 | 5.625 | 01/23/46 |  | 233470 |
|  | 3020000 | 6.750 | 09/21/47 |  | 2062509 |
|  | 1850000 | 6.350 | 02/12/48 |  | 1220815 |
|  | 453000 | 7.690 <sup>(b)</sup> | 01/23/50 |  | 338323 |
|  | 2683000 | 6.950 <sup>(b)</sup> | 01/28/60 |  | 1818806 |
|  |  |  |  |  | 18943644 |
| Morocco<sup>(b)</sup> – 0.9% | Morocco<sup>(b)</sup> – 0.9% | Morocco<sup>(b)</sup> – 0.9% | Morocco<sup>(b)</sup> – 0.9% | Morocco<sup>(b)</sup> – 0.9% | Morocco<sup>(b)</sup> – 0.9% |
|  OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) |  |  |
|  | 1190000 | 6.750 <sup>(a)</sup> | 05/02/34 |  | 1221237 |
|  | 1320000 | 7.500 | 05/02/54 |  | 1351350 |
|  OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) |  |  |
|  | 1150000 | 5.125 | 06/23/51 |  | 874966 |
|  |  |  |  |  | 3447553 |
| Netherlands – 0.5% | Netherlands – 0.5% | Netherlands – 0.5% | Netherlands – 0.5% | Netherlands – 0.5% | Netherlands – 0.5% |
|  Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |  |  |
|  | 292078 | 4.625 | 08/10/30 |  | 283462 |
|  MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) |  |  |
|  | 759621 | 6.748 <sup>(a)</sup> | 06/01/34 |  | 732396 |
|  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 | 530000 | 1.875 | 10/09/26 |  | 563002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Netherlands (continued) | Netherlands (continued) | Netherlands (continued) | Netherlands (continued) |
| 450000 | 3.375% | 07/14/27 | 486337 |
|  |  |  | 2065197 |
| Nigeria<sup>(a)(b)</sup> – 0.2% | Nigeria<sup>(a)(b)</sup> – 0.2% | Nigeria<sup>(a)(b)</sup> – 0.2% | Nigeria<sup>(a)(b)</sup> – 0.2% |
| IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) |  |
| $400000 | 6.250 | 11/29/28 | 385500 |
| 360000 | 8.250 | 11/29/31 | 356958 |
|  |  |  | 742458 |
| Norway<sup>(b)</sup> – 0.3% | Norway<sup>(b)</sup> – 0.3% | Norway<sup>(b)</sup> – 0.3% | Norway<sup>(b)</sup> – 0.3% |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |  |
| 1000000 | 8.500 | 03/27/30 | 998800 |
| Panama<sup>(a)</sup> – 1.2% | Panama<sup>(a)</sup> – 1.2% | Panama<sup>(a)</sup> – 1.2% | Panama<sup>(a)</sup> – 1.2% |
| 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 | 08/11/41 | 701240 |
| 2130000 | 5.125 | 08/11/61 | 1501650 |
| 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 | 07/29/35 | 362839 |
| Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) |
| 1970000 | 2.375 <sup>(b)</sup> | 09/14/25 | 1944489 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4510218 |
| Peru<sup>(a)</sup> – 0.4% | Peru<sup>(a)</sup> – 0.4% | Peru<sup>(a)</sup> – 0.4% | Peru<sup>(a)</sup> – 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) |
| 697312 | 6.875 | 04/30/43 | 733914 |
| Kallpa Generacion SA (NR/Baa3) | Kallpa Generacion SA (NR/Baa3) | Kallpa Generacion SA (NR/Baa3) |  |
| 310000 | 5.875 <sup>(b)</sup> | 01/30/32 | 315316 |
| Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) |  |
| 610000 | 5.746 <sup>(b)</sup> | 10/03/34 | 603290 |
|  |  |  | 1652520 |
| Qatar<sup>(a)(b)</sup> – 0.0% | Qatar<sup>(a)(b)</sup> – 0.0% | Qatar<sup>(a)(b)</sup> – 0.0% | Qatar<sup>(a)(b)</sup> – 0.0% |
| QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) |  |
| 207000 | 3.300 | 07/12/51 | 142766 |
| Saudi Arabia – 0.5% | Saudi Arabia – 0.5% | Saudi Arabia – 0.5% | Saudi Arabia – 0.5% |
| EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) |  |
| 943010 | 3.545 | 08/31/36 | 828376 |
| Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) |  |
| 1030000 | 5.750 <sup>(a)(b)</sup> | 07/17/54 | 969477 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1797853 |
| 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) |
| 200000 | 7.000 | 10/28/29 | 199418 |
| 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 | 418778 |
|  |  |  | 618196 |
| South Africa – 1.3% | South Africa – 1.3% | South Africa – 1.3% | South Africa – 1.3% |
| Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(e)</sup>  | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(e)</sup>  | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(e)</sup>  |  |
| 1920000 | 4.314 | 07/23/27 | 1835328 |
| 520000 | 6.350 | 08/10/28 | 517078 |
| 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 | 1072093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| South Africa (continued) | South Africa (continued) | South Africa (continued) | South Africa (continued) |
| Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) |
| 1260000 | 8.250 %<sup>(a)</sup> | 02/06/28 | 1278031 |
| 350000 | 8.250 | 02/06/28 | 355008 |
|  |  |  | 5057538 |
| Thailand<sup>(b)(h)</sup> – 0.2% | Thailand<sup>(b)(h)</sup> – 0.2% | Thailand<sup>(b)(h)</sup> – 0.2% | Thailand<sup>(b)(h)</sup> – 0.2% |
| Bangkok Bank PCL (NR/Baa3)<br>(5 yr. CMT + 1.900%) | Bangkok Bank PCL (NR/Baa3)<br>(5 yr. CMT + 1.900%) | Bangkok Bank PCL (NR/Baa3)<br>(5 yr. CMT + 1.900%) | Bangkok Bank PCL (NR/Baa3)<br>(5 yr. CMT + 1.900%) |
| 470000 | 3.733 | 09/25/34 | 434031 |
| (5 yr. CMT + 2.150%) | (5 yr. CMT + 2.150%) | (5 yr. CMT + 2.150%) | (5 yr. CMT + 2.150%) |
| 200000 | 3.466 | 09/23/36 | 176038 |
|  |  |  | 610069 |
| Turkey<sup>(a)</sup> – 0.8% | Turkey<sup>(a)</sup> – 0.8% | Turkey<sup>(a)</sup> – 0.8% | Turkey<sup>(a)</sup> – 0.8% |
| Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) |
| 1230000 | 7.498 | 01/20/30 | 1233075 |
| Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) |
| 950000 | 8.375 <sup>(b)(h)</sup> | 02/28/34 | 953266 |
| 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 | 03/03/30 | 618471 |
| 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>(b)(h)</sup> | 01/17/34 | 380870 |
|  |  |  | 3185682 |
| 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) |
| 2280000 | 4.600 <sup>(a)</sup> | 11/02/47 | 2048580 |
| Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) |
| 760000 | 5.125 <sup>(a)(b)</sup> | 09/11/54 | 692785 |
| DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) |
| 2401000 | 5.625 | 09/25/48 | 2292955 |
| 1170000 | 4.700 <sup>(b)</sup> | 09/30/49 | 1000716 |
| 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) |
| 375967 | 2.160 <sup>(a)</sup> | 03/31/34 | 329869 |
| 147438 | 2.160 | 03/31/34 | 129361 |
| 580000 | 2.625 | 03/31/36 | 488302 |
| 2010000 | 3.250 | 09/30/40 | 1560303 |
| NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) |
| 1140000 | 4.500 <sup>(a)(b)(h)</sup> | 08/27/25 | 1131806 |
|  |  |  | 9674677 |
| Uzbekistan<sup>(a)</sup> – 0.3% | Uzbekistan<sup>(a)</sup> – 0.3% | Uzbekistan<sup>(a)</sup> – 0.3% | Uzbekistan<sup>(a)</sup> – 0.3% |
| 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 | 10/17/28 | 522860 |
| 610000 | 6.950 | 10/17/31 | 605907 |
|  |  |  | 1128767 |
| Venezuela<sup>(f)</sup> – 1.2% | Venezuela<sup>(f)</sup> – 1.2% | Venezuela<sup>(f)</sup> – 1.2% | Venezuela<sup>(f)</sup> – 1.2% |
| Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) |
| 13100000 | 6.000 | 05/16/24 | 1794700 |
| 77934 | 6.000 | 11/15/26 | 10794 |
| 2570000 | 5.375 | 04/12/27 | 349520 |
| 15600000 | 5.375 | 04/12/27 | 2121600 |
| 2180000 | 5.500 | 04/12/37 | 292120 |
|  |  |  | 4568734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Zambia<sup>(a)(b)</sup> – 0.2% | Zambia<sup>(a)(b)</sup> – 0.2% | Zambia<sup>(a)(b)</sup> – 0.2% | Zambia<sup>(a)(b)</sup> – 0.2% |
| 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 | $612750 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $105,761,594)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $105,761,594)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $105,761,594)** | $95354035 |
| **Shares** | **Shares** | **Description** | **Value** |
| Common Stocks<sup>(a)</sup> – 0.0% | Common Stocks<sup>(a)</sup> – 0.0% | Common Stocks<sup>(a)</sup> – 0.0% | Common Stocks<sup>(a)</sup> – 0.0% |
| China – 0.0% | China – 0.0% | China – 0.0% | China – 0.0% |
| 224816 | Sunac Services Holdings Ltd.<br>Real Estate Management &<br>Development | Sunac Services Holdings Ltd.<br>Real Estate Management &<br>Development | $49973 |
| (Cost $386,761) | (Cost $386,761) | (Cost $386,761) | (Cost $386,761) |
| **Shares** | **Shares** | **Dividend** <br> **Rate**  | **Value** |
| Investment Company<sup>(k)</sup> – 0.2% | Investment Company<sup>(k)</sup> – 0.2% | Investment Company<sup>(k)</sup> – 0.2% | Investment Company<sup>(k)</sup> – 0.2% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 660916 |  | 4.259% | $660916 |
| (Cost $660,916) | (Cost $660,916) | (Cost $660,916) | (Cost $660,916) |
| **TOTAL INVESTMENTS – 97.1%**<br> **(Cost $387,367,184)** | **TOTAL INVESTMENTS – 97.1%**<br> **(Cost $387,367,184)** | **TOTAL INVESTMENTS – 97.1%**<br> **(Cost $387,367,184)** | $370430095 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.9%** | 11243162 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $381673257 |

---

---

| | |
|:---|:---|
| 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 March 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 $5,909,475, which represents approximately 1.6% of the Fund's net assets as of March 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 March 31, 2025. |
| (i) | Pay-in-kind securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (j) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (k) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are obtained from S&P's /Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are obtained from S&P's /Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;3080985 | NZD | 3382938 | 04/04/25 | $4401 |
|  | AUD | 1508378 | USD | 926748 | 04/07/25 | 15815 |
|  | AUD | 3332005 | USD | 2081377 | 06/18/25 | 1983 |
|  | BRL | 13056183 | USD | 2264710 | 04/02/25 | 22200 |
|  | BRL | 964963 | USD | 167641 | 04/10/25 | 1102 |
|  | BRL | 2891858 | USD | 501536 | 04/22/25 | 3167 |
|  | BRL | 5442474 | USD | 923677 | 05/05/25 | 23795 |
|  | BRL | 184739 | USD | 31253 | 06/18/25 | 585 |
|  | CAD | 1607983 | USD | 1120657 | 06/18/25 | 1120 |
|  | CHF | 248541 | USD | 283036 | 06/18/25 | 531 |
|  | CLP | 502838569 | USD | 528114 | 04/21/25 | 1410 |
|  | CNH | 2244324 | USD | 308794 | 04/11/25 | 366 |
|  | CNH | 3826930 | USD | 524956 | 04/22/25 | 2652 |
|  | CNH | 5173301 | USD | 714248 | 05/19/25 | 273 |
|  | CNH | 1290903 | USD | 178480 | 06/18/25 | 148 |
|  | CNH | 9833641 | USD | 1346115 | 07/10/25 | 16622 |
|  | CNH | 9983292 | USD | 1367762 | 07/14/25 | 16103 |
|  | COP | 724648193 | USD | 172700 | 04/14/25 | 251 |
|  | COP | 693257367 | USD | 164728 | 04/25/25 | 491 |
|  | COP | 2082890425 | USD | 494631 | 05/12/25 | 577 |
|  | EUR | 134701 | CHF | 128801 | 04/01/25 | 55 |
|  | EUR | 1362073 | CHF | 1298058 | 04/04/25 | 5189 |
|  | EUR | 1520806 | PLN | 6351630 | 04/04/25 | 5021 |
|  | EUR | 4749184 | USD | 5043772 | 04/04/25 | 92590 |
|  | EUR | 3584283 | USD | 3800017 | 04/07/25 | 77084 |
|  | EUR | 2608153 | USD | 2819413 | 04/10/25 | 2272 |
|  | EUR | 1641641 | USD | 1724544 | 04/28/25 | 53241 |
|  | EUR | 2116215 | USD | 2208648 | 05/06/25 | 84125 |
|  | EUR | 1593276 | USD | 1659397 | 05/12/25 | 67415 |
|  | EUR | 5133985 | USD | 5457815 | 06/18/25 | 118200 |
|  | EUR | 1197486 | USD | 1298075 | 06/30/25 | 3426 |
|  | GBP | 659132 | USD | 849401 | 04/04/25 | 2023 |
|  | GBP | 1401758 | USD | 1783703 | 04/28/25 | 26904 |
|  | GBP | 1043347 | USD | 1325662 | 05/27/25 | 21990 |
|  | GBP | 746976 | USD | 952572 | 06/18/25 | 12265 |
|  | HUF | 340914839 | USD | 886266 | 06/18/25 | 25147 |
|  | INR | 67676700 | USD | 777000 | 04/07/25 | 14402 |
|  | INR | 127804005 | USD | 1451812 | 06/17/25 | 34923 |
|  | INR | 131673510 | USD | 1509574 | 06/18/25 | 22083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | MXN | &nbsp;&nbsp;&nbsp;&nbsp;13660437 | USD | 663934 | 04/21/25 | $1670 |
|  | MXN | 6309552 | USD | 297729 | 06/18/25 | 7373 |
|  | NOK | 18838751 | USD | 1716872 | 06/18/25 | 73721 |
|  | NZD | 2209450 | USD | 1229780 | 04/07/25 | 24810 |
|  | NZD | 2046167 | USD | 1154857 | 04/22/25 | 7500 |
|  | NZD | 2039441 | USD | 1143923 | 05/05/25 | 15005 |
|  | PLN | 3085790 | EUR | 735849 | 04/04/25 | 805 |
|  | PLN | 698509 | USD | 175536 | 06/18/25 | 4278 |
|  | SEK | 21118215 | USD | 1989905 | 06/18/25 | 120868 |
|  | SGD | 529013 | USD | 393924 | 06/18/25 | 1440 |
|  | USD | 766462 | AUD | 1212733 | 04/04/25 | 8661 |
|  | USD | 533488 | AUD | 836975 | 04/07/25 | 10475 |
|  | USD | 763698 | AUD | 1214547 | 04/22/25 | 4653 |
|  | USD | 2775217 | AUD | 4402207 | 06/18/25 | 22705 |
|  | USD | 133942 | BRL | 760323 | 04/02/25 | 765 |
|  | USD | 335535 | BRL | 1924690 | 05/05/25 | 468 |
|  | USD | 100301 | CAD | 143581 | 04/07/25 | 492 |
|  | USD | 340723 | CAD | 485353 | 06/17/25 | 2143 |
|  | USD | 2346383 | CAD | 3355604 | 06/18/25 | 5415 |
|  | USD | 141779 | CAD | 200380 | 09/17/25 | 1387 |
|  | USD | 1366850 | CHF | 1189610 | 06/18/25 | 9588 |
|  | USD | 303504 | CHF | 262352 | 09/17/25 | 1047 |
|  | USD | 168081 | CLP | 159391032 | 04/07/25 | 221 |
|  | USD | 232370 | CLP | 215267763 | 04/21/25 | 5678 |
|  | USD | 164640 | CLP | 151501590 | 04/28/25 | 5103 |
|  | USD | 534669 | CLP | 498129893 | 06/18/25 | 10375 |
|  | USD | 1409436 | CNH | 10223441 | 04/11/25 | 1136 |
|  | USD | 655733 | CNH | 4729799 | 04/24/25 | 3549 |
|  | USD | 474651 | CNH | 3432203 | 05/19/25 | 605 |
|  | USD | 6310035 | CNH | 45450834 | 06/18/25 | 20797 |
|  | USD | 187960 | CNH | 1346215 | 09/17/25 | 496 |
|  | USD | 168194 | COP | 695987062 | 04/03/25 | 1838 |
|  | USD | 174293 | COP | 721067286 | 04/04/25 | 1966 |
|  | USD | 168900 | COP | 696204646 | 04/07/25 | 2584 |
|  | USD | 173863 | COP | 720858283 | 04/08/25 | 1680 |
|  | USD | 166086 | COP | 683943219 | 04/10/25 | 2764 |
|  | USD | 330584 | COP | 1373083941 | 04/14/25 | 2871 |
|  | USD | 110924 | COP | 457645967 | 04/16/25 | 1727 |
|  | USD | 164904 | COP | 674293683 | 04/21/25 | 4120 |
|  | USD | 330813 | COP | 1375213490 | 04/28/25 | 3196 |
|  | USD | 31243 | COP | 130310610 | 06/18/25 | 412 |
|  | USD | 396918 | EUR | 365816 | 04/04/25 | 1278 |
|  | USD | 1933357 | EUR | 1774791 | 04/10/25 | 13261 |
|  | USD | 1891072 | EUR | 1742924 | 04/14/25 | 5043 |
|  | USD | 2606158 | EUR | 2401989 | 04/17/25 | 6525 |
|  | USD | 13334381 | EUR | 12169505 | 06/18/25 | 117100 |
|  | USD | 498541 | EUR | 453972 | 09/17/25 | 2917 |
|  | USD | 2887886 | GBP | 2229876 | 04/04/25 | 7474 |
|  | USD | 1407337 | GBP | 1087587 | 04/28/25 | 2536 |
|  | USD | 1598901 | GBP | 1234581 | 06/18/25 | 4248 |
|  | USD | 114299 | GBP | 88495 | 09/17/25 | 24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 2252908 | HUF | 831518387 | 06/18/25 | $29899 |
|  | USD | 367005 | ILS | 1326608 | 06/18/25 | 9562 |
|  | USD | 435709 | INR | 37424509 | 06/18/25 | 378 |
|  | USD | 961900 | JPY | 141260053 | 06/18/25 | 11770 |
|  | USD | 243091 | JPY | 35524341 | 09/17/25 | 1871 |
|  | USD | 360578 | KRW | 521720366 | 04/10/25 | 6453 |
|  | USD | 203047 | KRW | 296875267 | 04/24/25 | 1389 |
|  | USD | 926052 | KRW | 1329423836 | 06/18/25 | 20413 |
|  | USD | 213144 | KRW | 306375317 | 09/17/25 | 3421 |
|  | USD | 477807 | MXN | 9582265 | 04/04/25 | 9821 |
|  | USD | 337236 | MXN | 6842523 | 04/21/25 | 3835 |
|  | USD | 3171795 | MXN | 64476339 | 06/18/25 | 54008 |
|  | USD | 715859 | NZD | 1243946 | 04/04/25 | 9553 |
|  | USD | 325150 | NZD | 565573 | 04/07/25 | 4002 |
|  | USD | 1920960 | NZD | 3344290 | 04/22/25 | 21184 |
|  | USD | 575877 | NZD | 987951 | 04/24/25 | 14625 |
|  | USD | 784846 | NZD | 1363763 | 05/05/25 | 9877 |
|  | USD | 1738352 | NZD | 3032970 | 05/20/25 | 14249 |
|  | USD | 1311948 | NZD | 2278174 | 06/18/25 | 15991 |
|  | USD | 1574518 | PEN | 5741479 | 06/30/25 | 15223 |
|  | USD | 345525 | PLN | 1338263 | 06/18/25 | 1022 |
|  | USD | 308000 | SEK | 3078583 | 06/18/25 | 295 |
|  | USD | 1000413 | SGD | 1338090 | 04/04/25 | 4256 |
|  | USD | 386000 | SGD | 511558 | 06/18/25 | 3681 |
|  | USD | 1198520 | THB | 40339801 | 06/18/25 | 2787 |
|  | USD | 1708535 | TRY | 68194101 | 06/18/25 | 79029 |
|  | USD | 1869401 | TWD | 61485229 | 04/07/25 | 20082 |
|  | USD | 1456120 | TWD | 47733899 | 04/10/25 | 20065 |
|  | USD | 1020180 | TWD | 33473432 | 04/14/25 | 12828 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;2762454 | TWD | 91408099 | 04/15/25 | 11390 |
|  | USD | 310574 | TWD | 10224082 | 04/17/25 | 2816 |
|  | USD | 774000 | TWD | 25514910 | 04/21/25 | 5725 |
|  | USD | 154000 | TWD | 5093088 | 04/24/25 | 607 |
|  | USD | 232000 | TWD | 7670662 | 04/28/25 | 902 |
|  | USD | 611000 | TWD | 20232626 | 05/02/25 | 1256 |
|  | USD | 1831045 | TWD | 60387879 | 06/03/25 | 7065 |
|  | USD | 460114 | TWD | 15152860 | 06/18/25 | 1964 |
| TOTAL |  |  |  |  |  | $1772034 |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement** <br> **Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | AUD | 740378 | NZD | 815213 | 04/04/25 | $(234) |
|  | AUD | 2082496 | USD | 1306863 | 04/04/25 | (5572) |
|  | AUD | 1501505 | USD | 947484 | 04/07/25 | (9217) |
|  | AUD | 2932634 | USD | 1860500 | 04/22/25 | (27717) |
|  | AUD | 803977 | USD | 508794 | 06/18/25 | (6102) |
|  | AUD | 446674 | USD | 284214 | 09/17/25 | (4721) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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) | BRL | 1224619 | USD | 216000 | 04/02/25 | $(1496) |
|  | CAD | 227446 | USD | 159300 | 04/04/25 | (1216) |
|  | CAD | 3666319 | USD | 2575345 | 06/18/25 | (17615) |
|  | CHF | 128801 | EUR | 135289 | 04/01/25 | (692) |
|  | CHF | 1395552 | EUR | 1464256 | 04/04/25 | (5450) |
|  | CHF | 2382584 | USD | 2729782 | 06/18/25 | (11420) |
|  | CLP | 136541385 | USD | 147344 | 04/07/25 | (3548) |
|  | CLP | 152275397 | USD | 164640 | 04/28/25 | (4288) |
|  | CLP | 308413134 | USD | 326225 | 05/02/25 | (1463) |
|  | CLP | 479070322 | USD | 516992 | 05/12/25 | (12573) |
|  | CLP | 155508109 | USD | 164941 | 06/18/25 | (1265) |
|  | CNH | 13823398 | USD | 1910894 | 04/22/25 | (5101) |
|  | CNH | 9260118 | USD | 1278969 | 04/24/25 | (2109) |
|  | CNH | 12955398 | USD | 1799074 | 06/18/25 | (6377) |
|  | CNH | 4257521 | USD | 590093 | 07/10/25 | (89) |
|  | CNH | 5026801 | USD | 697198 | 07/14/25 | (393) |
|  | CNH | 3425481 | USD | 478185 | 07/23/25 | (3052) |
|  | CNH | 4592628 | USD | 642311 | 09/17/25 | (2776) |
|  | CNH | 2213009 | USD | 310149 | 09/22/25 | (1874) |
|  | COP | 695774047 | USD | 167568 | 04/03/25 | (1264) |
|  | COP | 716876704 | USD | 172700 | 04/04/25 | (1375) |
|  | COP | 698375766 | USD | 168081 | 04/07/25 | (1246) |
|  | COP | 721218921 | USD | 174293 | 04/08/25 | (2024) |
|  | COP | 685936254 | USD | 166086 | 04/10/25 | (2288) |
|  | COP | 651259211 | USD | 157093 | 04/14/25 | (1658) |
|  | COP | 643381731 | USD | 155727 | 04/16/25 | (2213) |
|  | COP | &nbsp;&nbsp;&nbsp;&nbsp;3331574470 | USD | 809265 | 04/21/25 | (14856) |
|  | COP | 682926098 | USD | 164640 | 04/28/25 | (1947) |
|  | CZK | 126952965 | USD | 5541028 | 06/18/25 | (31542) |
|  | EUR | 863488 | GBP | 724745 | 04/04/25 | (2295) |
|  | EUR | 686956 | PLN | 2881125 | 04/04/25 | (847) |
|  | EUR | 1273038 | USD | 1392831 | 04/14/25 | (15268) |
|  | EUR | 2525232 | USD | 2745574 | 04/17/25 | (12558) |
|  | EUR | 1866918 | USD | 2026540 | 04/24/25 | (5235) |
|  | EUR | 1320565 | USD | 1434661 | 05/06/25 | (3921) |
|  | EUR | 3787789 | USD | 4135147 | 06/18/25 | (21235) |
|  | EUR | 628063 | USD | 687709 | 09/17/25 | (2020) |
|  | EUR | 634763 | USD | 699064 | 09/19/25 | (5982) |
|  | GBP | 2685269 | EUR | 3219588 | 04/04/25 | (13407) |
|  | GBP | 296597 | EUR | 354000 | 05/02/25 | (341) |
|  | GBP | 453161 | USD | 587297 | 04/28/25 | (1963) |
|  | GBP | 1323046 | USD | 1715847 | 06/18/25 | (6928) |
|  | HUF | 610919813 | USD | 1657138 | 06/18/25 | (23885) |
|  | ILS | 5673538 | USD | 1570115 | 06/18/25 | (41428) |
|  | INR | 26308987 | USD | 306069 | 06/18/25 | (37) |
|  | JPY | 236915394 | USD | 1622684 | 06/18/25 | (29167) |
|  | JPY | 14219058 | USD | 96973 | 09/17/25 | (422) |
|  | KRW | 585149818 | USD | 403105 | 04/10/25 | (5927) |
|  | KRW | 883302004 | USD | 604430 | 06/11/25 | (2926) |
|  | KRW | 2828381016 | USD | 1954493 | 06/18/25 | (27723) |
|  | MXN | 6664976 | USD | 329522 | 04/04/25 | (4013) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. (continued) | MXN | 15164557 | USD | 745187 | 05/14/25 | $(8623) |
|  | MXN | 6152766 | USD | 302581 | 06/18/25 | (5060) |
|  | NOK | 3234323 | USD | 308000 | 06/18/25 | (583) |
|  | NZD | 5924681 | AUD | 5388000 | 04/04/25 | (2795) |
|  | NZD | 3155083 | USD | 1796665 | 04/04/25 | (5226) |
|  | NZD | 1527374 | USD | 872436 | 04/07/25 | (5149) |
|  | NZD | 3277881 | USD | 1893343 | 04/22/25 | (31292) |
|  | NZD | 5042837 | USD | 2894202 | 04/24/25 | (29381) |
|  | NZD | 2314861 | USD | 1339339 | 05/05/25 | (23902) |
|  | NZD | 4921383 | USD | 2844996 | 05/20/25 | (47417) |
|  | NZD | 590539 | USD | 343791 | 06/17/25 | (7867) |
|  | NZD | 4217720 | USD | 2412374 | 06/18/25 | (13090) |
|  | PEN | 5730615 | USD | 1574518 | 04/07/25 | (14912) |
|  | PLN | 3331655 | EUR | 799151 | 04/04/25 | (4184) |
|  | PLN | 4886992 | USD | 1263538 | 06/18/25 | (5500) |
|  | PLN | 1343371 | USD | 345525 | 09/17/25 | (979) |
|  | SEK | 39560339 | EUR | 3653999 | 04/04/25 | (15293) |
|  | SEK | 3425243 | USD | 342598 | 06/18/25 | (244) |
|  | SGD | 1042902 | USD | 780131 | 04/04/25 | (3729) |
|  | SGD | 2128478 | USD | 1599179 | 06/18/25 | (8436) |
|  | TRY | 73211872 | USD | 1955445 | 04/10/25 | (53916) |
|  | TRY | 74888650 | USD | 1888948 | 06/18/25 | (99475) |
|  | TWD | 61794445 | USD | 1886840 | 04/07/25 | (28221) |
|  | TWD | 47745067 | USD | 1447543 | 04/10/25 | (11151) |
|  | TWD | 33515091 | USD | 1010701 | 04/14/25 | (2094) |
|  | TWD | 65641670 | USD | 1985658 | 04/15/25 | (10074) |
|  | TWD | 5430585 | USD | 164728 | 04/24/25 | (1170) |
|  | TWD | 40014685 | USD | 1226316 | 06/03/25 | (17696) |
|  | TWD | 25291330 | USD | 769000 | 06/18/25 | (4311) |
|  | TWD | 40420591 | USD | 1227843 | 06/30/25 | (4719) |
|  | USD | 511011 | AUD | 822089 | 04/22/25 | (2763) |
|  | USD | 2346070 | BRL | 13517946 | 04/02/25 | (21721) |
|  | USD | 166086 | BRL | 964131 | 04/10/25 | (2512) |
|  | USD | 666091 | BRL | 3899963 | 04/22/25 | (14552) |
|  | USD | 613006 | BRL | 3540706 | 05/05/25 | (3390) |
|  | USD | 497940 | CAD | 715847 | 06/18/25 | (1457) |
|  | USD | 171295 | CAD | 245746 | 09/17/25 | (882) |
|  | USD | 1252090 | CHF | 1110186 | 06/18/25 | (14554) |
|  | USD | 351554 | CLP | 334679722 | 05/12/25 | (834) |
|  | USD | 2454062 | CNH | 17915789 | 04/22/25 | (15937) |
|  | USD | 1119719 | CNH | 8116908 | 06/18/25 | (3454) |
|  | USD | 857456 | COP | 3599602135 | 04/21/25 | (864) |
|  | USD | 3846315 | CZK | 90755271 | 06/18/25 | (92268) |
|  | USD | 9802165 | EUR | 9102424 | 04/04/25 | (42337) |
|  | USD | 1660979 | EUR | 1536805 | 04/07/25 | (1375) |
|  | USD | 862441 | EUR | 799519 | 04/24/25 | (3195) |
|  | USD | 781265 | EUR | 728452 | 04/28/25 | (7599) |
|  | USD | 848322 | EUR | 800886 | 05/12/25 | (19689) |
|  | USD | 2246483 | EUR | 2119212 | 06/18/25 | (55189) |
|  | USD | 164032 | EUR | 150646 | 09/19/25 | (455) |
|  | USD | 345524 | GBP | 268508 | 06/17/25 | (1296) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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 | 1691241 | GBP | 1312137 | 06/18/25 | $(3587) |
|  | USD | 345111 | GBP | 267973 | 09/17/25 | (927) |
|  | USD | 782564 | INR | 67771904 | 04/07/25 | (9951) |
|  | USD | 1441626 | INR | 126449023 | 06/17/25 | (29348) |
|  | USD | 369406 | INR | 32484587 | 06/18/25 | (8463) |
|  | USD | 342770 | INR | 30147067 | 09/17/25 | (6018) |
|  | USD | 1402198 | JPY | 212433016 | 08/05/25 | (33861) |
|  | USD | 682133 | MXN | 14196113 | 06/18/25 | (4327) |
|  | USD | 1348385 | NOK | 14796913 | 06/18/25 | (58039) |
|  | USD | 2159209 | NZD | 3851604 | 04/07/25 | (27843) |
|  | USD | 892082 | NZD | 1590164 | 04/22/25 | (11235) |
|  | USD | 1504475 | NZD | 2671189 | 04/24/25 | (13019) |
|  | USD | 722661 | NZD | 1277463 | 05/05/25 | (3267) |
|  | USD | 2089926 | NZD | 3706357 | 06/18/25 | (18464) |
|  | USD | 1556004 | PEN | 5736973 | 04/07/25 | (5331) |
|  | USD | 1163768 | PLN | 4693516 | 06/18/25 | (44464) |
|  | USD | 1688661 | SEK | 17022172 | 06/18/25 | (12710) |
|  | USD | 151118 | SEK | 1517029 | 09/17/25 | (1243) |
|  | USD | 154260 | TRY | 6617735 | 06/18/25 | (3872) |
|  | USD | 2441573 | ZAR | 45103333 | 06/18/25 | (2816) |
| TOTAL |  |  |  |  |  | $(1495898) |

---

FUTURES CONTRACTS — At March 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 | 46 | 06/18/25 | $5116063 | $30991 |
|  2 Year U.S. Treasury Notes | 104 | 06/30/25 | 21545875 | 75165 |
|  20 Year U.S. Treasury Bonds | 37 | 06/18/25 | 4339406 | 40910 |
| Total |  |  |  | $147066 |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (22) | 06/30/25 | (2379438) | 2780 |
|  Ultra Long U.S. Treasury Bonds | (20) | 06/18/25 | (2445000) | 23374 |
| Total |  |  |  | $26154 |
| TOTAL FUTURES CONTRACTS |  |  |  | $173220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by<br>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) |
|  8.750%<sup>(a)</sup> <br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/18/26 | 398850 | $(103857) | $(27943) | $(75914) |
| 6.250<sup>(b)</sup> <br> 12M MIBOR<sup>(b)</sup> | 03/19/26 | 1999340 | (35925) | 10731 | (46656) |
|  1M BID Average<sup>(b)</sup> <br> 13.750%<sup>(b)</sup> | 01/04/27 | 59240 | (132243) | (81264) | (50979) |
| 4.5<sup>(c)</sup> <br> 3M TELBOR<sup>(d)</sup> | 03/19/27 | 35390 | (65922) | (87348) | 21426 |
| 3.250<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/18/27 | $1580 <sup>(e)</sup> | 11300 | 17286 | (5986) |
| 2.250<sup>(c)</sup> <br> 6M EURO<sup>(f)</sup> | 06/18/27 | 3480 <sup>(e)</sup> | (6062) | 4873 | (10935) |
| 8.250<sup>(a)</sup> <br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 09/15/27 | 17090 <sup>(e)</sup> | (7764) | (5289) | (2475) |
|  1M CNRR<sup>(d)</sup> <br> 1.500<sup>(d)</sup> | 09/17/27 | 145460 <sup>(e)</sup> | (18265) | (12140) | (6125) |
|  12M THOR<sup>(d)</sup> <br> 1.750<sup>(d)</sup> | 09/17/27 | 30900 <sup>(e)</sup> | 6408 | 2315 | 4093 |
| 5.500<sup>(f)</sup> <br> 12M CLICP<sup>(f)</sup> | 09/17/27 | 1422500 <sup>(e)</sup> | (17178) | (13195) | (3983) |
| 8.250<sup>(d)</sup> <br> 12M CPIBR<sup>(d)</sup> | 09/17/27 | 13960350 <sup>(e)</sup> | 4419 | (22990) | 27409 |
|  3M KWCDC<sup>(d)</sup> <br> 2.500<sup>(d)</sup> | 09/17/27 | 16931920 <sup>(e)</sup> | (1842) | (13190) | 11348 |
| 7.500<sup>(d)</sup> <br> 3M JIBAR<sup>(d)</sup> | 09/17/27 | 93490 <sup>(e)</sup> | (11270) | (13310) | 2040 |
|  6M WIBOR<sup>(f)</sup> <br> 4.750<sup>(c)</sup> | 09/17/27 | 12650 <sup>(e)</sup> | 15145 | (1787) | 16932 |
|  12M MIBOR<sup>(f)</sup> <br> 6.000<sup>(f)</sup> | 09/17/27 | 659580 <sup>(e)</sup> | 30902 | 20267 | 10635 |
| 6.25<sup>(c)</sup> <br> 6M BUBOR<sup>(f)</sup> | 09/17/27 | 868560 <sup>(e)</sup> | 12898 | 80 | 12818 |
| 3.500<sup>(c)</sup> <br> 6M PRIBOR<sup>(f)</sup> | 09/17/27 | 104470 <sup>(e)</sup> | (7203) | 1150 | (8353) |
|  12M MIBOR<sup>(f)</sup> <br> 6.000<sup>(f)</sup> | 03/19/28 | 1532270 | 70279 | (42092) | 112371 |
|  1M BID Average<sup>(b)</sup> <br> 13.250<sup>(b)</sup> | 01/02/30 | 8010 | (45587) | (32734) | (12853) |
| 6.000<sup>(f)</sup> <br> 12M MIBOR<sup>(f)</sup> | 03/19/30 | 497580 | (21940) | 33060 | (55000) |
| 2.250<sup>(c)</sup> <br> 6M EURO<sup>(f)</sup> | 06/18/30 | 4320 <sup>(e)</sup> | 36366 | 56659 | (20293) |
| 2.000<sup>(d)</sup> <br> 12M THOR<sup>(d)</sup> | 09/17/30 | 112700 <sup>(e)</sup> | (71823) | (36814) | (35009) |
| 1.500<sup>(d)</sup> <br> 1M CNRR<sup>(d)</sup> | 09/17/30 | 40880 <sup>(e)</sup> | 20592 | 26490 | (5898) |
|  12M CPIBR<sup>(d)</sup> <br> 8.750<sup>(d)</sup> | 09/17/30 | 4727380 <sup>(e)</sup> | 2101 | 23868 | (21767) |
| 2.250<sup>(c)</sup> <br> 6M EURO<sup>(f)</sup> | 06/18/32 | 800 <sup>(e)</sup> | 15715 | 19955 | (4240) |
| 3.750<sup>(c)</sup> <br> 6M PRIBOR<sup>(f)</sup> | 03/19/35 | 11220 | 1129 | 7321 | (6192) |
| 3.250<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/18/35 | $1400 <sup>(e)</sup> | 58218 | 72864 | (14646) |
|  6M EURO<sup>(f)</sup> <br> 2.500<sup>(c)</sup> | 06/18/35 | 1750 <sup>(e)</sup> | (28348) | (44625) | 16277 |
|  Mexico Interbank<br> TIIE 28 Days<sup>(a)</sup> <br> 8.750<sup>(a)</sup> | 09/05/35 | 42460 <sup>(e)</sup> | 51073 | 35363 | 15710 |
| 5.750<sup>(f)</sup> <br> 12M CLICP<sup>(f)</sup> | 09/17/35 | 291810 <sup>(e)</sup> | (8225) | (7909) | (316) |
| 3.750<sup>(d)</sup> <br> 3M KWCDC<sup>(d)</sup> | 09/17/35 | 4346330 <sup>(e)</sup> | (292826) | (262024) | (30802) |
| 6.75<sup>(c)</sup> <br> 6M BUBOR<sup>(f)</sup> | 09/17/35 | 109960 <sup>(e)</sup> | 6328 | 6567 | (239) |
| 5.000<sup>(c)</sup> <br> 6M WIBOR<sup>(f)</sup> | 09/17/35 | 3040 <sup>(e)</sup> | (11531) | 3370 | (14901) |
|  12M CPIBR<sup>(d)</sup> <br> 9.250<sup>(d)</sup> | 09/17/35 | 2023800 <sup>(e)</sup> | 267 | 16496 | (16229) |
|  3M JIBAR<sup>(d)</sup> <br> 9.250<sup>(d)</sup> | 09/17/35 | 14320 <sup>(e)</sup> | 13831 | 13048 | 783 |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(f)</sup> | 06/18/40 | 1490 <sup>(e)</sup> | 55717 | 63049 | (7332) |
| TOTAL |  |  | $(475123) | $(269842) | $(205281) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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:** |  |  |  |  |  |  |  |
|  People's Republic of China, 7.5%, 10/28/2027 | (1.000)% | 0.537% | 06/20/30 | $2000 | $(44313) | $(47756) | $3443 |
|  Republic of Colombia, 10.375%, 1/28/2033 | (1.000) | 2.263 | 06/20/30 | 2570 | 146552 | 134283 | 12269 |
| TOTAL |  |  |  |  | $102239 | $86527 | $15712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call USD/Put CNY | Barclays Bank PLC | $7.360 | 04/16/2025 | 1547000 | $1547000 | $651 | $13095 | $(12444) |
| Call USD/Put INR | Barclays Bank PLC | 89.200 | 06/13/2025 | 1565000 | 1565000 | 1042 | 10110 | (9068) |
| Call USD/Put BRL | BNP Paribas SA | 5.860 | 04/16/2025 | 1561000 | 1561000 | 7196 | 22755 | (15559) |
| Call USD/Put CNY | BNP Paribas SA | 7.470 | 05/15/2025 | 3449000 | 3449000 | 1652 | 24505 | (22853) |
| Call USD/Put CLP | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 965.000 | 05/08/2025 | 1534000 | 1534000 | 16437 | 18399 | (1962) |
| Call USD/Put CNY | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 7.255 | 04/16/2025 | 4649000 | 4649000 | 17857 | 34031 | (16174) |
| Call USD/Put CNY | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 7.300 | 04/22/2025 | 3495600 | 3495600 | 6998 | 25735 | (18737) |
| Call USD/Put COP | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 4280.000 | 05/08/2025 | 1545000 | 1545000 | 17003 | 23827 | (6824) |
| Call USD/Put MXN | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 20.610 | 05/12/2025 | 2316000 | 2316000 | 39592 | 33012 | 6580 |
| Call USD/Put TWD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 32.900 | 04/11/2025 | 3107000 | 3107000 | 33077 | 24816 | 8261 |
| Call USD/Put CNY | Citibank NA | 7.320 | 07/08/2025 | 3106000 | 3106000 | 15707 | 30574 | (14867) |
| Call USD/Put CNY | Citibank NA | 7.540 | 07/10/2025 | 3082000 | 3082000 | 3831 | 22020 | (18189) |
| Call USD/Put CNY | Citibank NA | 7.208 | 07/21/2025 | 774000 | 774000 | 8415 | 13160 | (4745) |
| Call USD/Put CNY | Citibank NA | 7.165 | 09/18/2025 | 774000 | 774000 | 11679 | 10035 | 1644 |
| Call USD/Put CNY | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 7.400 | 04/16/2025 | 4677000 | 4677000 | 753 | 31780 | (31027) |
| Call USD/Put CAD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.433 | 04/04/2025 | 777000 | 777000 | 5118 | 3574 | 1544 |
| Call USD/Put CNY | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 7.540 | 07/08/2025 | 3091000 | 3091000 | 3666 | 21776 | (18110) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Call USD/Put CNY | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | $7.290 | 07/10/2025 | 3110000 | $3110000 | $19406 | $34107 | $(14701) |
| Call USD/Put MXN | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 21.000 | 04/15/2025 | 2342000 | 2342000 | 10839 | 30633 | (19794) |
| Call USD/Put TWD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 32.850 | 05/29/2025 | 3127000 | 3127000 | 40385 | 25891 | 14494 |
| Call USD/Put CNY | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 7.360 | 04/16/2025 | 3445000 | 3445000 | 1450 | 31697 | (30247) |
| Call USD/Put INR | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 86.450 | 06/13/2025 | 1700000 | 1700000 | 8634 | 12439 | (3805) |
| Call USD/Put TWD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 33.100 | 06/26/2025 | 3081000 | 3081000 | 30425 | 26256 | 4169 |
|  |  |  |  | 57854600 | $57854600 | $301813 | $524227 | $(222414) |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call USD | Barclays Bank PLC | 0.614 | 04/16/2025 | 2496000 | 2496000 | 3765 | 13707 | (9942) |
| Put NZD/Call USD | Barclays Bank PLC | 0.568 | 04/22/2025 | 5443000 | 5443000 | 28112 | 31533 | (3421) |
| Put NZD/Call USD | Barclays Bank PLC | 0.566 | 05/01/2025 | 5365000 | 5365000 | 28465 | 34577 | (6112) |
| Put NZD/Call USD | Barclays Bank PLC | 0.581 | 05/01/2025 | 5325000 | 5325000 | 77695 | 34519 | 43176 |
| Put AUD/Call USD | BNP Paribas SA | 0.631 | 04/16/2025 | 4867000 | 4867000 | 41640 | 27325 | 14315 |
| Put AUD/Call USD | BNP Paribas SA | 0.625 | 04/16/2025 | 4898766 | 4898766 | 24926 | 27587 | (2661) |
| Put EUR/Call USD | BNP Paribas SA | 1.048 | 04/03/2025 | 5946000 | 5946000 | 90 | 40367 | (40277) |
| Put EUR/Call USD | BNP Paribas SA | 1.078 | 04/08/2025 | 5771000 | 5771000 | 22714 | 57441 | (34727) |
| Put EUR/Call USD | BNP Paribas SA | 1.090 | 04/15/2025 | 4262000 | 4262000 | 50214 | 35162 | 15052 |
| Put EUR/Call USD | BNP Paribas SA | 1.074 | 04/22/2025 | 4286000 | 4286000 | 20999 | 26871 | (5872) |
| Put EUR/Call USD | BNP Paribas SA | 1.078 | 05/02/2025 | 4328000 | 4328000 | 33751 | 43969 | (10218) |
| Put GBP/Call USD | BNP Paribas SA | 1.292 | 04/24/2025 | 2382000 | 2382000 | 22911 | 20377 | 2534 |
| Put GBP/Call USD | BNP Paribas SA | 1.276 | 05/22/2025 | 1811000 | 1811000 | 14305 | 23323 | (9018) |
| Put EUR/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 1.065 | 04/03/2025 | 5908000 | 5908000 | 2491 | 47647 | (45156) |
| Put EUR/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 1.078 | 06/26/2025 | 2861000 | 2861000 | 34151 | 33701 | 450 |
| Put NZD/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 0.563 | 04/22/2025 | 5355000 | 5355000 | 18044 | 21033 | (2989) |
| Put NZD/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 0.561 | 05/01/2025 | 5355000 | 5355000 | 18743 | 23395 | (4652) |
| Put USD/Call JPY | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 144.100 | 08/01/2025 | 3118000 | 3118000 | 43537 | 36116 | 7421 |
| Put AUD/Call USD | Citibank NA | 0.610 | 04/03/2025 | 3749000 | 3749000 | 344 | 31078 | (30734) |
| Put NZD/Call USD | Citibank NA | 0.569 | 04/22/2025 | 5448000 | 5448000 | 30767 | 32890 | (2123) |
| Put NZD/Call USD | Citibank NA | 0.555 | 05/01/2025 | 5532000 | 5532000 | 11235 | 36068 | (24833) |
| Put EUR/Call USD | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 1.036 | 04/02/2025 | 5999000 | 5999000 |  | 39025 | (39025) |
| Put EUR/Call USD | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 1.043 | 05/02/2025 | 4473000 | 4473000 | 3768 | 44589 | (40821) |
| Put GBP/Call USD | HSBC Bank PLC | 1.254 | 04/24/2025 | 2465000 | 2465000 | 2168 | 25779 | (23611) |
| Put GBP/Call USD | HSBC Bank PLC | 1.278 | 04/24/2025 | 2414000 | 2414000 | 10431 | 25813 | (15382) |
| Put NZD/Call USD | HSBC Bank PLC | 0.578 | 05/16/2025 | 5325000 | 5325000 | 70992 | 34047 | 36945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put EUR/Call USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | $1.063 | 09/17/2025 | 1421000 | $1421000 | $15643 | $13193 | $2450 |
| Put NZD/Call USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 0.553 | 04/03/2025 | 5515000 | 5515000 | 194 | 41415 | (41221) |
| Put NZD/Call USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 0.569 | 04/03/2025 | 5502000 | 5502000 | 16581 | 36526 | (19945) |
| Put NZD/Call USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 0.571 | 04/16/2025 | 5398000 | 5398000 | 34607 | 31369 | 3238 |
| Put USD/Call CAD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.433 | 04/04/2025 | 777000 | 777000 | 1868 | 3574 | (1706) |
| Put EUR/Call USD | MS & Co. Int. PLC | 1.031 | 05/08/2025 | 4531000 | 4531000 | 2366 | 52396 | (50030) |
| Put NZD/Call USD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 0.557 | 04/16/2025 | 5532000 | 5532000 | 7544 | 34712 | (27168) |
| Put NZD/Call USD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 0.570 | 04/22/2025 | 5329000 | 5329000 | 34274 | 25801 | 8473 |
| Put NZD/Call USD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 0.578 | 05/16/2025 | 5346500 | 5346500 | 71279 | 52423 | 18856 |
| Put NZD/Call USD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 0.570 | 05/16/2025 | 7952000 | 7952000 | 67487 | 85832 | (18345) |
| Put NZD/Call USD | UBS AG (London) | 0.579 | 04/16/2025 | 5381000 | 5381000 | 65278 | 28981 | 36297 |
|  |  |  |  | 167867266 | $167867266 | $933379 | $1254161 | $(320782) |
| Total purchased option contracts | Total purchased option contracts |  |  | 225721866 | $225721866 | $1235192 | $1778388 | $(543196) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call AUD/Put NZD | Barclays Bank PLC | 1.103 | 04/08/2025 | (2427000) | (2427000) | (2288) | (7030) | 4742 |
| Call EUR/Put PLN | Barclays Bank PLC | 4.185 | 04/16/2025 | (708000) | (708000) | (4895) | (5065) | 170 |
| Call USD/Put CAD | Barclays Bank PLC | 1.438 | 04/11/2025 | (772000) | (772000) | (4478) | (6373) | 1895 |
| Call USD/Put INR | Barclays Bank PLC | 86.450 | 06/13/2025 | (1700000) | (1700000) | (8634) | (23137) | 14503 |
| Call USD/Put SGD | Barclays Bank PLC | 1.331 | 04/15/2025 | (772000) | (772000) | (7705) | (5122) | (2583) |
| Call EUR/Put CHF | BNP Paribas SA | 0.955 | 04/22/2025 | (1417000) | (1417000) | (8966) | (11946) | 2980 |
| Call EUR/Put GBP | BNP Paribas SA | 0.837 | 04/24/2025 | (1424000) | (1424000) | (9274) | (8950) | (324) |
| Call USD/Put BRL | BNP Paribas SA | 5.860 | 04/16/2025 | (1561000) | (1561000) | (7196) | (24820) | 17624 |
| Call USD/Put CNY | BNP Paribas SA | 7.300 | 04/22/2025 | (3495600) | (3495600) | (6998) | (6537) | (461) |
| Call EUR/Put SEK | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 10.940 | 04/11/2025 | (1425000) | (1425000) | (3763) | (12001) | 8238 |
| Call USD/Put CNY | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 7.360 | 04/16/2025 | (4992000) | (4992000) | (2102) | (17342) | 15240 |
| Call USD/Put CNY | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 7.470 | 05/15/2025 | (3449000) | (3449000) | (1652) | (11320) | 9668 |
| Call USD/Put JPY | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 158.500 | 08/01/2025 | (3118000) | (3118000) | (9981) | (32833) | 22852 |
| Call USD/Put MXN | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 21.000 | 04/15/2025 | (2342000) | (2342000) | (10839) | (11349) | 510 |
| Call USD/Put TWD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 33.000 | 04/22/2025 | (770000) | (770000) | (6519) | (4050) | (2469) |
| Call USD/Put CNY | Citibank NA | 7.540 | 07/08/2025 | (3091000) | (3091000) | (3666) | (11720) | 8054 |
| Call AUD/Put NZD | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 1.100 | 04/29/2025 | (1207000) | (1207000) | (3745) | (3474) | (271) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Call EUR/Put SEK | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | $10.960 | 04/08/2025 | (1443000) | $(1443000) | $(2086) | $(11830) | $9744 |
| Call USD/Put CNY | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 7.255 | 04/16/2025 | (4649000) | (4649000) | (17857) | (73477) | 55620 |
| Call USD/Put TWD | HSBC Bank PLC | 32.850 | 04/10/2025 | (772000) | (772000) | (9212) | (4172) | (5040) |
| Call AUD/Put NZD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.096 | 04/22/2025 | (2434000) | (2434000) | (10570) | (8000) | (2570) |
| Call AUD/Put NZD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.098 | 04/28/2025 | (1222000) | (1222000) | (4662) | (3627) | (1035) |
| Call EUR/Put GBP | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 0.840 | 04/08/2025 | (1443000) | (1443000) | (3116) | (10312) | 7196 |
| Call EUR/Put PLN | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 4.195 | 04/10/2025 | (714000) | (714000) | (3055) | (3603) | 548 |
| Call EUR/Put PLN | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 4.182 | 04/24/2025 | (712000) | (712000) | (6205) | (5330) | (875) |
| Call EUR/Put SEK | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 11.020 | 04/16/2025 | (1421000) | (1421000) | (2108) | (11508) | 9400 |
| Call EUR/Put SEK | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 11.030 | 04/22/2025 | (1417000) | (1417000) | (2583) | (11373) | 8790 |
| Call EUR/Put USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.142 | 09/17/2025 | (1421000) | (1421000) | (9977) | (11873) | 1896 |
| Call USD/Put CNY | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 7.540 | 07/10/2025 | (3082000) | (3082000) | (3831) | (11447) | 7616 |
| Call USD/Put INR | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 89.200 | 06/13/2025 | (1565000) | (1565000) | (1042) | (6730) | 5688 |
| Call USD/Put TWD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 32.780 | 04/08/2025 | (1553000) | (1553000) | (21876) | (9279) | (12597) |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.842 | 04/16/2025 | (1421000) | (1421000) | (3897) | (9390) | 5493 |
| Call USD/Put SGD | MS & Co. Int. PLC | 1.334 | 04/28/2025 | (770000) | (770000) | (6871) | (4616) | (2255) |
| Call USD/Put CAD | Royal Bank of |  |  |  |  |  |  |  |
|  | Canada | 1.433 | 04/04/2025 | (777000) | (777000) | (5118) | (6763) | 1645 |
| Call AUD/Put NZD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 1.105 | 04/03/2025 | (2505000) | (2505000) | (861) | (7161) | 6300 |
| Call USD/Put CNY | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 7.400 | 04/16/2025 | (4677000) | (4677000) | (753) | (19816) | 19063 |
| Call USD/Put INR | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 86.050 | 04/24/2025 | (769000) | (769000) | (1904) | (3747) | 1843 |
| Call USD/Put TWD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 32.900 | 04/11/2025 | (3107000) | (3107000) | (33077) | (44846) | 11769 |
| Call USD/Put TWD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 32.850 | 05/29/2025 | (3127000) | (3127000) | (40385) | (33631) | (6754) |
| Call EUR/Put GBP | UBS AG (London) | 0.842 | 04/14/2025 | (1425000) | (1425000) | (3475) | (11153) | 7678 |
| Call EUR/Put PLN | UBS AG (London) | 4.160 | 04/03/2025 | (738000) | (738000) | (6055) | (5184) | (871) |
|  |  |  |  | (77834600) | $(77834600) | $(303277) | $(531937) | $228660 |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call NZD | Barclays Bank PLC | 1.103 | 04/08/2025 | (2427000) | (2427000) | (5450) | (7030) | 1580 |
| Put EUR/Call PLN | Barclays Bank PLC | 4.185 | 04/16/2025 | (708000) | (708000) | (2992) | (5065) | 2073 |
| Put NZD/Call USD | Barclays Bank PLC | 0.555 | 05/01/2025 | (5532000) | (5532000) | (11235) | (17826) | 6591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put NZD/Call USD | Barclays Bank PLC | $0.566 | 05/01/2025 | (5365000) | $(5365000) | $(28465) | $(11176) | $(17289) |
| Put USD/Call CAD | Barclays Bank PLC | 1.438 | 04/11/2025 | (772000) | (772000) | (4192) | (6373) | 2181 |
| Put USD/Call SGD | Barclays Bank PLC | 1.331 | 04/15/2025 | (772000) | (772000) | (1157) | (5122) | 3965 |
| Put AUD/Call USD | BNP Paribas SA | 0.610 | 04/03/2025 | (3749000) | (3749000) | (344) | (11692) | 11348 |
| Put AUD/Call USD | BNP Paribas SA | 0.631 | 04/16/2025 | (4859823) | (4859823) | (41578) | (42684) | 1106 |
| Put EUR/Call CHF | BNP Paribas SA | 0.955 | 04/22/2025 | (1417000) | (1417000) | (8648) | (11946) | 3298 |
| Put EUR/Call GBP | BNP Paribas SA | 0.837 | 04/24/2025 | (1424000) | (1424000) | (6863) | (8950) | 2087 |
| Put EUR/Call USD | BNP Paribas SA | 1.036 | 04/02/2025 | (5999000) | (5999000) |  | (20524) | 20524 |
| Put EUR/Call USD | BNP Paribas SA | 1.065 | 04/03/2025 | (5908000) | (5908000) | (2491) | (28131) | 25640 |
| Put EUR/Call USD | BNP Paribas SA | 1.078 | 04/08/2025 | (5771000) | (5771000) | (22714) | (32928) | 10214 |
| Put EUR/Call USD | BNP Paribas SA | 1.090 | 04/15/2025 | (4262000) | (4262000) | (50214) | (50698) | 484 |
| Put EUR/Call USD | BNP Paribas SA | 1.043 | 05/02/2025 | (4473000) | (4473000) | (3768) | (9472) | 5704 |
| Put GBP/Call USD | BNP Paribas SA | 1.278 | 04/24/2025 | (2414000) | (2414000) | (10431) | (10030) | (401) |
| Put GBP/Call USD | BNP Paribas SA | 1.292 | 04/24/2025 | (2382000) | (2382000) | (22911) | (20296) | (2615) |
| Put NZD/Call USD | BNP Paribas SA | 0.578 | 05/16/2025 | (2662500) | (2662500) | (35496) | (28637) | (6859) |
| Put AUD/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 0.614 | 04/16/2025 | (2496000) | (2496000) | (3765) | (6339) | 2574 |
| Put EUR/Call SEK | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 10.940 | 04/11/2025 | (1425000) | (1425000) | (13929) | (12001) | (1928) |
| Put EUR/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 1.048 | 04/03/2025 | (5946000) | (5946000) | (90) | (17992) | 17902 |
| Put NZD/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 0.570 | 04/22/2025 | (5329000) | (5329000) | (34270) | (38887) | 4617 |
| Put NZD/Call USD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 0.581 | 05/01/2025 | (5325000) | (5325000) | (77695) | (55461) | (22234) |
| Put USD/Call TWD | BofA |  |  |  |  |  |  |  |
|  | Securities LLC | 33.000 | 04/22/2025 | (770000) | (770000) | (1736) | (4050) | 2314 |
| Put NZD/Call USD | Citibank NA | 0.569 | 04/03/2025 | (5502000) | (5502000) | (16581) | (64583) | 48002 |
| Put NZD/Call USD | Citibank NA | 0.568 | 04/22/2025 | (5443000) | (5443000) | (28112) | (66970) | 38858 |
| Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | (3082000) | (3082000) | (9714) | (20973) | 11259 |
| Put AUD/Call NZD | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 1.100 | 04/29/2025 | (1207000) | (1207000) | (3576) | (3474) | (102) |
| Put EUR/Call SEK | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 10.960 | 04/08/2025 | (1443000) | (1443000) | (15185) | (11830) | (3355) |
| Put EUR/Call USD | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 1.031 | 05/08/2025 | (3020851) | (3020851) | (1578) | (15841) | 14263 |
| Put GBP/Call USD | HSBC Bank PLC | 1.254 | 04/24/2025 | (2465000) | (2465000) | (2168) | (10635) | 8467 |
| Put NZD/Call USD | HSBC Bank PLC | 0.569 | 04/22/2025 | (5448000) | (5448000) | (30767) | (11178) | (19589) |
| Put USD/Call TWD | HSBC Bank PLC | 32.850 | 04/10/2025 | (772000) | (772000) | (332) | (4173) | 3841 |
| Put AUD/Call NZD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.096 | 04/22/2025 | (2434000) | (2434000) | (3780) | (8000) | 4220 |
| Put AUD/Call NZD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.098 | 04/28/2025 | (1222000) | (1222000) | (2745) | (3627) | 882 |
| Put EUR/Call GBP | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 0.840 | 04/08/2025 | (1443000) | (1443000) | (7820) | (10312) | 2492 |
| Put EUR/Call PLN | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 4.195 | 04/10/2025 | (714000) | (714000) | (3530) | (3603) | 73 |
| Put EUR/Call PLN | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 4.182 | 04/24/2025 | (712000) | (712000) | (3315) | (5330) | 2015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put EUR/Call SEK | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | $11.020 | 04/16/2025 | (1421000) | $(1421000) | $(23617) | $(11468) | $(12149) |
| Put EUR/Call SEK | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 11.030 | 04/22/2025 | (1417000) | (1417000) | (25453) | (11373) | (14080) |
| Put NZD/Call USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 0.553 | 04/03/2025 | (5515000) | (5515000) | (194) | (11094) | 10900 |
| Put USD/Call CNY | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 7.085 | 07/08/2025 | (3091000) | (3091000) | (10577) | (21214) | 10637 |
| Put USD/Call TWD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 32.780 | 04/08/2025 | (1553000) | (1553000) | (255) | (9279) | 9024 |
| Put EUR/Call GBP | MS & Co. Int. PLC | 0.842 | 04/16/2025 | (1421000) | (1421000) | (11182) | (9390) | (1792) |
| Put EUR/Call USD | MS & Co. Int. PLC | 1.031 | 05/08/2025 | (1508301) | (1508301) | (788) | (4371) | 3583 |
| Put USD/Call SGD | MS & Co. Int. PLC | 1.334 | 04/28/2025 | (770000) | (770000) | (2606) | (4616) | 2010 |
| Put USD/Call CAD | Royal Bank of |  |  |  |  |  |  |  |
|  | Canada | 1.433 | 04/04/2025 | (777000) | (777000) | (1868) | (6763) | 4895 |
| Put AUD/Call NZD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 1.105 | 04/03/2025 | (2505000) | (2505000) | (6901) | (7161) | 260 |
| Put NZD/Call USD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 0.571 | 04/16/2025 | (5398000) | (5398000) | (34607) | (74606) | 39999 |
| Put NZD/Call USD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 0.579 | 04/16/2025 | (5381000) | (5381000) | (65278) | (47346) | (17932) |
| Put NZD/Call USD | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 0.578 | 05/16/2025 | (8009000) | (8009000) | (106775) | (86447) | (20328) |
| Put USD/Call INR | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 86.050 | 04/24/2025 | (769000) | (769000) | (5496) | (3747) | (1749) |
| Put EUR/Call GBP | UBS AG (London) | 0.842 | 04/14/2025 | (1425000) | (1425000) | (10371) | (11152) | 781 |
| Put EUR/Call PLN | UBS AG (London) | 4.160 | 04/03/2025 | (738000) | (738000) | (386) | (5184) | 4798 |
| Put NZD/Call USD | UBS AG (London) | 0.557 | 04/16/2025 | (5532000) | (5532000) | (7544) | (13704) | 6160 |
|  |  |  |  | (164326475) | $(164326475) | $(833535) | $(1042754) | $209219 |
| Total written option contracts | Total written option contracts |  |  | (242161075) | $(242161075) | $(1136812) | $(1574691) | $437879 |
| TOTAL |  |  |  | (16439209) | $(16439209) | $98380 | $203697 | $(105317) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| 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 |
| DOP | —Dominican Republic Peso |
| 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 |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| THB | —Thailand Baht |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| UZS | —Uzbekistan Som |
| ZAR | —South African Rand |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| LLC | —Limited Liability Company |
| NR | —Not Rated |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| WR | —Withdrawn Rating |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 1M BID Avg | —1 Month Brazilian Interbank Deposit Average |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CLICP | —Sinacofi Chile Interbank Rate |
| 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 |
| TELBOR | —Tel Aviv Interbank Offered Rate |
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | —Warsaw Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 89.6% | Corporate Obligations – 89.6% | Corporate Obligations – 89.6% | Corporate Obligations – 89.6% |
| Advertising<sup>(a)(b)</sup> – 0.1% | Advertising<sup>(a)(b)</sup> – 0.1% | Advertising<sup>(a)(b)</sup> – 0.1% | Advertising<sup>(a)(b)</sup> – 0.1% |
| Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) |
| $2539000 | 4.250% | 01/15/29 | $2351850 |
| Aerospace & Defense – 1.7% | Aerospace & Defense – 1.7% | Aerospace & Defense – 1.7% | Aerospace & Defense – 1.7% |
| Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 2865000 | 7.000 | 06/01/32 | 2855632 |
| 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) |
| 3037000 | 4.250 | 12/15/27 | 2925299 |
| Spirit AeroSystems, Inc.<sup>(a)</sup> (CCC+/Caa1) | Spirit AeroSystems, Inc.<sup>(a)</sup> (CCC+/Caa1) | Spirit AeroSystems, Inc.<sup>(a)</sup> (CCC+/Caa1) | Spirit AeroSystems, Inc.<sup>(a)</sup> (CCC+/Caa1) |
| 5310000 | 4.600 | 06/15/28 | 5094945 |
| 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) |
| 3019000 | 5.500 | 11/15/27 | 2984855 |
| 3570000 | 4.625 | 01/15/29 | 3394106 |
| 8868000 | 4.875 | 05/01/29 | 8417417 |
| 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) |
| 2584000 | 6.750 | 08/15/28 | 2623199 |
| 1645000 | 6.375 | 03/01/29 | 1662585 |
| 5250000 | 6.875 | 12/15/30 | 5367128 |
|  |  |  | 35325166 |
| Airlines – 0.9% | Airlines – 0.9% | Airlines – 0.9% | Airlines – 0.9% |
| 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) |
| 6629000 | 7.250 | 02/15/28 | 6595325 |
| 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) |
| 987500 | 5.500 | 04/20/26 | 984607 |
| 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) |
| 2305000 | 8.875 | 12/15/29 | 2349256 |
| 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) |
| 3115000 | 7.875 | 05/01/27 | 3058774 |
| 3482000 | 9.500 | 06/01/28 | 3447354 |
| 3035000 | 6.375 <sup>(c)</sup> | 02/01/30 | 2659813 |
|  |  |  | 19095129 |
| Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% |
| Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) |
| 4240000 | 8.375 | 12/01/31 | 4397516 |
| Automotive – 2.1% | Automotive – 2.1% | Automotive – 2.1% | Automotive – 2.1% |
| Allison Transmission, Inc.<sup>(a)(b)</sup> (NR/Ba2) | Allison Transmission, Inc.<sup>(a)(b)</sup> (NR/Ba2) | Allison Transmission, Inc.<sup>(a)(b)</sup> (NR/Ba2) |  |
| 3128000 | 3.750 | 01/30/31 | 2780917 |
| 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) |
| 4111000 | 8.500 | 05/15/27 | 4122388 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) |
| 5010000 | 6.750 | 05/15/28 | 5081843 |
| 2915000 | 6.750 | 02/15/30 | 2944879 |
| 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) |
| 4853000 | 5.375 | 11/15/27 | 4792046 |
| 2260000 | 5.625 | 06/15/28 | 2225512 |
| Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> (CCC/Caa1) | Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> (CCC/Caa1) | Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> (CCC/Caa1) | Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> (CCC/Caa1) |
| 4986000 | 8.000 | 02/01/28 | 4859056 |
| Ford Motor Credit Co. LLC<sup>(a)</sup> (BBB-/Ba1) | Ford Motor Credit Co. LLC<sup>(a)</sup> (BBB-/Ba1) | Ford Motor Credit Co. LLC<sup>(a)</sup> (BBB-/Ba1) | Ford Motor Credit Co. LLC<sup>(a)</sup> (BBB-/Ba1) |
| 2803000 | 3.815 | 11/02/27 | 2674314 |
| 2315000 | 2.900 | 02/16/28 | 2142255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
| General Motors Financial Co., Inc.<sup>(a)</sup> (BBB/Baa2) | General Motors Financial Co., Inc.<sup>(a)</sup> (BBB/Baa2) | General Motors Financial Co., Inc.<sup>(a)</sup> (BBB/Baa2) | General Motors Financial Co., Inc.<sup>(a)</sup> (BBB/Baa2) |
| $1915000 | 2.350% | 01/08/31 | 1620856 |
| 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 | 1921124 |
| 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%) |
| $2985000 | 6.375 | 05/15/29 | 2902853 |
| (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 | 1094612 |
| 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) |
| $2085000 | 6.875 | 04/14/28 | 2049034 |
| 1825000 | 6.750 | 04/23/30 | 1735283 |
|  |  |  | 42946972 |
| Banks – 3.3% | Banks – 3.3% | Banks – 3.3% | Banks – 3.3% |
| Bank of America Corp.<sup>(a)(e)</sup> (BBB+/A3) (5 yr. CMT + 1.200%) | Bank of America Corp.<sup>(a)(e)</sup> (BBB+/A3) (5 yr. CMT + 1.200%) | Bank of America Corp.<sup>(a)(e)</sup> (BBB+/A3) (5 yr. CMT + 1.200%) | Bank of America Corp.<sup>(a)(e)</sup> (BBB+/A3) (5 yr. CMT + 1.200%) |
| 5198000 | 2.482 | 09/21/36 | 4328063 |
| Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) |
| 4960000 | 4.700 | 09/20/25 | 4937730 |
| Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) (5 yr. CMT + 5.431%) | Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) (5 yr. CMT + 5.431%) | Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) (5 yr. CMT + 5.431%) | Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) (5 yr. CMT + 5.431%) |
| 6325000 | 8.000 | 03/15/29 | 6524237 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) |
| 1470000 | 7.625 | 03/15/35 | 1439174 |
| Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) |
| 2565000 | 3.875 | 02/18/26 | 2511366 |
| Comerica, Inc.<sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) | Comerica, Inc.<sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) | Comerica, Inc.<sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) | Comerica, Inc.<sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) |
| 1550000 | 5.625 | 07/01/25 | 1541785 |
| Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) |
| 4000000 | 7.500 | 10/09/30 | 3997480 |
| JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) |
| 5040000 | 6.500 | 04/01/30 | 5162573 |
| Morgan Stanley<sup>(a)(e)</sup> (BBB+/Baa1) (Secured Overnight Financing Rate + 1.360%) | Morgan Stanley<sup>(a)(e)</sup> (BBB+/Baa1) (Secured Overnight Financing Rate + 1.360%) | Morgan Stanley<sup>(a)(e)</sup> (BBB+/Baa1) (Secured Overnight Financing Rate + 1.360%) | Morgan Stanley<sup>(a)(e)</sup> (BBB+/Baa1) (Secured Overnight Financing Rate + 1.360%) |
| 3575000 | 2.484 | 09/16/36 | 2960815 |
| 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%) |
| 1628000 | 7.500 | 02/28/32 | 2040951 |
| 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 | 4539594 |
| Societe Generale SA<sup>(a)(b)(e)</sup> (BB/Ba2) (5 yr. USD ICE Swap + 5.873%) | Societe Generale SA<sup>(a)(b)(e)</sup> (BB/Ba2) (5 yr. USD ICE Swap + 5.873%) | Societe Generale SA<sup>(a)(b)(e)</sup> (BB/Ba2) (5 yr. USD ICE Swap + 5.873%) | Societe Generale SA<sup>(a)(b)(e)</sup> (BB/Ba2) (5 yr. USD ICE Swap + 5.873%) |
| 2730000 | 8.000 | 09/29/25 | 2750257 |
| 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 | 1530519 |
| 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%) |
| 4540000 | 3.700 | 01/15/27 | 4311048 |
| UBS Group AG<sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) | UBS Group AG<sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) | UBS Group AG<sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) | UBS Group AG<sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) |
| 3534000 | 9.250 | 11/13/28 | 3837146 |
| UBS Group AG<sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) |
| 3220000 | 3.875 | 06/02/26 | 3120019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| UniCredit SpA<sup>(a)(b)(e)</sup> (BB+/Ba1) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BB+/Ba1) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BB+/Ba1) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BB+/Ba1) (5 yr. CMT + 4.750%) |
| $3415000 | 5.459% | 06/30/35 | $3348988 |
| 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) |
| 1690000 | 6.625 | 04/01/33 | 1685944 |
| 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) |
| 1550000 | 5.875 | 06/15/25 | 1549767 |
| (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 | 2619006 |
| (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 | 2183861 |
|  |  |  | 66920323 |
| Beverages<sup>(a)</sup> – 0.2% | Beverages<sup>(a)</sup> – 0.2% | Beverages<sup>(a)</sup> – 0.2% | Beverages<sup>(a)</sup> – 0.2% |
| Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) |
| 80000 | 5.177 | 07/15/32 | 98705 |
| 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) |
| $3300000 | 4.375 | 04/30/29 | 3155295 |
|  |  |  | 3254000 |
| Building Materials – 2.1% | Building Materials – 2.1% | Building Materials – 2.1% | Building Materials – 2.1% |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 5180000 | 5.000 | 03/01/30 | 4957623 |
| 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) |
| 4030000 | 6.625 | 12/15/30 | 4037456 |
| 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) |
| 5125000 | 5.000 | 01/15/28 | 4985497 |
| JELD-WEN, Inc.<sup>(a)(b)</sup> (B+/B2) | JELD-WEN, Inc.<sup>(a)(b)</sup> (B+/B2) | JELD-WEN, Inc.<sup>(a)(b)</sup> (B+/B2) | JELD-WEN, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 2856000 | 4.875 | 12/15/27 | 2664448 |
| 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) |
| 1900000 | 7.000 | 07/15/32 | 1898898 |
| 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) |
| 2820000 | 6.750 | 03/01/33 | 2810384 |
| 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) |
| 2595000 | 6.375 | 03/01/32 | 2608805 |
| Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 6780000 | 6.000 | 11/01/28 | 6575651 |
| 3000000 | 8.875 | 11/15/31 | 3109290 |
| 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) |
| 5145000 | 6.500 | 08/15/32 | 5147161 |
| 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) |
| 1880000 | 5.000 | 02/15/27 | 1850804 |
| 1230000 | 4.750 | 01/15/28 | 1190861 |
|  |  |  | 41836878 |
| Capital Goods<sup>(a)(b)</sup> – 0.1% | Capital Goods<sup>(a)(b)</sup> – 0.1% | Capital Goods<sup>(a)(b)</sup> – 0.1% | Capital Goods<sup>(a)(b)</sup> – 0.1% |
| Cirsa Finance International SARL (B+/B2) | Cirsa Finance International SARL (B+/B2) | Cirsa Finance International SARL (B+/B2) | Cirsa Finance International SARL (B+/B2) |
| 1836000 | 10.375 | 11/30/27 | 2092133 |
| Chemicals – 3.5% | Chemicals – 3.5% | Chemicals – 3.5% | Chemicals – 3.5% |
| Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) |
| $2340000 | 3.375 | 09/01/31 | 2012681 |
| 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) |
| 2660000 | 7.125 | 08/01/30 | 2717030 |
| 950000 | 6.250 | 11/01/31 | 941469 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 2760000 | 3.375% | 02/15/29 | 2528491 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)(c)</sup> (BB/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)(c)</sup> (BB/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)(c)</sup> (BB/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)(c)</sup> (BB/Ba3) |
| 3205000 | 4.750 | 06/15/27 | 3149778 |
| Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) |
| 1905000 | 6.415 <sup>(f)</sup> | 07/15/27 | 1936166 |
| 960000 | 6.500 | 04/15/30 | 953242 |
| 2953000 | 6.800 <sup>(f)</sup> | 11/15/30 | 3061286 |
| 1360000 | 6.750 | 04/15/33 | 1320628 |
| Chemours Co.<sup>(a)(b)(c)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)(c)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)(c)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)(c)</sup> (BB-/B1) |
| 2911000 | 5.750 | 11/15/28 | 2690754 |
| 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) |
| 2975000 | 9.000 | 07/01/28 | 2971341 |
| 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) |
| 2946000 | 3.875 | 11/01/28 | 2750385 |
| 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) |
| 1940000 | 6.250 | 03/15/32 | 1890375 |
| 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) |
| 3421000 | 5.000 | 07/01/28 | 3294218 |
| 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 | 771440 |
| 6830000 | 4.250 | 10/01/28 | 6310305 |
| 4045000 | 9.750 | 11/15/28 | 4203807 |
| 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) |
| 658000 | 6.250 | 10/01/29 | 578724 |
| SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) |
| 2834000 | 5.375 | 11/01/26 | 2789393 |
| SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) |
| 2760000 | 3.125 | 03/15/27 | 2630584 |
| 3870000 | 3.375 | 03/15/30 | 3425646 |
| Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) | Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) | Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) | Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 5376000 | 4.625 | 03/15/29 | 4587986 |
| 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) |
| 1946000 | 3.625 | 06/15/31 | 1690548 |
| Vibrantz Technologies, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Vibrantz Technologies, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Vibrantz Technologies, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Vibrantz Technologies, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 3100000 | 9.000 | 02/15/30 | 2526500 |
| 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) |
| 2893000 | 4.875 | 06/15/27 | 2801379 |
| 2610000 | 7.375 | 03/01/31 | 2609191 |
| 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) |
| 5345000 | 5.625 | 08/15/29 | 4599693 |
|  |  |  | 71743040 |
| Commercial Services – 3.9% | Commercial Services – 3.9% | Commercial Services – 3.9% | Commercial Services – 3.9% |
| ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) |
| 4551000 | 4.125 | 08/01/29 | 4271114 |
| 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) |
| 2976000 | 7.875 | 02/15/31 | 3016236 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 2951000 | 9.750 | 07/15/27 | 2959440 |
| 3387000 | 6.000 | 06/01/29 | 3113093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| 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) |
| 6853000 | 4.625% | 06/01/28 | 6487472 |
| 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) |
| 6373000 | 4.125% | 07/15/29 | 5907516 |
| 2384000 | 4.750 | 10/15/29 | 2247421 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)(c)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)(c)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)(c)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)(c)</sup> (B+/B1) |
| 1360000 | 8.250 | 01/15/30 | 1322287 |
| 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) |
| 1800000 | 7.250 | 07/31/30 | 1898849 |
| BCP V Modular Services Finance II PLC<sup>(a)(b)</sup> (B/B2) | BCP V Modular Services Finance II PLC<sup>(a)(b)</sup> (B/B2) | BCP V Modular Services Finance II PLC<sup>(a)(b)</sup> (B/B2) | BCP V Modular Services Finance II PLC<sup>(a)(b)</sup> (B/B2) |
| 1780000 | 4.750 | 11/30/28 | 1867472 |
| 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) |
| 5016000 | 5.750 | 10/15/29 | 4981289 |
| 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) |
| 2045000 | 4.625 | 10/15/27 | 2006534 |
| 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) |
| 2397000 | 7.750 | 02/15/28 | 2455079 |
| 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) |
| 1620000 | 8.250 | 08/01/32 | 1582918 |
| 2140000 | 8.375 | 11/15/32 | 2108093 |
| 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) |
| 3380000 | 12.625 | 07/15/29 | 3050687 |
| 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) |
| 6155000 | 6.500 | 05/15/29 | 5813459 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) |
| 3400000 | 4.000 | 06/15/29 | 3189676 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) |
| 2953000 | 6.250 | 01/15/28 | 2947537 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 4553000 | 3.375 | 08/31/27 | 4315743 |
| PROG Holdings, Inc.<sup>(a)(b)</sup> (BB-/B1) | PROG Holdings, Inc.<sup>(a)(b)</sup> (BB-/B1) | PROG Holdings, Inc.<sup>(a)(b)</sup> (BB-/B1) | PROG Holdings, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 5520000 | 6.000 | 11/15/29 | 5105779 |
| 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) |
| 3191000 | 3.500 | 03/01/29 | 2893567 |
| 1225000 | 7.125 | 08/15/31 | 1246070 |
| Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) |
| 1375000 | 5.250% | 02/15/29 | 1487501 |
| Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) | Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) | Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) | Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) |
| 160000 | 10.500 | 11/30/30 | 170059 |
| VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) |
| 2295000 | 8.500 | 08/15/30 | 2406330 |
| 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) |
| 870000 | 6.625 | 04/15/30 | 879144 |
|  |  |  | 79730365 |
| Computers – 1.9% | Computers – 1.9% | Computers – 1.9% | Computers – 1.9% |
| 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) |
| 10009000 | 6.625 | 05/01/28 | 9789703 |
| Crowdstrike Holdings, Inc.<sup>(a)</sup> (BB/Baa3) | Crowdstrike Holdings, Inc.<sup>(a)</sup> (BB/Baa3) | Crowdstrike Holdings, Inc.<sup>(a)</sup> (BB/Baa3) | Crowdstrike Holdings, Inc.<sup>(a)</sup> (BB/Baa3) |
| 6771000 | 3.000 | 02/15/29 | 6231419 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Computers – (continued) | Computers – (continued) | Computers – (continued) | Computers – (continued) |
| Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) |
| 3690000 | 7.750% | 03/31/30 | 3834390 |
| McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 12142000 | 7.375 | 02/15/30 | 10758297 |
| Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) | Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) | Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) | Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) |
| 1270000 | 8.250 | 12/15/29 | 1351572 |
| 2561220 | 9.625 | 12/01/32 | 2879375 |
| 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) |
| 5058000 | 7.125 | 12/15/28 | 4763321 |
|  |  |  | 39608077 |
| 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+/Ba3) | Perrigo Finance Unlimited Co. (B+/Ba3) | Perrigo Finance Unlimited Co. (B+/Ba3) | Perrigo Finance Unlimited Co. (B+/Ba3) |
| 510000 | 6.125 | 09/30/32 | 502146 |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% |
| 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) |
| 10439000 | 3.875 | 11/15/29 | 9573920 |
| BCPE Empire Holdings, Inc. (CCC/Caa2) | BCPE Empire Holdings, Inc. (CCC/Caa2) | BCPE Empire Holdings, Inc. (CCC/Caa2) | BCPE Empire Holdings, Inc. (CCC/Caa2) |
| 2998000 | 7.625 | 05/01/27 | 2950272 |
|  |  |  | 12524192 |
| Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% |
| 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) |
| 2964000 | 6.250 | 03/01/28 | 2915479 |
| 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%) |
| 6075000 | 4.700 | 05/15/26 | 5656372 |
| Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) | Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) | Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) | Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) |
| 2606000 | 5.750 | 11/20/25 | 2610248 |
| 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%) |
| 4265000 | 3.550 | 09/15/26 | 4128563 |
| Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) |
| 2085000 | 3.950 | 09/01/26 | 1988777 |
| Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) |
| 3305000 | 5.000 | 12/01/27 | 3178518 |
| 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) |
| 6665000 | 6.625 | 03/15/30 | 6575023 |
| 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) |
| 2922000 | 9.250 | 02/01/29 | 2966210 |
| 1470000 | 8.375 | 04/01/32 | 1435940 |
| 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) |
| 4156000 | 7.125 | 04/30/31 | 4265885 |
| 2885000 | 6.125 | 11/01/32 | 2840311 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) |
| 3928000 | 5.000 | 08/15/28 | 3696955 |
| Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 4326000 | 8.375 | 05/01/28 | 4513792 |
| 430000 | 6.400 | 03/26/29 | 444874 |
| 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) |
| 5087000 | 6.500 | 05/01/28 | 4883266 |
| 3281000 | 5.625 | 01/15/30 | 2981182 |
| 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) |
| 2815000 | 5.000 | 03/15/27 | 2760614 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| 4060000 | 5.500% | 03/15/29 | 3842262 |
| 870000 | 9.375 | 07/25/30 | 927324 |
| 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) |
| 1458000 | 3.500 | 01/15/27 | 1397449 |
| 1985000 | 6.625 | 05/15/29 | 1991312 |
| 3380000 | 7.875 | 03/15/30 | 3503809 |
| 2254000 | 4.000 | 09/15/30 | 1989358 |
| 6315000 | 7.500 | 05/15/31 | 6424565 |
| Osaic Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 976000 | 10.750 | 08/01/27 | 991108 |
| 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) |
| 1555000 | 6.500 | 01/31/30 | 1594917 |
| 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) |
| 2805000 | 7.875 | 03/01/31 | 2932768 |
| 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) |
| 3641000 | 5.500 | 04/15/29 | 3509159 |
| 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) |
| 3300000 | 6.625 | 02/01/30 | 3268782 |
| 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) |
| 4875000 | 7.500 | 06/15/31 | 4997509 |
|  |  |  | 95212331 |
| Electrical – 1.8% | Electrical – 1.8% | Electrical – 1.8% | Electrical – 1.8% |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) |
| 2985000 | 6.375 | 02/15/32 | 2890017 |
| 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 | 2216371 |
| 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) |
| 4778000 | 7.250 | 08/15/32 | 4924780 |
| NextEra Energy Capital Holdings, Inc.<sup>(a)(e)</sup> (BBB/Baa2) | NextEra Energy Capital Holdings, Inc.<sup>(a)(e)</sup> (BBB/Baa2) | NextEra Energy Capital Holdings, Inc.<sup>(a)(e)</sup> (BBB/Baa2) | NextEra Energy Capital Holdings, Inc.<sup>(a)(e)</sup> (BBB/Baa2) |
| (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) |
| 2605000 | 6.500 | 08/15/55 | 2636104 |
| (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) |
| 1780000 | 6.375 | 08/15/55 | 1789185 |
| 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) |
| 10145000 | 5.750 | 07/15/29 | 9983492 |
| Pike Corp.<sup>(a)(b)</sup> (B-/B3) | Pike Corp.<sup>(a)(b)</sup> (B-/B3) | Pike Corp.<sup>(a)(b)</sup> (B-/B3) | Pike Corp.<sup>(a)(b)</sup> (B-/B3) |
| 3342000 | 5.500 | 09/01/28 | 3234822 |
| 4418000 | 8.625 | 01/31/31 | 4666866 |
| XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) | XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) | XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) | XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) |
| 3709000 | 7.250 | 01/15/29 | 3655924 |
|  |  |  | 35997561 |
| 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) |
| 665000 | 6.375 | 03/15/33 | 668259 |
| Electronics – 0.9% | Electronics – 0.9% | Electronics – 0.9% | Electronics – 0.9% |
| 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) |
| 5470000 | 4.250 | 06/01/31 | 4809552 |
| Coherent Corp.<sup>(a)(b)(c)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)(c)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)(c)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)(c)</sup> (B+/B1) |
| 2689000 | 5.000 | 12/15/29 | 2569205 |
| 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) |
| 4151000 | 4.750 | 05/15/29 | 3942578 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electronics – (continued) | Electronics – (continued) | Electronics – (continued) | Electronics – (continued) |
| Sensata Technologies 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) |
| $1135000 | 4.000% | 04/15/29 | 1042884 |
| 3139000 | 5.875 | 09/01/30 | 3028350 |
| 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) |
| 3389000 | 4.375 | 02/15/30 | 3133232 |
|  |  |  | 18525801 |
| Engineering & Construction – 0.8% | Engineering & Construction – 0.8% | Engineering & Construction – 0.8% | Engineering & Construction – 0.8% |
| 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) |
| 4674000 | 4.500 | 04/15/29 | 4368928 |
| 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) |
| 5893000 | 5.625 | 06/01/29 | 5677434 |
| 5021000 | 7.500 | 04/15/32 | 4968079 |
| 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) |
| 1045000 | 9.000 | 02/15/29 | 1421921 |
|  |  |  | 16436362 |
| Entertainment – 3.7% | Entertainment – 3.7% | Entertainment – 3.7% | Entertainment – 3.7% |
| AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) |
| $5365000 | 7.500 | 02/15/29 | 4074342 |
| 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) |
| 2610000 | 8.125 | 05/01/29 | 2693181 |
| 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) |
| 3628000 | 4.750 | 05/15/29 | 3418882 |
| 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) |
| 7221000 | 4.625 | 10/15/29 | 6633933 |
| 7450000 | 6.000 <sup>(c)</sup> | 10/15/32 | 6957555 |
| 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) |
| 4200000 | 5.250 | 07/15/28 | 4077528 |
| 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) |
| 900000 | 7.875 | 08/28/29 | 1176142 |
| International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) | International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) | International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) | International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) |
| $3131000 | 5.250 | 01/15/29 | 3060678 |
| 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) |
| 1500000 | 7.500 | 09/01/31 | 1536855 |
| 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) |
| 3116000 | 3.750 | 01/15/28 | 2975126 |
| Merlin Entertainments Group U.S. Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Merlin Entertainments Group U.S. Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Merlin Entertainments Group U.S. Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Merlin Entertainments Group U.S. Holdings, Inc.<sup>(a)(b)</sup> (B/B2) |
| 4732000 | 7.375 | 02/15/31 | 4486551 |
| Motion Bondco DAC<sup>(a)(b)(c)</sup> (CCC/Caa2) | Motion Bondco DAC<sup>(a)(b)(c)</sup> (CCC/Caa2) | Motion Bondco DAC<sup>(a)(b)(c)</sup> (CCC/Caa2) | Motion Bondco DAC<sup>(a)(b)(c)</sup> (CCC/Caa2) |
| 2235000 | 6.625 | 11/15/27 | 2135162 |
| 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) |
| 2900000 | 5.625 | 01/15/27 | 2861488 |
| 1580000 | 4.125 <sup>(c)</sup> | 07/01/29 | 1402882 |
| Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) |
| 2988000 | 6.000 | 03/27/30 | 3803317 |
| 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 | 3511354 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) |
| 7100000 | 8.450 | 07/27/30 | 7313142 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance<br>Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance<br>Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance<br>Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance<br>Corp.<sup>(a)(b)</sup> (B+/B1) |
| 4542000 | 6.625 | 02/01/33 | 4469646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

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------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| 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) |
| $5450000 | 5.250% | 08/15/29 | 5170633 |
| WMG Acquisition Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | WMG Acquisition Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | WMG Acquisition Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | WMG Acquisition Corp.<sup>(a)(b)</sup> (BBB-/Ba1) |
| 1655000 | 3.750 | 12/01/29 | 1542923 |
| 1200000 | 3.875 | 07/15/30 | 1111236 |
|  |  |  | 74412556 |
| Environmental – 1.3% | Environmental – 1.3% | Environmental – 1.3% | Environmental – 1.3% |
| 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) |
| 2216000 | 4.000 | 08/01/28 | 2106419 |
| 3235000 | 4.375 | 08/15/29 | 3050055 |
| GFL Environmental, Inc.<sup>(a)(b)</sup> (BBB-/Baa3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BBB-/Baa3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BBB-/Baa3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 3460000 | 3.500 | 09/01/28 | 3275962 |
| 720000 | 6.750 | 01/15/31 | 742018 |
| 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) |
| 12369000 | 5.875 | 06/30/29 | 11684376 |
| Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/B3) | Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/B3) | Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/B3) | Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 4975000 | 7.000 | 02/01/33 | 5007487 |
|  |  |  | 25866317 |
| Food & Drug Retailing – 3.0% | Food & Drug Retailing – 3.0% | Food & Drug Retailing – 3.0% | Food & Drug Retailing – 3.0% |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 272000 | 4.625 | 01/15/27 | 268007 |
| 3744000 | 3.500 | 03/15/29 | 3449946 |
| 5275000 | 4.875 | 02/15/30 | 5044641 |
| 2225000 | 6.250 | 03/15/33 | 2248986 |
| Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) |
| 4350000 | 8.125 | 05/14/30 | 5199924 |
| Boparan Finance PLC<sup>(a)(b)</sup> (B/B3) | Boparan Finance PLC<sup>(a)(b)</sup> (B/B3) | Boparan Finance PLC<sup>(a)(b)</sup> (B/B3) | Boparan Finance PLC<sup>(a)(b)</sup> (B/B3) |
| 2318000 | 9.375 | 11/07/29 | 2883247 |
| Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) |
| $2916697 | 8.750 | 10/01/29 | 3185616 |
| Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 3844000 | 9.625 | 09/15/32 | 3955899 |
| 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 | 2733293 |
| 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) |
| 1105000 | 10.875 | 12/15/27 | 1512227 |
| New Albertsons LP (B+/WR) | New Albertsons LP (B+/WR) | New Albertsons LP (B+/WR) | New Albertsons LP (B+/WR) |
| $3100000 | 7.450 | 08/01/29 | 3250288 |
| 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) |
| 6255000 | 4.250 | 08/01/29 | 5856244 |
| 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) |
| 5848000 | 5.500 | 12/15/29 | 5691975 |
| 3980000 | 4.625 | 04/15/30 | 3716325 |
| 3832000 | 6.375 | 03/01/33 | 3781609 |
| 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) |
| 885000 | 6.250 | 02/15/32 | 890620 |
| Sigma Holdco BV<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Sigma Holdco BV<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Sigma Holdco BV<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Sigma Holdco BV<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 2142000 | 7.875 | 05/15/26 | 2118502 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| United Natural Foods, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | United Natural Foods, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | United Natural Foods, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | United Natural Foods, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 6050000 | 6.750% | 10/15/28 | 5977219 |
|  |  |  | 61764568 |
| Gaming<sup>(a)</sup> – 0.5% | Gaming<sup>(a)</sup> – 0.5% | Gaming<sup>(a)</sup> – 0.5% | Gaming<sup>(a)</sup> – 0.5% |
| Melco Resorts Finance Ltd.<sup>(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(b)</sup> (BB-/Ba3) |
| 2395000 | 4.875 | 06/06/25 | 2386139 |
| MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) |
| 5355000 | 5.500 | 04/15/27 | 5311785 |
| Sands China Ltd. (BBB-/Baa2) | Sands China Ltd. (BBB-/Baa2) | Sands China Ltd. (BBB-/Baa2) | Sands China Ltd. (BBB-/Baa2) |
| 2315000 | 5.125 | 08/08/25 | 2312407 |
|  |  |  | 10010331 |
| Gas<sup>(a)</sup> – 0.2% | Gas<sup>(a)</sup> – 0.2% | Gas<sup>(a)</sup> – 0.2% | Gas<sup>(a)</sup> – 0.2% |
| AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) | AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) | AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) | AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) |
| 3536000 | 5.750 | 05/20/27 | 3403046 |
| Healthcare Providers & Services – 3.1% | Healthcare Providers & Services – 3.1% | Healthcare Providers & Services – 3.1% | Healthcare Providers & Services – 3.1% |
| 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) |
| 4574000 | 2.500 | 03/01/31 | 3859587 |
| 911000 | 2.625 | 08/01/31 | 766597 |
| CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
| 4919000 | 5.625 | 03/15/27 | 4699317 |
| 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) |
| 5824000 | 6.875 | 04/15/29 | 3769584 |
| 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) |
| 3372000 | 3.750 | 02/15/31 | 2931212 |
| 1780000 | 6.875 | 09/01/32 | 1791232 |
| HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B2) | HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B2) | HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B2) | HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B2) |
| 2322000 | 9.750 | 10/01/31 | 2230861 |
| 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) |
| 705000 | 6.500 | 04/01/33 | 716830 |
| 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) |
| 2530000 | 11.000 | 10/15/30 | 2754689 |
| LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 3455000 | 5.375 | 01/15/29 | 3032764 |
| Medline Borrower LP <sup>(a)(b)</sup> (B/B3) | Medline Borrower LP <sup>(a)(b)</sup> (B/B3) | Medline Borrower LP <sup>(a)(b)</sup> (B/B3) | Medline Borrower LP <sup>(a)(b)</sup> (B/B3) |
| 3648000 | 5.250 | 10/01/29 | 3500949 |
| Medline Borrower LP <sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP <sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP <sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP <sup>(a)(b)</sup> (BB-/Ba3) |
| 5341000 | 3.875 | 04/01/29 | 4990951 |
| 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) |
| 2610000 | 6.250 | 01/15/33 | 2571790 |
| MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (B-/NR) (PIK 5.000%, Cash 6.500%) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (B-/NR) (PIK 5.000%, Cash 6.500%) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (B-/NR) (PIK 5.000%, Cash 6.500%) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (B-/NR) (PIK 5.000%, Cash 6.500%) |
| 666612 | 11.500 | 12/31/30 | 577213 |
| MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) | MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) | MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) | MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) |
| 435554 | 5.750 | 12/31/30 | 316360 |
| MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/NR) (PIK 0.750%, Cash 6.000%) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/NR) (PIK 0.750%, Cash 6.000%) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/NR) (PIK 0.750%, Cash 6.000%) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/NR) (PIK 0.750%, Cash 6.000%) |
| 3735832 | 6.750 | 03/31/31 | 2234364 |
| Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 2545000 | 9.375 | 09/01/29 | 2409708 |
| Select Medical Corp.<sup>(a)(b)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)</sup> (B/B1) |
| 3620000 | 6.250 | 12/01/32 | 3529862 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) |
| Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) |
| $4478550 | 13.500% | 06/30/28 | $4843149 |
| Tenet Healthcare Corp.<sup>(a)</sup> (B-/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (B-/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (B-/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (B-/Ba3) |
| 850000 | 6.250 | 02/01/27 | 850238 |
| 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) |
| 4097000 | 4.625 | 06/15/28 | 3952581 |
| 3270000 | 4.250 | 06/01/29 | 3086357 |
| 1592000 | 6.125 | 06/15/30 | 1587017 |
| 2465000 | 6.750 | 05/15/31 | 2501408 |
|  |  |  | 63504620 |
| Holding Companies-Diversified<sup>(a)(b)</sup> – 0.1% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.1% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.1% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.1% |
| Benteler International AG (BB-/Ba3) | Benteler International AG (BB-/Ba3) | Benteler International AG (BB-/Ba3) | Benteler International AG (BB-/Ba3) |
| 1745000 | 9.375 | 05/15/28 | 1979268 |
| Home Builders – 0.4% | Home Builders – 0.4% | Home Builders – 0.4% | Home Builders – 0.4% |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) |
| $1645000 | 5.000 | 06/15/29 | 1484349 |
| 1031000 | 4.875 | 02/15/30 | 902177 |
| LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 2141000 | 4.000 | 07/15/29 | 1884658 |
| 3195000 | 7.000 | 11/15/32 | 3020872 |
|  |  |  | 7292056 |
| Household Products – 0.3% | Household Products – 0.3% | Household Products – 0.3% | Household Products – 0.3% |
| 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) |
| 2307000 | 4.125 | 10/15/30 | 2100431 |
| 1000000 | 4.125 <sup>(b)</sup> | 04/30/31 | 896800 |
| Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B-/B2) | Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B-/B2) | Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B-/B2) | Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B-/B2) |
| 2911000 | 8.250 | 06/30/31 | 2583542 |
|  |  |  | 5580773 |
| Housewares – 0.1% | Housewares – 0.1% | Housewares – 0.1% | Housewares – 0.1% |
| Newell Brands, Inc.<sup>(a)</sup> (BB-/Ba3) | Newell Brands, Inc.<sup>(a)</sup> (BB-/Ba3) | Newell Brands, Inc.<sup>(a)</sup> (BB-/Ba3) | Newell Brands, Inc.<sup>(a)</sup> (BB-/Ba3) |
| 1080000 | 6.375 | 05/15/30 | 1052654 |
| 1745000 | 7.000 | 04/01/46 | 1531395 |
|  |  |  | 2584049 |
| Insurance – 3.2% | Insurance – 3.2% | Insurance – 3.2% | Insurance – 3.2% |
| 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) |
| 7413000 | 4.250 | 02/15/29 | 6934639 |
| 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) |
| 4440000 | 8.250 | 02/01/29 | 4560368 |
| 1060000 | 8.500 | 06/15/29 | 1102633 |
| 1140000 | 6.000 | 08/01/29 | 1092895 |
| 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) |
| 2355000 | 6.750 | 04/15/28 | 2364797 |
| 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) |
| 2884000 | 6.750 | 10/15/27 | 2875088 |
| 2560000 | 7.375 | 10/01/32 | 2574592 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 5010000 | 7.875% | 11/01/29 | 4936553 |
| 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) |
| 11896000 | 8.875 | 02/15/32 | 12135823 |
| BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 3094000 | 5.875 | 04/15/29 | 2966280 |
| 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) |
| 4925000 | 8.125 | 02/15/32 | 4976713 |
| 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) |
| 3793000 | 7.375 | 01/31/32 | 3863095 |
| 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) |
| 4400000 | 7.125 | 06/01/31 | 4480476 |
| 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) |
| 6603000 | 7.500 | 01/15/32 | 6750247 |
| Voya Financial, Inc.<sup>(a)(e)</sup> (BBB-/Ba2) (5 yr. CMT + 3.358%) | Voya Financial, Inc.<sup>(a)(e)</sup> (BBB-/Ba2) (5 yr. CMT + 3.358%) | Voya Financial, Inc.<sup>(a)(e)</sup> (BBB-/Ba2) (5 yr. CMT + 3.358%) | Voya Financial, Inc.<sup>(a)(e)</sup> (BBB-/Ba2) (5 yr. CMT + 3.358%) |
| 2597000 | 7.758 | 09/15/28 | 2698725 |
|  |  |  | 64312924 |
| Internet – 2.0% | Internet – 2.0% | Internet – 2.0% | Internet – 2.0% |
| 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) |
| 5665000 | 3.875 | 08/15/28 | 5144443 |
| 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) |
| 8215000 | 6.250 | 04/01/33 | 8189287 |
| ION Trading Technologies SARL<sup>(a)(b)</sup> (B-/B3) | ION Trading Technologies SARL<sup>(a)(b)</sup> (B-/B3) | ION Trading Technologies SARL<sup>(a)(b)</sup> (B-/B3) | ION Trading Technologies SARL<sup>(a)(b)</sup> (B-/B3) |
| 2087000 | 5.750 | 05/15/28 | 1942246 |
| 5849000 | 9.500 | 05/30/29 | 5888188 |
| 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) |
| 2774000 | 5.000 | 12/15/27 | 2716051 |
| 2033000 | 4.625 | 06/01/28 | 1951009 |
| 3749000 | 5.625 | 02/15/29 | 3672296 |
| 1004000 | 3.625 | 10/01/31 | 864996 |
| 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%) |
| 1780000 | 8.125 | 12/15/29 | 1759512 |
| 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) |
| 1175000 | 6.875 | 03/01/33 | 1175376 |
| Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 7445000 | 4.625 | 10/15/30 | 6722389 |
|  |  |  | 40025793 |
| 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-/Ba3) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/Ba3) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/Ba3) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/Ba3) |
| 5595000 | 10.000 | 11/15/29 | 5557346 |
| Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% |
| 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) |
| 1145000 | 7.500 | 09/15/31 | 1118138 |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2425000 | 6.750 | 04/15/30 | 2347934 |
| 3050000 | 7.000 | 03/15/32 | 2927451 |
| 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) |
| 1475000 | 6.875 | 11/01/29 | 1444453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Iron/Steel – (continued) | Iron/Steel – (continued) | Iron/Steel – (continued) | Iron/Steel – (continued) |
| 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) |
| $4921000 | 8.000% | 11/01/27 | 4872823 |
|  |  |  | 12710799 |
| Leisure Time – 2.4% | Leisure Time – 2.4% | Leisure Time – 2.4% | Leisure Time – 2.4% |
| Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) | Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) | Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) | Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) |
| 1034000 | 7.625 | 03/01/26 | 1034155 |
| 6593000 | 5.750 | 03/01/27 | 6596296 |
| 3670000 | 5.750 | 03/15/30 | 3654990 |
| 2065000 | 6.125 | 02/15/33 | 2034541 |
| Carnival Corp.<sup>(a)(b)</sup> (BBB-/Baa3) | Carnival Corp.<sup>(a)(b)</sup> (BBB-/Baa3) | Carnival Corp.<sup>(a)(b)</sup> (BBB-/Baa3) | Carnival Corp.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 3890000 | 4.000 | 08/01/28 | 3718801 |
| Deuce Finco PLC<sup>(a)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)</sup> (NR/B2) |
| 2000000 | 5.500 | 06/15/27 | 2533275 |
| 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) |
| $11557000 | 6.375 | 06/01/29 | 8866184 |
| 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) |
| 825000 | 5.875 | 03/15/26 | 823127 |
| 310000 | 7.750 | 02/15/29 | 322967 |
| 3305000 | 6.750 | 02/01/32 | 3267389 |
| 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 | 3794853 |
| Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) |
| $4553000 | 5.375 | 07/15/27 | 4536791 |
| 1175000 | 5.625 | 09/30/31 | 1154297 |
| 850000 | 6.250 | 03/15/32 | 858067 |
| Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) |
| 2985000 | 5.875 | 09/15/27 | 2969090 |
| 2925000 | 7.000 | 02/15/29 | 2934770 |
|  |  |  | 49099593 |
| Lodging – 2.4% | Lodging – 2.4% | Lodging – 2.4% | Lodging – 2.4% |
| 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) |
| 5040000 | 7.250 | 10/01/29 | 5143572 |
| 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) |
| 1365000 | 5.875 | 04/01/29 | 1369163 |
| 1460000 | 4.000 | 05/01/31 | 1323067 |
| 2295000 | 3.625 | 02/15/32 | 2010466 |
| 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) |
| 6370000 | 5.000 | 06/01/29 | 5955186 |
| 2913000 | 4.875 | 07/01/31 | 2559799 |
| 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) |
| 2800000 | 6.625 | 01/15/32 | 2777628 |
| Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) |
| 2864000 | 4.750 | 01/15/28 | 2726900 |
| 2585000 | 4.500 <sup>(b)</sup> | 06/15/29 | 2369592 |
| 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 | 2186879 |
| 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) |
| 4046000 | 4.750 | 10/15/28 | 3896824 |
| 2870000 | 6.125 | 09/15/29 | 2841673 |
| 1215000 | 6.500 | 04/15/32 | 1191915 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 4860000 | 6.625 %<sup>(b)</sup> | 07/31/26 | 4898588 |
| 2397000 | 6.000 | 04/01/27 | 2401243 |
| 2610000 | 4.500 <sup>(b)</sup> | 12/01/29 | 2439593 |
| 3287000 | 4.625 <sup>(b)</sup> | 03/01/30 | 3068414 |
|  |  |  | 49160502 |
| 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) |
| 2945000 | 6.250 | 10/15/32 | 2860361 |
| Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) |
| 5321000 | 4.125 | 11/15/28 | 5065432 |
|  |  |  | 7925793 |
| Machinery-Diversified<sup>(a)(b)</sup> – 1.0% | Machinery-Diversified<sup>(a)(b)</sup> – 1.0% | Machinery-Diversified<sup>(a)(b)</sup> – 1.0% | Machinery-Diversified<sup>(a)(b)</sup> – 1.0% |
| 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) |
| 6729000 | 9.000 | 02/15/29 | 6742727 |
| Mueller Water Products, Inc. (BB/Ba1) | Mueller Water Products, Inc. (BB/Ba1) | Mueller Water Products, Inc. (BB/Ba1) | Mueller Water Products, Inc. (BB/Ba1) |
| 3183000 | 4.000 | 06/15/29 | 2955893 |
| SPX FLOW, Inc.<sup>(c)</sup> (B-/Caa1) | SPX FLOW, Inc.<sup>(c)</sup> (B-/Caa1) | SPX FLOW, Inc.<sup>(c)</sup> (B-/Caa1) | SPX FLOW, Inc.<sup>(c)</sup> (B-/Caa1) |
| 2905000 | 8.750 | 04/01/30 | 2987676 |
| TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) |
| 6723000 | 7.625 | 07/15/28 | 6733085 |
|  |  |  | 19419381 |
| Media – 6.1% | Media – 6.1% | Media – 6.1% | Media – 6.1% |
| Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 3698000 | 5.000 | 01/15/28 | 2771392 |
| AMC Networks, Inc.<sup>(a)(b)</sup> (BB/Ba3) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB/Ba3) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB/Ba3) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 1995000 | 10.250 | 01/15/29 | 2067738 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) |
| 5976000 | 5.125 <sup>(b)</sup> | 05/01/27 | 5884567 |
| 3167000 | 5.000 <sup>(b)</sup> | 02/01/28 | 3072813 |
| 5386000 | 4.750 <sup>(b)</sup> | 03/01/30 | 4991045 |
| 6131000 | 4.500 <sup>(b)</sup> | 08/15/30 | 5582521 |
| 15352000 | 4.250 <sup>(b)</sup> | 02/01/31 | 13579339 |
| 5770000 | 4.750 <sup>(b)</sup> | 02/01/32 | 5123183 |
| 2804000 | 4.500 | 05/01/32 | 2437854 |
| 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) |
| 13180000 | 5.750 | 01/15/30 | 6987641 |
| 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) |
| 2340000 | 5.500 | 04/15/27 | 2165834 |
| 3070000 | 3.375 | 02/15/31 | 2192256 |
| 6382000 | 4.500 | 11/15/31 | 4601358 |
| Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 1655000 | 8.000 | 07/01/29 | 577214 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 7246000 | 5.875 | 08/15/27 | 7024272 |
| DISH DBS Corp. (C/Caa3) | DISH DBS Corp. (C/Caa3) | DISH DBS Corp. (C/Caa3) | DISH DBS Corp. (C/Caa3) |
| 7124000 | 5.125 | 06/01/29 | 4632025 |
| DISH DBS Corp.<sup>(a)(b)</sup> (CC/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CC/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CC/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CC/Caa1) |
| 5216000 | 5.250 | 12/01/26 | 4791939 |
| 709000 | 5.750 <sup>(c)</sup> | 12/01/28 | 598658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 4060000 | 11.750% | 11/15/27 | 4277738 |
| 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) |
| 3080000 | 10.500 | 07/15/29 | 3217430 |
| iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) |
| 4446000 | 10.875 | 05/01/30 | 2210907 |
| 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) |
| 1605500 | 9.125 | 05/01/29 | 1287033 |
| 2079200 | 7.000 <sup>(c)</sup> | 01/15/31 | 1458704 |
| McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 5043000 | 8.000 | 08/01/29 | 4983896 |
| 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) |
| 2744000 | 5.625 | 07/15/27 | 2705200 |
| 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) |
| 4676000 | 3.125 | 09/01/26 | 4531044 |
| 7384000 | 5.000 | 08/01/27 | 7214094 |
| 3210000 | 4.000 | 07/15/28 | 2991945 |
| Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) |
| 3025000 | 5.500 | 01/15/28 | 2974240 |
| 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) |
| 2150000 | 5.500 | 05/15/29 | 2036738 |
| 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) |
| 1850000 | 5.000 | 07/15/28 | 1748491 |
| VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) | VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) | VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) | VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) |
| 2320000 | 5.000 | 01/15/32 | 2014688 |
| Ziggo BV<sup>(a)(b)</sup> (B+/B1) | Ziggo BV<sup>(a)(b)</sup> (B+/B1) | Ziggo BV<sup>(a)(b)</sup> (B+/B1) | Ziggo BV<sup>(a)(b)</sup> (B+/B1) |
| 2492000 | 4.875 | 01/15/30 | 2282373 |
|  |  |  | 125016170 |
| 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. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) |
| 4824000 | 4.375 | 10/15/29 | 4528964 |
| Mining<sup>(a)(b)</sup> – 0.4% | Mining<sup>(a)(b)</sup> – 0.4% | Mining<sup>(a)(b)</sup> – 0.4% | Mining<sup>(a)(b)</sup> – 0.4% |
| Alcoa Nederland Holding BV (BB/Ba1) | Alcoa Nederland Holding BV (BB/Ba1) | Alcoa Nederland Holding BV (BB/Ba1) | Alcoa Nederland Holding BV (BB/Ba1) |
| 1220000 | 7.125 | 03/15/31 | 1255575 |
| FMG Resources August 2006 Pty. Ltd. (BB+/Ba1) | FMG Resources August 2006 Pty. Ltd. (BB+/Ba1) | FMG Resources August 2006 Pty. Ltd. (BB+/Ba1) | FMG Resources August 2006 Pty. Ltd. (BB+/Ba1) |
| 2785000 | 5.875 | 04/15/30 | 2750549 |
| Novelis Corp. (BB/Ba3) | Novelis Corp. (BB/Ba3) | Novelis Corp. (BB/Ba3) | Novelis Corp. (BB/Ba3) |
| 4432000 | 4.750 | 01/30/30 | 4123090 |
| Novelis, Inc. (BB/Ba3) | Novelis, Inc. (BB/Ba3) | Novelis, Inc. (BB/Ba3) | Novelis, Inc. (BB/Ba3) |
| 750000 | 6.875 | 01/30/30 | 758790 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8888004 |
| Miscellaneous Manufacturing – 0.5% | Miscellaneous Manufacturing – 0.5% | Miscellaneous Manufacturing – 0.5% | Miscellaneous Manufacturing – 0.5% |
| 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) |
| 1951000 | 4.625 | 05/15/30 | 1820400 |
| 615000 | 6.375 | 03/15/33 | 611249 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (NR/Ba3) |
| 1480000 | 6.125 | 03/15/30 | 1495140 |
| 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) |
| 1530000 | 6.250 | 03/15/33 | 1548972 |
| 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) |
| 4364000 | 3.750 | 03/01/31 | 3816274 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9292035 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Office & Business Equipment<sup>(a)(b)</sup> – 0.0% | Office & Business Equipment<sup>(a)(b)</sup> – 0.0% | Office & Business Equipment<sup>(a)(b)</sup> – 0.0% | Office & Business Equipment<sup>(a)(b)</sup> – 0.0% |
| Xerox Holdings Corp. (B+/B3) | Xerox Holdings Corp. (B+/B3) | Xerox Holdings Corp. (B+/B3) | Xerox Holdings Corp. (B+/B3) |
| $927000 | 5.000% | 08/15/25 | $920873 |
| Oil Field Services – 4.7% | Oil Field Services – 4.7% | Oil Field Services – 4.7% | Oil Field Services – 4.7% |
| 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) |
| 2599000 | 6.250 | 04/01/28 | 2599858 |
| 5040000 | 6.625 | 09/01/32 | 5060513 |
| Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) |
| 2350000 | 7.250 | 04/01/30 | 2376320 |
| 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) |
| 2965000 | 6.750 | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;2951984 |
| 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) |
| 6281000 | 5.000 | 10/15/26 | 6187476 |
| 2496000 | 8.375 | 07/01/28 | 2578493 |
| 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) |
| 2915000 | 7.375 | 01/15/31 | 2964876 |
| 1900000 | 7.250 | 03/01/32 | 1932775 |
| 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) |
| 2847000 | 9.250 | 02/15/28 | 2961620 |
| 1765000 | 7.625 | 04/01/32 | 1746768 |
| Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) | Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) | Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) | Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) |
| 1452000 | 8.500 | 10/01/30 | 1492598 |
| Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) | Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) | Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) | Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) |
| 3670000 | 5.375 | 03/15/30 | 3647026 |
| 525000 | 4.750 | 02/01/32 | 497207 |
| 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) |
| 3288000 | 6.875 | 04/15/28 | 3323872 |
| 1045000 | 6.500 | 04/15/32 | 1036755 |
| 1164000 | 6.250 | 04/15/33 | 1137379 |
| 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) |
| 6927000 | 8.000 | 04/15/30 | 6921597 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 1337000 | 5.875 | 07/01/29 | 1320595 |
| 2190000 | 9.875 | 07/15/31 | 2399649 |
| 1252000 | 7.000 | 01/15/32 | 1282098 |
| 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) |
| 2660000 | 4.750 | 02/15/30 | 2533650 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) |
| 3163000 | 7.875 | 11/01/28 | 3256815 |
| 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) |
| 875000 | 6.500 <sup>(c)</sup> | 07/15/28 | 868962 |
| 2165000 | 6.750 <sup>(b)</sup> | 08/01/29 | 2134928 |
| 2440000 | 7.000 <sup>(b)</sup> | 08/01/32 | 2401472 |
| 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) |
| 1915000 | 7.000 | 05/01/29 | 1960443 |
| 1465000 | 7.250 | 05/01/32 | 1513360 |
| 990000 | 6.250 | 07/01/33 | 989980 |
| 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) |
| 2925000 | 7.000 <sup>(b)</sup> | 09/15/28 | 2992187 |
| 4425000 | 4.500 | 04/30/30 | 4139056 |
| TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) | TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) | TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) | TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) |
| 1240000 | 6.500 | 02/01/26 | 1240099 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) |
| $1630125 | 6.875% | 02/01/27 | 1621127 |
| 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) |
| 375476 | 8.375 | 02/01/28 | 383718 |
| Transocean, Inc. <sup>(a)(b)</sup> (B/B1) | Transocean, Inc. <sup>(a)(b)</sup> (B/B1) | Transocean, Inc. <sup>(a)(b)</sup> (B/B1) | Transocean, Inc. <sup>(a)(b)</sup> (B/B1) |
| 3599200 | 8.750 | 02/15/30 | 3737157 |
| 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) |
| 1550000 | 7.125 | 03/15/29 | 1576644 |
| Viper Energy, Inc. <sup>(a)(b)</sup> (BBB-/Ba3) | Viper Energy, Inc. <sup>(a)(b)</sup> (BBB-/Ba3) | Viper Energy, Inc. <sup>(a)(b)</sup> (BBB-/Ba3) | Viper Energy, Inc. <sup>(a)(b)</sup> (BBB-/Ba3) |
| 4200000 | 7.375 | 11/01/31 | 4390764 |
| 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) |
| 5055000 | 7.500 | 10/15/29 | 4928928 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;95088749 |
| Packaging – 2.1% | Packaging – 2.1% | Packaging – 2.1% | Packaging – 2.1% |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) |
| 2990000 | 6.000 | 06/15/27 | 2949695 |
| 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) |
| 3315000 | 3.000 | 09/01/29 | 2998585 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(C/Caa3) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(C/Caa3) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(C/Caa3) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(C/Caa3) |
| $5387000 | 5.250 %<sup>(a)(b)(c)</sup> | 08/15/27 | 2469007 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA,<br>Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA,<br>Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA,<br>Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA,<br>Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) |
| 2179000 | 4.125 | 08/15/26 | 2004963 |
| 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) |
| 3841000 | 6.000 | 06/15/29 | 3892277 |
| 2925000 | 2.875 | 08/15/30 | 2549840 |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/NR) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/NR) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/NR) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/NR) |
| 2305000 | 6.750 | 04/15/32 | 2320098 |
| 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) |
| 4206000 | 7.500 | 02/15/32 | 4129198 |
| LABL, Inc.<sup>(a)(b)</sup> (B-/B3) | LABL, Inc.<sup>(a)(b)</sup> (B-/B3) | LABL, Inc.<sup>(a)(b)</sup> (B-/B3) | LABL, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 2375000 | 5.875 | 11/01/28 | 1869268 |
| LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) |
| 2035000 | 10.500 | 07/15/27 | 1814528 |
| 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) |
| 8886000 | 7.875 | 04/15/27 | 8711390 |
| 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) |
| 1160000 | 6.500 | 07/15/32 | 1174442 |
| 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) |
| 2265000 | 7.250 | 02/15/31 | 2343958 |
| 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) |
| 2865000 | 4.125 | 04/15/29 | 2661127 |
|  |  |  | 41888376 |
| Pharmaceuticals – 2.5% | Pharmaceuticals – 2.5% | Pharmaceuticals – 2.5% | Pharmaceuticals – 2.5% |
| 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) |
| 3055000 | 10.000 | 04/15/32 | 3039267 |
| AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) |
| 3109000 | 6.125 | 08/01/28 | 3048095 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| 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) |
| 1223000 | 8.500% | 01/31/27 | 1161593 |
| Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) |
| 1766000 | 4.875 <sup>(a)</sup> | 06/01/28 | 1419175 |
| 2823000 | 11.000 <sup>(c)</sup> | 09/30/28 | 2697913 |
| 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) |
| 2135000 | 5.000 | 01/30/28 | 1561133 |
| 1693000 | 6.250 <sup>(c)</sup> | 02/15/29 | 1132448 |
| Grifols SA<sup>(a)(b)</sup> (B-/Caa2) | Grifols SA<sup>(a)(b)</sup> (B-/Caa2) | Grifols SA<sup>(a)(b)</sup> (B-/Caa2) | Grifols SA<sup>(a)(b)</sup> (B-/Caa2) |
| 4618000 | 4.750 | 10/15/28 | 4267263 |
| 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) |
| 4361000 | 4.375 | 01/15/29 | 4144781 |
| Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) |
| 5895000 | 0.000 | 03/31/32 | 5895000 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) |
| 6990000 | 4.125 | 04/30/28 | 6533064 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) |
| 5380000 | 5.125 | 04/30/31 | 4695233 |
| Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) |
| 6986000 | 4.900 | 06/15/30 | 6678127 |
| Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 2014000 | 3.750 | 04/01/31 | 1804645 |
| Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2) |
| 2000000 | 3.150 | 10/01/26 | 1938720 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;50016457 |
| Pipelines – 4.4% | Pipelines – 4.4% | Pipelines – 4.4% | Pipelines – 4.4% |
| Antero Midstream Partners LP/Antero Midstream Finance<br>Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance<br>Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance<br>Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance<br>Corp.<sup>(a)(b)</sup> (BB+/Ba3) |
| 3939000 | 6.625 | 02/01/32 | 4006160 |
| 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) |
| 1260000 | 7.000 | 07/15/29 | 1287002 |
| 1270000 | 7.250 | 07/15/32 | 1315491 |
| 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) |
| 3461000 | 4.750 | 04/15/30 | 3229425 |
| 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) |
| 2519000 | 8.000 | 01/15/27 | 2569380 |
| 1470000 | 8.875 | 04/15/30 | 1526727 |
| 3837000 | 8.000 | 05/15/33 | 3873068 |
| Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) |
| 1383000 | 6.875 | 01/15/29 | 1379307 |
| 1410000 | 8.250 <sup>(b)</sup> | 01/15/32 | 1450185 |
| Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) |
| 2740000 | 5.875 | 03/01/28 | 2755070 |
| 1125000 | 6.500 | 06/01/29 | 1146926 |
| 807000 | 5.500 | 10/15/30 | 792095 |
| Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) |
| 4965000 | 7.375 | 07/15/32 | 5085947 |
| 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) |
| 4555000 | 6.625 | 12/15/28 | 4625694 |
| 4315000 | 5.875 | 06/15/30 | 4271980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| 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) |
| 4696000 | 8.125% | 02/15/29 | 4729999 |
| 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) |
| 4206000 | 5.625 | 04/28/27 | 4182909 |
| 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) |
| 2731000 | 9.000 | 08/01/29 | 2780868 |
| 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) |
| 2695000 | 6.750 | 03/15/33 | 2746582 |
| 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) |
| 2915000 | 7.375 | 02/15/29 | 2926718 |
| 3675000 | 6.000 | 09/01/31 | 3473353 |
| 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) |
| 6550000 | 8.500 | 06/15/30 | 6602924 |
| Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BB+/Ba2) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BB+/Ba2) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BB+/Ba2) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 2815000 | 4.125 | 08/15/31 | 2557512 |
| 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) |
| 3770000 | 8.125 | 06/01/28 | 3850640 |
| 6995000 | 9.500 | 02/01/29 | 7500319 |
| 4930000 | 7.000 | 01/15/30 | 4858022 |
| 3453000 | 9.875 | 02/01/32 | 3668536 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;89192839 |
| Real Estate – 0.7% | Real Estate – 0.7% | Real Estate – 0.7% | Real Estate – 0.7% |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 5544000 | 5.750 | 01/15/29 | 4527230 |
| 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) |
| 2303000 | 6.750 | 05/15/28 | 2309172 |
| 1120000 | 8.875 | 09/01/31 | 1188141 |
| 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) |
| 2735000 | 4.750 | 03/01/29 | 2502224 |
| 3501000 | 4.750 <sup>(c)</sup> | 02/01/30 | 3135216 |
| 1514000 | 5.000 | 03/01/31 | 1336877 |
|  |  |  | 14998860 |
| Real Estate Investment Trust – 2.6% | Real Estate Investment Trust – 2.6% | Real Estate Investment Trust – 2.6% | Real Estate Investment Trust – 2.6% |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>(a)(b)</sup> (BB+/Baa3) | HAT Holdings I LLC/HAT Holdings II LLC<sup>(a)(b)</sup> (BB+/Baa3) | HAT Holdings I LLC/HAT Holdings II LLC<sup>(a)(b)</sup> (BB+/Baa3) | HAT Holdings I LLC/HAT Holdings II LLC<sup>(a)(b)</sup> (BB+/Baa3) |
| 3285000 | 8.000 | 06/15/27 | 3404935 |
| 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) |
| 2425000 | 7.000 | 02/15/29 | 2480654 |
| 3112000 | 4.875 | 09/15/29 | 2970684 |
| 7045000 | 5.625 | 07/15/32 | 6747560 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance<br>Corp.<sup>(a)(b)</sup> (BB/Ba1) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance<br>Corp.<sup>(a)(b)</sup> (BB/Ba1) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance<br>Corp.<sup>(a)(b)</sup> (BB/Ba1) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance<br>Corp.<sup>(a)(b)</sup> (BB/Ba1) |
| 5216000 | 5.250 | 10/01/25 | 5200874 |
| 2000000 | 7.000 | 07/15/31 | 2054360 |
| MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) |
| 170000 | 8.500 | 02/15/32 | 173240 |
| 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) |
| 3090000 | 3.500 | 03/15/31 | 2060876 |
| SBA Communications Corp.<sup>(a)</sup> (BB/Ba3) | SBA Communications Corp.<sup>(a)</sup> (BB/Ba3) | SBA Communications Corp.<sup>(a)</sup> (BB/Ba3) | SBA Communications Corp.<sup>(a)</sup> (BB/Ba3) |
| 5127000 | 3.125 | 02/01/29 | 4676234 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) |
| Service Properties Trust<sup>(a)</sup> (BB-/B3) | Service Properties Trust<sup>(a)</sup> (BB-/B3) | Service Properties Trust<sup>(a)</sup> (BB-/B3) | Service Properties Trust<sup>(a)</sup> (BB-/B3) |
| 4840000 | 8.375% | 06/15/29 | 4835450 |
| 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) |
| 6478000 | 7.250 | 04/01/29 | 6653036 |
| 1480000 | 6.500 | 07/01/30 | 1480992 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital<br>LLC<sup>(a)(b)</sup> (B-/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital<br>LLC<sup>(a)(b)</sup> (B-/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital<br>LLC<sup>(a)(b)</sup> (B-/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital<br>LLC<sup>(a)(b)</sup> (B-/B2) |
| 2096000 | 10.500 | 02/15/28 | 2227817 |
| 3280000 | 4.750 | 04/15/28 | 3135450 |
| 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) |
| 5028000 | 6.625 | 05/15/30 | 4941016 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;53043178 |
| Retailing – 4.6% | Retailing – 4.6% | Retailing – 4.6% | Retailing – 4.6% |
| 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) |
| 2755000 | 4.375 | 01/15/28 | 2642431 |
| 4166000 | 4.000 | 10/15/30 | 3771396 |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2540000 | 6.125 | 06/15/29 | 2560549 |
| 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) |
| 8796000 | 5.125 | 11/15/29 | 7125903 |
| 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) |
| 573000 | 4.500 | 03/01/28 | 551478 |
| 8931000 | 4.625 <sup>(b)</sup> | 11/15/29 | 8366204 |
| 185000 | 4.750 | 03/01/30 | 172614 |
| 1014000 | 5.000 <sup>(b)</sup> | 02/15/32 | 918451 |
| Carvana Co.<sup>(a)(b)(d)</sup> (B/B3u) | Carvana Co.<sup>(a)(b)(d)</sup> (B/B3u) | Carvana Co.<sup>(a)(b)(d)</sup> (B/B3u) | Carvana Co.<sup>(a)(b)(d)</sup> (B/B3u) |
| (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) |
| 276704 | 9.000 | 12/01/28 | 285357 |
| (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) |
| 487325 | 9.000 | 06/01/30 | 515751 |
| (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) |
| 622355 | 9.000 | 06/01/31 | 690677 |
| Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) | Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) | Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) | Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) |
| 1728000 | 0.375 | 06/15/26 | 1702080 |
| 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) |
| 3773000 | 8.000 | 05/15/32 | 3895962 |
| 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) |
| 6977000 | 12.000 | 11/30/28 | 7729260 |
| Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 3269000 | 6.000 | 03/01/29 | 2670021 |
| 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) |
| 2208000 | 4.000 | 08/15/28 | 2077088 |
| 630000 | 6.375 | 01/15/30 | 632085 |
| GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) | GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) | GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) | GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) |
| 3038000 | 4.625 | 05/01/29 | 2842292 |
| 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) |
| 4637000 | 4.875 | 09/15/28 | 4419525 |
| 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) |
| 8252000 | 4.875 | 05/01/29 | 7739221 |
| 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) |
| 1258000 | 3.875 | 06/01/29 | 1154190 |
| 853000 | 4.375 | 01/15/31 | 772946 |
| Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) | Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) | Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) | Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 1715000 | 5.875 | 04/01/29 | 1668935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing – (continued) | Retailing – (continued) | Retailing – (continued) | Retailing – (continued) |
| Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) |
| 1071000 | 10.000% | 01/26/28 | $1040005 |
| 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) |
| $3341000 | 3.750 | 02/15/31 | 2970316 |
| Nordstrom, Inc.<sup>(a)(c)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)(c)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)(c)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)(c)</sup> (BB+/Ba2) |
| 1795000 | 4.375 | 04/01/30 | 1607405 |
| 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) |
| 1707000 | 3.500 | 09/01/25 | 1695887 |
| 3469000 | 3.750 | 06/15/29 | 3176771 |
| 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) |
| 3208000 | 4.625 | 11/15/29 | 2950237 |
| Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) |
| 604000 | 9.147 | 07/31/29 | 668041 |
| 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) |
| $3272000 | 5.000 | 06/01/31 | 2953733 |
| Walgreens Boots Alliance, Inc.<sup>(a)</sup> (BB-/B1) | Walgreens Boots Alliance, Inc.<sup>(a)</sup> (BB-/B1) | Walgreens Boots Alliance, Inc.<sup>(a)</sup> (BB-/B1) | Walgreens Boots Alliance, Inc.<sup>(a)</sup> (BB-/B1) |
| 2900000 | 3.450 | 06/01/26 | 2846901 |
| 2095000 | 8.125 <sup>(c)</sup> | 08/15/29 | 2137612 |
| White Cap Buyer LLC<sup>(a)(b)</sup> (CCC+/Caa1) | White Cap Buyer LLC<sup>(a)(b)</sup> (CCC+/Caa1) | White Cap Buyer LLC<sup>(a)(b)</sup> (CCC+/Caa1) | White Cap Buyer LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 3044000 | 6.875 | 10/15/28 | 2924249 |
| 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) |
| 4248000 | 3.625 | 03/15/31 | 3808162 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;93683735 |
| Semiconductors<sup>(a)(b)</sup> – 0.4% | Semiconductors<sup>(a)(b)</sup> – 0.4% | Semiconductors<sup>(a)(b)</sup> – 0.4% | Semiconductors<sup>(a)(b)</sup> – 0.4% |
| Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) |
| 4563000 | 6.625 | 09/15/27 | 4580933 |
| Entegris, Inc. (BB/Baa3) | Entegris, Inc. (BB/Baa3) | Entegris, Inc. (BB/Baa3) | Entegris, Inc. (BB/Baa3) |
| 3240000 | 4.750 | 04/15/29 | 3125401 |
|  |  |  | 7706334 |
| Software – 2.4% | Software – 2.4% | Software – 2.4% | Software – 2.4% |
| 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) |
| 5574000 | 6.500 | 02/15/30 | 5237553 |
| Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) |
| 2900000 | 9.500 | 02/15/28 | 1287890 |
| 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) |
| 5391000 | 4.875 | 07/01/29 | 4810443 |
| Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) |
| 5041000 | 6.500 | 03/31/29 | 4900911 |
| 2940000 | 8.250 | 06/30/32 | 2987687 |
| Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa2) |
| 8914000 | 9.000 | 09/30/29 | 8888506 |
| 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) |
| 3315000 | 4.125 | 07/15/29 | 3094785 |
| 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) |
| 2995000 | 3.875 | 12/01/29 | 2728265 |
| Open Text Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | Open Text Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | Open Text Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | Open Text Corp.<sup>(a)(b)</sup> (BBB-/Ba1) |
| 2350000 | 6.900 | 12/01/27 | 2432509 |
| ROBLOX Corp.<sup>(a)(b)</sup> (BB+/Ba1) | ROBLOX Corp.<sup>(a)(b)</sup> (BB+/Ba1) | ROBLOX Corp.<sup>(a)(b)</sup> (BB+/Ba1) | ROBLOX Corp.<sup>(a)(b)</sup> (BB+/Ba1) |
| 2611000 | 3.875 | 05/01/30 | 2377524 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | 1138173 |
| Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) |
| $6714000 | 3.875 | 03/15/31 | 6046561 |
| 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) |
| 4350000 | 3.875 | 02/01/29 | 3991951 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;49922758 |
| Telecommunication Services – 3.5% | Telecommunication Services – 3.5% | Telecommunication Services – 3.5% | Telecommunication Services – 3.5% |
| Altice France SA<sup>(a)(b)(c)</sup> (CC/Caa2) | Altice France SA<sup>(a)(b)(c)</sup> (CC/Caa2) | Altice France SA<sup>(a)(b)(c)</sup> (CC/Caa2) | Altice France SA<sup>(a)(b)(c)</sup> (CC/Caa2) |
| 2023000 | 8.125 | 02/01/27 | 1816330 |
| 2730000 | 5.125 | 07/15/29 | 2145398 |
| 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) |
| 1659000 | 4.750 | 09/01/29 | 1474751 |
| 3842000 | 9.500 | 12/15/31 | 3952342 |
| 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) |
| 2025000 | 8.250 | 03/01/27 | 1914557 |
| 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) |
| 8060000 | 10.750 | 11/30/29 | 8472269 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| 3395000 | 6.750 <sup>(d)</sup> | 11/30/30 | 3081777 |
| 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) |
| 1916000 | 6.000 | 09/30/34 | 1764387 |
| 2806000 | 7.200 | 07/18/36 | 2718312 |
| 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) |
| 6489000 | 5.875 | 10/15/27 | 6489844 |
| 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) |
| 4745000 | 6.000 | 01/15/30 | 4754964 |
| Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) | Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) | Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) | Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) |
| 1870000 | 6.625 | 08/01/26 | 1541011 |
| Iliad Holding SASU<sup>(a)(b)</sup>(B+/B2) | Iliad Holding SASU<sup>(a)(b)</sup>(B+/B2) | Iliad Holding SASU<sup>(a)(b)</sup>(B+/B2) | Iliad Holding SASU<sup>(a)(b)</sup>(B+/B2) |
| 2775000 | 7.000 | 04/15/32 | 2784823 |
| Level 3 Financing, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(a)(b)(c)</sup> (B-/B3) |
| 2814000 | 4.500 | 04/01/30 | 2260149 |
| 1124000 | 3.875 | 10/15/30 | 854330 |
| 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) |
| 528000 | 10.500 | 05/15/30 | 569385 |
| 900000 | 10.750 | 12/15/30 | 994797 |
| Lorca Telecom Bondco SA(BB+/Ba3) | Lorca Telecom Bondco SA(BB+/Ba3) | Lorca Telecom Bondco SA(BB+/Ba3) | Lorca Telecom Bondco SA(BB+/Ba3) |
| 3396000 | 4.000% | 09/18/27 | 3665264 |
| Nokia of America Corp. (NR/WR) | Nokia of America Corp. (NR/WR) | Nokia of America Corp. (NR/WR) | Nokia of America Corp. (NR/WR) |
| $5200000 | 6.450 | 03/15/29 | 5126212 |
| 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 | 1726790 |
| 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 | 4865208 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) |
| 1380000 | 8.250 | 10/01/31 | 1406068 |
| Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) |
| 3415000 | 4.000 | 03/01/27 | 3116051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| Zayo Group Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | Zayo Group Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | Zayo Group Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | Zayo Group Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa2) |
| $3525000 | 6.125% | 03/01/28 | $2944080 |
|  |  |  | 70439099 |
| Transportation<sup>(a)(b)(c)</sup> – 0.3% | Transportation<sup>(a)(b)(c)</sup> – 0.3% | Transportation<sup>(a)(b)(c)</sup> – 0.3% | Transportation<sup>(a)(b)(c)</sup> – 0.3% |
| Rand Parent LLC(BB-/Ba1) | Rand Parent LLC(BB-/Ba1) | Rand Parent LLC(BB-/Ba1) | Rand Parent LLC(BB-/Ba1) |
| 6277000 | 8.500 | 02/15/30 | 6207576 |
| Water<sup>(a)(b)</sup> – 0.4% | Water<sup>(a)(b)</sup> – 0.4% | Water<sup>(a)(b)</sup> – 0.4% | Water<sup>(a)(b)</sup> – 0.4% |
| Aris Water Holdings LLC(B+/B2) | Aris Water Holdings LLC(B+/B2) | Aris Water Holdings LLC(B+/B2) | Aris Water Holdings LLC(B+/B2) |
| 7280000 | 7.625 | 04/01/26 | 7280000 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,860,784,651)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,860,784,651)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,860,784,651)** | $1821891823 |
| Bank Loans<sup>(g)</sup> – 6.4% | Bank Loans<sup>(g)</sup> – 6.4% | Bank Loans<sup>(g)</sup> – 6.4% | Bank Loans<sup>(g)</sup> – 6.4% |
| Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% |
| Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) |
| $3915188 | 6.325% | 10/31/31 | $3901406 |
| Kaman Corp.<sup>(h)</sup> (B/B2) | Kaman Corp.<sup>(h)</sup> (B/B2) | Kaman Corp.<sup>(h)</sup> (B/B2) | Kaman Corp.<sup>(h)</sup> (B/B2) |
| 3655172 | 0.000 | 02/26/32 | 3603379 |
| Kaman Corp.<sup>(h)</sup>(NR/B2) | Kaman Corp.<sup>(h)</sup>(NR/B2) | Kaman Corp.<sup>(h)</sup>(NR/B2) | Kaman Corp.<sup>(h)</sup>(NR/B2) |
| 344828 | 0.000 | 02/26/32 | 339941 |
|  |  |  | 7844726 |
| Automotive – 0.2% | Automotive – 0.2% | Automotive – 0.2% | Automotive – 0.2% |
| First Brands Group LLC (B+/B1)(3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1)(3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1)(3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1)(3 mo. USD Term SOFR + 5.000%) |
| 3409660 | 9.552 | 03/30/27 | 3158198 |
| 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%) |
| 2886224 | 7.553 | 04/03/28 | 2875400 |
| 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%) |
| 4925281 | 7.075 | 07/30/31 | 4879131 |
| Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 2951047 | 6.825 | 09/23/31 | 2926140 |
| Brown Group Holding LLC (B+/WR)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Brown Group Holding LLC (B+/WR)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Brown Group Holding LLC (B+/WR)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Brown Group Holding LLC (B+/WR)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) |
| 2878286 | 6.825–6.825 | 07/01/31 | 2858512 |
| Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 648375 | 6.827 | 11/03/31 | 643785 |
| 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%) |
| 2863307 | 7.325 | 12/08/28 | 2832527 |
|  |  |  | 14140095 |
| Capital Goods - Others – 0.3% | Capital Goods - Others – 0.3% | Capital Goods - Others – 0.3% | Capital Goods - Others – 0.3% |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) |
| 3200000 | 8.573 | 12/02/31 | 3134656 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) |
| Capital Goods - Others – (continued) | Capital Goods - Others – (continued) | Capital Goods - Others – (continued) | Capital Goods - Others – (continued) |
| Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) |
| $2927875 | 8.785% | 02/15/29 | $2911420 |
|  |  |  | 6046076 |
| Chemicals – 0.0% | Chemicals – 0.0% | Chemicals – 0.0% | Chemicals – 0.0% |
| Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) |
| 4084 | 7.069 | 08/01/30 | 4037 |
| Commercial Services – 1.0% | Commercial Services – 1.0% | Commercial Services – 1.0% | Commercial Services – 1.0% |
| 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%) |
| 5087250 | 7.803 | 12/29/31 | 5022591 |
| Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) |
| 3797983 | 7.075–7.075 | 05/24/30 | 3804630 |
| Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) |
| 2615088 | 7.055 | 02/21/31 | 2605282 |
| Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) |
| 625000 | 7.496 | 01/09/32 | 623631 |
| 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%) |
| 4055674 | 7.316 | 03/14/31 | 3966028 |
| 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%) |
| 4704263 | 6.825 | 01/30/31 | 4628901 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20651063 |
| Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% |
| IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) |
| 2878286 | 6.825 | 12/15/27 | 2858369 |
| 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%) |
| 3957668 | 7.575 | 12/15/28 | 3913144 |
|  |  |  | 6771513 |
| Diversified Financial Services – 0.4% | Diversified Financial Services – 0.4% | Diversified Financial Services – 0.4% | Diversified Financial Services – 0.4% |
| 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%) |
| 5225000 | 9.291 | 11/05/31 | 4804806 |
| NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) |
| 3830774 | 7.825 | 07/31/31 | 3806027 |
|  |  |  | 8610833 |
| Diversified Manufacturing – 0.2% | Diversified Manufacturing – 0.2% | Diversified Manufacturing – 0.2% | Diversified Manufacturing – 0.2% |
| 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%) |
| 3828909 | 6.805 | 03/15/30 | 3824123 |
| Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% |
| Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) |
| 4987500 | 9.573 | 12/02/31 | 4955430 |
| Healthcare – 0.1% | Healthcare – 0.1% | Healthcare – 0.1% | Healthcare – 0.1% |
| Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) |
| 2121736 | 6.575 | 05/05/28 | 2120145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) |
| Home Construction<sup>(h)</sup> – 0.2% | Home Construction<sup>(h)</sup> – 0.2% | Home Construction<sup>(h)</sup> – 0.2% | Home Construction<sup>(h)</sup> – 0.2% |
| Tecta America Corp. (B/B2) | Tecta America Corp. (B/B2) | Tecta America Corp. (B/B2) | Tecta America Corp. (B/B2) |
| $5025000 | 0.000% | 02/18/32 | $4982288 |
| 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%) |
| 3475000 | 7.799 | 10/02/31 | 3457625 |
| Machinery – 0.3% | Machinery – 0.3% | Machinery – 0.3% | Machinery – 0.3% |
| Project Castle, Inc. (B-/Caa1)((3 mo. U.S. (Fed)Prime Rate + 4.500%) – (6 mo. USD Term SOFR + 5.500%)) | Project Castle, Inc. (B-/Caa1)((3 mo. U.S. (Fed)Prime Rate + 4.500%) – (6 mo. USD Term SOFR + 5.500%)) | Project Castle, Inc. (B-/Caa1)((3 mo. U.S. (Fed)Prime Rate + 4.500%) – (6 mo. USD Term SOFR + 5.500%)) | Project Castle, Inc. (B-/Caa1)((3 mo. U.S. (Fed)Prime Rate + 4.500%) – (6 mo. USD Term SOFR + 5.500%)) |
| 1778915 | 9.762–12.000 | 06/01/29 | 1502739 |
| TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) |
| 4020859 | 7.737 | 04/30/30 | 4007228 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5509967 |
| 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%) |
| 2788013 | 10.209 | 05/01/29 | 2260604 |
| Media - Non Cable – 0.0% | Media - Non Cable – 0.0% | Media - Non Cable – 0.0% | Media - Non Cable – 0.0% |
| Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) |
| 210662 | 15.000 | 01/02/28 | 191176 |
| Midstream – 0.1% | Midstream – 0.1% | Midstream – 0.1% | Midstream – 0.1% |
| AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) |
| 2759770 | 6.788 | 04/13/28 | 2755630 |
| Pipelines – 0.4% | Pipelines – 0.4% | Pipelines – 0.4% | Pipelines – 0.4% |
| Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) |
| 4676500 | 10.044 | 06/29/29 | 4671403 |
| Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 2778345 | 8.575 | 08/01/29 | 2776622 |
|  |  |  | 7448025 |
| Restaurants – 0.2% | Restaurants – 0.2% | Restaurants – 0.2% | Restaurants – 0.2% |
| SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) |
| 3802768 | 6.325 | 12/04/31 | 3769493 |
| Retailers – 0.0% | Retailers – 0.0% | Retailers – 0.0% | Retailers – 0.0% |
| Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 2593 | 6.939 | 10/20/28 | 2467 |
| Technology – 0.8% | Technology – 0.8% | Technology – 0.8% | Technology – 0.8% |
| Clover Holdings 2 LLC (B/B2)(Fixed + 7.750%) | Clover Holdings 2 LLC (B/B2)(Fixed + 7.750%) | Clover Holdings 2 LLC (B/B2)(Fixed + 7.750%) | Clover Holdings 2 LLC (B/B2)(Fixed + 7.750%) |
| 5425000 | 7.750 | 12/09/31 | 5391093 |
| Kaseya, Inc.<sup>(h)</sup> (B/B2) | Kaseya, Inc.<sup>(h)</sup> (B/B2) | Kaseya, Inc.<sup>(h)</sup> (B/B2) | Kaseya, Inc.<sup>(h)</sup> (B/B2) |
| 5225000 | 0.000 | 03/22/32 | 5202167 |
| Pitney Bowes, Inc.<sup>(h)</sup> (BB/Ba2) | Pitney Bowes, Inc.<sup>(h)</sup> (BB/Ba2) | Pitney Bowes, Inc.<sup>(h)</sup> (BB/Ba2) | Pitney Bowes, Inc.<sup>(h)</sup> (BB/Ba2) |
| 5100000 | 0.000 | 03/19/32 | 5040483 |
|  |  |  | 15633743 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) | Bank Loans<sup>(g)</sup> – (continued) |
| Technology - Software – 0.1% | Technology - Software – 0.1% | Technology - Software – 0.1% | Technology - Software – 0.1% |
| Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) |
| $350358 | 10.316% | 12/31/29 | $321163 |
| Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) |
| 2285375 | 8.449 | 12/26/28 | 685612 |
|  |  |  | 1006775 |
| Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% |
| CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) | CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) | CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) | CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) |
| 2023650 | 8.299 | 12/17/27 | 2023084 |
| **TOTAL BANK LOANS**<br> **(Cost $133,366,659)** | **TOTAL BANK LOANS**<br> **(Cost $133,366,659)** | **TOTAL BANK LOANS**<br> **(Cost $133,366,659)** | $&nbsp;&nbsp;&nbsp;&nbsp;130042516 |
| **Shares** | **Description** | **Description** | **Value** |
| Common Stocks – 0.5% | Common Stocks – 0.5% | Common Stocks – 0.5% | Common Stocks – 0.5% |
| Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% |
| 1229 | Lear Corp. | Lear Corp. | $108422 |
| 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 | 28934 |
| Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0% | Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0% | Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0% | Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0% |
| 7179000 | Reorganized ISA SA | Reorganized ISA SA |  |
| Communications Equipment<sup>(i)</sup> – 0.4% | Communications Equipment<sup>(i)</sup> – 0.4% | Communications Equipment<sup>(i)</sup> – 0.4% | Communications Equipment<sup>(i)</sup> – 0.4% |
| 229679 | Intelsat SA | Intelsat SA | 8369044 |
| Diversified Telecommunication Services<sup>(i)</sup> – 0.0% | Diversified Telecommunication Services<sup>(i)</sup> – 0.0% | Diversified Telecommunication Services<sup>(i)</sup> – 0.0% | Diversified Telecommunication Services<sup>(i)</sup> – 0.0% |
| 4500 | Holdco | Holdco | 31610 |
| 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 | 788547 |
| IT Services – 0.0% | IT Services – 0.0% | IT Services – 0.0% | IT Services – 0.0% |
| 11631 | DSG TopCo, Inc. | DSG TopCo, Inc. | 204275 |
| Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0% | Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0% | Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0% | Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0% |
| 18791 | Valaris Ltd. | Valaris Ltd. | 737735 |
| **TOTAL COMMON STOCKS**<br> **(Cost $20,819,971)** | **TOTAL COMMON STOCKS**<br> **(Cost $20,819,971)** | **TOTAL COMMON STOCKS**<br> **(Cost $20,819,971)** | $10268567 |
| **Units** | **Expiration<br>Date** | **Expiration<br>Date** | **Value** |
| Rights – 0.0% | Rights – 0.0% | Rights – 0.0% |  |
| Media – 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) | Cineworld Group PLC (NR/NR) |
| 42700 | 12/31/99 | 12/31/99 | $897767 |
| (Cost $1,085,007) |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.0% | Preferred Stocks – 0.0% | Preferred Stocks – 0.0% |
| Aerospace/Defense – 0.0% | Aerospace/Defense – 0.0% | Aerospace/Defense – 0.0% |
|  Boeing Co. | Boeing Co. | Boeing Co. |
| 15000 | 6.000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897450 |
| (Cost $750,000) | (Cost $750,000) | (Cost $750,000) |
| **Units** | **Expiration**<br> **Date** | **Value** |
| Warrants<sup>(i)</sup> – 0.0% | Warrants<sup>(i)</sup> – 0.0% | Warrants<sup>(i)</sup> – 0.0% |
|  Intelsat SA (NR/NR)<sup>(j)</sup> | Intelsat SA (NR/NR)<sup>(j)</sup> | Intelsat SA (NR/NR)<sup>(j)</sup> |
| 6089 | 02/17/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27401 |
|  Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) |
| 4596 | 02/04/28 | 42283 |
| (Cost $11,490) | (Cost $11,490) | (Cost $11,490) |
| **TOTAL WARRANTS**<br> **(Cost $3,316,784)** | **TOTAL WARRANTS**<br> **(Cost $3,316,784)** | $69684 |
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 0.7% | Exchange Traded Funds – 0.7% | Exchange Traded Funds – 0.7% |
| 356595 | iShares Broad USD High<br> Yield Corporate Bond ETF (NR/NR) | $&nbsp;&nbsp;&nbsp;&nbsp;13126262 |
| (Cost $12,690,454) | (Cost $12,690,454) | (Cost $12,690,454) |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(k)</sup> – 0.0% | Investment Company<sup>(k)</sup> – 0.0% | Investment Company<sup>(k)</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 |
| 40819 | 4.259% | $40819 |
| (Cost $40,819) | (Cost $40,819) | (Cost $40,819) |
| Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 3.3% | Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 3.3% | Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 3.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67561907 | 4.259% | $67561907 |
| (Cost $67,561,907) | (Cost $67,561,907) | (Cost $67,561,907) |
| **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $2,100,416,252)** | **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $2,100,416,252)** | $2044796795 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | $(10584371) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2034212424 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | All or a portion of security is on loan. |
| (d) | Pay-in-kind securities. |
| (e) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (f) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (g) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 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. |
| (h) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (i) | Security is currently in default and/or non-income producing. |
| (j) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (k) | Represents an affiliated issuer. |

---

Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 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)** |
|  Groundworks LLC (B/B3), due 03/14/31 | $613679 | $597097 | $(13900) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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** |
|  BofA Securities LLC | EUR | 2791583 | USD | 2896546 | 04/09/25 | $123422 |
|  Deutsche Bank AG (London) | EUR | 65250 | USD | 68086 | 04/09/25 | 2502 |
|  UBS AG (London) | EUR | 1885863 | USD | 1968681 | 04/09/25 | 71469 |
| TOTAL |  |  |  |  |  | $197393 |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  BofA Securities LLC | USD | 1819135 | EUR | 1743952 | 04/09/25 | $(67493) |
|  State Street Bank and Trust | USD | 36037776 | EUR | 34930819 | 04/09/25 | (1750815) |
|  | USD | 27391378 | GBP | 21229101 | 06/04/25 | (29434) |
| TOTAL |  |  |  |  |  | $(1847742) |

---

FUTURES CONTRACTS — At March 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 | 275 | 06/30/25 | $56972266 | $167125 |
|  20 Year U.S. Treasury Bonds | 95 | 06/18/25 | 11141719 | 107922 |
|  Ultra 10-Year U.S. Treasury Notes | 220 | 06/18/25 | 25107500 | 271571 |
|  Ultra Long U.S. Treasury Bonds | 35 | 06/18/25 | 4278750 | (30517) |
| Total |  |  |  | $516101 |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (149) | 06/30/25 | (16115281) | 36989 |
|  5 Year German Euro-Bobl | (77) | 06/06/25 | (9807205) | 71019 |
| Total |  |  |  | $108008 |
| TOTAL FUTURES CONTRACTS |  |  |  | $624109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 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>March 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:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 34 | 5.000% | 0.731% | 06/20/25 | $45364 | $506093 | $130707 | $375386 |
|  CDX.NA.HY Index 39 | 5.000 | 2.669 | 12/20/27 | 90783 | 5400593 | 4385343 | 1015250 |
|  CDX.NA.HY Index 44 | 5.000 | 3.768 | 06/20/30 | 126900 | 6772636 | 7325791 | (553155) |
| TOTAL |  |  |  |  | $12679322 | $11841841 | $837481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| ETF | —Exchange Traded Fund |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LIBOR | —London Interbank Offered Rate |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| 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: |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Index 34 | —CDX North America High Yield Index 34 |
| CDX.NA.HY Ind 39 | —CDX North America High Yield Index 39 |
| CDX.NA.HY Ind 44 | —CDX North America High Yield Index 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – 85.9% | Bank Loans<sup>(a)</sup> – 85.9% | Bank Loans<sup>(a)</sup> – 85.9% | Bank Loans<sup>(a)</sup> – 85.9% |
| Aerospace & Defense – 3.2% | Aerospace & Defense – 3.2% | Aerospace & Defense – 3.2% | Aerospace & Defense – 3.2% |
| Air Comm Corp. LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| $6821964 | 7.322% | 11/21/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770799 |
| Air Comm Corp. LLC (NR/B2) | Air Comm Corp. LLC (NR/B2) | Air Comm Corp. LLC (NR/B2) |  |
| 243421 | 0.000 | 12/11/31 | 240094 |
| Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) |
| 6643010 | 7.049 | 10/31/30 | 6585947 |
| Brown Group Holding LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) |
| 10874176 | 6.825 | 07/01/31 | 10803168 |
| Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%) |
| 5386500 | 6.325 | 10/31/31 | 5367539 |
| Kaman Corp.<sup>(b)</sup> (B/B2) | Kaman Corp.<sup>(b)</sup> (B/B2) | Kaman Corp.<sup>(b)</sup> (B/B2) |  |
| 4934483 | 0.000 | 02/26/32 | 4864561 |
| Kaman Corp.<sup>(b)</sup> (NR/B2) | Kaman Corp.<sup>(b)</sup> (NR/B2) | Kaman Corp.<sup>(b)</sup> (NR/B2) |  |
| 465517 | 0.000 | 02/26/32 | 458921 |
| Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) | Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) | Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) | Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) |
| 10475186 | 7.549 | 09/14/29 | 10467749 |
| Spirit Aerosystems, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 4.250%) |
| 4910483 | 8.791 | 01/15/27 | 4908420 |
| TransDigm, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.500%) | TransDigm, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.500%) | TransDigm, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.500%) | TransDigm, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.500%) |
| 9736937 | 6.799 | 02/28/31 | 9676471 |
|  |  |  | 60143669 |
| Airlines<sup>(b)</sup> – 0.2% | Airlines<sup>(b)</sup> – 0.2% |  |  |
| Vista Management Holding, Inc. (NR/NR) | Vista Management Holding, Inc. (NR/NR) | Vista Management Holding, Inc. (NR/NR) | Vista Management Holding, Inc. (NR/NR) |
| 4200000 | 0.000 | 03/26/31 | 4168500 |
| Automotive – 1.1% | Automotive – 1.1% |  |  |
| Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) |
| 7592174 | 8.442 | 04/06/28 | 7435623 |
| First Brands Group LLC (B-/Caa1)(3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC (B-/Caa1)(3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC (B-/Caa1)(3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC (B-/Caa1)(3 mo. USD Term SOFR + 8.500%) |
| 3850000 | 13.052 | 03/30/28 | 3445750 |
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| 8102350 | 9.552 | 03/30/27 | 7504801 |
| Holley Purchaser, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) | Holley Purchaser, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) | Holley Purchaser, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) | Holley Purchaser, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) |
| 2880926 | 8.188 | 11/17/28 | 2759697 |
|  |  |  | 21145871 |
| Automotive - Distributors – 1.1% | Automotive - Distributors – 1.1% | Automotive - Distributors – 1.1% |  |
| American Axle & Manufacturing, Inc. (BB+/Ba1)((1 mo. USD Term SOFR + 3.000%) – (6 mo. USD Term SOFR + 3.000%)) | American Axle & Manufacturing, Inc. (BB+/Ba1)((1 mo. USD Term SOFR + 3.000%) – (6 mo. USD Term SOFR + 3.000%)) | American Axle & Manufacturing, Inc. (BB+/Ba1)((1 mo. USD Term SOFR + 3.000%) – (6 mo. USD Term SOFR + 3.000%)) | American Axle & Manufacturing, Inc. (BB+/Ba1)((1 mo. USD Term SOFR + 3.000%) – (6 mo. USD Term SOFR + 3.000%)) |
| 5212917 | 7.251–7.322 | 12/13/29 | 5147756 |
| 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%) |
| 4015729 | 8.189 | 10/04/28 | 3729207 |
| RealTruck Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | RealTruck Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | RealTruck Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | RealTruck Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) |
| 4846826 | 7.939 | 01/31/28 | 4621303 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued) | Automotive - Distributors – (continued) | Automotive - Distributors – (continued) | Automotive - Distributors – (continued) |
| SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) | SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) | SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) | SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) |
| $6900300 | 6.572% | 02/27/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6831296 |
|  |  |  | 20329562 |
| Automotive - Parts – 1.0% | Automotive - Parts – 1.0% |  |  |
| Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.250%) |
| 1859533 | 6.575 | 01/31/31 | 1832570 |
| Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%) | Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%) | Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%) |  |
| 4125000 | 5.363 | 07/16/31 | 4409468 |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| $5323283 | 6.825 | 05/06/30 | 5243434 |
| Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) |
| 6636631 | 7.313 | 05/04/28 | 6587719 |
|  |  |  | 18073191 |
| Banks – 0.6% | Banks – 0.6% |  |  |
| 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%) |
| 9478256 | 7.553 | 04/03/28 | 9442712 |
| Superannuation & Investments U.S. LLC (BB-/Ba2)(1 mo. USD Term SOFR + 3.750%) | Superannuation & Investments U.S. LLC (BB-/Ba2)(1 mo. USD Term SOFR + 3.750%) | Superannuation & Investments U.S. LLC (BB-/Ba2)(1 mo. USD Term SOFR + 3.750%) | Superannuation & Investments U.S. LLC (BB-/Ba2)(1 mo. USD Term SOFR + 3.750%) |
| 2425333 | 8.189 | 12/01/28 | 2430184 |
|  |  |  | 11872896 |
| Building & Construction – 3.0% | Building & Construction – 3.0% | Building & Construction – 3.0% |  |
| 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%) |
| 10771878 | 7.075 | 07/30/31 | 10670945 |
| Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 10617782 | 6.825 | 09/23/31 | 10528168 |
| Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 3740625 | 6.827 | 11/03/31 | 3714142 |
| Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) |
| 6700000 | 7.793 | 10/17/31 | 6644189 |
| 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%) |
| 11613999 | 8.189 | 03/31/28 | 11526894 |
| DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 6.750%) |
| 600000 | 11.189 | 03/30/29 | 594000 |
| 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%) |
| 12290142 | 7.325 | 12/08/28 | 12158023 |
|  |  |  | 55836361 |
| Building Materials – 3.4% | Building Materials – 3.4% |  |  |
| 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%) |
| 7160422 | 10.325 | 03/08/29 | 6863264 |
| Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) |
| 9790254 | 7.675 | 11/03/28 | 9690296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) |
| Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) |
| $1964683 | 7.669% | 04/12/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644067 |
| CP Atlas Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | CP Atlas Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | CP Atlas Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | CP Atlas Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) |
| 2311356 | 8.175 | 11/23/27 | 2132804 |
| Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) |
| 7331810 | 8.061 | 12/22/28 | 7329170 |
| Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) |
| 1525000 | 11.311 | 12/21/29 | 1532625 |
| LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) | LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) | LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) | LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) |
| 2873300 | 8.175 | 12/17/27 | 2805720 |
| 1191000 | 8.175 | 06/06/31 | 1096018 |
| MI Windows & Doors LLC (BB-/B1)(1 mo. USD Term SOFR + 3.000%) | MI Windows & Doors LLC (BB-/B1)(1 mo. USD Term SOFR + 3.000%) | MI Windows & Doors LLC (BB-/B1)(1 mo. USD Term SOFR + 3.000%) | MI Windows & Doors LLC (BB-/B1)(1 mo. USD Term SOFR + 3.000%) |
| 6550500 | 7.325 | 03/28/31 | 6422241 |
| Oscar AcquisitionCo LLC (B/B1)(3 mo. USD Term SOFR + 4.250%) | Oscar AcquisitionCo LLC (B/B1)(3 mo. USD Term SOFR + 4.250%) | Oscar AcquisitionCo LLC (B/B1)(3 mo. USD Term SOFR + 4.250%) | Oscar AcquisitionCo LLC (B/B1)(3 mo. USD Term SOFR + 4.250%) |
| 3427521 | 8.549 | 04/29/29 | 3197397 |
| Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) |
| 1276823 | 7.317 | 12/14/27 | 1275865 |
| Quikrete Holdings, Inc. (BB/Ba3) | Quikrete Holdings, Inc. (BB/Ba3) | Quikrete Holdings, Inc. (BB/Ba3) |  |
| 4625000 | 0.000 <sup>(b)</sup> | 02/10/32 | 4568344 |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |  |
| 6867006 | 6.575 | 04/14/31 | 6784052 |
| 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%) |
| 8790508 | 9.439 | 10/12/28 | 8669639 |
|  |  |  | 64011502 |
| Capital Goods - Others – 3.0% | Capital Goods - Others – 3.0% | Capital Goods - Others – 3.0% |  |
| AI Aqua Merger Sub, Inc. (B/B3)(1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (B/B3)(1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (B/B3)(1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (B/B3)(1 mo. USD Term SOFR + 3.000%) |
| 11743914 | 7.323 | 07/31/28 | 11623304 |
| Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) |
| 3299352 | 6.105 | 05/21/28 | 3563878 |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |  |
| $5859830 | 8.311 | 05/19/28 | 5856197 |
| 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 | 10.561 | 05/21/29 | 499690 |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |  |
| 2000000 | 11.061 | 05/21/29 | 1999160 |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 4.250%) |
| 3178948 | 8.573 | 12/02/31 | 3114034 |
| Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.500%) | Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.500%) | Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.500%) | Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.500%) |
| 7650000 | 7.825 | 01/30/32 | 7637225 |
| RC Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | RC Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | RC Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | RC Buyer, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) |
| 4093158 | 7.939 | 07/28/28 | 3991688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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-/Caa2)(3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc. (B-/Caa2)(3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc. (B-/Caa2)(3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc. (B-/Caa2)(3 mo. USD Term SOFR + 5.250%) |
| $6285602 | 9.541% | 03/02/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110611 |
| Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3)(6 mo. USD Term SOFR + 4.500%) |
| 11473098 | 8.724 | 02/15/29 | 11408619 |
|  |  |  | 55804406 |
| Chemicals – 5.0% | Chemicals – 5.0% |  |  |
| Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) |
| 3622698 | 8.063 | 04/06/29 | 3516299 |
| Arthur U.S. Finco, Inc. (B/B3)(3 mo. USD Term SOFR + 5.250%) | Arthur U.S. Finco, Inc. (B/B3)(3 mo. USD Term SOFR + 5.250%) | Arthur U.S. Finco, Inc. (B/B3)(3 mo. USD Term SOFR + 5.250%) | Arthur U.S. Finco, Inc. (B/B3)(3 mo. USD Term SOFR + 5.250%) |
| 2252250 | 9.549 | 12/14/29 | 1969773 |
| Ascend Performance Materials Operations LLC (CCC+/Caa2)(6 mo. USD Term SOFR + 4.750%) | Ascend Performance Materials Operations LLC (CCC+/Caa2)(6 mo. USD Term SOFR + 4.750%) | Ascend Performance Materials Operations LLC (CCC+/Caa2)(6 mo. USD Term SOFR + 4.750%) | Ascend Performance Materials Operations LLC (CCC+/Caa2)(6 mo. USD Term SOFR + 4.750%) |
| 4602884 | 9.067 | 08/27/26 | 1104692 |
| Ascend Performance Materials Operations LLC<sup>(b)</sup> (NR/NR) | Ascend Performance Materials Operations LLC<sup>(b)</sup> (NR/NR) | Ascend Performance Materials Operations LLC<sup>(b)</sup> (NR/NR) | Ascend Performance Materials Operations LLC<sup>(b)</sup> (NR/NR) |
| 345317 | 0.000 | 03/09/26 | 345317 |
| Chemours Co. (BB+/Ba1)(1 mo. USD Term SOFR + 3.000%) | Chemours Co. (BB+/Ba1)(1 mo. USD Term SOFR + 3.000%) | Chemours Co. (BB+/Ba1)(1 mo. USD Term SOFR + 3.000%) | Chemours Co. (BB+/Ba1)(1 mo. USD Term SOFR + 3.000%) |
| 6865250 | 7.325 | 08/18/28 | 6836622 |
| Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) |
| 3752275 | 8.813 | 11/15/30 | 3599519 |
| 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%) |
| 4793187 | 8.040 | 10/04/29 | 4740750 |
| ECO Services Operations Corp. (BB/B1)(3 mo. USD Term SOFR + 2.000%) | ECO Services Operations Corp. (BB/B1)(3 mo. USD Term SOFR + 2.000%) | ECO Services Operations Corp. (BB/B1)(3 mo. USD Term SOFR + 2.000%) | ECO Services Operations Corp. (BB/B1)(3 mo. USD Term SOFR + 2.000%) |
| 5064611 | 6.291 | 06/12/31 | 4978107 |
| Fortis 333, Inc.<sup>(b)</sup> (B/B2) | Fortis 333, Inc.<sup>(b)</sup> (B/B2) | Fortis 333, Inc.<sup>(b)</sup> (B/B2) |  |
| 2500000 | 0.000 | 02/06/32 | 2478125 |
| INEOS Enterprises Holdings U.S. Finco LLC (BB/B1)(3 mo. USD Term SOFR + 3.750%) | INEOS Enterprises Holdings U.S. Finco LLC (BB/B1)(3 mo. USD Term SOFR + 3.750%) | INEOS Enterprises Holdings U.S. Finco LLC (BB/B1)(3 mo. USD Term SOFR + 3.750%) | INEOS Enterprises Holdings U.S. Finco LLC (BB/B1)(3 mo. USD Term SOFR + 3.750%) |
| 10320381 | 8.163 | 07/08/30 | 10307480 |
| INEOS Quattro Holdings U.K. Ltd. (BB/B1)(1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB/B1)(1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB/B1)(1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB/B1)(1 mo. USD Term SOFR + 4.250%) |
| 2504923 | 8.575 | 10/07/31 | 2342103 |
| INEOS U.S. Finance LLC (BB/Ba3)(1 mo. USD Term SOFR + 3.000%) | INEOS U.S. Finance LLC (BB/Ba3)(1 mo. USD Term SOFR + 3.000%) | INEOS U.S. Finance LLC (BB/Ba3)(1 mo. USD Term SOFR + 3.000%) | INEOS U.S. Finance LLC (BB/Ba3)(1 mo. USD Term SOFR + 3.000%) |
| 3989975 | 7.325 | 02/07/31 | 3802446 |
| Innophos, Inc. (B+/WR)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/WR)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/WR)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/WR)(1 mo. USD Term SOFR + 4.250%) |
| 2835078 | 8.689 | 03/16/29 | 2792552 |
| Momentive Performance Materials, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 4.500%) | Momentive Performance Materials, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 4.500%) | Momentive Performance Materials, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 4.500%) | Momentive Performance Materials, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 4.500%) |
| 6499421 | 8.325 | 03/29/28 | 6452300 |
| Nobian Finance BV<sup>(b)</sup> (B/B2) | Nobian Finance BV<sup>(b)</sup> (B/B2) | Nobian Finance BV<sup>(b)</sup> (B/B2) |  |
| 3400000 | 0.000 | 07/31/30 | 3647927 |
| Olympus Water U.S. Holding Corp.<sup>(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(b)</sup> (B-/B3) |
| $4189500 | 0.000 | 06/20/31 | 4117483 |
| Polar U.S. Borrower LLC<sup>(b)</sup> (CCC+/Caa1) | Polar U.S. Borrower LLC<sup>(b)</sup> (CCC+/Caa1) | Polar U.S. Borrower LLC<sup>(b)</sup> (CCC+/Caa1) | Polar U.S. Borrower LLC<sup>(b)</sup> (CCC+/Caa1) |
| 4731318 | 0.000 | 10/16/28 | 2594324 |
| 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%) |
| 9406324 | 8.049 | 09/15/28 | 9073904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Chemicals – (continued) | Chemicals – (continued) |  |  |
| Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) |
| $10370749 | 7.069% | 08/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;10251900 |
| WR Grace & Co-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | WR Grace & Co-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | WR Grace & Co-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | WR Grace & Co-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.250%) |
| 8396210 | 7.549 | 09/22/28 | 8301753 |
|  |  |  | 93253376 |
| Coal – 0.1% | Coal – 0.1% | Coal – 0.1% |  |
| Oxbow Carbon LLC (BB-/B1) | Oxbow Carbon LLC (BB-/B1) | Oxbow Carbon LLC (BB-/B1) | Oxbow Carbon LLC (BB-/B1) |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |  |
| 1786634 | 7.825 | 05/10/30 | 1777701 |
| Commercial Services – 5.2% | Commercial Services – 5.2% | Commercial Services – 5.2% |  |
| Allied Universal Holdco LLC (B/B3) | Allied Universal Holdco LLC (B/B3) | Allied Universal Holdco LLC (B/B3) | Allied Universal Holdco LLC (B/B3) |
| (1 mo. EUR EURIBOR + 3.750%) | (1 mo. EUR EURIBOR + 3.750%) | (1 mo. EUR EURIBOR + 3.750%) | (1 mo. EUR EURIBOR + 3.750%) |
| 651375 | 6.113 | 05/12/28 | 700430 |
| (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%) |
| $6882987 | 8.175 | 05/12/28 | 6871493 |
| 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%) |
| 11992784 | 7.803 | 12/29/31 | 11840355 |
| Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.150%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.150%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.150%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.150%) |
| 6337125 | 7.490 | 11/16/28 | 6316529 |
| Belron Finance 2019 LLC <sup>(b)</sup> (BB-/Ba3) | Belron Finance 2019 LLC <sup>(b)</sup> (BB-/Ba3) | Belron Finance 2019 LLC <sup>(b)</sup> (BB-/Ba3) | Belron Finance 2019 LLC <sup>(b)</sup> (BB-/Ba3) |
| 3059606 | 0.000 | 10/16/31 | 3050060 |
| Berkeley Research Group LLC <sup>(b)</sup> (B/B2) | Berkeley Research Group LLC <sup>(b)</sup> (B/B2) | Berkeley Research Group LLC <sup>(b)</sup> (B/B2) | Berkeley Research Group LLC <sup>(b)</sup> (B/B2) |
| 3650000 | 0.000 | 03/17/32 | 3599813 |
| Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (NR/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) |
| 3794014 | 7.049–7.075 | 05/24/30 | 3800654 |
| Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.750%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.750%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.750%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.750%) |
| 9327023 | 8.049 | 07/06/29 | 9294938 |
| Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) |
| 4502499 | 7.055 | 02/21/31 | 4485615 |
| Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (NR/NR)(6 mo. USD Term SOFR + 3.250%) |
| 7550000 | 7.496 | 01/09/32 | 7533466 |
| 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%) |
| 9505277 | 7.322 | 02/01/29 | 9459746 |
| 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%) |
| 5716774 | 7.316 | 03/14/31 | 5590412 |
| Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) |
| (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) |
| 1025000 | 5.605 | 06/02/28 | 1105561 |
| (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%) |
| $8450000 | 8.060 | 06/30/28 | 8439437 |
| Vaco Holdings LLC (B-/B3)(3 mo. USD Term SOFR + 5.000%) | Vaco Holdings LLC (B-/B3)(3 mo. USD Term SOFR + 5.000%) | Vaco Holdings LLC (B-/B3)(3 mo. USD Term SOFR + 5.000%) | Vaco Holdings LLC (B-/B3)(3 mo. USD Term SOFR + 5.000%) |
| 2947564 | 9.449 | 01/21/29 | 2717035 |
| 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%) |
| 5591578 | 6.825 | 01/30/31 | 5502001 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |  |
| 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%) |
| $6800000 | 7.325% | 02/25/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6723568 |
|  |  |  | 97031113 |
| Consumer Cyclical Services – 3.3% | Consumer Cyclical Services – 3.3% | Consumer Cyclical Services – 3.3% |  |
| 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%) |
| 4175000 | 9.689 | 01/20/29 | 3857324 |
| Asurion LLC (B+/Ba3) | Asurion LLC (B+/Ba3) |  |  |
| 2850000 | 0.000 <sup>(b)</sup> | 12/23/26 | 2844214 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |  |
| 3360842 | 8.575 | 09/19/30 | 3313589 |
| Core & Main LP (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) |
| 857540 | 6.270 | 07/27/28 | 855396 |
| Fluid-Flow Products, Inc. (NR/B3)(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc. (NR/B3)(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc. (NR/B3)(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc. (NR/B3)(3 mo. USD Term SOFR + 3.250%) |
| 10116120 | 7.549 | 03/31/28 | 10030740 |
| 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%) |
| 1982955 | 9.299 | 09/30/31 | 1854063 |
| 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%) |
| 3271783 | 7.939 | 06/30/28 | 2511094 |
| IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2)(1 mo. USD Term SOFR + 2.500%) |
| 5754091 | 6.825 | 12/15/27 | 5714273 |
| 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%) |
| 6582887 | 7.689 | 12/15/28 | 6508829 |
| Spin Holdco, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) |
| 2652605 | 8.562 | 03/04/28 | 2235165 |
| Thevelia (U.S.) LLC (B+/B1)(3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B+/B1)(3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B+/B1)(3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B+/B1)(3 mo. USD Term SOFR + 3.000%) |
| 7381518 | 7.299 | 06/18/29 | 7353837 |
| Verisure Holding AB (B+/B1)(3 mo. EUR EURIBOR + 3.000%) | Verisure Holding AB (B+/B1)(3 mo. EUR EURIBOR + 3.000%) | Verisure Holding AB (B+/B1)(3 mo. EUR EURIBOR + 3.000%) | Verisure Holding AB (B+/B1)(3 mo. EUR EURIBOR + 3.000%) |
| 9015000 | 5.355 | 03/27/28 | 9701614 |
| 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%) |
| $4724579 | 8.299 | 11/30/30 | 4693066 |
|  |  |  | 61473204 |
| Consumer Products – 0.9% | Consumer Products – 0.9% | Consumer Products – 0.9% |  |
| 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%) |
| 7983523 | 7.293 | 08/16/29 | 7976018 |
| Kronos Acquisition Holdings, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Kronos Acquisition Holdings, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Kronos Acquisition Holdings, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Kronos Acquisition Holdings, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) |
| 5148291 | 8.299 | 07/08/31 | 4401789 |
| MajorDrive Holdings IV LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) |
| 4885068 | 8.561 | 06/01/28 | 4418251 |
|  |  |  | 16796058 |
| Diversified Financial Services – 3.4% | Diversified Financial Services – 3.4% | Diversified Financial Services – 3.4% |  |
| Advisor Group, Inc. (B/B1)(1 mo. USD Term SOFR + 3.500%) | Advisor Group, Inc. (B/B1)(1 mo. USD Term SOFR + 3.500%) | Advisor Group, Inc. (B/B1)(1 mo. USD Term SOFR + 3.500%) | Advisor Group, Inc. (B/B1)(1 mo. USD Term SOFR + 3.500%) |
| 3126414 | 7.825 | 08/17/28 | 3100559 |
| 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%) |
| 5922796 | 7.313 | 11/01/30 | 5911720 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |  |
| DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) |
| $10097993 | 7.791% | 06/26/31 | $&nbsp;&nbsp;&nbsp;&nbsp;10053865 |
| 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%) |
| 10204539 | 7.325 | 04/07/28 | 10166272 |
| Eisner Advisory Group LLC (B-/B2)(1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B2)(1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B2)(1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B2)(1 mo. USD Term SOFR + 4.000%) |
| 5255536 | 8.325 | 02/28/31 | 5244079 |
| 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%) |
| 7750000 | 9.291 | 11/05/31 | 7126745 |
| NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1)(1 mo. USD Term SOFR + 3.500%) |
| 9920449 | 7.825 | 07/31/31 | 9856363 |
| NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) |
| 6533625 | 7.799 | 07/25/31 | 6500957 |
| 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 | 6.825 | 06/21/31 | 6620892 |
|  |  |  | 64581452 |
| Diversified Manufacturing – 2.3% | Diversified Manufacturing – 2.3% | Diversified Manufacturing – 2.3% | Diversified Manufacturing – 2.3% |
| CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.500%) | CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.500%) | CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.500%) | CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.500%) |
| 7950000 | 5.999 | 03/16/29 | 8561431 |
| 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%) |
| $7672538 | 6.805 | 03/15/30 | 7662947 |
| 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%) |
| 4896398 | 8.823 | 09/28/28 | 4805374 |
| Pelican Products, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) |
| 7111125 | 8.811 | 12/29/28 | 6497791 |
| SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) |
| 8588113 | 7.325 | 04/05/29 | 8563465 |
| Victory Buyer LLC (CCC+/B3)(1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (CCC+/B3)(1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (CCC+/B3)(1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (CCC+/B3)(1 mo. USD Term SOFR + 3.750%) |
| 6872736 | 8.189 | 11/19/28 | 6656726 |
|  |  |  | 42747734 |
| Electrical – 0.5% | Electrical – 0.5% | Electrical – 0.5% | Electrical – 0.5% |
| Edgewater Generation LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.000%) | Edgewater Generation LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.000%) | Edgewater Generation LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.000%) | Edgewater Generation LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.000%) |
| 3222388 | 7.325 | 08/01/30 | 3217780 |
| Trulite Holding Corp. (BB/B2)(3 mo. USD Term SOFR + 6.000%) | Trulite Holding Corp. (BB/B2)(3 mo. USD Term SOFR + 6.000%) | Trulite Holding Corp. (BB/B2)(3 mo. USD Term SOFR + 6.000%) | Trulite Holding Corp. (BB/B2)(3 mo. USD Term SOFR + 6.000%) |
| 2002082 | 10.310 | 03/01/30 | 1977056 |
| Waterbridge Midstream Operating LLC (B-/B2)(3 mo. USD Term SOFR + 4.750%) | Waterbridge Midstream Operating LLC (B-/B2)(3 mo. USD Term SOFR + 4.750%) | Waterbridge Midstream Operating LLC (B-/B2)(3 mo. USD Term SOFR + 4.750%) | Waterbridge Midstream Operating LLC (B-/B2)(3 mo. USD Term SOFR + 4.750%) |
| 3790476 | 9.053 | 06/27/29 | 3756021 |
|  |  |  | 8950857 |
| Energy – 1.0% | Energy – 1.0% | Energy – 1.0% | Energy – 1.0% |
| Delek U.S. Holdings, Inc. (BB/B1)(1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B1)(1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B1)(1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B1)(1 mo. USD Term SOFR + 3.500%) |
| 12029660 | 7.925 | 11/19/29 | 11907679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 2.750%) | ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 2.750%) | ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 2.750%) | ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 2.750%) |
| $1467588 | 7.075% | 10/11/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467133 |
| Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.750%) | Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.750%) | Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.750%) | Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.750%) |
| 4825000 | 6.325 | 04/30/31 | 4648598 |
|  |  |  | 18023410 |
| 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%) |
| 10681844 | 8.049 | 05/01/31 | 10498223 |
| Entertainment – 1.6% | Entertainment – 1.6% | Entertainment – 1.6% | Entertainment – 1.6% |
| Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 2.750%) |
| 3772568 | 7.075 | 08/17/28 | 3763137 |
| Arcis Golf LLC (NR/B2)(1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (NR/B2)(1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (NR/B2)(1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (NR/B2)(1 mo. USD Term SOFR + 2.750%) |
| 6906613 | 7.075 | 11/24/28 | 6880713 |
| Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3)(1 mo. USD Term SOFR + 5.250%) |
| 4887750 | 9.573 | 12/02/31 | 4856322 |
| Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) |
| 4317613 | 8.425 | 12/01/28 | 3669971 |
| 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%) |
| 4364063 | 6.802 | 07/28/31 | 4339144 |
| Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) |
| 6558855 | 7.189 | 03/13/28 | 6487560 |
|  |  |  | 29996847 |
| Environmental – 1.0% | Environmental – 1.0% | Environmental – 1.0% | Environmental – 1.0% |
| Luna III SARL (BB-/Ba3)((1 mo. EUR EURIBOR + 4.175%) – (3 mo. EUR EURIBOR + 4.175%)) | Luna III SARL (BB-/Ba3)((1 mo. EUR EURIBOR + 4.175%) – (3 mo. EUR EURIBOR + 4.175%)) | Luna III SARL (BB-/Ba3)((1 mo. EUR EURIBOR + 4.175%) – (3 mo. EUR EURIBOR + 4.175%)) | Luna III SARL (BB-/Ba3)((1 mo. EUR EURIBOR + 4.175%) – (3 mo. EUR EURIBOR + 4.175%)) |
| 7625000 | 6.879 | 10/23/28 | 8257113 |
| 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%) |
| $11438273 | 6.762 | 06/21/28 | 11291291 |
|  |  |  | 19548404 |
| Food & Beverages – 1.0% | Food & Beverages – 1.0% | Food & Beverages – 1.0% | Food & Beverages – 1.0% |
| Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 3.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 3.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 3.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 3.500%) |
| 4990892 | 7.825 | 08/23/29 | 5009608 |
| Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.500%) | Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.500%) | Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.500%) | Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.500%) |
| 852930 | 6.825 | 10/25/27 | 852222 |
| Froneri Lux Finco SARL (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) | Froneri Lux Finco SARL (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) | Froneri Lux Finco SARL (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) | Froneri Lux Finco SARL (BB-/Ba3)(6 mo. USD Term SOFR + 2.000%) |
| 2292095 | 6.237 | 09/17/31 | 2274996 |
| Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.250%) | Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.250%) | Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.250%) | Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.250%) |
| 10104434 | 7.573 | 07/12/29 | 10079173 |
|  |  |  | 18215999 |
| Food & Drug Retailing – 0.2% | Food & Drug Retailing – 0.2% | Food & Drug Retailing – 0.2% | Food & Drug Retailing – 0.2% |
| 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%) |
| 4044438 | 9.075 | 05/01/31 | 4083183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Gaming – 0.3% | Gaming – 0.3% |  |  |
| GVC Holdings (Gibraltar) Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.500%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.500%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.500%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.500%) |
| $1985239 | 6.903% | 03/29/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984524 |
| GVC Holdings Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.750%) | GVC Holdings Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.750%) | GVC Holdings Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.750%) | GVC Holdings Ltd. (BB-/Ba1)(3 mo. USD Term SOFR + 2.750%) |
| 3092771 | 7.053 | 10/31/29 | 3093730 |
|  |  |  | 5078254 |
| Gas – 0.3% | Gas – 0.3% | Gas – 0.3% | Gas – 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%) |
| 4750000 | 6.325 | 01/30/32 | 4714375 |
| Health Care Products – 0.5% | Health Care Products – 0.5% | Health Care Products – 0.5% |  |
| Iris BidCo GmbH (B-/B3)(3 mo. EUR EURIBOR + 5.000%) | Iris BidCo GmbH (B-/B3)(3 mo. EUR EURIBOR + 5.000%) | Iris BidCo GmbH (B-/B3)(3 mo. EUR EURIBOR + 5.000%) | Iris BidCo GmbH (B-/B3)(3 mo. EUR EURIBOR + 5.000%) |
| 8525000 | 7.612 | 06/29/28 | 8781880 |
| Health Care Services – 2.1% | Health Care Services – 2.1% | Health Care Services – 2.1% |  |
| Accelerated Health Systems LLC (CCC+/Caa2)(3 mo. USD Term SOFR + 4.250%) | Accelerated Health Systems LLC (CCC+/Caa2)(3 mo. USD Term SOFR + 4.250%) | Accelerated Health Systems LLC (CCC+/Caa2)(3 mo. USD Term SOFR + 4.250%) | Accelerated Health Systems LLC (CCC+/Caa2)(3 mo. USD Term SOFR + 4.250%) |
| $3661741 | 8.699 | 02/15/29 | 2838875 |
| Electron BidCo, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 4837786 | 7.075 | 11/01/28 | 4825401 |
| Help At Home, Inc. (B-/B2)(1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B2)(1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B2)(1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B2)(1 mo. USD Term SOFR + 5.000%) |
| 2812006 | 9.325 | 09/24/31 | 2663926 |
| 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%) |
| 4196605 | 8.324 | 07/03/28 | 3852777 |
| Mehilainen Yhtiot OYJ (B/B2) (1 mo. EUR EURIBOR + | Mehilainen Yhtiot OYJ (B/B2) (1 mo. EUR EURIBOR + | Mehilainen Yhtiot OYJ (B/B2) (1 mo. EUR EURIBOR + | Mehilainen Yhtiot OYJ (B/B2) (1 mo. EUR EURIBOR + |
| 3.900%) |  |  |  |
| 5100000 | 6.263 | 08/05/31 | 5524499 |
| NAPA Management Services Corp. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | NAPA Management Services Corp. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | NAPA Management Services Corp. (B-/B3)(1 mo. USD Term SOFR + 5.250%) | NAPA Management Services Corp. (B-/B3)(1 mo. USD Term SOFR + 5.250%) |
| $4277626 | 9.675 | 02/23/29 | 3929299 |
| Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 1.500%) | Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 1.500%) | Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 1.500%) | Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 1.500%) |
| 4925374 | 6.825 | 02/21/31 | 4901880 |
| Summit Behavioral Healthcare LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Summit Behavioral Healthcare LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Summit Behavioral Healthcare LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Summit Behavioral Healthcare LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) |
| 3128435 | 8.549 | 11/24/28 | 2580959 |
| U.S. Radiology Specialists, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.750%) | U.S. Radiology Specialists, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.750%) | U.S. Radiology Specialists, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.750%) | U.S. Radiology Specialists, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.750%) |
| 7842355 | 9.049 | 12/15/27 | 7828318 |
|  |  |  | 38945934 |
| Healthcare – 0.8% | Healthcare – 0.8% | Healthcare – 0.8% | Healthcare – 0.8% |
| 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%) |
| 10400389 | 8.052 | 05/17/31 | 10071008 |
| Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) |
| 5014393 | 9.302 | 02/28/28 | 5039465 |
|  |  |  | 15110473 |
| Home Construction – 1.3% | Home Construction – 1.3% | Home Construction – 1.3% | Home Construction – 1.3% |
| Foundation Building Materials Holding Co. LLC<sup>(b)</sup> (B/B2) | Foundation Building Materials Holding Co. LLC<sup>(b)</sup> (B/B2) | Foundation Building Materials Holding Co. LLC<sup>(b)</sup> (B/B2) | Foundation Building Materials Holding Co. LLC<sup>(b)</sup> (B/B2) |
| 1994819 | 0.000 | 01/31/28 | 1888116 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Home Construction – (continued) | Home Construction – (continued) | Home Construction – (continued) | Home Construction – (continued) |
| Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) | Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) | Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) | Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) |
| $8696684 | 7.549% | 01/20/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285766 |
| Tecta America Corp.<sup>(b)</sup> (B/B2) | Tecta America Corp.<sup>(b)</sup> (B/B2) | Tecta America Corp.<sup>(b)</sup> (B/B2) |  |
| 8546764 | 0.000 | 02/18/32 | 8474117 |
| Tempur Sealy International, Inc. (BBB-/Ba1)(1 mo. USD Term SOFR + 2.500%) | Tempur Sealy International, Inc. (BBB-/Ba1)(1 mo. USD Term SOFR + 2.500%) | Tempur Sealy International, Inc. (BBB-/Ba1)(1 mo. USD Term SOFR + 2.500%) | Tempur Sealy International, Inc. (BBB-/Ba1)(1 mo. USD Term SOFR + 2.500%) |
| 5635875 | 6.825 | 10/24/31 | 5627646 |
|  |  |  | 24275645 |
| Insurance – 4.4% | Insurance – 4.4% | Insurance – 4.4% | Insurance – 4.4% |
| Acrisure LLC (B/B2)(1 mo. USD Term SOFR + 2.000%) | Acrisure LLC (B/B2)(1 mo. USD Term SOFR + 2.000%) | Acrisure LLC (B/B2)(1 mo. USD Term SOFR + 2.000%) | Acrisure LLC (B/B2)(1 mo. USD Term SOFR + 2.000%) |
| 11578569 | 7.325 | 11/06/30 | 11485477 |
| Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 12445607 | 7.069 | 09/19/31 | 12360853 |
| AmWINS Group, Inc.<sup>(b)</sup> (B+/B1) | AmWINS Group, Inc.<sup>(b)</sup> (B+/B1) | AmWINS Group, Inc.<sup>(b)</sup> (B+/B1) |  |
| 6533625 | 0.000 | 01/30/32 | 6476194 |
| AssuredPartners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) |
| 7099146 | 7.825 | 02/14/31 | 7103689 |
| Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| 9155812 | 7.325 | 06/13/31 | 9068375 |
| Howden Group Holdings Ltd. (B/B2) | Howden Group Holdings Ltd. (B/B2) | Howden Group Holdings Ltd. (B/B2) |  |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |  |
| 8571185 | 7.325 | 02/15/31 | 8500901 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |  |
| 1231156 | 7.825 | 04/18/30 | 1229284 |
| OneDigital Borrower LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| 6643245 | 7.325 | 07/02/31 | 6593554 |
| Sedgwick Claims Management Services, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) |
| 11063953 | 7.313 | 07/31/31 | 11022463 |
| 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%) |
| 757727 | 7.049 | 05/06/31 | 752044 |
| 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%) |
| 7128123 | 6.549 | 11/21/29 | 7053492 |
|  |  |  | 81646326 |
| Internet – 1.4% | Internet – 1.4% | Internet – 1.4% | Internet – 1.4% |
| BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 3.250%) |
| 3363041 | 7.575 | 04/25/31 | 3363041 |
| Buzz Finco LLC (B/B1) | Buzz Finco LLC (B/B1) | Buzz Finco LLC (B/B1) | Buzz Finco LLC (B/B1) |
| (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%) |
| 3716902 | 7.175 | 01/29/27 | 3661149 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |  |
| 267727 | 7.675 | 01/29/27 | 265050 |
| CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 6942406 | 6.802 | 11/08/32 | 6892490 |
| Hoya Midco LLC<sup>(b)</sup> (BB-/Ba3) | Hoya Midco LLC<sup>(b)</sup> (BB-/Ba3) | Hoya Midco LLC<sup>(b)</sup> (BB-/Ba3) |  |
| 2825000 | 0.000 | 02/03/29 | 2775563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued) | Internet – (continued) | Internet – (continued) | Internet – (continued) |
| MasOrange Finco PLC (BB+/Ba3)(3 mo. EUR EURIBOR + 2.750%) | MasOrange Finco PLC (BB+/Ba3)(3 mo. EUR EURIBOR + 2.750%) | MasOrange Finco PLC (BB+/Ba3)(3 mo. EUR EURIBOR + 2.750%) | MasOrange Finco PLC (BB+/Ba3)(3 mo. EUR EURIBOR + 2.750%) |
| 4118680 | 5.217% | 03/25/31 | $&nbsp;&nbsp;&nbsp;&nbsp;4404449 |
| 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%) |
| $5750000 | 7.799 | 10/02/31 | 5721250 |
|  |  |  | 27082992 |
| Lodging – 0.9% | Lodging – 0.9% | Lodging – 0.9% | Lodging – 0.9% |
| Caesars Entertainment, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 2.250%) |
| 4387000 | 6.563 | 02/06/30 | 4354098 |
| 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%) |
| 6865054 | 6.325 | 08/02/28 | 6824481 |
| Playa Resorts Holding BV (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Playa Resorts Holding BV (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Playa Resorts Holding BV (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Playa Resorts Holding BV (B+/B1)(1 mo. USD Term SOFR + 2.750%) |
| 3766367 | 7.075 | 01/05/29 | 3758232 |
| Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) |
| 2851915 | 6.825 | 12/14/29 | 2838539 |
|  |  |  | 17775350 |
| Machinery – 1.8% | Machinery – 1.8% | Machinery – 1.8% | Machinery – 1.8% |
| Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2)(1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2)(1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2)(1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2)(1 mo. USD Term SOFR + 7.500%) |
| 6857123 | 11.925 | 02/08/30 | 5794269 |
| Apex Tool Group LLC<sup>(c)</sup> (CCC+/B3)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC<sup>(c)</sup> (CCC+/B3)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC<sup>(c)</sup> (CCC+/B3)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC<sup>(c)</sup> (CCC+/B3)(1 mo. USD Term SOFR + 5.250%) |
| 2937671 | 9.675 | 02/08/29 | 2629216 |
| 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%) |
| 4009500 | 8.425 | 03/25/31 | 3839818 |
| Project Castle, Inc. (B-/Caa1)(6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc. (B-/Caa1)(6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc. (B-/Caa1)(6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc. (B-/Caa1)(6 mo. USD Term SOFR + 5.500%) |
| 7102126 | 9.762 | 06/01/29 | 5999520 |
| TK Elevator Topco GmbH (B/B2)(6 mo. EUR EURIBOR + 3.625%) | TK Elevator Topco GmbH (B/B2)(6 mo. EUR EURIBOR + 3.625%) | TK Elevator Topco GmbH (B/B2)(6 mo. EUR EURIBOR + 3.625%) | TK Elevator Topco GmbH (B/B2)(6 mo. EUR EURIBOR + 3.625%) |
| 1605000 | 6.223 | 07/30/27 | 1723459 |
| TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) |
| $13581881 | 7.737 | 04/30/30 | 13535839 |
|  |  |  | 33522121 |
| Machinery - Construction & Mining – 0.5% | Machinery - Construction & Mining – 0.5% | Machinery - Construction & Mining – 0.5% | Machinery - Construction & Mining – 0.5% |
| Chromalloy Corp. (B/B2)(3 mo. USD Term SOFR + 3.750%) | Chromalloy Corp. (B/B2)(3 mo. USD Term SOFR + 3.750%) | Chromalloy Corp. (B/B2)(3 mo. USD Term SOFR + 3.750%) | Chromalloy Corp. (B/B2)(3 mo. USD Term SOFR + 3.750%) |
| 8768140 | 8.060 | 03/27/31 | 8729824 |
| WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.250%) |
| 1439331 | 6.573 | 01/27/31 | 1424937 |
|  |  |  | 10154761 |
| Media – 0.3% | Media – 0.3% | Media – 0.3% | Media – 0.3% |
| Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) |
| 4331250 | 7.575 | 09/18/30 | 4257792 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| Endeavor Group Holdings, Inc.<sup>(b)</sup> (B+/B2) | Endeavor Group Holdings, Inc.<sup>(b)</sup> (B+/B2) | Endeavor Group Holdings, Inc.<sup>(b)</sup> (B+/B2) | Endeavor Group Holdings, Inc.<sup>(b)</sup> (B+/B2) |
| 2000000 | 0.000% | 01/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996260 |
|  |  |  | 6254052 |
| Media - Cable – 1.4% | Media - Cable – 1.4% | Media - Cable – 1.4% | Media - Cable – 1.4% |
| Altice Financing SA (CCC+/Caa1)(3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC+/Caa1)(3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC+/Caa1)(3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC+/Caa1)(3 mo. USD Term SOFR + 5.000%) |
| 2225141 | 9.302 | 10/31/27 | 1811265 |
| Altice France SA (CC/Caa2)(3 mo. USD Term SOFR + 5.500%) | Altice France SA (CC/Caa2)(3 mo. USD Term SOFR + 5.500%) | Altice France SA (CC/Caa2)(3 mo. USD Term SOFR + 5.500%) | Altice France SA (CC/Caa2)(3 mo. USD Term SOFR + 5.500%) |
| 6632126 | 9.802 | 08/15/28 | 5932437 |
| CSC Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(b)</sup> (CCC+/Caa1) |  |
| 1625000 | 0.000 | 04/15/27 | 1524591 |
| 3025000 | 0.000 | 01/18/28 | 2920396 |
| Gray Television, Inc. (B/Ba3)(1 mo. USD Term SOFR + 3.000%) | Gray Television, Inc. (B/Ba3)(1 mo. USD Term SOFR + 3.000%) | Gray Television, Inc. (B/Ba3)(1 mo. USD Term SOFR + 3.000%) | Gray Television, Inc. (B/Ba3)(1 mo. USD Term SOFR + 3.000%) |
| 1939763 | 7.437 | 12/01/28 | 1773060 |
| 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%) |
| 4796473 | 10.209 | 05/01/29 | 3889124 |
| Virgin Media Bristol LLC (NR/NR)(3 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (NR/NR)(3 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (NR/NR)(3 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (NR/NR)(3 mo. USD Term SOFR + 3.175%) |
| 5333080 | 7.577 | 03/31/31 | 5124023 |
| Ziggo Financing Partnership (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Ziggo Financing Partnership (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Ziggo Financing Partnership (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Ziggo Financing Partnership (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 4125000 | 6.934 | 04/30/28 | 4015770 |
|  |  |  | 26990666 |
| Media - Non Cable – 0.4% | Media - Non Cable – 0.4% | Media - Non Cable – 0.4% | Media - Non Cable – 0.4% |
| Audacy Capital Corp. (B-/Caa2)(1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp. (B-/Caa2)(1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp. (B-/Caa2)(1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp. (B-/Caa2)(1 mo. USD Term SOFR + 6.000%) |
| 2270611 | 10.439 | 10/01/29 | 1932290 |
| Audacy Capital Corp. (B+/B2)(1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp. (B+/B2)(1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp. (B+/B2)(1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp. (B+/B2)(1 mo. USD Term SOFR + 7.000%) |
| 252835 | 11.439 | 10/02/28 | 254100 |
| Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) |
| 200947 | 15.000 | 01/02/28 | 182359 |
| NEP/NCP Holdco, Inc. (CCC/Caa3)(3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa3)(3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa3)(3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa3)(3 mo. USD Term SOFR + 7.000%) |
| 3200000 | 11.575 | 10/19/26 | 2424000 |
| Neptune Bidco U.S., Inc. (B/B2)(3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B/B2)(3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B/B2)(3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B/B2)(3 mo. USD Term SOFR + 5.000%) |
| 2139114 | 9.389 | 04/11/29 | 1837627 |
|  |  |  | 6630376 |
| Midstream – 1.6% | Midstream – 1.6% | Midstream – 1.6% | Midstream – 1.6% |
| AL GCX Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 8152884 | 6.314 | 05/17/29 | 8110652 |
| AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.500%) |
| 7437487 | 6.788 | 04/13/28 | 7426331 |
| Brazos Delaware II LLC<sup>(b)</sup> (NR/B1) | Brazos Delaware II LLC<sup>(b)</sup> (NR/B1) | Brazos Delaware II LLC<sup>(b)</sup> (NR/B1) |  |
| 3600000 | 0.000 | 02/11/30 | 3596796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Midstream – (continued) | Midstream – (continued) | Midstream – (continued) | Midstream – (continued) |
| 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%) |
| $11058907 | 6.569% | 10/05/28 | $&nbsp;&nbsp;&nbsp;&nbsp;11040991 |
|  |  |  | 30174770 |
| Mining – 0.8% | Mining – 0.8% | Mining – 0.8% | Mining – 0.8% |
| 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%) |
| 8199142 | 7.075 | 08/19/30 | 8127399 |
| 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%) |
| 2616974 | 7.825 | 08/16/29 | 2616242 |
| PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) |
| 5217052 | 8.689 | 04/23/29 | 4571442 |
|  |  |  | 15315083 |
| Non Captive – 0.3% | Non Captive – 0.3% | Non Captive – 0.3% | Non Captive – 0.3% |
| HUB International Ltd. (B/B1)(3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (B/B1)(3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (B/B1)(3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (B/B1)(3 mo. USD Term SOFR + 2.500%) |
| 6596405 | 6.787 | 06/20/30 | 6563686 |
| Oil Field Services – 1.0% | Oil Field Services – 1.0% | Oil Field Services – 1.0% | Oil Field Services – 1.0% |
| BANGL LLC (BB-/B2)(3 mo. USD Term SOFR + 4.500%) | BANGL LLC (BB-/B2)(3 mo. USD Term SOFR + 4.500%) | BANGL LLC (BB-/B2)(3 mo. USD Term SOFR + 4.500%) | BANGL LLC (BB-/B2)(3 mo. USD Term SOFR + 4.500%) |
| 5466859 | 8.810 | 02/01/29 | 5473692 |
| ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) |
| 1946914 | 7.175 | 06/07/29 | 1943507 |
| Illuminate Buyer LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Illuminate Buyer LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Illuminate Buyer LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Illuminate Buyer LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) |
| 11841615 | 7.325 | 12/31/29 | 11803604 |
|  |  |  | 19220803 |
| Packaging – 4.2% | Packaging – 4.2% | Packaging – 4.2% | Packaging – 4.2% |
| Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| 9033091 | 7.314 | 11/29/30 | 9015657 |
| Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) |
| 5750000 | 0.000 <sup>(b)</sup> | 03/26/32 | 5716478 |
| (1 mo. USD Term SOFR + 3.1750%) | (1 mo. USD Term SOFR + 3.1750%) | (1 mo. USD Term SOFR + 3.1750%) | (1 mo. USD Term SOFR + 3.1750%) |
| 11553872 | 7.500 | 04/13/29 | 11494831 |
| Klockner-Pentaplast of America, Inc. (CCC+/Caa1)(6 mo. USD Term SOFR + 4.725%) | Klockner-Pentaplast of America, Inc. (CCC+/Caa1)(6 mo. USD Term SOFR + 4.725%) | Klockner-Pentaplast of America, Inc. (CCC+/Caa1)(6 mo. USD Term SOFR + 4.725%) | Klockner-Pentaplast of America, Inc. (CCC+/Caa1)(6 mo. USD Term SOFR + 4.725%) |
| 2113157 | 9.227 | 02/12/26 | 1909766 |
| LABL, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) |
| 4091952 | 9.425 | 10/30/28 | 3379257 |
| Pactiv Evergreen Group Holdings, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Pactiv Evergreen Group Holdings, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Pactiv Evergreen Group Holdings, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Pactiv Evergreen Group Holdings, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) |
| 6614079 | 6.825 | 09/24/28 | 6599197 |
| Pretium Packaging LLC (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Pretium Packaging LLC (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Pretium Packaging LLC (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Pretium Packaging LLC (B-/B3)(3 mo. USD Term SOFR + 3.750%) |
| 711339 | 9.291 | 10/02/28 | 714896 |
| Pretium Packaging LLC (CCC/Caa3)(3 mo. USD Term SOFR + 3.899%) | Pretium Packaging LLC (CCC/Caa3)(3 mo. USD Term SOFR + 3.899%) | Pretium Packaging LLC (CCC/Caa3)(3 mo. USD Term SOFR + 3.899%) | Pretium Packaging LLC (CCC/Caa3)(3 mo. USD Term SOFR + 3.899%) |
| 2622582 | 8.192 | 10/02/28 | 1486139 |
| 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%) |
| 3775000 | 7.075 | 08/31/28 | 3762543 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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%) |
| $11179525 | 8.302–8.323% | 09/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;11095678 |
| SupplyOne, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) | SupplyOne, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) | SupplyOne, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) | SupplyOne, Inc. (B/B2)(1 mo. USD Term SOFR + 3.750%) |
| 4658224 | 8.075 | 04/21/31 | 4659668 |
| 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 | 9.822 | 11/30/28 | 1423115 |
| 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%) |
| 8502244 | 5.922 | 11/30/28 | 7226907 |
| 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%) |
| 11157156 | 7.689 | 03/03/28 | 11046588 |
|  |  |  | 79530720 |
| Paper – 0.5% | Paper – 0.5% | Paper – 0.5% | Paper – 0.5% |
| 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%) |
| 8524673 | 8.325 | 07/31/26 | 8517086 |
| Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% |
| Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 5.500%) | Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 5.500%) | Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 5.500%) | Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 5.500%) |
| 3971875 | 9.825 | 05/04/28 | 4035187 |
| Bausch Health Cos., Inc.<sup>(b)</sup> (B/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B/Caa1) |
| 2875000 | 0.000 | 09/25/30 | 2760000 |
| Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) |
| 7250205 | 9.299 | 10/13/29 | 6955702 |
| 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%) |
| 3370920 | 8.399 | 10/01/27 | 3154608 |
|  |  |  | 16905497 |
| Pipelines – 1.2% | Pipelines – 1.2% | Pipelines – 1.2% | Pipelines – 1.2% |
| Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) |
| 8880375 | 10.044 | 06/29/29 | 8870695 |
| Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 5049127 | 8.575 | 08/01/29 | 5045997 |
| Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) |
| 4100000 | 7.291 | 02/16/28 | 4091472 |
| WhiteWater DBR HoldCo LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.250%) |
| 4925281 | 6.549 | 03/03/31 | 4900655 |
|  |  |  | 22908819 |
| Real Estate – 0.2% | Real Estate – 0.2% | Real Estate – 0.2% | Real Estate – 0.2% |
| Forest City Enterprises LP (CCC+/Caa1)(1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (CCC+/Caa1)(1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (CCC+/Caa1)(1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (CCC+/Caa1)(1 mo. USD Term SOFR + 3.500%) |
| 4348084 | 7.939 | 12/08/25 | 4232729 |
| Retailers – 2.7% | Retailers – 2.7% | Retailers – 2.7% | Retailers – 2.7% |
| BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 6080367 | 7.575 | 12/11/30 | 5986608 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Retailers – (continued) | Retailers – (continued) | Retailers – (continued) | Retailers – (continued) |
| Constellation Automotive Ltd. (NR/B2)(1 yr. EUR EURIBOR + 4.000%) | Constellation Automotive Ltd. (NR/B2)(1 yr. EUR EURIBOR + 4.000%) | Constellation Automotive Ltd. (NR/B2)(1 yr. EUR EURIBOR + 4.000%) | Constellation Automotive Ltd. (NR/B2)(1 yr. EUR EURIBOR + 4.000%) |
| 2053879 | 6.413% | 07/28/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211842 |
| Constellation Automotive Ltd. (NR/Caa2)(1 mo. Sterling Overnight Index Average + 7.500%) | Constellation Automotive Ltd. (NR/Caa2)(1 mo. Sterling Overnight Index Average + 7.500%) | Constellation Automotive Ltd. (NR/Caa2)(1 mo. Sterling Overnight Index Average + 7.500%) | Constellation Automotive Ltd. (NR/Caa2)(1 mo. Sterling Overnight Index Average + 7.500%) |
| 700000 | 11.957 | 07/27/29 | 898121 |
| Dealer Tire Financial LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | Dealer Tire Financial LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | Dealer Tire Financial LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | Dealer Tire Financial LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) |
| $3985133 | 7.325 | 07/02/31 | 3960226 |
| Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) |
| 5895375 | 6.825 | 06/11/31 | 5739973 |
| Mister Car Wash Holdings, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 4362854 | 6.791 | 03/27/31 | 4342610 |
| Peer Holding III BV<sup>(b)</sup> (BB/NR) | Peer Holding III BV<sup>(b)</sup> (BB/NR) | Peer Holding III BV<sup>(b)</sup> (BB/NR) |  |
| 6608437 | 0.000 | 07/01/31 | 6590264 |
| Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 3079675 | 6.939 | 10/20/28 | 2929541 |
| Shutterfly, Inc. (B/B2)(3 mo. USD Term SOFR + 6.000%) | Shutterfly, Inc. (B/B2)(3 mo. USD Term SOFR + 6.000%) | Shutterfly, Inc. (B/B2)(3 mo. USD Term SOFR + 6.000%) | Shutterfly, Inc. (B/B2)(3 mo. USD Term SOFR + 6.000%) |
| 913641 | 10.291 | 10/01/27 | 921252 |
| Shutterfly, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 1.000%) | Shutterfly, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 1.000%) | Shutterfly, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 1.000%) | Shutterfly, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 1.000%) |
| 2437848 | 5.325 | 10/01/27 | 2159031 |
| Staples, Inc.<sup>(b)</sup> (B-/B3) | Staples, Inc.<sup>(b)</sup> (B-/B3) |  |  |
| 1900000 | 0.000 | 09/04/29 | 1683400 |
| TruGreen LP (B-/B3)(1 mo. USD Term SOFR + 4.000%) | TruGreen LP (B-/B3)(1 mo. USD Term SOFR + 4.000%) | TruGreen LP (B-/B3)(1 mo. USD Term SOFR + 4.000%) | TruGreen LP (B-/B3)(1 mo. USD Term SOFR + 4.000%) |
| 2491091 | 8.425 | 11/02/27 | 2339558 |
| TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.762%) | TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.762%) | TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.762%) | TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.762%) |
| 2200000 | 13.052 | 11/02/28 | 1928300 |
| White Cap Buyer LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) |
| 8669375 | 7.575 | 10/19/29 | 8390741 |
|  |  |  | 50081467 |
| Technology – 2.9% | Technology – 2.9% | Technology – 2.9% | Technology – 2.9% |
| Cloud Software Group, Inc. (B/B2) | Cloud Software Group, Inc. (B/B2) | Cloud Software Group, Inc. (B/B2) |  |
| 2992500 | 0.000 <sup>(b)</sup> | 03/21/31 | 2960450 |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |  |
| 10062377 | 7.799 | 03/30/29 | 9959438 |
| Fortra LLC (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Fortra LLC (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Fortra LLC (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Fortra LLC (B-/B2)(3 mo. USD Term SOFR + 4.000%) |
| 2009138 | 8.391 | 11/19/26 | 1829823 |
| Kaseya, Inc.<sup>(b)</sup> (B/B2) | Kaseya, Inc.<sup>(b)</sup> (B/B2) |  |  |
| 4875000 | 0.000 | 03/22/32 | 4853696 |
| Kaseya, Inc.<sup>(b)</sup> (CCC+/Caa2) | Kaseya, Inc.<sup>(b)</sup> (CCC+/Caa2) | Kaseya, Inc.<sup>(b)</sup> (CCC+/Caa2) |  |
| 3000000 | 0.000 | 03/05/33 | 3000000 |
| 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%) |
| 12139726 | 7.323 | 03/01/29 | 11566124 |
| Pitney Bowes, Inc.<sup>(b)</sup> (BB/Ba2) | Pitney Bowes, Inc.<sup>(b)</sup> (BB/Ba2) | Pitney Bowes, Inc.<sup>(b)</sup> (BB/Ba2) |  |
| 6632000 | 0.000 | 03/19/32 | 6554605 |
| Project Boost Purchaser LLC (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (B-/B2)(3 mo. USD Term SOFR + 3.000%) |
| 8585242 | 7.299 | 07/16/31 | 8530211 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Ultra Clean Holdings, Inc. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Ultra Clean Holdings, Inc. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Ultra Clean Holdings, Inc. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Ultra Clean Holdings, Inc. (B+/B1)(1 mo. USD Term SOFR + 3.250%) |
| $5865827 | 7.575% | 02/25/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5863364 |
|  |  |  | 55117711 |
| Technology - Hardware – 0.5% | Technology - Hardware – 0.5% | Technology - Hardware – 0.5% | Technology - Hardware – 0.5% |
| Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) |
| 7139823 | 7.819 | 10/12/28 | 7059500 |
| Ingram Micro, Inc. (BB/Ba3)(3 mo. USD Term SOFR + 2.750%) | Ingram Micro, Inc. (BB/Ba3)(3 mo. USD Term SOFR + 2.750%) | Ingram Micro, Inc. (BB/Ba3)(3 mo. USD Term SOFR + 2.750%) | Ingram Micro, Inc. (BB/Ba3)(3 mo. USD Term SOFR + 2.750%) |
| 2466584 | 7.053 | 09/22/31 | 2472750 |
|  |  |  | 9532250 |
| Technology - Software – 6.9% | Technology - Software – 6.9% | Technology - Software – 6.9% | Technology - Software – 6.9% |
| Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) |
| 10909483 | 7.299 | 02/01/31 | 10877082 |
| Amentum Government Services Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) | Amentum Government Services Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) | Amentum Government Services Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) | Amentum Government Services Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) |
| 2892750 | 6.575 | 09/29/31 | 2791504 |
| Aspect Software, Inc. (CCC-/NR) (1 mo. USD Term SOFR + 7.000%) | Aspect Software, Inc. (CCC-/NR) (1 mo. USD Term SOFR + 7.000%) | Aspect Software, Inc. (CCC-/NR) (1 mo. USD Term SOFR + 7.000%) | Aspect Software, Inc. (CCC-/NR) (1 mo. USD Term SOFR + 7.000%) |
| 980000 | 11.442 | 05/05/28 | 7365 |
| Athenahealth Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.000%) |
| 4119333 | 7.325 | 02/15/29 | 4061415 |
| Avalara, Inc.<sup>(b)</sup> (B-/B2) | Avalara, Inc.<sup>(b)</sup> (B-/B2) |  |  |
| 4725000 | 0.000 | 03/19/32 | 4702840 |
| Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) |
| 4806308 | 7.075 | 01/31/31 | 4738203 |
| Clearwater Analytics LLC<sup>(b)(c)</sup> (BB/B1) | Clearwater Analytics LLC<sup>(b)(c)</sup> (BB/B1) | Clearwater Analytics LLC<sup>(b)(c)</sup> (BB/B1) | Clearwater Analytics LLC<sup>(b)(c)</sup> (BB/B1) |
| 500000 | 0.000 | 02/07/32 | 497500 |
| Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) |
| 8425000 | 8.295 | 12/09/31 | 8319688 |
| 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%) |
| 11382353 | 8.061 | 09/29/28 | 11361068 |
| Cotiviti Corp. (B/WR)(1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/WR)(1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/WR)(1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/WR)(1 mo. USD Term SOFR + 2.750%) |
| 4875873 | 7.073 | 05/01/31 | 4766166 |
| 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%) |
| 4124985 | 8.549 | 06/26/31 | 3954829 |
| Dun & Bradstreet Corp. (B+/B1)(1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (B+/B1)(1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (B+/B1)(1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (B+/B1)(1 mo. USD Term SOFR + 2.250%) |
| 6054135 | 6.572 | 01/18/29 | 6038031 |
| Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.750%) |
| 3780147 | 7.075 | 05/30/31 | 3767483 |
| Genuine Financial Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.250%) |
| 8199949 | 7.553 | 09/27/30 | 8044150 |
| iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) |
| 4230491 | 7.575 | 10/15/30 | 4229221 |
| Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) |
| 7700000 | 7.563 | 12/05/31 | 7655725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Technology - Software – (continued) | Technology - Software – (continued) | Technology - Software – (continued) | Technology - Software – (continued) |
| Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.250%) | Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.250%) | Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.250%) | Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.250%) |
| $2275000 | 9.563% | 12/06/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253683 |
| Loyalty Ventures, Inc.<sup>(c)(d)</sup> (NR/WR) | Loyalty Ventures, Inc.<sup>(c)(d)</sup> (NR/WR) | Loyalty Ventures, Inc.<sup>(c)(d)</sup> (NR/WR) | Loyalty Ventures, Inc.<sup>(c)(d)</sup> (NR/WR) |
| 11629469 | 0.000 | 11/03/27 | 814063 |
| Peraton Corp. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/B2)(1 mo. USD Term SOFR + 3.750%) |
| 2252938 | 8.175 | 02/01/28 | 2001240 |
| Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR)(3 mo. USD Term SOFR + 5.000%) |
| 1108699 | 10.299 | 12/31/29 | 1016311 |
| Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C)(3 mo. USD Term SOFR + 4.000%) |
| 7232013 | 8.449 | 12/26/28 | 2169604 |
| Quartz Acquireco LLC (B/B1)(3 mo. USD Term SOFR + 2.250%) | Quartz Acquireco LLC (B/B1)(3 mo. USD Term SOFR + 2.250%) | Quartz Acquireco LLC (B/B1)(3 mo. USD Term SOFR + 2.250%) | Quartz Acquireco LLC (B/B1)(3 mo. USD Term SOFR + 2.250%) |
| 3425344 | 6.549 | 06/28/30 | 3399654 |
| Synechron, Inc.<sup>(c)</sup> (B+/B1)(3 mo. USD Term SOFR + 3.750%) | Synechron, Inc.<sup>(c)</sup> (B+/B1)(3 mo. USD Term SOFR + 3.750%) | Synechron, Inc.<sup>(c)</sup> (B+/B1)(3 mo. USD Term SOFR + 3.750%) | Synechron, Inc.<sup>(c)</sup> (B+/B1)(3 mo. USD Term SOFR + 3.750%) |
| 7625000 | 8.041 | 10/03/31 | 7596406 |
| Thunder Generation Funding LLC (BB-/Ba2)((3 mo. USD Term SOFR + 2.000%) – (3 mo. U.S. (Fed) Prime Rate + 2.000%)) | Thunder Generation Funding LLC (BB-/Ba2)((3 mo. USD Term SOFR + 2.000%) – (3 mo. U.S. (Fed) Prime Rate + 2.000%)) | Thunder Generation Funding LLC (BB-/Ba2)((3 mo. USD Term SOFR + 2.000%) – (3 mo. U.S. (Fed) Prime Rate + 2.000%)) | Thunder Generation Funding LLC (BB-/Ba2)((3 mo. USD Term SOFR + 2.000%) – (3 mo. U.S. (Fed) Prime Rate + 2.000%)) |
| 6965000 | 7.299–9.500 | 10/03/31 | 6956294 |
| UKG, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | UKG, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | UKG, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | UKG, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.000%) |
| 3887665 | 7.300 | 02/10/31 | 3877363 |
| 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%) |
| 9393339 | 7.575 | 02/15/29 | 9366943 |
| 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%) |
| 4688250 | 7.575 | 11/26/31 | 4672122 |
|  |  |  | 129935953 |
| Textiles – 0.4% | Textiles – 0.4% | Textiles – 0.4% | Textiles – 0.4% |
| Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 4.500%) | Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 4.500%) | Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 4.500%) | Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 4.500%) |
| 4670625 | 8.799 | 11/25/31 | 4692017 |
| Fanatics Commerce Intermediate Holdco LLC (BB-/B2)(1 mo. USD Term SOFR + 3.250%) | Fanatics Commerce Intermediate Holdco LLC (BB-/B2)(1 mo. USD Term SOFR + 3.250%) | Fanatics Commerce Intermediate Holdco LLC (BB-/B2)(1 mo. USD Term SOFR + 3.250%) | Fanatics Commerce Intermediate Holdco LLC (BB-/B2)(1 mo. USD Term SOFR + 3.250%) |
| 3722250 | 7.689 | 11/24/28 | 3712944 |
|  |  |  | 8404961 |
| Transportation Services – 1.4% | Transportation Services – 1.4% | Transportation Services – 1.4% | Transportation Services – 1.4% |
| 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%) |
| 7462021 | 7.575 | 01/25/29 | 7415384 |
| MH Sub I LLC (B/B1) | MH Sub I LLC (B/B1) | MH Sub I LLC (B/B1) |  |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |  |
| 3622931 | 8.575 | 05/03/28 | 3425952 |
| 3998092 | 8.575 | 12/31/31 | 3657134 |
| Rand Parent LLC<sup>(b)</sup> (NR/Ba1) | Rand Parent LLC<sup>(b)</sup> (NR/Ba1) | Rand Parent LLC<sup>(b)</sup> (NR/Ba1) |  |
| 3690750 | 0.000 | 03/18/30 | 3637382 |
| Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 4.250%) |
| 7676719 | 8.575 | 09/25/30 | 7599952 |
|  |  |  | 25735804 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% |
| CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) | CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) | CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) | CCI Buyer, Inc. (B-/B1)(3 mo. USD Term SOFR + 4.000%) |
| $2739331 | 8.299% | 12/17/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738565 |
| Connect Finco SARL (B/B1)(1 mo. USD Term SOFR + 4.500%) | Connect Finco SARL (B/B1)(1 mo. USD Term SOFR + 4.500%) | Connect Finco SARL (B/B1)(1 mo. USD Term SOFR + 4.500%) | Connect Finco SARL (B/B1)(1 mo. USD Term SOFR + 4.500%) |
| 3282298 | 8.825 | 09/27/29 | 2876113 |
| Voyager Digital Ltd. (NR/NR)(3 mo. USD Term SOFR + 4.000%) | Voyager Digital Ltd. (NR/NR)(3 mo. USD Term SOFR + 4.000%) | Voyager Digital Ltd. (NR/NR)(3 mo. USD Term SOFR + 4.000%) | Voyager Digital Ltd. (NR/NR)(3 mo. USD Term SOFR + 4.000%) |
| 2605121 | 7.573 | 05/11/29 | 2608377 |
| 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%) |
| 9777659 | 8.049 | 03/22/29 | 9753215 |
| 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%) |
| 1091384 | 5.613 | 03/09/27 | 1084064 |
| (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%) |
| $4850000 | 7.439 | 03/09/27 | 4504437 |
|  |  |  | 23564771 |
| TOTAL BANK LOANS<br>(Cost $1,664,065,716) | TOTAL BANK LOANS<br>(Cost $1,664,065,716) | TOTAL BANK LOANS<br>(Cost $1,664,065,716) | $1611068834 |
| Corporate Obligations – 4.2% | Corporate Obligations – 4.2% | Corporate Obligations – 4.2% | Corporate Obligations – 4.2% |
| Airlines<sup>(e)(f)</sup> – 0.2% | Airlines<sup>(e)(f)</sup> – 0.2% | Airlines<sup>(e)(f)</sup> – 0.2% | Airlines<sup>(e)(f)</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 | $2709200 |
| Building Materials<sup>(e)(f)</sup> – 0.0% | Building Materials<sup>(e)(f)</sup> – 0.0% | Building Materials<sup>(e)(f)</sup> – 0.0% |  |
| Masterbrand, Inc. (BB/Ba3) | Masterbrand, Inc. (BB/Ba3) | Masterbrand, Inc. (BB/Ba3) |  |
| 800000 | 7.000 | 07/15/32 | 799536 |
| Chemicals<sup>(e)(f)</sup> – 0.3% | Chemicals<sup>(e)(f)</sup> – 0.3% | Chemicals<sup>(e)(f)</sup> – 0.3% |  |
| Axalta Coating Systems Dutch Holding B BV (BB/Ba3) | Axalta Coating Systems Dutch Holding B BV (BB/Ba3) | Axalta Coating Systems Dutch Holding B BV (BB/Ba3) | Axalta Coating Systems Dutch Holding B BV (BB/Ba3) |
| 1525000 | 7.250 | 02/15/31 | 1576545 |
| Olympus Water U.S. Holding Corp. (B-/B3) | Olympus Water U.S. Holding Corp. (B-/B3) | Olympus Water U.S. Holding Corp. (B-/B3) | Olympus Water U.S. Holding Corp. (B-/B3) |
| 4160000 | 9.750 | 11/15/28 | 4323321 |
|  |  |  | 5899866 |
| Commercial Services<sup>(e)(f)</sup> – 0.1% | Commercial Services<sup>(e)(f)</sup> – 0.1% | Commercial Services<sup>(e)(f)</sup> – 0.1% |  |
| Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) |  |
| 1075000 | 5.250 | 02/15/29 | 1162955 |
| Diversified Financial Services<sup>(e)(f)</sup> – 0.2% | Diversified Financial Services<sup>(e)(f)</sup> – 0.2% | Diversified Financial Services<sup>(e)(f)</sup> – 0.2% |  |
| United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) |
| $3330000 | 5.500 | 04/15/29 | 3209421 |
| Engineering & Construction<sup>(e)(f)</sup> – 0.4% | Engineering & Construction<sup>(e)(f)</sup> – 0.4% | Engineering & Construction<sup>(e)(f)</sup> – 0.4% |  |
| Global Infrastructure Solutions, Inc. (BB-/B1) | Global Infrastructure Solutions, Inc. (BB-/B1) | Global Infrastructure Solutions, Inc. (BB-/B1) | Global Infrastructure Solutions, Inc. (BB-/B1) |
| 7310000 | 7.500 | 04/15/32 | 7232952 |
| Healthcare Providers & Services<sup>(e)(f)</sup> – 0.0% | Healthcare Providers & Services<sup>(e)(f)</sup> – 0.0% | Healthcare Providers & Services<sup>(e)(f)</sup> – 0.0% | Healthcare Providers & Services<sup>(e)(f)</sup> – 0.0% |
| CHS/Community Health Systems, Inc. (CCC-/Caa3) | CHS/Community Health Systems, Inc. (CCC-/Caa3) | CHS/Community Health Systems, Inc. (CCC-/Caa3) | CHS/Community Health Systems, Inc. (CCC-/Caa3) |
| 1125000 | 6.125 | 04/01/30 | 670736 |
| Insurance<sup>(e)(f)</sup> – 0.1% | Insurance<sup>(e)(f)</sup> – 0.1% | Insurance<sup>(e)(f)</sup> – 0.1% |  |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) |
| 1620000 | 7.250 | 02/15/31 | 1635844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Internet<sup>(e)(f)</sup> – 0.3% | Internet<sup>(e)(f)</sup> – 0.3% |  |  |
| ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) |  |
| $4485000 | 3.875% | 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072873 |
| 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 | 572931 |
|  |  |  | 4645804 |
| Leisure Time<sup>(e)(f)</sup> – 0.1% | Leisure Time<sup>(e)(f)</sup> – 0.1% | Leisure Time<sup>(e)(f)</sup> – 0.1% | Leisure Time<sup>(e)(f)</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 | 1862689 |
| Lodging<sup>(e)(f)</sup> – 0.2% | Lodging<sup>(e)(f)</sup> – 0.2% |  |  |
| Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) |  |
| 4332000 | 4.500 | 12/01/29 | 4049164 |
| Media<sup>(e)</sup> – 0.2% | Media<sup>(e)</sup> – 0.2% |  |  |
| Cumulus Media New Holdings, Inc.<sup>(f)</sup> (CCC+/Caa1) | Cumulus Media New Holdings, Inc.<sup>(f)</sup> (CCC+/Caa1) | Cumulus Media New Holdings, Inc.<sup>(f)</sup> (CCC+/Caa1) | Cumulus Media New Holdings, Inc.<sup>(f)</sup> (CCC+/Caa1) |
| 3895000 | 8.000 | 07/01/29 | 1358459 |
| iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) |
| 1 | 8.375 | 05/01/27 | 1 |
| iHeartCommunications, Inc.<sup>(f)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(f)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(f)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(f)</sup> (CCC+/Caa1) |
| 2040000 | 9.125 | 05/01/29 | 1635345 |
|  |  |  | 2993805 |
| Miscellaneous Manufacturing<sup>(e)</sup> – 0.0% | Miscellaneous Manufacturing<sup>(e)</sup> – 0.0% | Miscellaneous Manufacturing<sup>(e)</sup> – 0.0% | Miscellaneous Manufacturing<sup>(e)</sup> – 0.0% |
| Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) |  |
| 922000 | 3.750 | 03/01/31 | 806280 |
| Oil Field Services – 0.8% | Oil Field Services – 0.8% |  |  |
| Aris Water Holdings LLC<sup>(e)(f)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(e)(f)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(e)(f)</sup> (B+/B2) |  |
| 1770000 | 7.250 | 04/01/30 | 1789824 |
| Kodiak Gas Services LLC<sup>(e)(f)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(e)(f)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(e)(f)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(e)(f)</sup> (BB-/B2) |
| 620000 | 7.250 | 02/15/29 | 632654 |
| Noble Finance II LLC<sup>(e)(f)</sup> (BB-/B1) | Noble Finance II LLC<sup>(e)(f)</sup> (BB-/B1) | Noble Finance II LLC<sup>(e)(f)</sup> (BB-/B1) |  |
| 1880000 | 8.000 | 04/15/30 | 1878534 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(e)(f)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(e)(f)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(e)(f)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(e)(f)</sup> (B/B3) |
| 1720000 | 7.875 | 11/01/28 | 1771015 |
| Sunoco LP<sup>(e)(f)</sup> (BB+/Ba1) | Sunoco LP<sup>(e)(f)</sup> (BB+/Ba1) | Sunoco LP<sup>(e)(f)</sup> (BB+/Ba1) |  |
| 1145000 | 7.000 | 05/01/29 | 1172171 |
| 880000 | 7.250 | 05/01/32 | 909049 |
| Sunoco LP/Sunoco Finance Corp.<sup>(e)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(e)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(e)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(e)</sup> (BB+/Ba1) |
| 2070000 | 7.000 <sup>(f)</sup> | 09/15/28 | 2117548 |
| 1425000 | 4.500 | 04/30/30 | 1332916 |
| Wildfire Intermediate Holdings LLC<sup>(e)(f)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(e)(f)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(e)(f)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(e)(f)</sup> (B+/B3) |
| 4100000 | 7.500 | 10/15/29 | 3997746 |
|  |  |  | 15601457 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |
| Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) |  |
| 7045000 | 0.000 | 03/31/32 | 7045000 |
| Pipelines<sup>(e)(f)</sup> – 0.2% | Pipelines<sup>(e)(f)</sup> – 0.2% |  |  |
| Hess Midstream Operations LP (BB+/Ba2) | Hess Midstream Operations LP (BB+/Ba2) | Hess Midstream Operations LP (BB+/Ba2) | Hess Midstream Operations LP (BB+/Ba2) |
| 935000 | 6.500 | 06/01/29 | 953223 |
| ITT Holdings LLC (B-/B3) | ITT Holdings LLC (B-/B3) | ITT Holdings LLC (B-/B3) |  |
| 2305000 | 6.500 | 08/01/29 | 2126201 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines<sup>(e)(f)</sup> – (continued) | Pipelines<sup>(e)(f)</sup> – (continued) |  |  |
| Summit Midstream Holdings LLC (B+/B3) | Summit Midstream Holdings LLC (B+/B3) | Summit Midstream Holdings LLC (B+/B3) | Summit Midstream Holdings LLC (B+/B3) |
| 1285000 | 8.625% | 10/31/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313116 |
|  |  |  | 4392540 |
| Real Estate<sup>(e)(f)(g)</sup> – 0.1% | Real Estate<sup>(e)(f)(g)</sup> – 0.1% | Real Estate<sup>(e)(f)(g)</sup> – 0.1% | Real Estate<sup>(e)(f)(g)</sup> – 0.1% |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa1) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa1) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa1) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa1) |
| 2885000 | 5.250 | 04/15/30 | 2154345 |
| Retailing<sup>(e)(f)</sup> – 0.1% | Retailing<sup>(e)(f)</sup> – 0.1% |  |  |
| LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) |
| 2285000 | 4.875 | 05/01/29 | 2143010 |
| Software<sup>(e)(f)</sup> – 0.4% | Software<sup>(e)(f)</sup> – 0.4% |  |  |
| AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) |  |
| 4090000 | 6.500 | 02/15/30 | 3843128 |
| Castle U.S. Holding Corp. (C/Ca) | Castle U.S. Holding Corp. (C/Ca) | Castle U.S. Holding Corp. (C/Ca) |  |
| 3965000 | 9.500 | 02/15/28 | 1760856 |
| Rackspace Finance LLC (B-/Caa1) | Rackspace Finance LLC (B-/Caa1) | Rackspace Finance LLC (B-/Caa1) |  |
| 2366000 | 3.500 | 05/15/28 | 1101255 |
|  |  |  | 6705239 |
| Transportation<sup>(e)(f)(g)</sup> – 0.1% | Transportation<sup>(e)(f)(g)</sup> – 0.1% | Transportation<sup>(e)(f)(g)</sup> – 0.1% | Transportation<sup>(e)(f)(g)</sup> – 0.1% |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |  |
| 2705000 | 8.500 | 02/15/30 | 2675083 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $87,276,568) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $87,276,568) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $87,276,568) | $78394926 |
| Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.1% | Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.1% | Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.1% | Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.1% |
| Collateralized Loan Obligations – 1.1% | Collateralized Loan Obligations – 1.1% | Collateralized Loan Obligations – 1.1% | Collateralized Loan Obligations – 1.1% |
| Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3 mo. USD Term SOFR + 4.062%) | Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3 mo. USD Term SOFR + 4.062%) | Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3 mo. USD Term SOFR + 4.062%) | Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3 mo. USD Term SOFR + 4.062%) |
| 5400000 | 8.365% | 04/17/33 | $5411135 |
| 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 | 8.255 | 08/16/34 | 4861966 |
| 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 | 8.275 | 04/18/36 | 3995980 |
| Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) |
| 7000000 | 8.365 | 10/20/34 | 6848380 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $21,086,997) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $21,086,997) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $21,086,997) | $21117461 |
| **Shares** | **Description** | **Description** | **Value** |
| Common Stocks<sup>(d)</sup> – 0.4% | Common Stocks<sup>(d)</sup> – 0.4% | Common Stocks<sup>(d)</sup> – 0.4% | Common Stocks<sup>(d)</sup> – 0.4% |
| Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% |
| 204620 | Swissport Ltd. | Swissport Ltd. | $3540089 |
| Health Care Providers & Services<sup>(c)</sup> – 0.1% | Health Care Providers & Services<sup>(c)</sup> – 0.1% | Health Care Providers & Services<sup>(c)</sup> – 0.1% | Health Care Providers & Services<sup>(c)</sup> – 0.1% |
| 50617 | New Trojan/Careismatic | New Trojan/Careismatic | 1518510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

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------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks<sup>(d)</sup> – (continued) | Common Stocks<sup>(d)</sup> – (continued) | Common Stocks<sup>(d)</sup> – (continued) |
| IT Services – 0.0% | IT Services – 0.0% | IT Services – 0.0% |
| 11094 | DSG TopCo, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194844 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% |
| 77495 | Audacy Class A | 1278664 |
| 8495 | Audacy Capital Corp. Class B | 144421 |
| 162749 | Bright Pattern Holdco<sup>(c)</sup> | 162 |
| 579399 | Clear Channel Outdoor Holdings, Inc. | 643133 |
|  |  | 2066380 |
| Software<sup>(c)</sup> – 0.0% | Software<sup>(c)</sup> – 0.0% | Software<sup>(c)</sup> – 0.0% |
| 229 | Travelport LLC |  |
| Specialty Retail – 0.0% | Specialty Retail – 0.0% | Specialty Retail – 0.0% |
| 9541 | Neiman Marcus Group Ltd. LLC | 954100 |
| TOTAL COMMON STOCKS<br>(Cost $20,644,655) | TOTAL COMMON STOCKS<br>(Cost $20,644,655) | $8273923 |
| **Units** | **Expiration<br>Date** | **Value** |
| Rights<sup>(d)</sup> – 0.1% | Rights<sup>(d)</sup> – 0.1% | Rights<sup>(d)</sup> – 0.1% |
| Media – 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 | $1339330 |
| (Cost $962,523) | (Cost $962,523) |  |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks<sup>(c)(d)</sup> – 0.0% | Preferred Stocks<sup>(c)(d)</sup> – 0.0% | Preferred Stocks<sup>(c)(d)</sup> – 0.0% |
| Post Secondary Education – 0.0% | Post Secondary Education – 0.0% | Post Secondary Education – 0.0% |
|  Travelport LLC | Travelport LLC | Travelport LLC |
| 163 | 0.000 | $102690 |
| (Cost $163,000) | (Cost $163,000) |  |
| **Units** | **Expiration<br>Date** | **Value** |
| Warrants<sup>(d)</sup> – 0.0% | Warrants<sup>(d)</sup> – 0.0% | Warrants<sup>(d)</sup> – 0.0% |
|  Aspect Software, Inc. (NR/NR)<sup>(c)</sup>  | Aspect Software, Inc. (NR/NR)<sup>(c)</sup>  | Aspect Software, Inc. (NR/NR)<sup>(c)</sup>  |
| 162749 | 12/31/99 | $163 |
|  New Trojan/Careismatic (NR/NR) | New Trojan/Careismatic (NR/NR) | New Trojan/Careismatic (NR/NR) |
| 5698 | 12/31/99 |  |
|  Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 | 02/04/28 | 58383 |
| (Cost $15,865) | (Cost $15,865) |  |
| TOTAL WARRANTS<br>(Cost $1,115,865) | TOTAL WARRANTS<br>(Cost $1,115,865) | $58546 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Exchange Traded Funds – 4.3% | Exchange Traded Funds – 4.3% | Exchange Traded Funds – 4.3% |
| 178245 | Eldridge BBB-B CLO ETF<br>(NR/NR)<sup>(g)</sup> | $4735970 |
| 906825 | Invesco Senior Loan ETF (NR/NR) | 18771277 |
| 1366053 | SPDR Blackstone Senior Loan ETF (NR/NR) | 56185760 |
| TOTAL EXCHANGE TRADED FUNDS<br>(Cost $80,598,383) | TOTAL EXCHANGE TRADED FUNDS<br>(Cost $80,598,383) | $79693007 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(i)</sup> – 7.4% | Investment Company<sup>(i)</sup> – 7.4% | Investment Company<sup>(i)</sup> – 7.4% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 138777899 | 4.259% | $138777899 |
| (Cost $138,777,899) | (Cost $138,777,899) |  |
| Securities Lending Reinvestment Vehicle<sup>(i)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(i)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(i)</sup> – 0.5% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 8547960 | 4.259% | $8547960 |
| (Cost $8,547,960) | (Cost $8,547,960) |  |
| TOTAL INVESTMENTS – 103.9%<br>(Cost $2,023,239,566) | TOTAL INVESTMENTS – 103.9%<br>(Cost $2,023,239,566) | $1947374576 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (3.9)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (3.9)%** | $(72231532) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1875143044 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(d) Security is currently in default and/or non-income producing.

(e) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f) Exempt from registration under Rule 144A of the Securities Act of 1933.

(g) All or a portion of security is on loan.

(h) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (i) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 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/B2), due 12/11/31 | $434615 | $432857 | $(3271) |
|  Groundworks LLC (B/B3), due 03/14/31 | 865026 | 841652 | (19593) |
| TOTAL |  |  | $(22864) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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** |
|  MS & Co. Int. PLC | EUR | 1303733 | USD | 1360486 | 04/09/25 | $49909 |

---

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 | EUR | 5522483 | USD | 6037024 | 04/09/25 | $(62733) |
|  | USD | 68744928 | EUR | 66633318 | 04/09/25 | (3339820) |
| TOTAL |  |  |  |  |  | $(3402553) |

---

FUTURES CONTRACTS — At March 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 | 106 | 06/30/25 | $11464563 | $19690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 43 | 5.000% | 3.628% | 12/20/29 | $168500 | $9277951 | $12393860 | $(3115909) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| 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 43 | —CDX North America High Yield Index 43 |
| 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;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 91.3% | Corporate Obligations – 91.3% | Corporate Obligations – 91.3% | Corporate Obligations – 91.3% |
| Aerospace & Defense<sup>(a)</sup> – 3.4% | Aerospace & Defense<sup>(a)</sup> – 3.4% | Aerospace & Defense<sup>(a)</sup> – 3.4% | Aerospace & Defense<sup>(a)</sup> – 3.4% |
| Boeing Co. | Boeing Co. | Boeing Co. |  |
| $525000 | 2.196% | 02/04/26 | $513665 |
| 1950000 | 3.450 | 11/01/28 | 1861860 |
| 5577000 | 2.950 | 02/01/30 | 5075516 |
| 431000 | 5.150 | 05/01/30 | 433573 |
| 3750000 | 3.600 | 05/01/34 | 3222975 |
| 1679000 | 6.528 | 05/01/34 | 1798024 |
| 1375000 | 3.250 | 02/01/35 | 1129906 |
| 500000 | 3.550 | 03/01/38 | 391330 |
| 1306000 | 3.375 | 06/15/46 | 875947 |
| 575000 | 3.625 | 03/01/48 | 392139 |
| 900000 | 3.850 | 11/01/48 | 637911 |
| 1551000 | 6.858 | 05/01/54 | 1685704 |
| Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |  |
| 796000 | 5.875 | 02/26/35 | 810535 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |  |
| 802000 | 4.850 | 10/15/31 | 799843 |
| RTX Corp. | RTX Corp. | RTX Corp. |  |
| 1975000 | 4.125 | 11/16/28 | 1948259 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21577187 |
| Agriculture<sup>(a)</sup> – 1.1% | Agriculture<sup>(a)</sup> – 1.1% | Agriculture<sup>(a)</sup> – 1.1% | Agriculture<sup>(a)</sup> – 1.1% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |
| 975000 | 4.800 | 02/14/29 | 976833 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |  |
| 150000 | 3.215 | 09/06/26 | 147123 |
| 200000 | 3.557 | 08/15/27 | 195170 |
| 1350000 | 2.259 | 03/25/28 | 1261507 |
| 4055000 | 6.000 | 02/20/34 | 4216308 |
|  |  |  | 6796941 |
| Automotive – 3.5% | Automotive – 3.5% | Automotive – 3.5% | Automotive – 3.5% |
| Ford Motor Credit Co. LLC <sup>(a)</sup> | Ford Motor Credit Co. LLC <sup>(a)</sup> | Ford Motor Credit Co. LLC <sup>(a)</sup> |  |
| 210000 | 3.375 | 11/13/25 | 207453 |
| 4775000 | 6.950 | 06/10/26 | 4847437 |
| 586000 | 5.850 | 05/17/27 | 589170 |
| General Motors Co. <sup>(a)</sup> | General Motors Co. <sup>(a)</sup> | General Motors Co. <sup>(a)</sup> |  |
| 2925000 | 6.800 | 10/01/27 | 3043433 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |  |
| 3178000 | 6.050 | 10/10/25 | 3195320 |
| 4365000 | 5.250 <sup>(a)</sup> | 03/01/26 | 4373032 |
| 2575000 | 1.500 <sup>(a)</sup> | 06/10/26 | 2476326 |
| 400000 | 2.700 <sup>(a)</sup> | 08/20/27 | 380348 |
| 775000 | 3.850 <sup>(a)</sup> | 01/05/28 | 751153 |
| Hyundai Capital America <sup>(a)(b)</sup> | Hyundai Capital America <sup>(a)(b)</sup> | Hyundai Capital America <sup>(a)(b)</sup> |  |
| 1450000 | 5.600 | 03/30/28 | 1477187 |
| 925000 | 6.200 | 09/21/30 | 968836 |
|  |  |  | 22309695 |
| Banks – 21.5% | Banks – 21.5% | Banks – 21.5% | Banks – 21.5% |
| Banco Santander SA | Banco Santander SA | Banco Santander SA |  |
| 1200000 | 5.565 | 01/17/30 | 1232640 |
| 1600000 | 6.921 | 08/08/33 | 1697120 |
| (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 | 346324 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 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%) |  |  |
| $275000 | 2.496% | 02/13/31 | $| 246884 |
| (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 |  | 937924 |
| (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 |  | &nbsp;&nbsp;&nbsp;&nbsp;5261359 |
| (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 |  | 1926893 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |  |  |
| 1025000 | 2.482 | 09/21/36 |  | 853456 |
| (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) |  |  |
| 1100000 | 2.972 | 02/04/33 |  | 964480 |
| (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) |  |  |
| 1615000 | 5.819 | 09/15/29 |  | 1673834 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |  |  |
| 1210000 | 5.202 | 04/25/29 |  | 1228973 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |  |  |
| 5090000 | 4.571 | 04/27/33 |  | 4915769 |
| Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.358%) |
| 2089000 | 4.700 | 09/20/25 |  | 2079620 |
| Bank of Nova Scotia <sup>(a)(c)</sup> | Bank of Nova Scotia <sup>(a)(c)</sup> | Bank of Nova Scotia <sup>(a)(c)</sup> |  |  |
| (5 yr. CMT + 2.903%) | (5 yr. CMT + 2.903%) | (5 yr. CMT + 2.903%) |  |  |
| 795000 | 7.350 | 04/27/85 |  | 788727 |
| (5 yr. CMT + 4.551%) | (5 yr. CMT + 4.551%) | (5 yr. CMT + 4.551%) |  |  |
| 351000 | 4.900 | 06/04/25 |  | 349543 |
| Barclays PLC | Barclays PLC | Barclays PLC |  |  |
| 425000 | 5.200 | 05/12/26 |  | 426267 |
| 1850000 | 4.836 <sup>(a)</sup> | 05/09/28 |  | 1842804 |
| (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 |  | 1130755 |
| (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 |  | 1240792 |
| 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%) |  |  |
| 1680000 | 5.335 | 06/12/29 |  | 1709098 |
| (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) | (Secured Overnight Financing Rate + 1.004%) |  |  |
| 4225000 | 1.323 | 01/13/27 |  | 4113671 |
| (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) |  |  |
| 370000 | 3.052 | 01/13/31 |  | 338054 |
| BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> |  |  |
| 1350000 | 4.625 | 09/12/28 |  | 1339281 |
| 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%) |  |  |
| 1973000 | 3.887 | 01/10/28 |  | 1949423 |
| (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) |  |  |
| 830000 | 5.411 | 09/19/39 |  | 793729 |
| (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) |  |  |
| 1480000 | 6.750 | 02/15/30 |  | 1461056 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |  |  |
| 1568000 | 3.875 | 02/18/26 |  | 1535213 |
| (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) |  |  |
| 1900000 | 4.000 | 12/10/25 |  | 1873476 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |  |  |
| 1025000 | 2.976 | 11/05/30 |  | 943646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.447%) | (Secured Overnight Financing Rate + 1.447%) | (Secured Overnight Financing Rate + 1.447%) |  |  |
| $1535000 | 5.449% | 06/11/35 | $| 1544456 |
| (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) |  |  |
| 1645000 | 6.270 | 11/17/33 |  | 1745296 |
| (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) |  |  |
| 675000 | 4.412 | 03/31/31 |  | 657518 |
| 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%) |  |  |
| 440000 | 5.253 | 03/05/31 |  | 442284 |
| (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) |  |  |
| 3075000 | 5.841 | 01/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;3156949 |
| Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA <sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) |
| 1290000 | 8.125 | 12/23/25 |  | 1311014 |
| Discover Bank <sup>(a)</sup> | Discover Bank <sup>(a)</sup> | Discover Bank <sup>(a)</sup> |  |  |
| 1500000 | 4.650 | 09/13/28 |  | 1487235 |
| Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.486%) | Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.486%) | Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.486%) | Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.486%) | Fifth Third Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.486%) |
| 782000 | 4.895 | 09/06/30 |  | 780108 |
| 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%) | First Horizon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 580000 | 5.514 | 03/07/31 |  | 582900 |
| HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA |  |  |
| 800000 | 5.625 | 08/15/35 |  | 808960 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |  |  |
| 600000 | 7.625 | 05/17/32 |  | 661140 |
| (Secured Overnight Financing Rate + 1.929%) | (Secured Overnight Financing Rate + 1.929%) | (Secured Overnight Financing Rate + 1.929%) |  |  |
| 925000 | 2.099 <sup>(a)(c)</sup> | 06/04/26 |  | 920542 |
| 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%) |  |  |
| 185000 | 6.141 | 11/18/39 |  | 186513 |
| (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) |  |  |
| 1035000 | 5.709 | 02/02/35 |  | 1045899 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |  |  |
| 3035000 | 6.208 | 08/21/29 |  | 3159040 |
| 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%) |  |  |
| 1725000 | 1.726 | 04/01/27 |  | 1675182 |
| (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) |  |  |
| 1620000 | 5.335 | 03/19/30 |  | 1649905 |
| 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%) |  |  |
| 875000 | 3.882 | 07/24/38 |  | 759176 |
| (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 |  | 3314638 |
| (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) |  |  |
| 11324000 | 4.586 | 04/26/33 |  | 11019045 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |  |  |
| 1575000 | 4.582 | 12/10/25 |  | 1570527 |
| (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) |  |  |
| 350000 | 1.627 <sup>(a)(c)</sup> | 05/11/27 |  | 338457 |
| M&T Bank Corp. <sup>(a)(c)</sup> | M&T Bank Corp. <sup>(a)(c)</sup> | M&T Bank Corp. <sup>(a)(c)</sup> |  |  |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |  |  |
| 375000 | 5.385 | 01/16/36 |  | 367714 |
| (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) |  |  |
| 3355000 | 6.082 | 03/13/32 |  | 3472861 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Macquarie Group Ltd. <sup>(a)(b)(c)</sup> | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> |
| (3 mo. USD LIBOR + 1.372%) | (3 mo. USD LIBOR + 1.372%) | (3 mo. USD LIBOR + 1.372%) | (3 mo. USD LIBOR + 1.372%) |
| $1900000 | 3.763% | 11/28/28 | $&nbsp;&nbsp;&nbsp;&nbsp;1851569 |
| (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) |
| 2200000 | 1.340 | 01/12/27 | 2144538 |
| 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 | 2356309 |
| (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 | 600445 |
| (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 | 1666813 |
| (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 | 6527896 |
| (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) |
| 255000 | 5.466 | 01/18/35 | 258080 |
| (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) |
| 2181000 | 4.889 | 07/20/33 | 2150226 |
| NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) | NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) | NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) | NatWest Group PLC <sup>(a)(c)</sup> (5 yr. USD Swap + 5.720%) |
| 1305000 | 8.000 | 08/10/25 | 1311812 |
| 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%) |
| 1820000 | 5.401 | 07/23/35 | 1827080 |
| 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 | 2022459 |
| Santander U.K. Group Holdings PLC <sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) |
| 325000 | 3.823 | 11/03/28 | 316150 |
| 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 | 259997 |
| 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 | 1376279 |
| 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> |
| (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) |
| 3055000 | 4.950 | 09/01/25 | 3037250 |
| (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 | 2869319 |
| 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 | 1299312 |
| 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 | 3306669 |
| (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 | 462279 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 4925000 | 1.305 <sup>(c)</sup> | 02/02/27 | 4788824 |
| (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) |
| 1875000 | 9.016 <sup>(c)</sup> | 11/15/33 | 2290163 |
| 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 | 487457 |
| (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 | 1298036 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 3403000 | 4.897 | 07/25/33 | 3354235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |  |  |
| 824000 | 5.950% | 08/26/36 | $| 858863 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;136580230 |
| Beverages – 1.2% | Beverages – 1.2% | Beverages – 1.2% | Beverages – 1.2% | Beverages – 1.2% |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 180000 | 8.200 | 01/15/39 |  | 229345 |
| Bacardi Ltd. <sup>(a)(b)</sup> | Bacardi Ltd. <sup>(a)(b)</sup> | Bacardi Ltd. <sup>(a)(b)</sup> |  |  |
| 2275000 | 4.700 | 05/15/28 |  | 2264398 |
| 700000 | 5.300 | 05/15/48 |  | 615818 |
| 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 |  | 1415720 |
| Constellation Brands, Inc. <sup>(a)</sup> | Constellation Brands, Inc. <sup>(a)</sup> | Constellation Brands, Inc. <sup>(a)</sup> |  |  |
| 450000 | 4.350 | 05/09/27 |  | 448097 |
| 350000 | 4.650 | 11/15/28 |  | 349391 |
| 455000 | 4.800 | 01/15/29 |  | 456197 |
| 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 |  | 1650643 |
|  |  |  |  | 7429609 |
| Biotechnology<sup>(a)</sup> – 1.2% | Biotechnology<sup>(a)</sup> – 1.2% | Biotechnology<sup>(a)</sup> – 1.2% | Biotechnology<sup>(a)</sup> – 1.2% | Biotechnology<sup>(a)</sup> – 1.2% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |  |  |
| 3100000 | 4.200 | 03/01/33 |  | 2938521 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |  |  |
| 3251000 | 1.200 | 09/02/25 |  | 3204966 |
| 739000 | 2.200 | 09/02/30 |  | 639309 |
| 761000 | 5.400 | 09/02/34 |  | 751396 |
|  |  |  |  | 7534192 |
| 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% | Building Materials<sup>(a)</sup> – 0.1% |
| Owens Corning | Owens Corning | Owens Corning |  |  |
| 422000 | 5.950 | 06/15/54 |  | 422228 |
| Chemicals<sup>(a)</sup> –0.9% | Chemicals<sup>(a)</sup> –0.9% | Chemicals<sup>(a)</sup> –0.9% | Chemicals<sup>(a)</sup> –0.9% | Chemicals<sup>(a)</sup> –0.9% |
| Celanese U.S. Holdings LLC <sup>(d)</sup> | Celanese U.S. Holdings LLC <sup>(d)</sup> | Celanese U.S. Holdings LLC <sup>(d)</sup> |  |  |
| 789000 | 6.415 | 07/15/27 |  | 801908 |
| 715000 | 6.600 | 11/15/28 |  | 737765 |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |  |  |
| 76000 | 5.319 | 11/15/38 |  | 78370 |
| 825000 | 5.419 | 11/15/48 |  | 830107 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |  |  |
| 1050000 | 4.500 | 05/01/29 |  | 1006068 |
| International Flavors & Fragrances, Inc. <sup>(b)</sup> | International Flavors & Fragrances, Inc. <sup>(b)</sup> | International Flavors & Fragrances, Inc. <sup>(b)</sup> |  |  |
| 385000 | 2.300 | 11/01/30 |  | 332744 |
| 1075000 | 3.268 | 11/15/40 |  | 781880 |
| LYB International Finance BV | LYB International Finance BV | LYB International Finance BV |  |  |
| 725000 | 4.875 | 03/15/44 |  | 625595 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |  |  |
| 475000 | 4.000 | 12/15/42 |  | 383933 |
|  |  |  |  | 5578370 |
| Commercial Services – 1.1% | 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> |  |  |
| 925000 | 1.500 | 08/12/26 |  | 884911 |
| 525000 | 2.450 | 08/12/31 |  | 446402 |
| 456000 | 5.800 | 04/15/34 |  | 459073 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| DP World Ltd. | DP World Ltd. | DP World Ltd. |  |  |
| 360000 | 5.625% | 09/25/48 | $| 343800 |
| Global Payments, Inc. <sup>(a)</sup> | Global Payments, Inc. <sup>(a)</sup> | Global Payments, Inc. <sup>(a)</sup> |  |  |
| 1150000 | 4.450 | 06/01/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;1142491 |
| GXO Logistics, Inc. <sup>(a)</sup> | GXO Logistics, Inc. <sup>(a)</sup> | GXO Logistics, Inc. <sup>(a)</sup> |  |  |
| 2573000 | 2.650 | 07/15/31 |  | 2205396 |
| 887000 | 6.500 | 05/06/34 |  | 907667 |
| Rollins, Inc. <sup>(a)(b)</sup> | Rollins, Inc. <sup>(a)(b)</sup> | Rollins, Inc. <sup>(a)(b)</sup> |  |  |
| 696000 | 5.250 | 02/24/35 |  | 693000 |
|  |  |  |  | 7082740 |
| Computers – 1.1% | Computers – 1.1% | Computers – 1.1% | Computers – 1.1% | Computers – 1.1% |
| Dell International LLC/EMC Corp. <sup>(a)</sup> | Dell International LLC/EMC Corp. <sup>(a)</sup> | Dell International LLC/EMC Corp. <sup>(a)</sup> |  |  |
| 375000 | 4.900 | 10/01/26 |  | 376402 |
| Dell, Inc. | Dell, Inc. | Dell, Inc. |  |  |
| 2075000 | 7.100 | 04/15/28 |  | 2206721 |
| 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 |  | 102239 |
| 341000 | 6.200 | 10/15/35 |  | 360399 |
| HP, Inc. <sup>(a)</sup> | HP, Inc. <sup>(a)</sup> | HP, Inc. <sup>(a)</sup> |  |  |
| 3219000 | 2.200 | 06/17/25 |  | 3199364 |
| NetApp, Inc. <sup>(a)</sup> | NetApp, Inc. <sup>(a)</sup> | NetApp, Inc. <sup>(a)</sup> |  |  |
| 705000 | 5.500 | 03/17/32 |  | 710598 |
|  |  |  |  | 6955723 |
| Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> |
| 725000 | 6.450 | 04/15/27 |  | 748403 |
| 850000 | 4.625 | 10/15/27 |  | 846694 |
| 775000 | 3.000 | 10/29/28 |  | 727911 |
| 920000 | 5.375 | 12/15/31 |  | 927010 |
| Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> |  |  |
| 1475000 | 3.750 | 06/01/26 |  | 1458981 |
| 325000 | 3.625 | 04/01/27 |  | 319670 |
| 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 |  | 476356 |
| Ally Financial, Inc. <sup>(a)</sup> | Ally Financial, Inc. <sup>(a)</sup> | Ally Financial, Inc. <sup>(a)</sup> |  |  |
| 1335000 | 4.750 | 06/09/27 |  | 1333238 |
| 1575000 | 2.200 | 11/02/28 |  | 1427171 |
| Aviation Capital Group LLC <sup>(a)(b)</sup> | Aviation Capital Group LLC <sup>(a)(b)</sup> | Aviation Capital Group LLC <sup>(a)(b)</sup> |  |  |
| 2675000 | 1.950 | 01/30/26 |  | 2612405 |
| 655000 | 5.375 | 07/15/29 |  | 659651 |
| Avolon Holdings Funding Ltd. <sup>(a)(b)</sup> | Avolon Holdings Funding Ltd. <sup>(a)(b)</sup> | Avolon Holdings Funding Ltd. <sup>(a)(b)</sup> |  |  |
| 3750000 | 4.250 | 04/15/26 |  | 3727575 |
| 1450000 | 3.250 | 02/15/27 |  | 1405398 |
| Capital One Financial Corp. <sup>(a)(c)</sup> | Capital One Financial Corp. <sup>(a)(c)</sup> | Capital One Financial Corp. <sup>(a)(c)</sup> |  |  |
| (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) |  |  |
| 2125000 | 5.884 | 07/26/35 |  | 2142935 |
| (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) |  |  |
| 430000 | 6.183 | 01/30/36 |  | 428259 |
| (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) |  |  |
| 1165000 | 7.624 | 10/30/31 |  | 1296342 |
| Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) | Charles Schwab Corp. <sup>(a)(c)</sup> (5 yr. CMT + 4.971%) |  |  |
| 2993000 | 5.375 | 06/01/25 |  | 2986834 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| Discover Financial Services <sup>(a)</sup> | Discover Financial Services <sup>(a)</sup> | Discover Financial Services <sup>(a)</sup> |  |  |
| 800000 | 4.100% | 02/09/27 | $| 791832 |
| Intercontinental Exchange, Inc. <sup>(a)</sup> | Intercontinental Exchange, Inc. <sup>(a)</sup> | Intercontinental Exchange, Inc. <sup>(a)</sup> |  |  |
| 350000 | 3.625 | 09/01/28 |  | 341369 |
| 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 |  | 1243143 |
| 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 |  | 1269293 |
| 135000 | 6.400 | 03/26/29 |  | 139670 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |  |  |
| 2375000 | 1.653 | 07/14/26 |  | 2285272 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;29595412 |
| Electrical – 4.1% | 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> |  |  |
| 350000 | 2.300 | 03/01/30 |  | 310643 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |  |  |
| 767000 | 6.125 | 04/01/36 |  | 816226 |
| 500000 | 2.850 <sup>(a)</sup> | 05/15/51 |  | 306635 |
| CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> |  |  |
| 500000 | 4.875 | 03/01/44 |  | 447235 |
| Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> |  |  |
| 925000 | 3.375 | 04/01/30 |  | 863978 |
| DTE Energy Co. <sup>(a)</sup> | DTE Energy Co. <sup>(a)</sup> | DTE Energy Co. <sup>(a)</sup> |  |  |
| 4736000 | 4.875 | 06/01/28 |  | 4764416 |
| Duke Energy Corp. <sup>(a)</sup> | Duke Energy Corp. <sup>(a)</sup> | Duke Energy Corp. <sup>(a)</sup> |  |  |
| 400000 | 4.800 | 12/15/45 |  | 345124 |
| 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 |  | 945473 |
| 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 |  | 566375 |
| 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 |  | 614153 |
| 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 |  | 1896046 |
| Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> |  |  |
| 250000 | 2.950 | 03/01/26 |  | 245620 |
| 2075000 | 2.100 | 08/01/27 |  | 1945644 |
| 950000 | 6.400 | 06/15/33 |  | 992731 |
| 650000 | 6.950 | 03/15/34 |  | 703917 |
| 675000 | 5.800 | 05/15/34 |  | 681797 |
| 1594000 | 5.700 | 03/01/35 |  | 1594606 |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |  |  |
| 1400000 | 7.000 | 10/30/31 |  | 1557346 |
| 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 |  | 803107 |
| Sempra <sup>(a)</sup> | Sempra <sup>(a)</sup> | Sempra <sup>(a)</sup> |  |  |
| 1125000 | 3.800 | 02/01/38 |  | 923917 |
| 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 |  | 1287887 |
| 275000 | 4.050 | 03/15/42 |  | 216062 |
| 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 |  | 943030 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) |
| Xcel Energy, Inc. <sup>(a)</sup> | Xcel Energy, Inc. <sup>(a)</sup> | Xcel Energy, Inc. <sup>(a)</sup> |  |  |
| 2380000 | 3.350% | 12/01/26 | $| 2332305 |
|  |  |  |  | 26104273 |
| Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |  |  |
| 460000 | 5.600 | 05/29/34 |  | 464904 |
| 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% | Engineering & Construction<sup>(a)</sup> – 0.3% |
| MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |  |  |
| 551000 | 5.900 | 06/15/29 |  | 565111 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |  |  |
| 240000 | 3.875 <sup>(b)</sup> | 04/30/28 |  | 229051 |
| 800000 | 5.500 | 07/31/47 |  | 657504 |
| 220000 | 5.500 <sup>(b)</sup> | 07/31/47 |  | 180814 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1632480 |
| Entertainment<sup>(a)</sup> – 0.2% | Entertainment<sup>(a)</sup> – 0.2% | Entertainment<sup>(a)</sup> – 0.2% | Entertainment<sup>(a)</sup> – 0.2% | Entertainment<sup>(a)</sup> – 0.2% |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |  |  |
| 1591000 | 4.279 | 03/15/32 |  | 1401989 |
| Environmental<sup>(a)</sup> – 0.2% | Environmental<sup>(a)</sup> – 0.2% | Environmental<sup>(a)</sup> – 0.2% | Environmental<sup>(a)</sup> – 0.2% | Environmental<sup>(a)</sup> – 0.2% |
| Veralto Corp. | Veralto Corp. | Veralto Corp. |  |  |
| 1355000 | 5.450 | 09/18/33 |  | 1381246 |
| Food & Drug Retailing – 2.9% | Food & Drug Retailing – 2.9% | Food & Drug Retailing – 2.9% | Food & Drug Retailing – 2.9% | Food & Drug Retailing – 2.9% |
| Campbell's Co. <sup>(a)</sup> | Campbell's Co. <sup>(a)</sup> | Campbell's Co. <sup>(a)</sup> |  |  |
| 439000 | 5.400 | 03/21/34 |  | 442459 |
| Grupo Bimbo SAB de CV <sup>(a)</sup> | Grupo Bimbo SAB de CV <sup>(a)</sup> | Grupo Bimbo SAB de CV <sup>(a)</sup> |  |  |
| 1070000 | 4.700 | 11/10/47 |  | 906290 |
| J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> |  |  |
| 2598000 | 6.200 | 11/15/33 |  | 2765857 |
| Kroger Co. <sup>(a)</sup> | Kroger Co. <sup>(a)</sup> | Kroger Co. <sup>(a)</sup> |  |  |
| 1746000 | 5.000 | 09/15/34 |  | 1707117 |
| Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> |  |  |
| 375000 | 4.800 | 03/01/30 |  | 377291 |
| 675000 | 5.000 | 03/01/32 |  | 678044 |
| 2175000 | 5.200 | 03/01/35 |  | 2185962 |
| 2200000 | 5.650 | 05/01/45 |  | 2204774 |
| 3800000 | 5.700 | 05/01/55 |  | 3793692 |
| Mondelez International Holdings Netherlands BV <sup>(b)</sup> | Mondelez International Holdings Netherlands BV <sup>(b)</sup> | Mondelez International Holdings Netherlands BV <sup>(b)</sup> |  |  |
| 3205000 | 4.250 | 09/15/25 |  | 3198943 |
| Sysco Corp. <sup>(a)</sup> | Sysco Corp. <sup>(a)</sup> |  |  |  |
| 150000 | 6.600 | 04/01/40 |  | 163933 |
|  |  |  |  | 18424362 |
| 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% | Hand/Machine Tools<sup>(a)</sup> – 0.3% |
| Regal Rexnord Corp. | Regal Rexnord Corp. |  |  |  |
| 2054000 | 6.300 | 02/15/30 |  | 2135359 |
| Healthcare Providers & Services – 4.8% | Healthcare Providers & Services – 4.8% | Healthcare Providers & Services – 4.8% | Healthcare Providers & Services – 4.8% | Healthcare Providers & Services – 4.8% |
| Centene Corp. <sup>(a)</sup> | Centene Corp. <sup>(a)</sup> |  |  |  |
| 423000 | 4.250 | 12/15/27 |  | 413026 |
| CommonSpirit Health | CommonSpirit Health |  |  |  |
| 150000 | 4.350 | 11/01/42 |  | 125833 |
| 510000 | 6.461 <sup>(a)</sup> | 11/01/52 |  | 542651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) |
| GE HealthCare Technologies, Inc. <sup>(a)</sup> | GE HealthCare Technologies, Inc. <sup>(a)</sup> | GE HealthCare Technologies, Inc. <sup>(a)</sup> |  |  |
| 3186000 | 5.600% | 11/15/25 | $| 3198362 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |  |  |
| 3199000 | 5.250 | 04/15/25 |  | 3197016 |
| 4800000 | 5.250 <sup>(a)</sup> | 06/15/26 |  | 4814064 |
| 1055000 | 3.500 <sup>(a)</sup> | 09/01/30 |  | 978903 |
| 1145000 | 5.500 <sup>(a)</sup> | 06/01/33 |  | 1148412 |
| Humana, Inc. <sup>(a)</sup> | Humana, Inc. <sup>(a)</sup> | Humana, Inc. <sup>(a)</sup> |  |  |
| 345000 | 5.375 | 04/15/31 |  | 347622 |
| 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 |  | 1129438 |
| IQVIA, Inc. <sup>(a)</sup> | IQVIA, Inc. <sup>(a)</sup> | IQVIA, Inc. <sup>(a)</sup> |  |  |
| 1140000 | 6.250 | 02/01/29 |  | 1188746 |
| Novant Health, Inc. <sup>(a)</sup> | Novant Health, Inc. <sup>(a)</sup> | Novant Health, Inc. <sup>(a)</sup> |  |  |
| 710000 | 3.168 | 11/01/51 |  | 469009 |
| Revvity, Inc. <sup>(a)</sup> | Revvity, Inc. <sup>(a)</sup> | Revvity, Inc. <sup>(a)</sup> |  |  |
| 1405000 | 1.900 | 09/15/28 |  | 1281894 |
| 1200000 | 3.300 | 09/15/29 |  | 1123128 |
| Solventum Corp. <sup>(a)</sup> | Solventum Corp. <sup>(a)</sup> | Solventum Corp. <sup>(a)</sup> |  |  |
| 2155000 | 5.400 | 03/01/29 |  | 2198229 |
| 3055000 | 5.600 | 03/23/34 |  | 3099206 |
| 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 |  | 193037 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |  |
| 1100000 | 5.800 | 03/15/36 |  | 1159983 |
| 1074000 | 5.625 <sup>(a)</sup> | 07/15/54 |  | 1054034 |
| 2625000 | 6.050 <sup>(a)</sup> | 02/15/63 |  | 2702149 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30364742 |
| Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% |
| American International Group, Inc. <sup>(a)</sup> | American International Group, Inc. <sup>(a)</sup> | American International Group, Inc. <sup>(a)</sup> |  |  |
| 598000 | 4.500 | 07/16/44 |  | 517025 |
| 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 |  | 395156 |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |  |  |
| 595000 | 7.350 | 05/01/34 |  | 684839 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. |  |  |
| 200000 | 6.625 | 04/15/42 |  | 215548 |
| MetLife, Inc. <sup>(a)(c)</sup> | MetLife, Inc. <sup>(a)(c)</sup> | MetLife, Inc. <sup>(a)(c)</sup> |  |  |
| (5 yr. CMT + 2.078%) | (5 yr. CMT + 2.078%) | (5 yr. CMT + 2.078%) |  |  |
| 562000 | 6.350 | 03/15/55 |  | 563276 |
| (5 yr. CMT + 3.576%) | (5 yr. CMT + 3.576%) | (5 yr. CMT + 3.576%) |  |  |
| 1535000 | 3.850 | 09/15/25 |  | 1519911 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |  |  |
| 150000 | 6.050 | 10/15/36 |  | 159833 |
| QBE Insurance Group Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.513%) | QBE Insurance Group Ltd. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.513%) |
| 1590000 | 5.875 | 05/12/25 |  | 1589014 |
| 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> | Teachers Insurance & Annuity Association of America <sup>(b)</sup> |
| 890000 | 4.900 | 09/15/44 |  | 799184 |
| 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 |  | 1106796 |
|  |  |  |  | 7550582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Internet<sup>(a)</sup> – 0.9% | Internet<sup>(a)</sup> – 0.9% | Internet<sup>(a)</sup> – 0.9% | Internet<sup>(a)</sup> – 0.9% |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |  |
| $196000 | 2.950% | 03/15/31 | $175530 |
| 1675000 | 5.400 | 02/15/35 | 1668702 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |  |
| 3800000 | 4.800 | 09/15/34 | 3699832 |
|  |  |  | 5544064 |
| 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 <sup>(b)</sup> | Apollo Debt Solutions BDC <sup>(b)</sup> | Apollo Debt Solutions BDC <sup>(b)</sup> |  |
| 1266000 | 6.550 | 03/15/32 | 1282800 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |  |
| 2425000 | 2.625 | 12/15/26 | 2321186 |
| 125000 | 3.250 | 03/15/27 | 120424 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |  |
| 3000000 | 2.125 | 02/15/27 | 2838840 |
| 745000 | 5.300 | 06/30/30 | 731269 |
| Blue Owl Credit Income Corp. <sup>(b)</sup> | Blue Owl Credit Income Corp. <sup>(b)</sup> | Blue Owl Credit Income Corp. <sup>(b)</sup> |  |
| 1685000 | 5.800 | 03/15/30 | 1652412 |
| JAB Holdings BV <sup>(b)</sup> | JAB Holdings BV <sup>(b)</sup> | JAB Holdings BV <sup>(b)</sup> |  |
| 700000 | 2.200 | 11/23/30 | 594699 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9541630 |
| Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% |
| ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA |  |
| 950000 | 4.550 | 03/11/26 | 948395 |
| POSCO <sup>(b)</sup> | POSCO <sup>(b)</sup> | POSCO <sup>(b)</sup> |  |
| 240000 | 5.750 | 01/17/28 | 245750 |
| Steel Dynamics, Inc. <sup>(a)</sup> | Steel Dynamics, Inc. <sup>(a)</sup> | Steel Dynamics, Inc. <sup>(a)</sup> |  |
| 1950000 | 1.650 | 10/15/27 | 1812817 |
| Vale Overseas Ltd. <sup>(a)</sup> | Vale Overseas Ltd. <sup>(a)</sup> | Vale Overseas Ltd. <sup>(a)</sup> |  |
| 860000 | 6.400 | 06/28/54 | 847530 |
|  |  |  | 3854492 |
| Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |
| 1525000 | 6.000 | 02/01/33 | 1525961 |
| Lodging<sup>(a)</sup> – 1.0% | Lodging<sup>(a)</sup> – 1.0% | Lodging<sup>(a)</sup> – 1.0% | Lodging<sup>(a)</sup> – 1.0% |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |  |
| 849000 | 3.700 | 01/15/31 | 777727 |
| 712000 | 5.850 | 08/01/34 | 712548 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |
| 1963000 | 5.500 | 06/30/34 | 1928098 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |  |
| 543000 | 4.000 | 04/15/28 | 533481 |
| 1350000 | 5.550 | 10/15/28 | 1389177 |
| 675000 | 4.650 | 12/01/28 | 675574 |
| 325000 | 4.800 | 03/15/30 | 324272 |
|  |  |  | 6340877 |
| Machinery - Construction & Mining – 0.6% | Machinery - Construction & Mining – 0.6% | Machinery - Construction & Mining – 0.6% | Machinery - Construction & Mining – 0.6% |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |  |
| 3190000 | 5.150 | 08/11/25 | 3195614 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Machinery - Construction & Mining – (continued) | Machinery - Construction & Mining – (continued) | Machinery - Construction & Mining – (continued) | Machinery - Construction & Mining – (continued) | Machinery - Construction & Mining – (continued) |
| Weir Group PLC <sup>(a)(b)</sup> | Weir Group PLC <sup>(a)(b)</sup> | Weir Group PLC <sup>(a)(b)</sup> |  |  |
| 925000 | 2.200% | 05/13/26 | $| 898027 |
|  |  |  |  | 4093641 |
| Machinery-Diversified<sup>(a)</sup> – 1.0% | Machinery-Diversified<sup>(a)</sup> – 1.0% | Machinery-Diversified<sup>(a)</sup> – 1.0% | Machinery-Diversified<sup>(a)</sup> – 1.0% | Machinery-Diversified<sup>(a)</sup> – 1.0% |
| AGCO Corp. | AGCO Corp. | AGCO Corp. |  |  |
| 1230000 | 5.800 | 03/21/34 |  | 1245658 |
| Nordson Corp. | Nordson Corp. | Nordson Corp. |  |  |
| 2075000 | 5.800 | 09/15/33 |  | 2167088 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |  |  |
| 3202000 | 2.056 | 04/05/25 |  | 3202000 |
|  |  |  |  | 6614746 |
| Media – 2.8% | Media – 2.8% | Media – 2.8% | Media – 2.8% | Media – 2.8% |
| Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> |
| 2217000 | 4.908 | 07/23/25 |  | 2216224 |
| 1050000 | 3.750 | 02/15/28 |  | 1017114 |
| 5125000 | 4.200 | 03/15/28 |  | 5026497 |
| 256000 | 6.650 | 02/01/34 |  | 265354 |
| 800000 | 6.550 | 06/01/34 |  | 822856 |
| 625000 | 6.384 | 10/23/35 |  | 632094 |
| Comcast Corp. <sup>(a)</sup> | Comcast Corp. <sup>(a)</sup> | Comcast Corp. <sup>(a)</sup> |  |  |
| 475000 | 3.750 | 04/01/40 |  | 389567 |
| Discovery Communications LLC <sup>(a)</sup> | Discovery Communications LLC <sup>(a)</sup> | Discovery Communications LLC <sup>(a)</sup> |  |  |
| 3125000 | 4.900 | 03/11/26 |  | 3125000 |
| News Corp. <sup>(a)(b)</sup> | News Corp. <sup>(a)(b)</sup> | News Corp. <sup>(a)(b)</sup> |  |  |
| 1225000 | 3.875 | 05/15/29 |  | 1155567 |
| Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |  |  |
| 700000 | 8.375 | 07/15/33 |  | 797769 |
| 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 |  | 617807 |
| Videotron Ltd. <sup>(a)(b)</sup> | Videotron Ltd. <sup>(a)(b)</sup> | Videotron Ltd. <sup>(a)(b)</sup> |  |  |
| 1659000 | 5.700 | 01/15/35 |  | 1660991 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17726840 |
| Mining<sup>(b)</sup> – 0.5% | 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. |  |  |
| 525000 | 5.550 | 10/25/42 |  | 496603 |
| Glencore Funding LLC <sup>(a)</sup> | Glencore Funding LLC <sup>(a)</sup> | Glencore Funding LLC <sup>(a)</sup> |  |  |
| 1075000 | 4.000 | 03/27/27 |  | 1060831 |
| 925000 | 2.850 | 04/27/31 |  | 816516 |
| 725000 | 2.625 | 09/23/31 |  | 625008 |
|  |  |  |  | 2998958 |
| Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% |
| GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. |
| 860000 | 4.418 | 11/15/35 |  | 814764 |
| General Electric Co. | General Electric Co. | General Electric Co. |  |  |
| 1294000 | 5.875 | 01/14/38 |  | 1366956 |
|  |  |  |  | 2181720 |
| Multi-National<sup>(a)(b)</sup> – 0.0% | Multi-National<sup>(a)(b)</sup> – 0.0% | Multi-National<sup>(a)(b)</sup> – 0.0% | Multi-National<sup>(a)(b)</sup> – 0.0% | Multi-National<sup>(a)(b)</sup> – 0.0% |
| African Export-Import Bank | African Export-Import Bank | African Export-Import Bank |  |  |
| 200000 | 3.798 | 05/17/31 |  | 176820 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – 2.4% | Oil Field Services – 2.4% | Oil Field Services – 2.4% | Oil Field Services – 2.4% |
| Continental Resources, Inc. <sup>(a)</sup> | Continental Resources, Inc. <sup>(a)</sup> | Continental Resources, Inc. <sup>(a)</sup> |  |
| $25000 | 4.375% | 01/15/28 | $24499 |
| 925000 | 5.750 <sup>(b)</sup> | 01/15/31 | 932085 |
| Diamondback Energy, Inc. <sup>(a)</sup> | Diamondback Energy, Inc. <sup>(a)</sup> | Diamondback Energy, Inc. <sup>(a)</sup> |  |
| 2215000 | 6.250 | 03/15/33 | 2339992 |
| 890000 | 5.400 | 04/18/34 | 888176 |
| Marathon Petroleum Corp. <sup>(a)</sup> | Marathon Petroleum Corp. <sup>(a)</sup> | Marathon Petroleum Corp. <sup>(a)</sup> |  |
| 2095000 | 3.800 | 04/01/28 | 2047108 |
| Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> |  |
| 2500000 | 8.875 | 07/15/30 | 2863200 |
| 575000 | 5.550 | 10/01/34 | 562500 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |  |
| 800000 | 5.375 <sup>(a)</sup> | 01/01/26 | 800784 |
| 1025000 | 8.125 | 09/15/30 | 1162616 |
| Petronas Capital Ltd. <sup>(a)(b)</sup> | Petronas Capital Ltd. <sup>(a)(b)</sup> | Petronas Capital Ltd. <sup>(a)(b)</sup> |  |
| 370000 | 4.950 | 01/03/31 | 370747 |
| 350000 | 5.340 | 04/03/35 | 352387 |
| QatarEnergy <sup>(a)(b)</sup> | QatarEnergy <sup>(a)(b)</sup> | QatarEnergy <sup>(a)(b)</sup> |  |
| 200000 | 3.125 | 07/12/41 | 149224 |
| Raizen Fuels Finance SA <sup>(a)(b)</sup> | Raizen Fuels Finance SA <sup>(a)(b)</sup> | Raizen Fuels Finance SA <sup>(a)(b)</sup> |  |
| 470000 | 6.700 | 02/25/37 | 469319 |
| 310000 | 6.950 | 03/05/54 | 302290 |
| Reliance Industries Ltd. <sup>(b)</sup> | Reliance Industries Ltd. <sup>(b)</sup> | Reliance Industries Ltd. <sup>(b)</sup> |  |
| 890000 | 3.625 | 01/12/52 | 615248 |
| Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |  |
| 1100000 | 3.500 | 04/16/29 | 1047926 |
| 240000 | 5.750 <sup>(a)(b)</sup> | 07/17/54 | 225898 |
| Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |  |
| 225000 | 6.375 | 12/15/38 | 249161 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15403160 |
| 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. |  |
| 1225000 | 1.650 | 01/15/27 | 1162305 |
| 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. |  |
| 1160000 | 5.450 | 02/15/34 | 1175927 |
| 3390000 | 5.350 | 11/15/34 | 3400407 |
| Cigna Group | Cigna Group | Cigna Group |  |
| 4631000 | 4.800 | 08/15/38 | 4323316 |
| 1675000 | 4.900 | 12/15/48 | 1461136 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |
| 1125000 | 4.875 | 07/20/35 | 1055880 |
| 7039000 | 4.780 | 03/25/38 | 6329680 |
|  |  |  | 17746346 |
| Pipelines – 3.8% | Pipelines – 3.8% | Pipelines – 3.8% | Pipelines – 3.8% |
| 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 | 440265 |
| 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 | 1043148 |
| Enbridge, Inc. <sup>(a)</sup> | Enbridge, Inc. <sup>(a)</sup> | Enbridge, Inc. <sup>(a)</sup> |  |
| 1250000 | 1.600 | 10/04/26 | 1196075 |
| 40000 | 6.200 | 11/15/30 | 42332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| 939000 | 5.700% | 03/08/33 | $| 963546 |
| Energy Transfer LP <sup>(a)</sup> | Energy Transfer LP <sup>(a)</sup> | Energy Transfer LP <sup>(a)</sup> |  |  |
| 2922000 | 3.900 | 07/15/26 |  | 2896929 |
| 300000 | 5.500 | 06/01/27 |  | 304620 |
| 354000 | 4.950 | 05/15/28 |  | 356453 |
| 650000 | 7.375 <sup>(b)</sup> | 02/01/31 |  | 682565 |
| 1472000 | 6.550 | 12/01/33 |  | 1574613 |
| 456000 | 5.150 | 03/15/45 |  | 398945 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |  |  |
| 2200000 | 6.875 | 03/01/33 |  | 2460480 |
| 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 |  | 168380 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |  |  |
| 1100000 | 7.750 | 03/15/32 |  | 1249787 |
| 650000 | 6.550 | 09/15/40 |  | 684301 |
| MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> |  |  |
| 950000 | 4.500 | 04/15/38 |  | 833910 |
| 520000 | 5.500 | 02/15/49 |  | 473210 |
| ONEOK, Inc. <sup>(a)</sup> | ONEOK, Inc. <sup>(a)</sup> | ONEOK, Inc. <sup>(a)</sup> |  |  |
| 1668000 | 5.550 | 11/01/26 |  | 1690285 |
| 2245000 | 4.550 | 07/15/28 |  | 2236559 |
| 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 |  | 904311 |
| 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 |  | 673576 |
| 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 |  | 2055329 |
| Williams Cos., Inc. <sup>(a)</sup> | Williams Cos., Inc. <sup>(a)</sup> | Williams Cos., Inc. <sup>(a)</sup> |  |  |
| 1050000 | 4.650 | 08/15/32 |  | 1016064 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24345683 |
| 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% | Real Estate<sup>(a)</sup> – 0.2% |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |  |  |
| 450000 | 5.500 | 04/01/29 |  | 461421 |
| 985000 | 5.950 | 08/15/34 |  | 1029394 |
|  |  |  |  | 1490815 |
| Real Estate Investment Trust<sup>(a)</sup> – 5.5% | Real Estate Investment Trust<sup>(a)</sup> – 5.5% | Real Estate Investment Trust<sup>(a)</sup> – 5.5% | Real Estate Investment Trust<sup>(a)</sup> – 5.5% | Real Estate Investment Trust<sup>(a)</sup> – 5.5% |
| Agree LP | Agree LP | Agree LP |  |  |
| 295000 | 4.800 | 10/01/32 |  | 287244 |
| 695000 | 5.625 | 06/15/34 |  | 703034 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |  |
| 225000 | 2.375 | 07/15/31 |  | 193073 |
| 275000 | 5.250 | 03/15/35 |  | 269778 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |  |  |
| 2475000 | 3.375 | 10/15/26 |  | 2431465 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |  |  |
| 1782000 | 5.375 | 02/15/32 |  | 1770773 |
| 1863000 | 5.875 | 10/01/34 |  | 1876842 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |  |  |
| 3240000 | 1.350 | 07/15/25 |  | 3207859 |
| 3025000 | 4.000 | 03/01/27 |  | 2985796 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |  |  |
| 3255000 | 1.000 | 09/15/25 |  | 3205003 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |  |  |
| 2375000 | 3.000% | 01/15/30 | $| 2186520 |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |  |
| 2886000 | 5.375 | 04/15/26 |  | 2893994 |
| 830000 | 6.750 | 12/01/33 |  | 882091 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |  |
| 875000 | 2.050 | 03/15/31 |  | 732673 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |  |  |
| 381000 | 5.375 | 02/15/35 |  | 379533 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |  |  |
| 1585000 | 7.650 | 02/01/34 |  | 1768226 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |  |  |
| 480000 | 5.700 | 07/01/34 |  | 478661 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |  |  |
| 600000 | 2.300 | 11/15/28 |  | 549942 |
| 305000 | 5.450 | 08/15/30 |  | 312201 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |  |  |
| 670000 | 6.250 | 01/15/36 |  | 664231 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |  |  |
| 2125000 | 3.800 | 04/01/27 |  | 2093848 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |  |  |
| 1300000 | 3.600 | 12/15/26 |  | 1280175 |
| 870000 | 5.600 | 10/15/33 |  | 880805 |
| 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 | Phillips Edison Grocery Center Operating Partnership I LP |
| 900000 | 5.750 | 07/15/34 |  | 905760 |
| 425000 | 4.950 | 01/15/35 |  | 403155 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |  |  |
| 1125000 | 4.000 | 07/15/29 |  | 1095176 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP |  |  |
| 330000 | 5.100 | 01/15/35 |  | 325614 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |  |  |
| 50000 | 2.400 | 02/01/31 |  | 43356 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;34806828 |
| Retailing<sup>(a)</sup> – 2.1% | Retailing<sup>(a)</sup> – 2.1% | Retailing<sup>(a)</sup> – 2.1% | Retailing<sup>(a)</sup> – 2.1% | Retailing<sup>(a)</sup> – 2.1% |
| 7-Eleven, Inc. <sup>(b)</sup> | 7-Eleven, Inc. <sup>(b)</sup> | 7-Eleven, Inc. <sup>(b)</sup> |  |  |
| 1280000 | 2.500 | 02/10/41 |  | 842752 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |  |  |
| 1425000 | 4.750 | 06/01/30 |  | 1398410 |
| 25000 | 2.400 | 08/01/31 |  | 20931 |
| 2326000 | 5.890 | 03/15/35 |  | 2320790 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |  |  |
| 1178000 | 3.500 | 04/03/30 |  | 1102231 |
| 3100000 | 5.450 | 07/05/33 |  | 3109672 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |  |  |
| 3204000 | 4.000 | 05/15/25 |  | 3197880 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |  |  |
| 1450000 | 4.250 | 04/01/52 |  | 1133407 |
|  |  |  |  | 13126073 |
| Savings & Loans<sup>(a)(b)(c)</sup> – 0.4% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.4% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.4% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.4% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.4% |
| Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) |
| 2525000 | 3.960 | 07/18/30 |  | 2428697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Semiconductors<sup>(a)</sup> – 1.8% | Semiconductors<sup>(a)</sup> – 1.8% | Semiconductors<sup>(a)</sup> – 1.8% | Semiconductors<sup>(a)</sup> – 1.8% |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. |  |
| $625000 | 3.875% | 01/15/27 | $618338 |
| Broadcom, Inc. <sup>(b)</sup> | Broadcom, Inc. <sup>(b)</sup> | Broadcom, Inc. <sup>(b)</sup> |  |
| 2130000 | 2.600 | 02/15/33 | 1794866 |
| 1025000 | 3.419 | 04/15/33 | 912906 |
| 3289000 | 3.137 | 11/15/35 | 2726844 |
| 1706000 | 3.187 | 11/15/36 | 1399773 |
| Intel Corp. | Intel Corp. | Intel Corp. |  |
| 549000 | 5.150 | 02/21/34 | 538849 |
| 1610000 | 5.700 | 02/10/53 | 1480797 |
| 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 | 523325 |
| 1301000 | 5.000 | 01/15/33 | 1281615 |
|  |  |  | 11277313 |
| Software<sup>(a)</sup> – 3.7% | Software<sup>(a)</sup> – 3.7% | Software<sup>(a)</sup> – 3.7% | Software<sup>(a)</sup> – 3.7% |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |  |
| 1837000 | 5.500 | 12/01/34 | 1835898 |
| Constellation Software, Inc. <sup>(b)</sup> | Constellation Software, Inc. <sup>(b)</sup> | Constellation Software, Inc. <sup>(b)</sup> |  |
| 1555000 | 5.461 | 02/16/34 | 1583223 |
| MSCI, Inc. <sup>(b)</sup> | MSCI, Inc. <sup>(b)</sup> | MSCI, Inc. <sup>(b)</sup> |  |
| 1945000 | 3.875 | 02/15/31 | 1808986 |
| 1280000 | 3.250 | 08/15/33 | 1103808 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |  |
| 2062000 | 2.950 | 04/01/30 | 1893864 |
| 825000 | 4.650 | 05/06/30 | 823152 |
| 3200000 | 2.875 | 03/25/31 | 2865664 |
| 837000 | 4.900 | 02/06/33 | 822897 |
| 425000 | 3.600 | 04/01/40 | 333982 |
| 950000 | 4.000 | 11/15/47 | 720651 |
| 2775000 | 6.900 | 11/09/52 | 3057634 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |  |
| 1325000 | 4.850 | 04/01/30 | 1333785 |
| 867000 | 5.000 | 04/01/32 | 869393 |
| 3346000 | 5.150 | 04/01/35 | 3362998 |
| VMware LLC | VMware LLC | VMware LLC |  |
| 1075000 | 1.800 | 08/15/28 | 979916 |
|  |  |  | 23395851 |
| Telecommunication Services – 3.7% | Telecommunication Services – 3.7% | Telecommunication Services – 3.7% | Telecommunication Services – 3.7% |
| AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> |  |
| 6017000 | 3.800 | 02/15/27 | 5940584 |
| 175000 | 4.900 | 08/15/37 | 166610 |
| 925000 | 4.850 | 03/01/39 | 867243 |
| 886000 | 4.750 | 05/15/46 | 769509 |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |  |
| 1415000 | 9.625 | 12/15/30 | 1727078 |
| Rogers Communications, Inc. <sup>(a)</sup> | Rogers Communications, Inc. <sup>(a)</sup> | Rogers Communications, Inc. <sup>(a)</sup> |  |
| 2628000 | 3.800 | 03/15/32 | 2382913 |
| 300000 | 4.500 | 03/15/42 | 253329 |
| T-Mobile USA, Inc. <sup>(a)</sup> | T-Mobile USA, Inc. <sup>(a)</sup> | T-Mobile USA, Inc. <sup>(a)</sup> |  |
| 512000 | 3.875 | 04/15/30 | 490670 |
| 380000 | 2.875 | 02/15/31 | 340298 |
| 3275000 | 3.500 | 04/15/31 | 3034025 |
| 1975000 | 5.200 | 01/15/33 | 1989635 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| $2675000 | 5.050% | 07/15/33 | $2655419 |
| Verizon Communications, Inc. <sup>(a)</sup> | Verizon Communications, Inc. <sup>(a)</sup> | Verizon Communications, Inc. <sup>(a)</sup> |  |
| 475000 | 3.150 | 03/22/30 | 442638 |
| 2800000 | 2.550 | 03/21/31 | 2467192 |
|  |  |  | 23527143 |
| Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% |
| Burlington Northern Santa Fe LLC <sup>(a)</sup> | Burlington Northern Santa Fe LLC <sup>(a)</sup> | Burlington Northern Santa Fe LLC <sup>(a)</sup> |  |
| 1225000 | 5.750 | 05/01/40 | 1273253 |
| CSX Corp. | CSX Corp. | CSX Corp. |  |
| 690000 | 6.000 | 10/01/36 | 735609 |
|  |  |  | 2008862 |
| 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. |  |
| 3210000 | 4.000 | 07/15/25 | 3201108 |
| 2075000 | 4.400 | 07/01/27 | 2063982 |
| 525000 | 5.875 | 11/15/27 | 539165 |
| 836000 | 5.250 | 07/01/29 | 846157 |
|  |  |  | 6650412 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $586,395,665)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $586,395,665)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $586,395,665)** | $579291501 |
| Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% |
| Euro – 0.2% | Euro – 0.2% | Euro – 0.2% | Euro – 0.2% |
| 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 | $134030 |
| 1152000 | 1.450 | 10/25/33 | 949191 |
| 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 | 86815 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 450000 | 0.700 | 02/03/29 | 440967 |
| 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 | 79216 |
|  |  |  | 1690219 |
| United States Dollar – 1.4% | United States Dollar – 1.4% | United States Dollar – 1.4% | United States Dollar – 1.4% |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| $150000 | 3.625 | 10/30/42 | 115562 |
| 200000 | 3.500 <sup>(a)</sup> | 01/25/50 | 141400 |
| 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 | 397040 |
| Hungary Government International Bonds <sup>(b)</sup> | Hungary Government International Bonds <sup>(b)</sup> | Hungary Government International Bonds <sup>(b)</sup> | Hungary Government International Bonds <sup>(b)</sup> |
| 470000 | 3.125 | 09/21/51 | 278303 |
| 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 | 2296160 |
| 802000 | 3.500 | 02/12/34 | 658041 |
| 1399000 | 3.771 | 05/24/61 | 817016 |
| 440000 | 3.750 | 04/19/71 | 247940 |
| 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 | 276260 |
| 650000 | 6.853 | 03/28/54 | 569319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |
| $200000 | 3.870% | 07/23/60 | $107800 |
| 390000 | 4.500 | 01/19/63 | 236730 |
| Peru Government International Bonds <sup>(a)</sup> | Peru Government International Bonds <sup>(a)</sup> | Peru Government International Bonds <sup>(a)</sup> |  |
| 430000 | 2.780 | 12/01/60 | 233705 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |  |
| 210000 | 2.650 | 12/10/45 | 134190 |
| 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 | 562681 |
| 700000 | 5.500 | 03/18/54 | 655760 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| 160000 | 3.000 <sup>(b)</sup> | 02/27/27 | 153620 |
| 70000 | 6.375 | 01/30/34 | 67270 |
| 560000 | 6.125 | 01/22/44 | 489888 |
| State of Israel | State of Israel | State of Israel |  |
| 400000 | 3.800 | 05/13/60 | 255748 |
|  |  |  | 8694433 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $12,885,452) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $12,885,452) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $12,885,452) | $10384652 |
| Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% |
| 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 | $528467 |
| Illinois – 0.4% | Illinois – 0.4% | Illinois – 0.4% |  |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |  |
| 1250000 | 6.630 | 02/01/35 | 1305138 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |  |
| 941176 | 5.100 | 06/01/33 | 939363 |
|  |  |  | 2244501 |
| 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 | 250032 |
| TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,971,416) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,971,416) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,971,416) | $3023000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(e)</sup> – 0.2% | U.S. Treasury Obligations<sup>(e)</sup> – 0.2% | U.S. Treasury Obligations<sup>(e)</sup> – 0.2% | U.S. Treasury Obligations<sup>(e)</sup> – 0.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| $1160000 | 4.750% | 11/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;1185737 |
| (Cost $1,190,747) | (Cost $1,190,747) | (Cost $1,190,747) | (Cost $1,190,747) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(f)</sup> –0.1% | Investment Company<sup>(f)</sup> –0.1% | Investment Company<sup>(f)</sup> –0.1% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 885019 | 4.259% | $885019 |
| (Cost $885,019) | (Cost $885,019) | (Cost $885,019) |
| **TOTAL INVESTMENTS – 93.7%**<br> **(Cost $604,328,299)** | **TOTAL INVESTMENTS – 93.7%**<br> **(Cost $604,328,299)** | $594769909 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 6.3%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 6.3%** | 40007446 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $634777355 |

---

---

| | |
|:---|:---|
| 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 March 31, 2025. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 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. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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** |
|  State Street Bank and Trust | USD | &nbsp;&nbsp;&nbsp;&nbsp;1610675 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1561201 | 04/09/25 | $(78251) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 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 | 185 | 06/18/25 | $20575469 | $22169 |
|  20 Year U.S. Treasury Bonds | 237 | 06/18/25 | 27795656 | 292325 |
|  5 Year U.S. Treasury Notes | 803 | 06/30/25 | 86849469 | 205135 |
|  Ultra Long U.S. Treasury Bonds | 515 | 06/18/25 | 62958750 | 405872 |
| Total |  |  |  | $925501 |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (311) | 06/30/25 | (64430454) | (82078) |
|  Ultra 10-Year U.S. Treasury Notes | (64) | 06/18/25 | (7304000) | 9427 |
| Total |  |  |  | $(72651) |
| TOTAL FUTURES CONTRACTS |  |  |  | $852850 |

---

SWAP CONTRACTS — At March 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup><br> 3.851%<sup>(b)</sup> | 03/31/27 | $83350 | $282232 | $137581 | $144651 |
|  12M SOFR<sup>(b)</sup><br> 3.851<sup>(b)</sup> | 03/31/27 | 5240 | 17753 | (3061) | 20814 |
| 3.799 <sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/29 | 79690 | (592702) | (223955) | (368747) |
|  3.822%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 01/31/32 | 12900 | (117594) | 5373 | (122967) |
| 3.864<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 11/15/34 | 4770 | (48473) | (4375) | (44098) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 06/18/35 | EUR 1,000 | 16198 | 25402 | (9204) |
| TOTAL |  |  | $(442586) | $(63035) | $(379551) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 44 | (1.000)% | 1.001% | 06/20/35 | $34200 | $(7456) | $(93672) | $86216 |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000 | 0.346 | 06/20/26 | 2375 | 19427 | 10743 | 8684 |
|  CDX.NA.IG Index 41 | 1.000 | 0.441 | 12/20/28 | 15145 | 298397 | 164400 | 133997 |
|  CDX.NA.IG Index 42 | 1.000 | 0.502 | 06/20/29 | 346355 | 6813702 | 6433630 | 380072 |
|  CDX.NA.IG Index 43 | 1.000 | 0.558 | 12/20/29 | 234624 | 4517152 | 4878254 | (361102) |
|  CDX.NA.IG Index 44 | 1.000 | 0.613 | 06/20/30 | 30050 | 553967 | 603524 | (49557) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>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)** |
|  Republic of Chile, 3.240%,<br>02/06/28 | 1.000% | 0.613% | 06/20/30 | $2630 | $48969 | $50633 | $(1664) |
|  Republic of Indonesia, 2.150%,<br>07/28/31 | 1.000 | 0.962 | 06/20/30 | 2700 | 5667 | 15391 | (9724) |
|  Republic of Peru, 8.750%,<br>11/21/33 | 1.000 | 0.903 | 06/20/30 | 2680 | 13146 | 14016 | (870) |
|  Republic of the Philippines,<br>9.500%, 02/02/30 | 1.000 | 0.771 | 06/20/30 | 2690 | 29816 | 33103 | (3287) |
| TOTAL |  |  |  |  | $12292787 | $12110022 | $182765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| GO | —General Obligation |
| LIBOR | —London Interbank Offered Rate |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 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 |
| EURO | —Euro Offered Rate |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 83.6% | Corporate Obligations – 83.6% | Corporate Obligations – 83.6% | Corporate Obligations – 83.6% |
| Advertising – 0.9% | Advertising – 0.9% | Advertising – 0.9% | Advertising – 0.9% |
| 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) |
| $60000 | 7.875% | 04/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58872 |
| 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) |
| 46000 | 4.250 | 01/15/29 | 42609 |
| 279000 | 4.625 | 03/15/30 | 254808 |
| 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 | 10413 |
|  |  |  | 366702 |
| Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% |  |
| Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 110000 | 6.000 | 02/15/28 | 108563 |
| 85000 | 7.000 | 06/01/32 | 84722 |
| 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) |
| 203000 | 5.500 | 11/15/27 | 200704 |
| 165000 | 4.625 | 01/15/29 | 156870 |
|  |  |  | 550859 |
| Airlines – 0.8% | Airlines – 0.8% |  |  |
| 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) |
| 100000 | 8.875 | 12/15/29 | 101920 |
| United Airlines, Inc.<sup>(a)(b)</sup> (BBB-/Ba1) | United Airlines, Inc.<sup>(a)(b)</sup> (BBB-/Ba1) | United Airlines, Inc.<sup>(a)(b)</sup> (BBB-/Ba1) | United Airlines, Inc.<sup>(a)(b)</sup> (BBB-/Ba1) |
| 173000 | 4.375 | 04/15/26 | 170097 |
| 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) |
| 25000 | 9.500 | 06/01/28 | 24751 |
| 49000 | 6.375 | 02/01/30 | 42943 |
|  |  |  | 339711 |
| Automotive<sup>(a)(b)</sup> – 1.2% | Automotive<sup>(a)(b)</sup> – 1.2% |  |  |
| Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) |
| 291000 | 3.750 | 01/30/31 | 258710 |
| Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) |
| 40000 | 6.750 | 02/15/30 | 40410 |
| Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) |
| 50000 | 6.625 | 10/15/32 | 49063 |
| Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) |
| 145000 | 6.750 | 04/15/29 | 146934 |
|  |  |  | 495117 |
| Banks<sup>(a)</sup> –1.4% | Banks<sup>(a)</sup> –1.4% |  |  |
| 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) |
| 139000 | 6.625 | 01/15/27 | 138379 |
| JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) |
| 185000 | 6.500 | 04/01/30 | 189499 |
| UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) |
| 256000 | 3.875 | 06/02/26 | 248051 |
| 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) |
| 40000 | 6.625 | 04/01/33 | 39904 |
|  |  |  | 615833 |
| Building Materials – 1.6% | Building Materials – 1.6% |  |  |
| 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) |
| 248000 | 4.250 | 02/01/32 | 222252 |
| 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) |
| 30000 | 6.750 | 03/01/33 | 29898 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 115000 | 6.375% | 03/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115612 |
| 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) |
| 120000 | 6.500 | 08/15/32 | 120050 |
| 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) |
| 96000 | 5.000 | 02/15/27 | 94509 |
| 95000 | 4.375 | 07/15/30 | 87628 |
|  |  |  | 669949 |
| Chemicals – 3.1% | Chemicals – 3.1% |  |  |
| Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) |
| 102000 | 7.125 | 08/01/30 | 104187 |
| 50000 | 6.250 | 11/01/31 | 49551 |
| Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) |
| 65000 | 6.750 | 04/15/33 | 63118 |
| 135000 | 6.950 <sup>(d)</sup> | 11/15/33 | 141093 |
| 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) |
| 179000 | 4.625 | 11/15/29 | 153093 |
| 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) |
| 381000 | 3.875 | 11/01/28 | 355702 |
| 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) |
| 65000 | 6.250 | 03/15/32 | 63337 |
| 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) |
| 200000 | 4.250 | 10/01/28 | 184782 |
| 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) |
| 247000 | 4.875 | 06/15/27 | 239178 |
|  |  |  | 1354041 |
| Commercial Services – 2.8% | Commercial Services – 2.8% | Commercial Services – 2.8% |  |
| ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) |
| 116000 | 4.125 | 08/01/29 | 108866 |
| 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) |
| 471000 | 4.125 | 07/15/29 | 436598 |
| 28000 | 4.750 | 10/15/29 | 26396 |
| 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) |
| 85000 | 7.750 | 02/15/28 | 87060 |
| 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) |
| 55000 | 8.375 | 11/15/32 | 54180 |
| 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) |
| 90000 | 12.625 | 07/15/29 | 81231 |
| 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) |
| 41000 | 6.500 | 05/15/29 | 38725 |
| Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) |
| 130000 | 9.290 | 04/15/29 | 112758 |
| 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) |
| 50000 | 5.500 | 04/15/29 | 46178 |
| 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) |
| 42000 | 5.750 | 10/15/32 | 41347 |
| VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) |
| 150000 | 8.500 | 08/15/30 | 157277 |
| 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) |
| 25000 | 6.625 | 04/15/30 | 25263 |
|  |  |  | 1215879 |
| 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) |
| 48000 | 6.625 | 05/01/28 | 46948 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Computers<sup>(a)(b)</sup> – (continued) | Computers<sup>(a)(b)</sup> – (continued) | Computers<sup>(a)(b)</sup> – (continued) | Computers<sup>(a)(b)</sup> – (continued) |
| Diebold Nixdorf, Inc. (B/B2) | Diebold Nixdorf, Inc. (B/B2) | Diebold Nixdorf, Inc. (B/B2) | Diebold Nixdorf, Inc. (B/B2) |
| 95000 | 7.750% | 03/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98717 |
| McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) |
| 243000 | 7.375 | 02/15/30 | 215308 |
| Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) |
| 114000 | 7.125 | 12/15/28 | 107358 |
|  |  |  | 468331 |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.6% |
| 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) |
| 298000 | 3.875 | 11/15/29 | 273305 |
| Diversified Financial Services – 2.0% | Diversified Financial Services – 2.0% | Diversified Financial Services – 2.0% | Diversified Financial Services – 2.0% |
| Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 105000 | 3.375 | 10/01/28 | 94971 |
| 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) |
| 45000 | 6.625 | 03/15/30 | 44393 |
| 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) |
| 85000 | 6.750 | 09/15/31 | 83811 |
| 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) |
| 15000 | 9.250 | 02/01/29 | 15227 |
| 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) |
| 90000 | 6.125 | 11/01/32 | 88606 |
| Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Macquarie Airfinance Holdings Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 15000 | 6.400 | 03/26/29 | 15519 |
| 80000 | 8.125 | 03/30/29 | 84042 |
| 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) |
| 103000 | 9.000 | 01/15/29 | 108079 |
| 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) |
| 70000 | 6.875 | 02/15/33 | 70021 |
| 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) |
| 138000 | 5.500 | 04/15/29 | 133003 |
| 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) |
| 70000 | 6.625 | 02/01/30 | 69338 |
| 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) |
| 75000 | 7.500 | 06/15/31 | 76885 |
|  |  |  | 883895 |
| Electrical – 3.1% | Electrical – 3.1% | Electrical – 3.1% | Electrical – 3.1% |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) |
| 160000 | 6.375 | 02/15/32 | 154909 |
| Calpine Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Calpine Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Calpine Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Calpine Corp.<sup>(a)(b)</sup> (BB+/Ba2) |
| 120000 | 3.750 | 03/01/31 | 109250 |
| 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) |
| 50000 | 7.250 | 08/15/32 | 51536 |
| NextEra Energy Capital Holdings, Inc.<sup>(a)(c)</sup> (BBB/Baa2) | NextEra Energy Capital Holdings, Inc.<sup>(a)(c)</sup> (BBB/Baa2) | NextEra Energy Capital Holdings, Inc.<sup>(a)(c)</sup> (BBB/Baa2) | NextEra Energy Capital Holdings, Inc.<sup>(a)(c)</sup> (BBB/Baa2) |
| (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) |
| 90000 | 6.500 | 08/15/55 | 91074 |
| (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) |
| 60000 | 6.375 | 08/15/55 | 60310 |
| NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) |
| 65000 | 5.750 | 01/15/28 | 64927 |
| 155000 | 3.375 <sup>(b)</sup> | 02/15/29 | 142431 |
| 199000 | 5.750 <sup>(b)</sup> | 07/15/29 | 195832 |
| 131000 | 3.625 <sup>(b)</sup> | 02/15/31 | 116177 |
| Pike Corp.<sup>(a)(b)</sup> (B-/B3) | Pike Corp.<sup>(a)(b)</sup> (B-/B3) | Pike Corp.<sup>(a)(b)</sup> (B-/B3) | Pike Corp.<sup>(a)(b)</sup> (B-/B3) |
| 257000 | 5.500 | 09/01/28 | 248758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) | Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) | Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) | Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 130000 | 4.375% | 05/01/29 | 123461 |
|  |  |  | 1358665 |
| Electrical Components & Equipment – 0.8% | Electrical Components & Equipment – 0.8% | Electrical Components & Equipment – 0.8% | Electrical Components & Equipment – 0.8% |
| 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) |
| 248000 | 7.250 | 06/15/28 | 251187 |
| 15000 | 6.375 | 03/15/29 | 15187 |
| 94000 | 6.625 | 03/15/32 | 95407 |
|  |  |  | 361781 |
| Electronics<sup>(a)(b)</sup> –1.0% | Electronics<sup>(a)(b)</sup> –1.0% | Electronics<sup>(a)(b)</sup> –1.0% | Electronics<sup>(a)(b)</sup> –1.0% |
| Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) |
| 265000 | 4.250 | 06/01/31 | 233004 |
| Sensata Technologies BV (BB+/Ba2) | Sensata Technologies BV (BB+/Ba2) | Sensata Technologies BV (BB+/Ba2) | Sensata Technologies BV (BB+/Ba2) |
| 200000 | 4.000 | 04/15/29 | 183768 |
|  |  |  | 416772 |
| Engineering & Construction – 1.0% | Engineering & Construction – 1.0% | Engineering & Construction – 1.0% | Engineering & Construction – 1.0% |
| 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) |
| 45000 | 6.875 | 08/15/32 | 45649 |
| 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) |
| 257000 | 5.625 | 06/01/29 | 247599 |
| 156000 | 7.500 | 04/15/32 | 154356 |
|  |  |  | 447604 |
| Entertainment – 2.3% | Entertainment – 2.3% | Entertainment – 2.3% | Entertainment – 2.3% |
| 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) |
| 245000 | 4.750 | 05/15/29 | 230878 |
| 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) |
| 88000 | 4.625 | 10/15/29 | 80846 |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 175000 | 7.000 | 02/15/30 | 177168 |
| 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) |
| 240000 | 5.250 | 07/15/28 | 233002 |
| 40000 | 7.000 | 08/01/32 | 40399 |
| 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) |
| 30000 | 6.625 | 02/01/33 | 29522 |
| 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) |
| 204000 | 5.250 | 08/15/29 | 193543 |
|  |  |  | 985358 |
| Environmental<sup>(a)(b)</sup> – 0.6% | Environmental<sup>(a)(b)</sup> – 0.6% | Environmental<sup>(a)(b)</sup> – 0.6% | Environmental<sup>(a)(b)</sup> – 0.6% |
| Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) |
| 249000 | 5.875 | 06/30/29 | 235218 |
| Waste Pro USA, Inc. (B-/B3) | Waste Pro USA, Inc. (B-/B3) | Waste Pro USA, Inc. (B-/B3) | Waste Pro USA, Inc. (B-/B3) |
| 30000 | 7.000 | 02/01/33 | 30196 |
|  |  |  | 265414 |
| 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 LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 90000 | 6.250 | 03/15/33 | 90970 |
| Chobani Holdco II LLC<sup>(a)(b)(e)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(e)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(e)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(e)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) |
| 20000 | 8.750 | 10/01/29 | 21844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

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------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) |
| 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) |
| 178000 | 4.250% | 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;166653 |
| 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) |
| 116000 | 5.500 | 12/15/29 | 112905 |
| 143000 | 6.375 | 03/01/33 | 141120 |
| 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) |
| 50000 | 6.250 | 02/15/32 | 50318 |
| U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 176000 | 4.750 | 02/15/29 | 169796 |
| 84000 | 4.625 | 06/01/30 | 79739 |
|  |  |  | 833345 |
| Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8% | Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8% | Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8% | Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8% |
| DaVita, Inc. (BB-/Ba3) | DaVita, Inc. (BB-/Ba3) | DaVita, Inc. (BB-/Ba3) | DaVita, Inc. (BB-/Ba3) |
| 96000 | 6.875 | 09/01/32 | 96606 |
| Insulet Corp. (B+/B2) | Insulet Corp. (B+/B2) | Insulet Corp. (B+/B2) | Insulet Corp. (B+/B2) |
| 15000 | 6.500 | 04/01/33 | 15251 |
| Medline Borrower LP (B/B3) | Medline Borrower LP (B/B3) | Medline Borrower LP (B/B3) | Medline Borrower LP (B/B3) |
| 210000 | 5.250 | 10/01/29 | 201535 |
| Medline Borrower LP (BB-/Ba3) | Medline Borrower LP (BB-/Ba3) | Medline Borrower LP (BB-/Ba3) | Medline Borrower LP (BB-/Ba3) |
| 269000 | 3.875 | 04/01/29 | 251370 |
| Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) |
| 95000 | 6.250 | 01/15/33 | 93609 |
| Select Medical Corp. (B/B1) | Select Medical Corp. (B/B1) | Select Medical Corp. (B/B1) | Select Medical Corp. (B/B1) |
| 120000 | 6.250 | 12/01/32 | 117012 |
|  |  |  | 775383 |
| Holding Companies-Diversified<sup>(a)(b)</sup> – 0.5% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.5% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.5% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.5% |
| Benteler International AG (BB-/Ba3) | Benteler International AG (BB-/Ba3) | Benteler International AG (BB-/Ba3) | Benteler International AG (BB-/Ba3) |
| 200000 | 10.500 | 05/15/28 | 209852 |
| Home Builders<sup>(a)</sup> – 1.8% | Home Builders<sup>(a)</sup> – 1.8% | Home Builders<sup>(a)</sup> – 1.8% | Home Builders<sup>(a)</sup> – 1.8% |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) |
| 141000 | 4.875 | 02/15/30 | 123382 |
| Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) |
| 220000 | 3.875 | 08/15/29 | 197696 |
| Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) |
| 135000 | 6.500 | 03/15/33 | 132147 |
| KB Home (BB+/Ba1) | KB Home (BB+/Ba1) | KB Home (BB+/Ba1) | KB Home (BB+/Ba1) |
| 82000 | 7.250 | 07/15/30 | 84118 |
| LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba2) | LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba2) | LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba2) | LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba2) |
| 108000 | 4.000 | 07/15/29 | 95069 |
| Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) | Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) | Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) | Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) |
| 155000 | 5.875 | 06/15/27 | 154993 |
|  |  |  | 787405 |
| Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% |
| Kronos Acquisition Holdings, Inc. (B-/B2) | Kronos Acquisition Holdings, Inc. (B-/B2) | Kronos Acquisition Holdings, Inc. (B-/B2) | Kronos Acquisition Holdings, Inc. (B-/B2) |
| 45000 | 8.250 | 06/30/31 | 39938 |
| Housewares – 0.6% | Housewares – 0.6% | Housewares – 0.6% | Housewares – 0.6% |
| Newell Brands, Inc.<sup>(a)</sup> (BB-/Ba3) | Newell Brands, Inc.<sup>(a)</sup> (BB-/Ba3) | Newell Brands, Inc.<sup>(a)</sup> (BB-/Ba3) |  |
| 15000 | 6.375 | 05/15/30 | 14620 |
| 25000 | 6.625 | 05/15/32 | 24348 |
| 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) |  |
| 251000 | 4.375 | 02/01/32 | 220305 |
|  |  |  | 259273 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> – 2.4% | Insurance<sup>(a)(b)</sup> – 2.4% | Insurance<sup>(a)(b)</sup> – 2.4% | Insurance<sup>(a)(b)</sup> – 2.4% |
| 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) |
| $238000 | 4.250% | 02/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;222642 |
| 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) |
| 90000 | 6.000 | 08/01/29 | 86281 |
| 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) |
| 160000 | 6.750 | 04/15/28 | 160665 |
| 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) |
| 160000 | 7.875 | 11/01/29 | 157654 |
| HUB International Ltd. (B-/Caa1) | HUB International Ltd. (B-/Caa1) | HUB International Ltd. (B-/Caa1) | HUB International Ltd. (B-/Caa1) |
| 130000 | 7.375 | 01/31/32 | 132402 |
| Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) |
| 155000 | 7.125 | 06/01/31 | 157835 |
| Ryan Specialty LLC (BB-/B1) | Ryan Specialty LLC (BB-/B1) | Ryan Specialty LLC (BB-/B1) | Ryan Specialty LLC (BB-/B1) |
| 65000 | 5.875 | 08/01/32 | 64204 |
| USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) |
| 45000 | 7.500 | 01/15/32 | 46004 |
|  |  |  | 1027687 |
| 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) |
| 325000 | 3.875 | 08/15/28 | 295136 |
| 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) |
| 165000 | 7.125 | 09/30/30 | 168702 |
| 40000 | 6.250 | 04/01/33 | 39875 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 166000 | 3.500 | 03/01/29 | 153791 |
| GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) | GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) | GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) | GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 128000 | 5.500 | 07/01/27 | 117655 |
| 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) |
| 127000 | 4.625 | 06/01/28 | 121878 |
| 53000 | 4.125 | 08/01/30 | 47530 |
| 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) |
| 115000 | 6.875 | 03/01/33 | 115037 |
| Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Ziff Davis, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 91000 | 4.625 | 10/15/30 | 82168 |
|  |  |  | 1141772 |
| Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 145000 | 6.750 | 04/15/30 | 140392 |
| 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) |
| 50000 | 6.875 | 11/01/29 | 48965 |
| 70000 | 7.375 | 05/01/33 | 67150 |
|  |  |  | 256507 |
| Leisure Time – 3.2% | Leisure Time – 3.2% | Leisure Time – 3.2% | Leisure Time – 3.2% |
| Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) | Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) | Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) | Carnival Corp.<sup>(a)(b)</sup> (BB+/B1) |
| 231000 | 7.625 | 03/01/26 | 231035 |
| 186000 | 6.000 | 05/01/29 | 184756 |
| 175000 | 5.750 | 03/15/30 | 174284 |
| 95000 | 6.125 | 02/15/33 | 93599 |
| 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) |
| 184000 | 6.375 | 06/01/29 | 141159 |
| Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Ba1) |
| 64000 | 5.500 | 04/01/28 | 63725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Leisure Time – (continued) | Leisure Time – (continued) | Leisure Time – (continued) | Leisure Time – (continued) |
| 100000 | 5.625% | 09/30/31 | 98238 |
| 260000 | 6.250 | 03/15/32 | 262467 |
| Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) |
| 40000 | 7.000 | 02/15/29 | 40133 |
| Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) |
| 47000 | 5.625 | 02/15/29 | 46250 |
| VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Ba1) |
| 67000 | 5.000 | 02/15/28 | 65286 |
|  |  |  | 1400932 |
| 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) |
| 200000 | 7.250 | 10/01/29 | 204110 |
| 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) |
| 184000 | 5.000 | 06/01/29 | 172018 |
| 193000 | 4.875 | 07/01/31 | 169599 |
| 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) |
| 251000 | 4.500 | 12/01/29 | 234612 |
|  |  |  | 780339 |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3% |
| Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) |
| 40000 | 6.250 | 10/15/32 | 38850 |
| Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) |
| 113000 | 4.125 | 11/15/28 | 107573 |
|  |  |  | 146423 |
| Machinery-Diversified<sup>(a)(b)</sup> – 1.6% | Machinery-Diversified<sup>(a)(b)</sup> – 1.6% | Machinery-Diversified<sup>(a)(b)</sup> – 1.6% | Machinery-Diversified<sup>(a)(b)</sup> – 1.6% |
| Chart Industries, Inc. (B+/B2) | Chart Industries, Inc. (B+/B2) | Chart Industries, Inc. (B+/B2) | Chart Industries, Inc. (B+/B2) |
| 90000 | 9.500 | 01/01/31 | 96103 |
| Chart Industries, Inc. (BB-/Ba2) | Chart Industries, Inc. (BB-/Ba2) | Chart Industries, Inc. (BB-/Ba2) | Chart Industries, Inc. (BB-/Ba2) |
| 245000 | 7.500 | 01/01/30 | 254361 |
| Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) |
| 135000 | 6.250 | 04/15/29 | 137028 |
| TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) |
| 200000 | 7.625 | 07/15/28 | 200300 |
|  |  |  | 687792 |
| Media – 6.7% | Media – 6.7% | Media – 6.7% | Media – 6.7% |
| 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) |
| 553000 | 4.750 | 03/01/30 | 512448 |
| 185000 | 4.250 | 02/01/31 | 163906 |
| 522000 | 4.250 | 01/15/34 | 429376 |
| 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) |
| 200000 | 4.500 | 11/15/31 | 144198 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 68000 | 5.875 | 08/15/27 | 65919 |
| 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) |
| 105000 | 11.750 | 11/15/27 | 110631 |
| GCI LLC<sup>(a)(b)</sup> (B+/B3) | GCI LLC<sup>(a)(b)</sup> (B+/B3) | GCI LLC<sup>(a)(b)</sup> (B+/B3) | GCI LLC<sup>(a)(b)</sup> (B+/B3) |
| 285000 | 4.750 | 10/15/28 | 263132 |
| 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) |
| 105000 | 10.500 | 07/15/29 | 109685 |
| McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) |
| 160000 | 7.375 | 09/01/31 | 161640 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 155000 | 8.000% | 08/15/32 | 156941 |
| 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) |
| 130000 | 4.750 | 11/01/28 | 121676 |
| 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) |
| 185000 | 8.125 | 02/15/33 | 182527 |
| 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) |
| 137000 | 4.125 | 07/01/30 | 121825 |
| Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) |
| 200000 | 5.500 | 01/15/28 | 196644 |
| 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) |
| 162000 | 5.000 | 09/15/29 | 150671 |
|  |  |  | 2891219 |
| Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% |
| Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) |
| 203000 | 4.375 | 10/15/29 | 190585 |
| Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% |
| Novelis, Inc. (BB/Ba3) | Novelis, Inc. (BB/Ba3) | Novelis, Inc. (BB/Ba3) | Novelis, Inc. (BB/Ba3) |
| 25000 | 6.875 | 01/30/30 | 25293 |
| Miscellaneous Manufacturing<sup>(a)</sup> – 0.9% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.9% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.9% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.9% |
| Amsted Industries, Inc.<sup>(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(b)</sup> (BB/Ba3) |
| 25000 | 6.375 | 03/15/33 | 24848 |
| Axon Enterprise, Inc.<sup>(b)</sup> (NR/Ba3) | Axon Enterprise, Inc.<sup>(b)</sup> (NR/Ba3) | Axon Enterprise, Inc.<sup>(b)</sup> (NR/Ba3) | Axon Enterprise, Inc.<sup>(b)</sup> (NR/Ba3) |
| 40000 | 6.125 | 03/15/30 | 40409 |
| Axon Enterprise, Inc.<sup>(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(b)</sup> (BB+/Ba3) |
| 40000 | 6.250 | 03/15/33 | 40496 |
| Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) |
| 328000 | 3.750 | 03/01/31 | 286833 |
|  |  |  | 392586 |
| Oil Field Services – 9.2% | Oil Field Services – 9.2% | Oil Field Services – 9.2% | Oil Field Services – 9.2% |
| 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) |
| 267000 | 6.250 | 04/01/28 | 267088 |
| 65000 | 6.625 | 09/01/32 | 65264 |
| Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) |
| 70000 | 7.250 | 04/01/30 | 70784 |
| 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) |
| 95000 | 6.750 | 03/15/33 | 94583 |
| 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) |
| 234000 | 8.375 | 07/01/28 | 241734 |
| 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) |  |
| 192000 | 6.000 | 01/15/29 | 189325 |
| 90000 | 7.375 | 01/15/31 | 91540 |
| 40000 | 7.250 | 03/01/32 | 40690 |
| 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) |
| 255000 | 7.625 | 04/01/32 | 252366 |
| 111000 | 7.375 | 01/15/33 | 107115 |
| Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) | Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) | Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) | Expand Energy Corp.<sup>(a)</sup> (BBB-/Ba1) |
| 75000 | 5.375 | 03/15/30 | 74531 |
| 67000 | 4.750 | 02/01/32 | 63453 |
| 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) |
| 155000 | 6.750 | 09/01/29 | 157281 |
| Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) |
| 198000 | 7.250 | 02/15/29 | 202041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| 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) |
| 155000 | 6.875% | 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;156691 |
| 55000 | 6.500 | 04/15/32 | 54566 |
| 73000 | 6.250 | 04/15/33 | 71330 |
| 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) |
| 215000 | 8.000 | 04/15/30 | 214832 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 85000 | 5.875 | 07/01/29 | 83957 |
| 144000 | 7.000 | 01/15/32 | 147462 |
| 30000 | 6.250 | 02/01/33 | 29904 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) |
| 95000 | 7.875 | 11/01/28 | 97818 |
| 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) |
| 50000 | 6.750 | 08/01/29 | 49306 |
| 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) |
| 80000 | 7.000 | 05/01/29 | 81898 |
| 40000 | 6.250 | 07/01/33 | 39999 |
| 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) |
| 249000 | 4.500 | 04/30/30 | 232910 |
| TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) | TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) | TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) | TechnipFMC PLC<sup>(a)(b)</sup> (BBB-/WR) |
| 188000 | 6.500 | 02/01/26 | 188015 |
| Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) |
| 90300 | 6.875 | 02/01/27 | 89802 |
| 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) |
| 135714 | 8.375 | 02/01/28 | 138693 |
| 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) |
| 246000 | 7.125 | 03/15/29 | 250229 |
| Viper Energy, Inc.<sup>(a)(b)</sup> (BBB-/Ba3) | Viper Energy, Inc.<sup>(a)(b)</sup> (BBB-/Ba3) | Viper Energy, Inc.<sup>(a)(b)</sup> (BBB-/Ba3) | Viper Energy, Inc.<sup>(a)(b)</sup> (BBB-/Ba3) |
| 125000 | 7.375 | 11/01/31 | 130678 |
|  |  |  | 3975885 |
| Packaging<sup>(a)(b)</sup> – 1.2% | Packaging<sup>(a)(b)</sup> – 1.2% | Packaging<sup>(a)(b)</sup> – 1.2% | Packaging<sup>(a)(b)</sup> – 1.2% |
| Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) |
| 138000 | 4.750 | 08/15/28 | 128845 |
| Clydesdale Acquisition Holdings, Inc. (B+/NR) | Clydesdale Acquisition Holdings, Inc. (B+/NR) | Clydesdale Acquisition Holdings, Inc. (B+/NR) | Clydesdale Acquisition Holdings, Inc. (B+/NR) |
| 50000 | 6.750 | 04/15/32 | 50328 |
| 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 | 197330 |
| 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) |
| 130000 | 7.875 | 04/15/27 | 127446 |
|  |  |  | 503949 |
| Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% |
| 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 | 218867 |
| AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) |
| 144000 | 6.125 | 08/01/28 | 141179 |
| 38000 | 4.625 | 08/01/29 | 34584 |
| 49000 | 5.125 | 03/01/30 | 44735 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) |
| 200000 | 5.125 | 04/30/31 | 174544 |
|  |  |  | 613909 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – 6.9% | Pipelines – 6.9% | Pipelines – 6.9% | Pipelines – 6.9% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) |
| $120000 | 5.375% | 06/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;117398 |
| 125000 | 6.625 | 02/01/32 | 127131 |
| 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) |
| 50000 | 7.000 | 07/15/29 | 51072 |
| 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) |
| 80000 | 6.875 | 07/01/29 | 81307 |
| 40000 | 6.750 | 02/01/30 | 40540 |
| 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) |
| 48000 | 4.750 | 04/15/30 | 44788 |
| 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 | 263300 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B3) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B3) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B3) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B3) |
| 55000 | 8.625 | 03/15/29 | 56956 |
| DT Midstream, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | DT Midstream, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | DT Midstream, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | DT Midstream, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 210000 | 4.375 | 06/15/31 | 193458 |
| EQM Midstream Partners LP<sup>(a)(b)</sup> (BBB-/Ba2) | EQM Midstream Partners LP<sup>(a)(b)</sup> (BBB-/Ba2) | EQM Midstream Partners LP<sup>(a)(b)</sup> (BBB-/Ba2) | EQM Midstream Partners LP<sup>(a)(b)</sup> (BBB-/Ba2) |
| 71000 | 7.500 | 06/01/27 | 72594 |
| 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) |
| 70000 | 7.875 | 05/15/32 | 70496 |
| 80000 | 8.000 | 05/15/33 | 80752 |
| Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B2) |
| 124000 | 6.875 | 01/15/29 | 123669 |
| 65000 | 8.250 <sup>(b)</sup> | 01/15/32 | 66853 |
| Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) |
| 100000 | 5.875 | 03/01/28 | 100550 |
| 35000 | 6.500 | 06/01/29 | 35682 |
| Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) |
| 130000 | 8.875 | 07/15/28 | 135550 |
| 70000 | 7.375 | 07/15/32 | 71705 |
| 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) |
| 326000 | 5.875 | 06/15/30 | 322750 |
| 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) |
| 115000 | 6.000 | 06/01/26 | 115286 |
| 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) |
| 35000 | 9.000 | 08/01/29 | 35639 |
| 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) |
| 30000 | 6.750 | 03/15/33 | 30574 |
| Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) |
| 65000 | 8.625 | 10/31/29 | 66422 |
| 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) |
| 65000 | 7.375 | 02/15/29 | 65261 |
| 167000 | 6.000 | 12/31/30 | 158871 |
| 156000 | 6.000 | 09/01/31 | 147440 |
| 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) |
| 55000 | 8.500 | 06/15/30 | 55444 |
| 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) |
| 238000 | 8.125 | 06/01/28 | 243091 |
|  |  |  | 2974579 |
| Real Estate Investment Trust<sup>(a)</sup> – 1.1% | Real Estate Investment Trust<sup>(a)</sup> – 1.1% | Real Estate Investment Trust<sup>(a)</sup> – 1.1% | Real Estate Investment Trust<sup>(a)</sup> – 1.1% |
| Iron Mountain Information Management Services, Inc.<sup>(b)</sup> (BB-/Ba3) | Iron Mountain Information Management Services, Inc.<sup>(b)</sup> (BB-/Ba3) | Iron Mountain Information Management Services, Inc.<sup>(b)</sup> (BB-/Ba3) | Iron Mountain Information Management Services, Inc.<sup>(b)</sup> (BB-/Ba3) |
| 105000 | 5.000 | 07/15/32 | 96898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| 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) |
| SBA Communications Corp. (BB/Ba3) | SBA Communications Corp. (BB/Ba3) | SBA Communications Corp. (BB/Ba3) |  |
| 263000 | 3.125% | 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;239877 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> (B-/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> (B-/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> (B-/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> (B-/B2) |
| 125000 | 4.750 | 04/15/28 | 119492 |
|  |  |  | 456267 |
| Retailing – 5.9% | Retailing – 5.9% | Retailing – 5.9% | Retailing – 5.9% |
| 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) |
| 192000 | 4.375 | 01/15/28 | 184155 |
| 305000 | 4.000 | 10/15/30 | 276110 |
| Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) |
| 154000 | 5.125 | 11/15/29 | 124760 |
| 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) |
| 67000 | 4.625 <sup>(b)</sup> | 11/15/29 | 62763 |
| 132000 | 4.750 | 03/01/30 | 123162 |
| 28000 | 5.000 <sup>(b)</sup> | 02/15/32 | 25361 |
| 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) |
| 40000 | 8.000 | 05/15/32 | 41304 |
| Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 103000 | 6.000 | 03/01/29 | 84127 |
| 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) |
| 200000 | 4.000 | 08/15/28 | 188142 |
| 20000 | 6.375 | 01/15/30 | 20066 |
| 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) |
| 88000 | 4.875 | 09/15/28 | 83873 |
| 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) |
| 278000 | 4.875 | 05/01/29 | 260725 |
| 40000 | 8.250 | 08/01/31 | 41539 |
| 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) |
| 173000 | 3.875 | 06/01/29 | 158724 |
| 191000 | 4.375 | 01/15/31 | 173075 |
| 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) |
| 192000 | 3.750 | 02/15/31 | 170697 |
| 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) |
| 360000 | 3.750 | 06/15/29 | 329673 |
| 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) |
| 174000 | 4.625 | 11/15/29 | 160019 |
| 63000 | 4.875 | 11/15/31 | 56384 |
|  |  |  | 2564659 |
| Semiconductors<sup>(a)(b)</sup> – 0.3% | Semiconductors<sup>(a)(b)</sup> – 0.3% | Semiconductors<sup>(a)(b)</sup> – 0.3% | Semiconductors<sup>(a)(b)</sup> – 0.3% |
| ON Semiconductor Corp. (BB/Ba2) | ON Semiconductor Corp. (BB/Ba2) | ON Semiconductor Corp. (BB/Ba2) | ON Semiconductor Corp. (BB/Ba2) |
| 129000 | 3.875 | 09/01/28 | 120656 |
| Software – 2.7% | Software – 2.7% | Software – 2.7% | Software – 2.7% |
| 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) |
| 136000 | 6.500 | 02/15/30 | 127791 |
| Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (C/Ca) |
| 111000 | 9.500 | 02/15/28 | 49295 |
| Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) |
| 100000 | 6.500 | 03/31/29 | 97221 |
| 90000 | 8.250 | 06/30/32 | 91460 |
| 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) |
| 217000 | 3.875 | 02/15/28 | 204757 |
| 159000 | 3.875 | 12/01/29 | 144839 |
| Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) |
| 255000 | 3.625 | 03/15/29 | 236666 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $251000 | 3.875% | 02/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;230340 |
|  |  |  | 1182369 |
| Telecommunication Services<sup>(a)</sup> – 1.0% | Telecommunication Services<sup>(a)</sup> – 1.0% | Telecommunication Services<sup>(a)</sup> – 1.0% | Telecommunication Services<sup>(a)</sup> – 1.0% |
| EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) |
| 250000 | 10.750 | 11/30/29 | 262788 |
| Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) |
| 101000 | 6.750 | 05/01/29 | 101460 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) |
| 80000 | 8.250 | 10/01/31 | 81511 |
|  |  |  | 445759 |
| Transportation<sup>(a)(b)</sup> – 1.0% | Transportation<sup>(a)(b)</sup> – 1.0% | Transportation<sup>(a)(b)</sup> – 1.0% | Transportation<sup>(a)(b)</sup> – 1.0% |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 199000 | 8.500 | 02/15/30 | 196799 |
| XPO, Inc. (BB-/Ba3) | XPO, Inc. (BB-/Ba3) | XPO, Inc. (BB-/Ba3) | XPO, Inc. (BB-/Ba3) |
| 235000 | 7.125 | 02/01/32 | 241054 |
|  |  |  | 437853 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $36,860,223)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $36,860,223)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $36,860,223)** | $36191432 |
| Bank Loans<sup>(f)</sup> – 15.2% | Bank Loans<sup>(f)</sup> – 15.2% | Bank Loans<sup>(f)</sup> – 15.2% | Bank Loans<sup>(f)</sup> – 15.2% |
| Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% |
| Kaman Corp.<sup>(g)</sup> (B/B2) | Kaman Corp.<sup>(g)</sup> (B/B2) | Kaman Corp.<sup>(g)</sup> (B/B2) | Kaman Corp.<sup>(g)</sup> (B/B2) |
| $182759 | 0.000% | 02/26/32 | $&nbsp;&nbsp;&nbsp;&nbsp;180169 |
| Kaman Corp.<sup>(g)</sup> (NR/B2) | Kaman Corp.<sup>(g)</sup> (NR/B2) | Kaman Corp.<sup>(g)</sup> (NR/B2) | Kaman Corp.<sup>(g)</sup> (NR/B2) |
| 17241 | 0.000 | 02/26/32 | 16997 |
| Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.750%) | Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.750%) | Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.750%) | Propulsion BC Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.750%) |
| 180729 | 7.549 | 09/14/29 | 180600 |
|  |  |  | 377766 |
| **Airlines<sup>(g)</sup> – 0.2%** | **Airlines<sup>(g)</sup> – 0.2%** | **Airlines<sup>(g)</sup> – 0.2%** | **Airlines<sup>(g)</sup> – 0.2%** |
| Vista Management Holding, Inc. (NR/NR) | Vista Management Holding, Inc. (NR/NR) | Vista Management Holding, Inc. (NR/NR) | Vista Management Holding, Inc. (NR/NR) |
| 100000 | 0.000 | 03/26/31 | 99250 |
| Automotive – 0.4% | Automotive – 0.4% | Automotive – 0.4% | Automotive – 0.4% |
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| 190108 | 9.552 | 03/30/27 | 176088 |
| Automotive - Parts – 0.3% | Automotive - Parts – 0.3% | Automotive - Parts – 0.3% | Automotive - Parts – 0.3% |
| Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) |
| 118247 | 7.313 | 05/04/28 | 117375 |
| Building & Construction – 0.9% | Building & Construction – 0.9% | Building & Construction – 0.9% | Building & Construction – 0.9% |
| AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 3.500%) |
| 99501 | 7.075 | 07/30/31 | 98568 |
| Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 24937 | 6.827 | 11/03/31 | 24761 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) |
| Building & Construction – (continued) | Building & Construction – (continued) | Building & Construction – (continued) | Building & Construction – (continued) |
| Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) |
| $50000 | 7.793% | 10/17/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49584 |
| 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%) |
| 142343 | 8.189 | 03/31/28 | 141275 |
| 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%) |
| 69291 | 7.325 | 12/08/28 | 68546 |
|  |  |  | 382734 |
| Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% |
| Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) |
| 94715 | 8.061 | 12/22/28 | 94681 |
| Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) |
| 50000 | 11.311 | 12/21/29 | 50250 |
|  |  |  | 144931 |
| Capital Goods - Others – 1.0% | Capital Goods - Others – 1.0% | Capital Goods - Others – 1.0% | Capital Goods - Others – 1.0% |
| Engineered Machinery Holdings, Inc. (B-/B1)<br> (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1)<br> (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1)<br> (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1)<br> (3 mo. EUR EURIBOR + 3.750%) |
| 71138 | 6.105 | 05/21/28 | 76841 |
| (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%) |
| $70409 | 8.311 | 05/19/28 | 70366 |
| Terex Corp. (BBB-/Baa3)(3 mo. USD Term SOFR + 1.000%) | Terex Corp. (BBB-/Baa3)(3 mo. USD Term SOFR + 1.000%) | Terex Corp. (BBB-/Baa3)(3 mo. USD Term SOFR + 1.000%) | Terex Corp. (BBB-/Baa3)(3 mo. USD Term SOFR + 1.000%) |
| 175000 | 6.299 | 10/08/31 | 175088 |
| Titan Acquisition Ltd. (B-/B3) (6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3) (6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3) (6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (B-/B3) (6 mo. USD Term SOFR + 4.500%) |
| 124062 | 8.785 | 02/15/29 | 123365 |
|  |  |  | 445660 |
| Commercial Services – 2.1% | Commercial Services – 2.1% | Commercial Services – 2.1% | Commercial Services – 2.1% |
| Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 4.250%) |
| 148877 | 7.803 | 12/29/31 | 146985 |
| 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%) |
| 248750 | 7.322 | 02/01/29 | 247559 |
| 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%) |
| 129437 | 7.316 | 03/14/31 | 126575 |
| Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) |
| (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) |
| 75000 | 5.605 | 06/02/28 | 80895 |
| (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%) |
| $100000 | 8.060 | 06/30/28 | 99875 |
| Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) |
| 223869 | 9.075 | 03/13/31 | 223869 |
|  |  |  | 925758 |
| Diversified Financial Services – 1.1% | Diversified Financial Services – 1.1% | Diversified Financial Services – 1.1% | Diversified Financial Services – 1.1% |
| DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.500%) |
| 190250 | 7.791 | 06/26/31 | 189419 |
| 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%) |
| 175000 | 9.291 | 11/05/31 | 160927 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) | NGP XI Midstream Holdings LLC (B/B3)(3 mo. USD Term SOFR + 3.500%) |
| $124687 | 7.799% | 07/25/31 | $&nbsp;&nbsp;&nbsp;&nbsp;124064 |
|  |  |  | 474410 |
| Diversified Manufacturing – 0.4% | Diversified Manufacturing – 0.4% | Diversified Manufacturing – 0.4% | Diversified Manufacturing – 0.4% |
| SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 4.500%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 4.500%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 4.500%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 4.500%) |
| 189343 | 7.325 | 04/05/29 | 188800 |
| Energy - Exploration & Production – 0.7% | Energy - Exploration & Production – 0.7% | Energy - Exploration & Production – 0.7% | Energy - Exploration & Production – 0.7% |
| CQP Holdco LP (BB/Ba2) (3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP (BB/Ba2) (3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP (BB/Ba2) (3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP (BB/Ba2) (3 mo. USD Term SOFR + 2.000%) |
| 146644 | 6.299 | 12/31/30 | 146149 |
| 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 | 8.049 | 05/01/31 | 135031 |
|  |  |  | 281180 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| Alterra Mountain Co. (B+/B1) (1 mo. USD Term SOFR + 3.000%) | Alterra Mountain Co. (B+/B1) (1 mo. USD Term SOFR + 3.000%) | Alterra Mountain Co. (B+/B1) (1 mo. USD Term SOFR + 3.000%) | Alterra Mountain Co. (B+/B1) (1 mo. USD Term SOFR + 3.000%) |
| 19900 | 7.325 | 05/31/30 | 19875 |
| Crown Finance U.S., Inc. (B-/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B-/B3) (1 mo. USD Term SOFR + 5.250%) |
| 124688 | 9.573 | 12/02/31 | 123886 |
|  |  |  | 143761 |
| Gas – 0.1% | Gas – 0.1% | Gas – 0.1% | Gas – 0.1% |
| 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%) |
| 50000 | 6.325 | 01/30/32 | 49625 |
| Healthcare – 0.6% | Healthcare – 0.6% | Healthcare – 0.6% | Healthcare – 0.6% |
| Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Jazz Financing Lux SARL (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) |
| 112277 | 6.575 | 05/05/28 | 112193 |
| Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) |
| 163785 | 9.302 | 02/28/28 | 164604 |
|  |  |  | 276797 |
| 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%) |
| 100000 | 7.799 | 10/02/31 | 99500 |
| Machinery – 0.6% | Machinery – 0.6% | Machinery – 0.6% | Machinery – 0.6% |
| Apex Tool Group LLC (CCC-/Caa2)<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC (CCC-/Caa2)<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC (CCC-/Caa2)<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC (CCC-/Caa2)<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) |
| 59343 | 11.925 | 02/08/30 | 50145 |
| Apex Tool Group LLC (CCC+/B3)<sup>(h)</sup> (1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/B3)<sup>(h)</sup> (1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/B3)<sup>(h)</sup> (1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/B3)<sup>(h)</sup> (1 mo. USD Term SOFR + 5.250%) |
| 25423 | 9.675 | 02/08/29 | 22754 |
| TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) | TK Elevator U.S. Newco, Inc. (B/B2)(6 mo. USD Term SOFR + 3.500%) |
| 202926 | 7.737 | 04/30/30 | 202237 |
|  |  |  | 275136 |
| Media - Cable – 0.1% | Media - Cable – 0.1% | Media - Cable – 0.1% | Media - Cable – 0.1% |
| DirecTV Financing LLC (BB-/B1)(3 mo. USD Term SOFR + 5.000%) | DirecTV Financing LLC (BB-/B1)(3 mo. USD Term SOFR + 5.000%) | DirecTV Financing LLC (BB-/B1)(3 mo. USD Term SOFR + 5.000%) | DirecTV Financing LLC (BB-/B1)(3 mo. USD Term SOFR + 5.000%) |
| 38928 | 9.552 | 08/02/27 | 38933 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) |
| Mining – 0.1% | Mining – 0.1% | Mining – 0.1% | Mining – 0.1% |
| PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) |
| $48252 | 8.689% | 04/23/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42281 |
| Oil Field Services – 0.4% | Oil Field Services – 0.4% | Oil Field Services – 0.4% | Oil Field Services – 0.4% |
| ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) |
| 169418 | 7.175 | 06/07/29 | 169122 |
| Packaging – 0.6% | Packaging – 0.6% | Packaging – 0.6% | Packaging – 0.6% |
| Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| 139031 | 7.314 | 11/29/30 | 138762 |
| 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 | 7.500 | 04/13/29 | 118202 |
|  |  |  | 256964 |
| Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% |
| Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B1)(3 mo. USD Term SOFR + 5.000%) |
| 269500 | 9.299 | 10/13/29 | 258553 |
| Pipelines – 0.5% | Pipelines – 0.5% | Pipelines – 0.5% | Pipelines – 0.5% |
| Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Epic Y-Grade Services LP (B-/B3)(3 mo. USD Term SOFR + 5.750%) |
| 174125 | 10.044 | 06/29/29 | 173935 |
| Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) |
| 24875 | 8.575 | 08/01/29 | 24860 |
|  |  |  | 198795 |
| Retailers – 0.7% | Retailers – 0.7% | Retailers – 0.7% | Retailers – 0.7% |
| BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.000%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.000%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.000%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.000%) |
| 143260 | 7.575 | 12/11/30 | 141051 |
| Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.500%) |
| 149250 | 6.825 | 06/11/31 | 145316 |
|  |  |  | 286367 |
| Technology – 0.4% | Technology – 0.4% | Technology – 0.4% | Technology – 0.4% |
| McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) |
| 24875 | 7.323 | 03/01/29 | 23700 |
| Pitney Bowes, Inc. (BB/Ba2) | Pitney Bowes, Inc. (BB/Ba2) | Pitney Bowes, Inc. (BB/Ba2) | Pitney Bowes, Inc. (BB/Ba2) |
| 150000 | 8.074 | 03/19/32 | 148250 |
|  |  |  | 171950 |
| Technology - Software – 1.4% | Technology - Software – 1.4% | Technology - Software – 1.4% | Technology - Software – 1.4% |
| Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) |
| 143752 | 7.299 | 02/01/31 | 143325 |
| Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) |
| 175000 | 8.295 | 12/09/31 | 172813 |
| 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%) |
| 173654 | 8.061 | 09/29/28 | 173329 |
| 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%) |
| 115602 | 7.575 | 02/15/29 | 115277 |
|  |  |  | 604744 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) |
| Wireless Telecommunication Services – 0.3% | Wireless Telecommunication Services – 0.3% | Wireless Telecommunication Services – 0.3% | Wireless Telecommunication Services – 0.3% |
| Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) |
| $125000 | 7.439% | 03/09/27 | $116094 |
| **TOTAL BANK LOANS**<br> **(Cost $6,658,529)** | **TOTAL BANK LOANS**<br> **(Cost $6,658,529)** | **TOTAL BANK LOANS**<br> **(Cost $6,658,529)** | $6602574 |
| **Shares** | **Shares** | **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 | $40787 |
| Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.1% | Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.1% | Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.1% | Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.1% |
| 1141924 | Prairie Provident Resources, Inc. | Prairie Provident Resources, Inc. | 27773 |
| **TOTAL COMMON STOCKS**<br> **(Cost $2,957,472)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,957,472)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,957,472)** | $68560 |
| **Shares** | **Shares** | **Dividend** <br> **Rate**  | **Value** |
| Investment Company<sup>(j)</sup> – 0.4% | Investment Company<sup>(j)</sup> – 0.4% | Investment Company<sup>(j)</sup> – 0.4% | Investment Company<sup>(j)</sup> – 0.4% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 183133 |  | 4.259% | $183133 |
| (Cost $183,133) | (Cost $183,133) | (Cost $183,133) | (Cost $183,133) |
| **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $46,659,357)** | **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $46,659,357)** | **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $46,659,357)** | $43045699 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.6%** | $246842 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $43292541 |

---

---

| | |
|:---|:---|
| 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 March 31, 2025. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2025. |
| (e) | Pay-in-kind securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (g) | 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. |
| (h) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (i) | Security is currently in default and/or non-income producing. |
| (j) | Represents an affiliated issuer. |
| <br> Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | <br> Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 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)** |
|  Groundworks LLC (B/B3), due 03/14/31 | $19585 | $19056 | $(444) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 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** |
|  BofA Securities LLC | USD | 151073 | EUR | 146726 | 04/09/25 | $(7657) |

---

FUTURES CONTRACTS — At March 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 | 42 | 06/30/25 | $8701219 | $34216 |
|  Ultra Long U.S. Treasury Bonds | 1 | 06/18/25 | 122250 | (1015) |
| Total |  |  |  | $33201 |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (16) | 06/30/25 | (1730500) | (7802) |
|  10 Year U.S. Treasury Notes | (35) | 06/18/25 | (3892656) | (31612) |
|  20 Year U.S. Treasury Bonds | (2) | 06/18/25 | (234563) | (2455) |
|  Ultra 10-Year U.S. Treasury Notes | (12) | 06/18/25 | (1369500) | (17151) |
| Total |  |  |  | $(59020) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(25819) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| NR | —Not Rated |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| SOFR | —Secured Overnight Financing Rate |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| BofA Securities LLC | —Bank of America Securities LLC |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging**<br> **Markets Credit Fund** | **Emerging Markets**<br> **Debt Fund** | **High Yield**<br> **Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $24,794,724, $386,706,268 and $2,032,813,526, respectively)<sup>(a)</sup>  | $25574976 | $369769179 | $1977194069 |
|  Investments in affiliated issuers, at value (cost $397,110, $660,916 and $40,819, respectively) | 397110 | 660916 | 40819 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  |  | 67561907 |
|  Purchased options, at value (premium paid $0, $1,778,388 and $0, respectively) |  | 1235192 |  |
|  Cash | 395806 | 5683042 | 30003354 |
|  Foreign currencies, at value (cost $0, $289,584 and $14,473, respectively) | 147 | 136841 | 11269 |
|  Unrealized gain on forward foreign currency exchange contracts |  | 1772034 | 197393 |
|  Variation margin on futures contracts | 43 | 8476 | 246739 |
|  Variation margin on swaps contracts | 9 |  | 339236 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 440285 | 5149088 | 31320500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 133099 | 174266 | 8227269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 26703 |  | 46300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup>  | 19712 | 1873222 | 18369437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 18814 | 36816 | 32836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 529 | 203789 | 5997579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  | 416399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  | 142726 |  |
|  Other assets | 28793 | 30799 | 46954 |
|  **Total assets** | 27036026 | 387292785 | 2139635661 |
| Liabilities: |  |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 28293 | 1495898 | 1847742 |
|  Variation margin on swaps contracts |  | 2504 |  |
|  Written option contracts, at value (premium received $0, $1,574,691 and $0, respectively) |  | 1136812 |  |
|  Unrealized loss on unfunded loan commitment |  |  | 13900 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 168993 | 669280 | 2616874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 8717 | 125814 | 534293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6777 | 149266 | 19404381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 1714 | 9493 | 38560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 733 | 221304 | 45483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis |  | 1490772 | 13107829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  |  | 67561907 |
|  Accrued expenses | 325874 | 318385 | 252268 |
|  **Total liabilities** | 541101 | 5619528 | 105423237 |
| Net Assets: |  |  |  |
|  Paid-in capital | 181685265 | 852967443 | 2709288201 |
|  Total distributable loss | (155190340) | (471294186) | (675075777) |
|  **NET ASSETS** | $26494925 | $381673257 | $2034212424 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $3264473 | $22858669 | $83744541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1763597 | 2651931 | 3997011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2279264 | 209522451 | 114133943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 2272785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8199018 | 8573063 | 6854956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 20444 | 101697298 | 40624138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 4295242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10968129 | 36369845 | 1778289808 |
|  Total Net Assets | $26494925 | $381673257 | $2034212424 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 814302 | 2380272 | 15081107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 440986 | 276529 | 719424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 570896 | 21809628 | 20511317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 409379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2050563 | 892442 | 1232243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 5117 | 10583889 | 7283410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 774503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2747545 | 3788519 | 319495656 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $4.01 | $9.60 | $5.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4.00 | 9.59 | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 3.99 | 9.61 | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 5.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 4.00 | 9.61 | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4.00 | 9.61 | 5.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 5.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 3.99 | 9.60 | 5.57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $0, $0 and $65,769,411, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Segregated for initial margin and/or collateral as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** |
|  Emerging Markets Credit Fund | $15407 | $4305 |
|  Emerging Markets Debt Fund | 325885 | 1547337 |
|  High Yield Fund | 1557246 | 16812191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of Emerging Markets Credit Fund, Emerging Markets Debt Fund and High Yield Fund is $4.20, $10.05 and $5.81, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **High Yield<br>Floating Rate Fund** | **Investment<br>Grade Credit Fund** | **Short Duration High<br>Yield Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,875,913,707, $603,443,280 and $46,476,224, respectively)<sup>(a)</sup>  | $1800048717 | $593884890 | $42862566 |
|  Investments in affiliated issuers, at value (cost $138,777,899, $885,019 and $183,133, respectively) | 138777899 | 885019 | 183133 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 8547960 |  |  |
|  Cash | 36505991 | 9432530 | 250440 |
|  Foreign currencies, at value (cost $80,170, $3,156 and $4,300, respectively) | 83418 | 3123 | 4382 |
|  Unrealized gain on forward foreign currency exchange contracts | 49909 |  |  |
|  Variation margin on futures contracts |  | 256478 |  |
|  Variation margin on swaps contracts | 47567 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 63514376 | 3704132 | 57679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup>  | 18227020 | 21027953 | 136438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 13020239 | 6591627 | 612626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 235643 | 803430 | 82257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser |  | 28549 | 33282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 146 |  |
|  Other assets | 35070 | 25596 | 12292 |
|  **Total assets** | 2079093809 | 636643473 | 44235095 |
| Liabilities: |  |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 3402553 | 78251 | 7657 |
|  Variation margin on futures contracts | 3265 |  | 1061 |
|  Variation margin on swaps contracts |  | 94869 |  |
|  Unrealized loss on unfunded loan commitment | 22864 |  | 444 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 178401690 | 73050 | 471803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 8547960 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 7045000 | 719364 | 270000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 5335150 | 585993 | 40293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 432552 | 86931 | 9801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 145438 | 43455 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 25266 | 9353 | 779 |
|  Accrued expenses | 589027 | 174852 | 140710 |
|  **Total liabilities** | 203950765 | 1866118 | 942554 |
| Net Assets: |  |  |  |
|  Paid-in capital | 2604399577 | 713060006 | 95313327 |
|  Total distributable loss | (729256533) | (78282651) | (52020786) |
|  **NET ASSETS** | $1875143044 | $634777355 | $43292541 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $4852749 | $6551074 | $657402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1591091 |  | 243244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 103572019 | 105477867 | 8732785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  | 78989439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 19236688 | 6013197 | 155527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 29583402 | 147783266 | 2757403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 295063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1716012032 | 289962512 | 30746180 |
|  Total Net Assets | $1875143044 | $634777355 | $43292541 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 559882 | 816559 | 83437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 183443 |  | 30914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 11949197 | 13144026 | 1109835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  | 9840514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2212172 | 749593 | 19746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3408703 | 18408372 | 350727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 34028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 197538266 | 36146321 | 3912180 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.67 | $8.02 | $7.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.67 |  | 7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.67 | 8.02 | 7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  | 8.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.70 | 8.02 | 7.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.68 | 8.03 | 7.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8.67 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.69 | 8.02 | 7.86 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $8,351,950, $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** |
|  High Yield Floating Rate Fund | $145750 | $13431270 | $4650000 |
|  Investment Grade Credit Fund | 3862123 | 17165830 |  |
|  Short Duration High Yield Fund | 136438 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of High Yield Floating Rate Fund, Investment Grade Credit Fund and Short Duration High Yield Fund is $8.87, $8.33 and $8.06, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging**<br> **Markets Credit Fund** | **Emerging Markets<br>Debt Fund** | **High Yield**<br> **Fund** |
| Investment Income: |  |  |  |
|  Interest (net of foreign withholding taxes of $2,890, $1,225 and $0, respectively) | $2276338 | $27768698 | $133125191 |
|  Dividends — affiliated issuers | 18195 | 292698 | 718094 |
|  Dividends — unaffiliated issuers |  | 4520 | 2742837 |
|  Securities lending income, net of rebates received or paid to borrowers |  |  | 1006057 |
|  **Total investment income** | 2294533 | 28065916 | 137592179 |
| Expenses: |  |  |  |
|  Management fees | 239480 | 3207295 | 13887026 |
|  Professional fees | 226883 | 175840 | 155204 |
|  Custody, accounting and administrative services | 170690 | 341872 | 261925 |
|  Registration fees | 98994 | 97757 | 150795 |
|  Printing and mailing costs | 66577 | 64994 | 96402 |
|  Trustee fees | 28827 | 29698 | 33586 |
|  Transfer Agency fees<sup>(a)</sup>  | 22815 | 179332 | 698570 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 20826 | 83760 | 271112 |
|  Service fees — Class C | 4387 | 8087 | 10237 |
|  Prime broker fees |  | 43304 |  |
|  Shareholder Administration fees — Service Class |  |  | 10323 |
|  Other | 15419 | 10495 | 80620 |
|  **Total expenses** | 894898 | 4242434 | 15655800 |
|  Less — expense reductions | (611451) | (737216) | (1938436) |
|  **Net expenses** | 283447 | 3505218 | 13717364 |
|  **NET INVESTMENT INCOME** | 2011086 | 24560698 | 123874815 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (1712609) | (50838781) | (30218214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (417) | (6763256) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (47970) | (298484) | (3081717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 9806673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (11653) | (789259) | 2948169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 75506 | (2151779) | 2100936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7466) | (645082) | (188161) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 1890923 | 53086871 | 28935200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment |  |  | (13900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | (499409) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (19348) | 61001 | 518749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 640812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 2130 | 510410 | (1299311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (28988) | (420019) | (1811524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 1269 | (3352) | 19687 |
|  **Net realized and unrealized gain (loss)** | 141377 | 1696346 | (2090086) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2152463 | $26257044 | $121784729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Emerging Markets Credit Fund | $7667 | $13159 | $— | $— | $3680 | $2106 | $1154 | $— | $12275 | $40 | $— | $3560 |
|  Emerging Markets Debt Fund | 59498 | 24262 |  |  | 28559 | 3882 | 100661 |  | 12750 | 22726 |  | 10754 |
|  High Yield Fund | 207601 | 30709 | 10323 | 22479 | 99648 | 4914 | 54908 | 1651 | 8650 | 13246 | 5395 | 510158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **High Yield**<br> **Floating Rate Fund** | **Investment**<br> **Grade Credit Fund** | **Short Duration High**<br> **Yield Fund** |
| Investment Income: |  |  |  |
|  Interest | $155633866 | $28787127 | $2876266 |
|  Dividends — affiliated issuers | 5209989 | 430365 | 89263 |
|  Dividends — unaffiliated issuers | 4650062 |  | 4861 |
|  Securities lending income, net of rebates received or paid to borrowers | 317008 |  |  |
|  **Total investment income** | 165810925 | 29217492 | 2970390 |
| Expenses: |  |  |  |
|  Management fees | 11231201 | 2105778 | 260551 |
|  Interest expense | 854994 |  |  |
|  Custody, accounting and administrative services | 645102 | 168778 | 99615 |
|  Transfer Agency fees<sup>(a)</sup>  | 631221 | 208755 | 15643 |
|  Professional fees | 207920 | 130502 | 248292 |
|  Registration fees | 124084 | 105605 | 110440 |
|  Printing and mailing costs | 49319 | 57412 | 77807 |
|  Trustee fees | 33325 | 30255 | 28872 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 28285 | 16734 | 3299 |
|  Service fees — Class C | 3641 |  | 561 |
|  Prime broker fees | 1532 |  |  |
|  Other | 34865 | 21069 | 9829 |
|  **Total expenses** | 13845489 | 2844888 | 854909 |
|  Less — expense reductions | (180069) | (504109) | (560972) |
|  **Net expenses** | 13665420 | 2340779 | 293937 |
|  **NET INVESTMENT INCOME** | 152145505 | 26876713 | 2676453 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (60324167) | (6094486) | (1121552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | (13346) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2859570) | (2836533) | (51515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | (19918) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (769375) | 3686224 | (259740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4793079 | 110618 | 9835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (63690) | (9764) | 1533 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 16037311 | 11352457 | 1133872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | (23100) |  | (444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 237320 | (341313) | (25819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (3115909) | (3050076) | 345689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3420522) | (78457) | (7822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (68173) | 906 | 86 |
|  **Net realized and unrealized gain (loss)** | (49576796) | 2706312 | 24123 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $102568709 | $29583025 | $2700576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Separate Account Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  High Yield Floating Rate Fund | $15910 | $10922 | $1453 | $7637 | $1747 | $63175 | $— | $23027 | $7503 | $349 | $527783 |
|  Investment Grade Credit Fund | 16734 |  |  | 8032 |  | 34286 | 26533 | 11140 | 45962 |  | 82802 |
|  Short Duration High Yield Fund | 1616 | 1683 |  | 776 | 269 | 3714 |  | 344 | 1051 |  | 9489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $2011086 | $3422969 | $24560698 | $29395235 |
|  Net realized loss | (1704609) | (5859752) | (51679968) | (109696259) |
|  Net change in unrealized gain | 1845986 | 5461600 | 53376314 | 137760423 |
|  **Net increase in net assets resulting from operations** | 2152463 | 3024817 | 26257044 | 57459399 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (487202) | (1329501) | (1227049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (275361) | (153826) | (204003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (1136209) | (14594514) | (18288312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (2125112) | (606161) | (1543249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (1021605) | (4552076) | (6529146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (2496016) | (2105402) | (1768497) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (202529) | (43090) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (102583) | (24354) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (197933) | (100490) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (697900) | (187953) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (9031) | (90354) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (818358) | (220757) |  |  |
|  **Total distributions to shareholders** | (2028334) | (8208503) | (23341480) | (29560256) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 9005119 | 18759032 | 109789712 | 128179557 |
|  Reinvestment of distributions | 2006607 | 7969524 | 21031226 | 27140791 |
|  Cost of shares redeemed | (19112589) | (45793507) | (176789826) | (505366928) |
|  **Net decrease in net assets resulting from share transactions** | (8100863) | (19064951) | (45968888) | (350046580) |
|  **TOTAL DECREASE** | (7976734) | (24248637) | (43053324) | (322147437) |
| Net assets: |  |  |  |  |
|  Beginning of year | 34471659 | 58720296 | 424726581 | 746874018 |
|  End of year | $26494925 | $34471659 | $381673257 | $424726581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $123874815 | $107903065 | $152145505 | $183013977 |
|  Net realized loss | (28438987) | (32117873) | (59223723) | (48739792) |
|  Net change in unrealized gain | 26348901 | 85348064 | 9646927 | 92724645 |
|  **Net increase in net assets resulting from operations** | 121784729 | 161133256 | 102568709 | 226998830 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (4897226) | (5165591) | (464549) | (390118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (212773) | (179742) | (95164) | (62456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (8474793) | (10344873) | (12220102) | (11628298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (235199) | (221088) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (442137) | (465569) | (1450586) | (944611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2733331) | (1334304) | (1894089) | (1809462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (254652) | (231866) | (20486) | (21501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (105303797) | (88399199) | (133869462) | (162940729) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (303292) | (165444) | (6312) | (11448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (13177) | (5757) | (1293) | (1833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (524856) | (331326) | (166052) | (341259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (14566) | (7081) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (27382) | (14911) | (19711) | (27722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (169279) | (42735) | (25738) | (53103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (15771) | (7426) | (278) | (631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (6521609) | (2831255) | (1819073) | (4781868) |
|  **Total distributions to shareholders** | (130143840) | (109748167) | (152052895) | (183015039) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 450136096 | 611135035 | 327760053 | 628309539 |
|  Reinvestment of distributions | 129272387 | 109109521 | 149097423 | 182953460 |
|  Cost of shares redeemed | (488106430) | (425453469) | (572563226) | (1070017007) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 91302053 | 294791087 | (95705750) | (258754008) |
|  **TOTAL INCREASE (DECREASE)** | 82942942 | 346176176 | (145189936) | (214770217) |
| Net assets: |  |  |  |  |
|  Beginning of year | 1951269482 | 1605093306 | 2020332980 | 2235103197 |
|  End of year | $2034212424 | $1951269482 | $1875143044 | $2020332980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $26876713 | $26130456 | $2676453 | $3050565 |
|  Net realized loss | (5177205) | (19586300) | (1421439) | (2713873) |
|  Net change in unrealized gain | 7883517 | 25150845 | 1445562 | 3559113 |
|  **Net increase in net assets resulting from operations** | 29583025 | 31695001 | 2700576 | 3895805 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (252683) | (220159) | (38965) | (38247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (12026) | (4290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3493480) | (2726285) | (591117) | (577515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares | (3596925) | (3703499) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (368132) | (377104) | (17973) | (61305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (6240490) | (9398302) | (222421) | (416079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  |  | (1365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (11250847) | (8388018) | (2024175) | (1798494) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (36659) | (33020) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (506824) | (408884) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares | (521831) | (555445) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (53407) | (56557) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (905352) | (1409543) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1632239) | (1258023) |  |  |
|  **Total distributions to shareholders** | (28858869) | (28534839) | (2906677) | (2897295) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 121097337 | 209366095 | 8728118 | 9165553 |
|  Reinvestment of distributions | 28600719 | 28309958 | 2903389 | 2893595 |
|  Cost of shares redeemed | (182268612) | (212437281) | (16396076) | (14355530) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (32570556) | 25238772 | (4764569) | (2296382) |
|  **TOTAL INCREASE (DECREASE)** | (31846400) | 28398934 | (4970670) | (1297872) |
| Net assets: |  |  |  |  |
|  Beginning of year | 666623755 | 638224821 | 48263211 | 49561083 |
|  End of year | $634777355 | $666623755 | $43292541 | $48263211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.99 | $4.55 | $5.00 | $5.56 | $4.98 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.27 | 0.23 | 0.19 | 0.20 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.03 | (0.33) | (0.55) | 0.58 |
|  Total from investment operations | 0.28 | 0.30 | (0.10) | (0.36) | 0.78 |
|  Distributions to shareholders from net investment income |  | (0.79) | (0.35) | (0.20) |  |
|  Distributions to shareholders from return of capital | (0.26) | (0.07) |  |  | (0.20) |
|  Total distributions | (0.26) | (0.86) | (0.35) | (0.20) | (0.20) |
|  Net asset value, end of year | $4.01 | $3.99 | $4.55 | $5.00 | $5.56 |
|  **Total return<sup>(b)</sup>** | 7.34% | 7.31% | (1.79)% | (6.51)% | 15.65% |
|  Net assets, end of year (in 000s) | $3264 | $2681 | $2794 | $3842 | $4795 |
|  Ratio of net expenses to average net assets | 1.14% | 1.19% | 1.22% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 3.20% | 2.54% | 2.49% | 1.74% | 1.84% |
|  Ratio of net investment income to average net assets | 6.53% | 6.18% | 5.08% | 3.44% | 3.56% |
|  Portfolio turnover rate<sup>(c)</sup> | 63% | 203% | 168% | 123% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.99 | $4.54 | $5.00 | $5.55 | $4.98 |
|  Net investment income<sup>(a)</sup> | 0.23 | 0.24 | 0.20 | 0.15 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.04 | (0.34) | (0.54) | 0.57 |
|  Total from investment operations | 0.24 | 0.28 | (0.14) | (0.39) | 0.73 |
|  Distributions to shareholders from net investment income |  | (0.77) | (0.32) | (0.16) |  |
|  Distributions to shareholders from return of capital | (0.23) | (0.06) |  |  | (0.16) |
|  Total distributions | (0.23) | (0.83) | (0.32) | (0.16) | (0.16) |
|  Net asset value, end of year | $4.00 | $3.99 | $4.54 | $5.00 | $5.55 |
|  **Total return<sup>(b)</sup>** | 6.54% | 6.51% | (2.54)% | (7.39)% | 15.02% |
|  Net assets, end of year (in 000s) | $1764 | $1693 | $1651 | $1879 | $2055 |
|  Ratio of net expenses to average net assets | 1.89% | 1.94% | 1.97% | 1.96% | 1.96% |
|  Ratio of total expenses to average net assets | 3.95% | 3.30% | 3.24% | 2.50% | 2.58% |
|  Ratio of net investment income to average net assets | 5.78% | 5.43% | 4.34% | 2.69% | 2.82% |
|  Portfolio turnover rate<sup>(c)</sup> | 63% | 203% | 168% | 123% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.98 | $4.53 | $4.99 | $5.54 | $4.97 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.28 | 0.24 | 0.20 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.05 | (0.33) | (0.53) | 0.57 |
|  Total from investment operations | 0.29 | 0.33 | (0.09) | (0.33) | 0.79 |
|  Distributions to shareholders from net investment income |  | (0.81) | (0.37) | (0.22) |  |
|  Distributions to shareholders from return of capital | (0.28) | (0.07) |  |  | (0.22) |
|  Total distributions | (0.28) | (0.88) | (0.37) | (0.22) | (0.22) |
|  Net asset value, end of year | $3.99 | $3.98 | $4.53 | $4.99 | $5.54 |
|  **Total return<sup>(b)</sup>** | 7.39% | 7.67% | (1.31)% | (6.43)% | 16.26% |
|  Net assets, end of year (in 000s) | $2279 | $5768 | $6569 | $11750 | $11320 |
|  Ratio of net expenses to average net assets | 0.84% | 0.90% | 0.92% | 0.92% | 0.91% |
|  Ratio of total expenses to average net assets | 2.82% | 2.19% | 2.14% | 1.41% | 1.51% |
|  Ratio of net investment income to average net assets | 6.81% | 6.50% | 5.36% | 3.72% | 3.86% |
|  Portfolio turnover rate<sup>(c)</sup> | 63% | 203% | 168% | 123% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.98 | $4.54 | $4.99 | $5.55 | $4.97 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.28 | 0.24 | 0.20 | 0.21 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.04 | (0.32) | (0.55) | 0.58 |
|  Total from investment operations | 0.29 | 0.32 | (0.08) | (0.35) | 0.79 |
|  Distributions to shareholders from net investment income |  | (0.81) | (0.37) | (0.21) |  |
|  Distributions to shareholders from return of capital | (0.27) | (0.07) |  |  | (0.21) |
|  Total distributions | (0.27) | (0.88) | (0.37) | (0.21) | (0.21) |
|  Net asset value, end of year | $4.00 | $3.98 | $4.54 | $4.99 | $5.55 |
|  **Total return<sup>(b)</sup>** | 7.60% | 7.58% | (1.56)% | (6.29)% | 15.97% |
|  Net assets, end of year (in 000s) | $8199 | $11022 | $6364 | $8364 | $4781 |
|  Ratio of net expenses to average net assets | 0.89% | 0.95% | 0.97% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 2.96% | 2.32% | 2.24% | 1.50% | 1.60% |
|  Ratio of net investment income to average net assets | 6.77% | 6.41% | 5.31% | 3.70% | 3.80% |
|  Portfolio turnover rate<sup>(c)</sup> | 63% | 203% | 168% | 123% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.98 | $4.53 | $4.99 | $5.55 | $4.97 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.29 | 0.25 | 0.21 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.04 | (0.34) | (0.55) | 0.58 |
|  Total from investment operations | 0.30 | 0.33 | (0.09) | (0.34) | 0.80 |
|  Distributions to shareholders from net investment income |  | (0.86) | (0.37) | (0.22) |  |
|  Distributions to shareholders from return of capital | (0.28) | (0.02) |  |  | (0.22) |
|  Total distributions | (0.28) | (0.88) | (0.37) | (0.22) | (0.22) |
|  Net asset value, end of year | $4.00 | $3.98 | $4.53 | $4.99 | $5.55 |
|  **Total return<sup>(b)</sup>** | 7.66% | 7.92% | (1.52)% | (6.42)% | 16.27% |
|  Net assets, end of year (in 000s) | $20 | $14 | $25147 | $4672 | $24800 |
|  Ratio of net expenses to average net assets | 0.83% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 2.87% | 1.88% | 2.14% | 1.36% | 1.48% |
|  Ratio of net investment income to average net assets | 6.71% | 6.43% | 5.56% | 3.72% | 3.87% |
|  Portfolio turnover rate<sup>(c)</sup> | 63% | 203% | 168% | 123% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.98 | $4.53 | $4.99 | $5.55 | $4.97 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.28 | 0.24 | 0.21 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.05 | (0.33) | (0.55) | 0.58 |
|  Total from investment operations | 0.29 | 0.33 | (0.09) | (0.34) | 0.80 |
|  Distributions to shareholders from net investment income |  | (0.81) | (0.37) | (0.22) |  |
|  Distributions to shareholders from return of capital | (0.28) | (0.07) |  |  | (0.22) |
|  Total distributions | (0.28) | (0.88) | (0.37) | (0.22) | (0.22) |
|  Net asset value, end of year | $3.99 | $3.98 | $4.53 | $4.99 | $5.55 |
|  **Total return<sup>(b)</sup>** | 7.40% | 7.68% | (1.30)% | (6.42)% | 16.27% |
|  Net assets, end of year (in 000s) | $10968 | $13294 | $16196 | $20864 | $29194 |
|  Ratio of net expenses to average net assets | 0.83% | 0.89% | 0.91% | 0.91% | 0.90% |
|  Ratio of total expenses to average net assets | 2.86% | 2.18% | 2.15% | 1.41% | 1.50% |
|  Ratio of net investment income to average net assets | 6.84% | 6.49% | 5.38% | 3.73% | 3.87% |
|  Portfolio turnover rate<sup>(c)</sup> | 63% | 203% | 168% | 123% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.53 | $8.89 | $10.65 | $11.98 | $10.36 |
|  Net investment income<sup>(a)</sup> | 0.57 | 0.47 | 0.44 | 0.44 | 0.43 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.64 | (1.52) | (1.32) | 1.61 |
|  Total from investment operations | 0.61 | 1.11 | (1.08) | (0.88) | 2.04 |
|  Distributions to shareholders from net investment income | (0.54) | (0.47) | (0.68) | (0.45) | (0.42) |
|  Net asset value, end of year | $9.60 | $9.53 | $8.89 | $10.65 | $11.98 |
|  **Total return<sup>(b)</sup>** | 6.51% | 12.87% | (10.08)% | (7.64)% | 19.75% |
|  Net assets, end of year (in 000s) | $22859 | $24265 | $23037 | $29940 | $43340 |
|  Ratio of net expenses to average net assets | 1.12% | 1.14% | 1.16% | 1.16% | 1.17% |
|  Ratio of total expenses to average net assets | 1.36% | 1.36% | 1.29% | 1.22% | 1.25% |
|  Ratio of net investment income to average net assets | 5.88% | 5.21% | 4.73% | 3.62% | 3.60% |
|  Portfolio turnover rate<sup>(c)</sup> | 34% | 27% | 53% | 32% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.52 | $8.87 | $10.64 | $11.97 | $10.35 |
|  Net investment income<sup>(a)</sup> | 0.49 | 0.40 | 0.37 | 0.35 | 0.34 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.65 | (1.53) | (1.32) | 1.61 |
|  Total from investment operations | 0.54 | 1.05 | (1.16) | (0.97) | 1.95 |
|  Distributions to shareholders from net investment income | (0.47) | (0.40) | (0.61) | (0.36) | (0.33) |
|  Net asset value, end of year | $9.59 | $9.52 | $8.87 | $10.64 | $11.97 |
|  **Total return<sup>(b)</sup>** | 5.72% | 12.05% | (10.76)% | (8.34)% | 18.76% |
|  Net assets, end of year (in 000s) | $2652 | $3945 | $5112 | $8088 | $10192 |
|  Ratio of net expenses to average net assets | 1.87% | 1.89% | 1.91% | 1.91% | 1.92% |
|  Ratio of total expenses to average net assets | 2.11% | 2.11% | 2.04% | 1.97% | 2.00% |
|  Ratio of net investment income to average net assets | 5.07% | 4.49% | 3.95% | 2.88% | 2.86% |
|  Portfolio turnover rate<sup>(c)</sup> | 34% | 27% | 53% | 32% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.54 | $8.89 | $10.66 | $11.99 | $10.37 |
|  Net investment income<sup>(a)</sup> | 0.59 | 0.50 | 0.46 | 0.47 | 0.47 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.65 | (1.53) | (1.31) | 1.61 |
|  Total from investment operations | 0.64 | 1.15 | (1.07) | (0.84) | 2.08 |
|  Distributions to shareholders from net investment income | (0.57) | (0.50) | (0.70) | (0.49) | (0.46) |
|  Net asset value, end of year | $9.61 | $9.54 | $8.89 | $10.66 | $11.99 |
|  **Total return<sup>(b)</sup>** | 6.79% | 13.30% | (9.90)% | (7.35)% | 19.99% |
|  Net assets, end of year (in 000s) | $209522 | $282815 | $407041 | $726607 | $916157 |
|  Ratio of net expenses to average net assets | 0.85% | 0.86% | 0.86% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 1.03% | 1.02% | 0.96% | 0.89% | 0.92% |
|  Ratio of net investment income to average net assets | 6.13% | 5.52% | 4.98% | 3.94% | 3.92% |
|  Portfolio turnover rate<sup>(c)</sup> | 34% | 27% | 53% | 32% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.54 | $8.89 | $10.67 | $12.00 | $10.38 |
|  Net investment income<sup>(a)</sup> | 0.58 | 0.52 | 0.47 | 0.47 | 0.46 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.63 | (1.55) | (1.32) | 1.61 |
|  Total from investment operations | 0.63 | 1.15 | (1.08) | (0.85) | 2.07 |
|  Distributions to shareholders from net investment income | (0.56) | (0.50) | (0.70) | (0.48) | (0.45) |
|  Net asset value, end of year | $9.61 | $9.54 | $8.89 | $10.67 | $12.00 |
|  **Total return<sup>(b)</sup>** | 6.77% | 13.15% | (9.84)% | (7.47)% | 20.02% |
|  Net assets, end of year (in 000s) | $8573 | $13003 | $119488 | $38862 | $75617 |
|  Ratio of net expenses to average net assets | 0.87% | 0.89% | 0.89% | 0.91% | 0.92% |
|  Ratio of total expenses to average net assets | 1.11% | 1.07% | 1.04% | 0.97% | 1.00% |
|  Ratio of net investment income to average net assets | 6.03% | 5.80% | 5.15% | 3.86% | 3.85% |
|  Portfolio turnover rate<sup>(c)</sup> | 34% | 27% | 53% | 32% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.54 | $8.89 | $10.66 | $11.99 | $10.37 |
|  Net investment income<sup>(a)</sup> | 0.60 | 0.50 | 0.47 | 0.47 | 0.47 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.65 | (1.53) | (1.31) | 1.61 |
|  Total from investment operations | 0.64 | 1.15 | (1.06) | (0.84) | 2.08 |
|  Distributions to shareholders from net investment income | (0.57) | (0.50) | (0.71) | (0.49) | (0.46) |
|  Net asset value, end of year | $9.61 | $9.54 | $8.89 | $10.66 | $11.99 |
|  **Total return<sup>(b)</sup>** | 6.80% | 13.31% | (9.89)% | (7.34)% | 20.12% |
|  Net assets, end of year (in 000s) | $101697 | $65816 | $161802 | $183368 | $214558 |
|  Ratio of net expenses to average net assets | 0.84% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 1.02% | 1.01% | 0.95% | 0.88% | 0.91% |
|  Ratio of net investment income to average net assets | 6.23% | 5.60% | 5.01% | 3.94% | 3.92% |
|  Portfolio turnover rate<sup>(c)</sup> | 34% | 27% | 53% | 32% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.53 | $8.88 | $10.65 | $11.99 | $10.37 |
|  Net investment income<sup>(a)</sup> | 0.59 | 0.50 | 0.46 | 0.47 | 0.48 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.65 | (1.52) | (1.32) | 1.60 |
|  Total from investment operations | 0.64 | 1.15 | (1.06) | (0.85) | 2.08 |
|  Distributions to shareholders from net investment income | (0.57) | (0.50) | (0.71) | (0.49) | (0.46) |
|  Net asset value, end of year | $9.60 | $9.53 | $8.88 | $10.65 | $11.99 |
|  **Total return<sup>(b)</sup>** | 6.81% | 13.19% | (9.81)% | (7.43)% | 20.12% |
|  Net assets, end of year (in 000s) | $36370 | $34883 | $30394 | $35720 | $35499 |
|  Ratio of net expenses to average net assets | 0.84% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 1.02% | 1.02% | 0.95% | 0.88% | 0.90% |
|  Ratio of net investment income to average net assets | 6.15% | 5.48% | 5.03% | 3.97% | 3.96% |
|  Portfolio turnover rate<sup>(c)</sup> | 34% | 27% | 53% | 32% | 79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **98** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.57 | $5.42 | $6.00 | $6.39 | $5.47 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.32 | 0.28 | 0.26 | 0.31 |
|  Net realized and unrealized gain (loss) |  | 0.16 | (0.56) | (0.36) | 0.93 |
|  Total from investment operations | 0.33 | 0.48 | (0.28) | (0.10) | 1.24 |
|  Distributions to shareholders from net investment income | (0.33) | (0.32) | (0.28) | (0.26) | (0.32) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.03) |  |
|  Total distributions | (0.35) | (0.33) | (0.30) | (0.29) | (0.32) |
|  Net asset value, end of year | $5.55 | $5.57 | $5.42 | $6.00 | $6.39 |
|  **Total return<sup>(b)</sup>** | 6.06% | 9.07% | (4.51)% | (1.77)% | 23.07% |
|  Net assets, end of year (in 000s) | $83745 | $85376 | $96399 | $111249 | $126459 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.99% | 1.00% | 1.03% |
|  Ratio of total expenses to average net assets | 1.11% | 1.11% | 1.11% | 1.10% | 1.11% |
|  Ratio of net investment income to average net assets | 5.95% | 5.89% | 5.18% | 4.15% | 5.04% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **99** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.57 | $5.42 | $6.01 | $6.40 | $5.47 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.28 | 0.24 | 0.22 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.16 | (0.57) | (0.37) | 0.95 |
|  Total from investment operations | 0.30 | 0.44 | (0.33) | (0.15) | 1.21 |
|  Distributions to shareholders from net investment income | (0.29) | (0.28) | (0.24) | (0.22) | (0.28) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.02) |  |
|  Total distributions | (0.31) | (0.29) | (0.26) | (0.24) | (0.28) |
|  Net asset value, end of year | $5.56 | $5.57 | $5.42 | $6.01 | $6.40 |
|  **Total return<sup>(b)</sup>** | 5.46% | 8.26% | (5.38)% | (2.50)% | 22.12% |
|  Net assets, end of year (in 000s) | $3997 | $3936 | $3721 | $5607 | $6448 |
|  Ratio of net expenses to average net assets | 1.73% | 1.73% | 1.74% | 1.75% | 1.78% |
|  Ratio of total expenses to average net assets | 1.86% | 1.86% | 1.86% | 1.85% | 1.86% |
|  Ratio of net investment income to average net assets | 5.20% | 5.14% | 4.41% | 3.40% | 4.27% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **100** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.58 | $5.43 | $6.02 | $6.41 | $5.48 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.34 | 0.30 | 0.28 | 0.33 |
|  Net realized and unrealized gain (loss) |  | 0.15 | (0.57) | (0.36) | 0.94 |
|  Total from investment operations | 0.35 | 0.49 | (0.27) | (0.08) | 1.27 |
|  Distributions to shareholders from net investment income | (0.35) | (0.33) | (0.30) | (0.28) | (0.34) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.03) |  |
|  Total distributions | (0.37) | (0.34) | (0.32) | (0.31) | (0.34) |
|  Net asset value, end of year | $5.56 | $5.58 | $5.43 | $6.02 | $6.41 |
|  **Total return<sup>(b)</sup>** | 6.38% | 9.38% | (4.38)% | (1.48)% | 23.34% |
|  Net assets, end of year (in 000s) | $114134 | $169826 | $178298 | $263256 | $295209 |
|  Ratio of net expenses to average net assets | 0.68% | 0.69% | 0.71% | 0.72% | 0.75% |
|  Ratio of total expenses to average net assets | 0.78% | 0.78% | 0.78% | 0.77% | 0.78% |
|  Ratio of net investment income to average net assets | 6.25% | 6.19% | 5.44% | 4.43% | 5.29% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **101** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.57 | $5.41 | $6.00 | $6.39 | $5.46 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.31 | 0.27 | 0.25 | 0.30 |
|  Net realized and unrealized gain (loss) |  | 0.16 | (0.57) | (0.37) | 0.94 |
|  Total from investment operations | 0.32 | 0.47 | (0.30) | (0.12) | 1.24 |
|  Distributions to shareholders from net investment income | (0.32) | (0.30) | (0.27) | (0.24) | (0.31) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.03) |  |
|  Total distributions | (0.34) | (0.31) | (0.29) | (0.27) | (0.31) |
|  Net asset value, end of year | $5.55 | $5.57 | $5.41 | $6.00 | $6.39 |
|  **Total return<sup>(b)</sup>** | 5.85% | 9.04% | (4.89)% | (1.99)% | 22.80% |
|  Net assets, end of year (in 000s) | $2273 | $4375 | $4258 | $6867 | $8331 |
|  Ratio of net expenses to average net assets | 1.18% | 1.19% | 1.21% | 1.22% | 1.25% |
|  Ratio of total expenses to average net assets | 1.28% | 1.28% | 1.28% | 1.27% | 1.28% |
|  Ratio of net investment income to average net assets | 5.75% | 5.68% | 4.92% | 3.94% | 4.80% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **102** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.58 | $5.43 | $6.02 | $6.40 | $5.48 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.30 | 0.28 | 0.33 |
|  Net realized and unrealized gain (loss) |  | 0.16 | (0.57) | (0.36) | 0.93 |
|  Total from investment operations | 0.35 | 0.49 | (0.27) | (0.08) | 1.26 |
|  Distributions to shareholders from net investment income | (0.35) | (0.33) | (0.30) | (0.27) | (0.34) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.03) |  |
|  Total distributions | (0.37) | (0.34) | (0.32) | (0.30) | (0.34) |
|  Net asset value, end of year | $5.56 | $5.58 | $5.43 | $6.02 | $6.40 |
|  **Total return<sup>(b)</sup>** | 6.33% | 9.33% | (4.25)% | (1.52)% | 23.34% |
|  Net assets, end of year (in 000s) | $6855 | $7242 | $7715 | $16174 | $14217 |
|  Ratio of net expenses to average net assets | 0.73% | 0.73% | 0.74% | 0.75% | 0.78% |
|  Ratio of total expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.85% | 0.86% |
|  Ratio of net investment income to average net assets | 6.20% | 6.14% | 5.40% | 4.40% | 5.29% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **103** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.59 | $5.44 | $6.03 | $6.42 | $5.49 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.34 | 0.29 | 0.28 | 0.33 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.15 | (0.56) | (0.36) | 0.94 |
|  Total from investment operations | 0.36 | 0.49 | (0.27) | (0.08) | 1.27 |
|  Distributions to shareholders from net investment income | (0.35) | (0.33) | (0.30) | (0.28) | (0.34) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.03) |  |
|  Total distributions | (0.37) | (0.34) | (0.32) | (0.31) | (0.34) |
|  Net asset value, end of year | $5.58 | $5.59 | $5.44 | $6.03 | $6.42 |
|  **Total return<sup>(b)</sup>** | 6.58% | 9.39% | (4.36)% | (1.46)% | 23.32% |
|  Net assets, end of year (in 000s) | $40624 | $37844 | $16748 | $70219 | $41825 |
|  Ratio of net expenses to average net assets | 0.67% | 0.68% | 0.70% | 0.71% | 0.74% |
|  Ratio of total expenses to average net assets | 0.77% | 0.77% | 0.77% | 0.76% | 0.77% |
|  Ratio of net investment income to average net assets | 6.24% | 6.17% | 5.31% | 4.45% | 5.31% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **104** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.56 | $5.41 | $6.00 | $6.38 | $5.47 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.31 | 0.27 | 0.25 | 0.30 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.15 | (0.57) | (0.36) | 0.92 |
|  Total from investment operations | 0.33 | 0.46 | (0.30) | (0.11) | 1.22 |
|  Distributions to shareholders from net investment income | (0.32) | (0.30) | (0.27) | (0.24) | (0.31) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.03) |  |
|  Total distributions | (0.34) | (0.31) | (0.29) | (0.27) | (0.31) |
|  Net asset value, end of year | $5.55 | $5.56 | $5.41 | $6.00 | $6.38 |
|  **Total return<sup>(b)</sup>** | 5.99% | 8.80% | (4.92)% | (1.87)% | 22.57% |
|  Net assets, end of year (in 000s) | $4295 | $4512 | $3816 | $4551 | $6089 |
|  Ratio of net expenses to average net assets | 1.23% | 1.23% | 1.24% | 1.25% | 1.28% |
|  Ratio of total expenses to average net assets | 1.36% | 1.36% | 1.36% | 1.35% | 1.36% |
|  Ratio of net investment income to average net assets | 5.70% | 5.64% | 4.93% | 3.90% | 4.84% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **105** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.58 | $5.43 | $6.02 | $6.41 | $5.48 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.34 | 0.30 | 0.28 | 0.33 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.15 | (0.57) | (0.36) | 0.94 |
|  Total from investment operations | 0.36 | 0.49 | (0.27) | (0.08) | 1.27 |
|  Distributions to shareholders from net investment income | (0.35) | (0.33) | (0.30) | (0.28) | (0.34) |
|  Distributions to shareholders from return of capital | (0.02) | (0.01) | (0.02) | (0.03) |  |
|  Total distributions | (0.37) | (0.34) | (0.32) | (0.31) | (0.34) |
|  Net asset value, end of year | $5.57 | $5.58 | $5.43 | $6.02 | $6.41 |
|  **Total return<sup>(b)</sup>** | 6.58% | 9.39% | (4.37)% | (1.47)% | 23.35% |
|  Net assets, end of year (in 000s) | $1778290 | $1638158 | $1294140 | $1417912 | $1575340 |
|  Ratio of net expenses to average net assets | 0.67% | 0.68% | 0.70% | 0.71% | 0.74% |
|  Ratio of total expenses to average net assets | 0.77% | 0.77% | 0.77% | 0.76% | 0.77% |
|  Ratio of net investment income to average net assets | 6.26% | 6.19% | 5.47% | 4.44% | 5.31% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 26% | 39% | 56% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **106** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.89 | $8.71 | $9.23 | $9.36 | $7.89 |
|  Net investment income<sup>(a)</sup> | 0.66 | 0.75 | 0.52 | 0.29 | 0.32 |
|  Net realized and unrealized gain (loss) | (0.22) | 0.18 | (0.46) | (0.13) | 1.48 |
|  Total from investment operations | 0.44 | 0.93 | 0.06 | 0.16 | 1.80 |
|  Distributions to shareholders from net investment income | (0.65) | (0.73) | (0.58) | (0.29) | (0.33) |
|  Distributions to shareholders from return of capital | (0.01) | (0.02) |  |  |  |
|  Total distributions | (0.66) | (0.75) | (0.58) | (0.29) | (0.33) |
|  Net asset value, end of year | $8.67 | $8.89 | $8.71 | $9.23 | $9.36 |
|  **Total return<sup>(b)</sup>** | 4.88% | 11.23% | 0.77% | 1.83% | 22.96% |
|  Net assets, end of year (in 000s) | $4853 | $6260 | $2959 | $3623 | $3583 |
|  Ratio of net expenses to average net assets after interest expense | 1.00% | 1.07% | 1.06% | 0.96% | 1.06% |
|  Ratio of net expenses to average net assets before interest expense | 0.96% | 1.03% | 0.99% | 0.94% | 1.01% |
|  Ratio of total expenses to average net assets after interest expense | 1.04% | 1.08% | 1.07% | 0.98% | 1.11% |
|  Ratio of net investment income to average net assets | 7.41% | 8.55% | 5.89% | 3.05% | 3.62% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 29% | 24% | 26% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **107** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.90 | $8.71 | $9.23 | $9.36 | $7.89 |
|  Net investment income<sup>(a)</sup> | 0.59 | 0.69 | 0.44 | 0.22 | 0.26 |
|  Net realized and unrealized gain (loss) | (0.23) | 0.19 | (0.45) | (0.13) | 1.47 |
|  Total from investment operations | 0.36 | 0.88 | (0.01) | 0.09 | 1.73 |
|  Distributions to shareholders from net investment income | (0.58) | (0.67) | (0.51) | (0.22) | (0.26) |
|  Distributions to shareholders from return of capital | (0.01) | (0.02) |  |  |  |
|  Total distributions | (0.59) | (0.69) | (0.51) | (0.22) | (0.26) |
|  Net asset value, end of year | $8.67 | $8.90 | $8.71 | $9.23 | $9.36 |
|  **Total return<sup>(b)</sup>** | 4.10% | 10.41% | 0.02% | 0.96% | 22.18% |
|  Net assets, end of year (in 000s) | $1591 | $898 | $731 | $1178 | $578 |
|  Ratio of net expenses to average net assets after interest expense | 1.75% | 1.83% | 1.80% | 1.71% | 1.81% |
|  Ratio of net expenses to average net assets before interest expense | 1.71% | 1.77% | 1.74% | 1.69% | 1.76% |
|  Ratio of total expenses to average net assets after interest expense | 1.79% | 1.83% | 1.81% | 1.73% | 1.87% |
|  Ratio of net investment income to average net assets | 6.61% | 7.77% | 5.01% | 2.31% | 2.93% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 29% | 24% | 26% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **108** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.89 | $8.71 | $9.23 | $9.36 | $7.90 |
|  Net investment income<sup>(a)</sup> | 0.70 | 0.78 | 0.58 | 0.32 | 0.36 |
|  Net realized and unrealized gain (loss) | (0.24) | 0.18 | (0.49) | (0.13) | 1.46 |
|  Total from investment operations | 0.46 | 0.96 | 0.09 | 0.19 | 1.82 |
|  Distributions to shareholders from net investment income | (0.67) | (0.76) | (0.61) | (0.32) | (0.36) |
|  Distributions to shareholders from return of capital | (0.01) | (0.02) |  |  |  |
|  Total distributions | (0.68) | (0.78) | (0.61) | (0.32) | (0.36) |
|  Net asset value, end of year | $8.67 | $8.89 | $8.71 | $9.23 | $9.36 |
|  **Total return<sup>(b)</sup>** | 5.19% | 11.59% | 1.10% | 2.06% | 23.34% |
|  Net assets, end of year (in 000s) | $103572 | $200199 | $131964 | $71792 | $75149 |
|  Ratio of net expenses to average net assets after interest expense | 0.70% | 0.75% | 0.75% | 0.63% | 0.72% |
|  Ratio of net expenses to average net assets before interest expense | 0.67% | 0.70% | 0.67% | 0.61% | 0.67% |
|  Ratio of total expenses to average net assets after interest expense | 0.71% | 0.75% | 0.75% | 0.65% | 0.76% |
|  Ratio of net investment income to average net assets | 7.87% | 8.88% | 6.58% | 3.38% | 3.99% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 29% | 24% | 26% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **109** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.92 | $8.73 | $9.25 | $9.38 | $7.91 |
|  Net investment income<sup>(a)</sup> | 0.68 | 0.77 | 0.57 | 0.31 | 0.34 |
|  Net realized and unrealized gain (loss) | (0.22) | 0.20 | (0.49) | (0.13) | 1.48 |
|  Total from investment operations | 0.46 | 0.97 | 0.08 | 0.18 | 1.82 |
|  Distributions to shareholders from net investment income | (0.67) | (0.76) | (0.60) | (0.31) | (0.35) |
|  Distributions to shareholders from return of capital | (0.01) | (0.02) |  |  |  |
|  Total distributions | (0.68) | (0.78) | (0.60) | (0.31) | (0.35) |
|  Net asset value, end of year | $8.70 | $8.92 | $8.73 | $9.25 | $9.38 |
|  **Total return<sup>(b)</sup>** | 5.15% | 11.62% | 1.04% | 1.98% | 23.35% |
|  Net assets, end of year (in 000s) | $19237 | $18874 | $6217 | $6293 | $3825 |
|  Ratio of net expenses to average net assets after interest expense | 0.75% | 0.82% | 0.83% | 0.71% | 0.80% |
|  Ratio of net expenses to average net assets before interest expense | 0.72% | 0.77% | 0.75% | 0.69% | 0.75% |
|  Ratio of total expenses to average net assets after interest expense | 0.79% | 0.82% | 0.83% | 0.73% | 0.84% |
|  Ratio of net investment income to average net assets | 7.67% | 8.74% | 6.45% | 3.30% | 3.74% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 29% | 24% | 26% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **110** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.91 | $8.72 | $9.24 | $9.36 | $7.90 |
|  Net investment income<sup>(a)</sup> | 0.68 | 0.78 | 0.43 | 0.32 | 0.33 |
|  Net realized and unrealized gain (loss) | (0.23) | 0.19 | (0.34) | (0.12) | 1.49 |
|  Total from investment operations | 0.45 | 0.97 | 0.09 | 0.20 | 1.82 |
|  Distributions to shareholders from net investment income | (0.67) | (0.76) | (0.61) | (0.32) | (0.36) |
|  Distributions to shareholders from return of capital | (0.01) | (0.02) |  |  |  |
|  Total distributions | (0.68) | (0.78) | (0.61) | (0.32) | (0.36) |
|  Net asset value, end of year | $8.68 | $8.91 | $8.72 | $9.24 | $9.36 |
|  **Total return<sup>(b)</sup>** | 5.20% | 11.60% | 1.12% | 2.18% | 23.35% |
|  Net assets, end of year (in 000s) | $29583 | $27820 | $17687 | $355784 | $143999 |
|  Ratio of net expenses to average net assets after interest expense | 0.69% | 0.73% | 0.63% | 0.62% | 0.70% |
|  Ratio of net expenses to average net assets before interest expense | 0.66% | 0.69% | 0.62% | 0.62% | 0.57% |
|  Ratio of total expenses to average net assets after interest expense | 0.70% | 0.74% | 0.64% | 0.64% | 0.75% |
|  Ratio of net investment income to average net assets | 7.69% | 8.86% | 4.84% | 3.41% | 3.59% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 29% | 24% | 26% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **111** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.90 | $8.71 | $9.23 | $9.35 | $7.89 |
|  Net investment income<sup>(a)</sup> | 0.63 | 0.73 | 0.59 | 0.26 | 0.30 |
|  Net realized and unrealized gain (loss) | (0.23) | 0.19 | (0.56) | (0.11) | 1.47 |
|  Total from investment operations | 0.40 | 0.92 | 0.03 | 0.15 | 1.77 |
|  Distributions to shareholders from net investment income | (0.62) | (0.71) | (0.55) | (0.27) | (0.31) |
|  Distributions to shareholders from return of capital | (0.01) | (0.02) |  |  |  |
|  Total distributions | (0.63) | (0.73) | (0.55) | (0.27) | (0.31) |
|  Net asset value, end of year | $8.67 | $8.90 | $8.71 | $9.23 | $9.35 |
|  **Total return<sup>(b)</sup>** | 4.62% | 10.96% | 0.52% | 1.58% | 22.69% |
|  Net assets, end of year (in 000s) | $295 | $283 | $249 | $68 | $13 |
|  Ratio of net expenses to average net assets after interest expense | 1.25% | 1.33% | 1.38% | 1.18% | 1.29% |
|  Ratio of net expenses to average net assets before interest expense | 1.21% | 1.28% | 1.27% | 1.17% | 1.25% |
|  Ratio of total expenses to average net assets after interest expense | 1.29% | 1.33% | 1.39% | 1.20% | 1.34% |
|  Ratio of net investment income to average net assets | 7.15% | 8.30% | 6.68% | 2.79% | 3.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 29% | 24% | 26% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **112** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.91 | $8.73 | $9.25 | $9.37 | $7.91 |
|  Net investment income<sup>(a)</sup> | 0.68 | 0.78 | 0.55 | 0.32 | 0.35 |
|  Net realized and unrealized gain (loss) | (0.22) | 0.18 | (0.46) | (0.12) | 1.47 |
|  Total from investment operations | 0.46 | 0.96 | 0.09 | 0.20 | 1.82 |
|  Distributions to shareholders from net investment income | (0.67) | (0.76) | (0.61) | (0.32) | (0.36) |
|  Distributions to shareholders from return of capital | (0.01) | (0.02) |  |  |  |
|  Total distributions | (0.68) | (0.78) | (0.61) | (0.32) | (0.36) |
|  Net asset value, end of year | $8.69 | $8.91 | $8.73 | $9.25 | $9.37 |
|  **Total return<sup>(b)</sup>** | 5.21% | 11.60% | 1.13% | 2.18% | 23.49% |
|  Net assets, end of year (in 000s) | $1716012 | $1766000 | $2075297 | $4252333 | $1681575 |
|  Ratio of net expenses to average net assets after interest expense | 0.69% | 0.74% | 0.71% | 0.62% | 0.71% |
|  Ratio of net expenses to average net assets before interest expense | 0.66% | 0.69% | 0.65% | 0.62% | 0.70% |
|  Ratio of total expenses to average net assets after interest expense | 0.70% | 0.74% | 0.72% | 0.64% | 0.76% |
|  Ratio of net investment income to average net assets | 7.72% | 8.89% | 6.16% | 3.40% | 3.94% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 29% | 24% | 26% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **113** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.99 | $7.97 | $8.76 | $9.59 | $8.96 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.30 | 0.24 | 0.20 | 0.24 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.05 | (0.76) | (0.58) | 0.77 |
|  Total from investment operations | 0.38 | 0.35 | (0.52) | (0.38) | 1.01 |
|  Distributions to shareholders from net investment income | (0.31) | (0.29) | (0.24) | (0.17) | (0.25) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.22) | (0.13) |
|  Distributions to shareholders from return of capital | (0.04) | (0.04) | (0.03) | (0.06) |  |
|  Total distributions | (0.35) | (0.33) | (0.27) | (0.45) | (0.38) |
|  Net asset value, end of year | $8.02 | $7.99 | $7.97 | $8.76 | $9.59 |
|  **Total return<sup>(b)</sup>** | 4.93% | 4.53% | (5.71)% | (4.42)% | 11.23% |
|  Net assets, end of year (in 000s) | $6551 | $6398 | $6130 | $8652 | $9743 |
|  Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.71% | 0.71% | 0.72% |
|  Ratio of total expenses to average net assets | 0.79% | 0.78% | 0.79% | 0.79% | 0.79% |
|  Ratio of net investment income to average net assets | 4.00% | 3.82% | 3.02% | 2.04% | 2.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 49% | 58% | 31% | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **114** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.00 | $7.97 | $8.76 | $9.59 | $8.96 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.27 | 0.23 | 0.27 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.06 | (0.76) | (0.58) | 0.78 |
|  Total from investment operations | 0.39 | 0.39 | (0.49) | (0.35) | 1.05 |
|  Distributions to shareholders from net investment income | (0.32) | (0.31) | (0.27) | (0.20) | (0.29) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.22) | (0.13) |
|  Distributions to shareholders from return of capital | (0.05) | (0.05) | (0.03) | (0.06) |  |
|  Total distributions | (0.37) | (0.36) | (0.30) | (0.48) | (0.42) |
|  Net asset value, end of year | $8.02 | $8.00 | $7.97 | $8.76 | $9.59 |
|  **Total return<sup>(b)</sup>** | 5.28% | 4.87% | (5.50)% | (4.00)% | 11.47% |
|  Net assets, end of year (in 000s) | $105478 | $74962 | $64706 | $66925 | $123553 |
|  Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
|  Ratio of total expenses to average net assets | 0.46% | 0.45% | 0.46% | 0.46% | 0.45% |
|  Ratio of net investment income to average net assets | 4.33% | 4.15% | 3.38% | 2.38% | 2.69% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 49% | 58% | 31% | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **115** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.00 | $7.97 | $8.76 | $9.60 | $8.97 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.27 | 0.23 | 0.27 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.06 | (0.76) | (0.59) | 0.78 |
|  Total from investment operations | 0.40 | 0.39 | (0.49) | (0.36) | 1.05 |
|  Distributions to shareholders from net investment income | (0.32) | (0.31) | (0.27) | (0.20) | (0.29) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.22) | (0.13) |
|  Distributions to shareholders from return of capital | (0.05) | (0.05) | (0.03) | (0.06) |  |
|  Total distributions | (0.37) | (0.36) | (0.30) | (0.48) | (0.42) |
|  Net asset value, end of year | $8.03 | $8.00 | $7.97 | $8.76 | $9.60 |
|  **Total return<sup>(b)</sup>** | 5.16% | 4.88% | (5.38)% | (4.09)% | 11.60% |
|  Net assets, end of year (in 000s) | $78989 | $92291 | $102580 | $123397 | $176606 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.45% | 0.44% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 4.34% | 4.16% | 3.38% | 2.39% | 2.75% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 49% | 58% | 31% | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **116** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.99 | $7.97 | $8.76 | $9.59 | $8.96 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.32 | 0.27 | 0.22 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.05 | (0.77) | (0.58) | 0.78 |
|  Total from investment operations | 0.40 | 0.37 | (0.50) | (0.36) | 1.04 |
|  Distributions to shareholders from net investment income | (0.32) | (0.30) | (0.26) | (0.19) | (0.28) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.22) | (0.13) |
|  Distributions to shareholders from return of capital | (0.05) | (0.05) | (0.03) | (0.06) |  |
|  Total distributions | (0.37) | (0.35) | (0.29) | (0.47) | (0.41) |
|  Net asset value, end of year | $8.02 | $7.99 | $7.97 | $8.76 | $9.59 |
|  **Total return<sup>(b)</sup>** | 5.20% | 4.79% | (5.58)% | (4.07)% | 11.38% |
|  Net assets, end of year (in 000s) | $6013 | $10499 | $11844 | $3815 | $5364 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
|  Ratio of total expenses to average net assets | 0.54% | 0.53% | 0.54% | 0.54% | 0.54% |
|  Ratio of net investment income to average net assets | 4.25% | 4.07% | 3.39% | 2.30% | 2.63% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 49% | 58% | 31% | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **117** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.00 | $7.97 | $8.76 | $9.59 | $8.96 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.32 | 0.27 | 0.22 | 0.27 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.07 | (0.76) | (0.57) | 0.78 |
|  Total from investment operations | 0.40 | 0.39 | (0.49) | (0.35) | 1.05 |
|  Distributions to shareholders from net investment income | (0.32) | (0.31) | (0.27) | (0.20) | (0.29) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.22) | (0.13) |
|  Distributions to shareholders from return of capital | (0.05) | (0.05) | (0.03) | (0.06) |  |
|  Total distributions | (0.37) | (0.36) | (0.30) | (0.48) | (0.42) |
|  Net asset value, end of year | $8.03 | $8.00 | $7.97 | $8.76 | $9.59 |
|  **Total return<sup>(b)</sup>** | 5.29% | 4.88% | (5.38)% | (3.99)% | 11.48% |
|  Net assets, end of year (in 000s) | $147783 | $214350 | $274325 | $320086 | $1228 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.45% | 0.44% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 4.35% | 4.14% | 3.38% | 2.35% | 2.74% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 49% | 58% | 31% | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **118** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.99 | $7.97 | $8.76 | $9.59 | $8.96 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.27 | 0.23 | 0.27 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.05 | (0.76) | (0.58) | 0.78 |
|  Total from investment operations | 0.40 | 0.38 | (0.49) | (0.35) | 1.05 |
|  Distributions to shareholders from net investment income | (0.32) | (0.31) | (0.27) | (0.20) | (0.29) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.22) | (0.13) |
|  Distributions to shareholders from return of capital | (0.05) | (0.05) | (0.03) | (0.06) |  |
|  Total distributions | (0.37) | (0.36) | (0.30) | (0.48) | (0.42) |
|  Net asset value, end of year | $8.02 | $7.99 | $7.97 | $8.76 | $9.59 |
|  **Total return<sup>(b)</sup>** | 5.29% | 4.88% | (5.39)% | (4.10)% | 11.61% |
|  Net assets, end of year (in 000s) | $289963 | $268124 | $178640 | $176368 | $156039 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.45% | 0.44% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 4.35% | 4.18% | 3.39% | 2.38% | 2.73% |
|  Portfolio turnover rate<sup>(c)</sup> | 42% | 49% | 58% | 31% | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **119** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.90 | $7.74 | $8.52 | $8.92 | $7.93 |
|  Net investment income<sup>(a)</sup> | 0.44 | 0.47 | 0.37 | 0.28 | 0.28 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.14 | (0.73) | (0.35) | 0.99 |
|  Total from investment operations | 0.46 | 0.61 | (0.36) | (0.07) | 1.27 |
|  Distributions to shareholders from net investment income | (0.48) | (0.45) | (0.42) | (0.33) | (0.28) |
|  Net asset value, end of year | $7.88 | $7.90 | $7.74 | $8.52 | $8.92 |
|  **Total return<sup>(b)</sup>** | 5.93% | 8.09% | (4.11)% | (0.91)% | 16.07% |
|  Net assets, end of year (in 000s) | $657 | $633 | $818 | $1486 | $1894 |
|  Ratio of net expenses to average net assets | 0.97% | 1.46% | 1.45% | 1.46% | 1.46% |
|  Ratio of total expenses to average net assets | 2.20% | 2.21% | 1.88% | 1.70% | 1.72% |
|  Ratio of net investment income to average net assets | 5.55% | 6.03% | 4.67% | 3.14% | 3.19% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 29% | 22% | 56% | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **120** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.89 | $7.73 | $8.52 | $8.91 | $7.93 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.41 | 0.31 | 0.21 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.14 | (0.74) | (0.34) | 0.97 |
|  Total from investment operations | 0.40 | 0.55 | (0.43) | (0.13) | 1.19 |
|  Distributions to shareholders from net investment income | (0.42) | (0.39) | (0.36) | (0.26) | (0.21) |
|  Net asset value, end of year | $7.87 | $7.89 | $7.73 | $8.52 | $8.91 |
|  **Total return<sup>(b)</sup>** | 5.14% | 7.30% | (4.95)% | (1.54)% | 15.08% |
|  Net assets, end of year (in 000s) | $243 | $80 | $112 | $179 | $423 |
|  Ratio of net expenses to average net assets | 1.71% | 2.22% | 2.21% | 2.20% | 2.21% |
|  Ratio of total expenses to average net assets | 3.00% | 2.97% | 2.64% | 2.45% | 2.51% |
|  Ratio of net investment income to average net assets | 4.77% | 5.30% | 3.93% | 2.36% | 2.52% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 29% | 22% | 56% | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **121** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.89 | $7.73 | $8.51 | $8.91 | $7.92 |
|  Net investment income<sup>(a)</sup> | 0.47 | 0.49 | 0.40 | 0.31 | 0.31 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.15 | (0.73) | (0.36) | 0.99 |
|  Total from investment operations | 0.49 | 0.64 | (0.33) | (0.05) | 1.30 |
|  Distributions to shareholders from net investment income | (0.51) | (0.48) | (0.45) | (0.35) | (0.31) |
|  Net asset value, end of year | $7.87 | $7.89 | $7.73 | $8.51 | $8.91 |
|  **Total return<sup>(b)</sup>** | 6.28% | 8.45% | (3.80)% | (0.59)% | 16.47% |
|  Net assets, end of year (in 000s) | $8733 | $9189 | $8574 | $15884 | $14905 |
|  Ratio of net expenses to average net assets | 0.64% | 1.13% | 1.12% | 1.12% | 1.13% |
|  Ratio of total expenses to average net assets | 1.86% | 1.88% | 1.55% | 1.37% | 1.42% |
|  Ratio of net investment income to average net assets | 5.88% | 6.35% | 4.98% | 3.46% | 3.57% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 29% | 22% | 56% | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **122** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.90 | $7.73 | $8.52 | $8.92 | $7.93 |
|  Net investment income<sup>(a)</sup> | 0.46 | 0.49 | 0.39 | 0.30 | 0.31 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.15 | (0.74) | (0.35) | 0.98 |
|  Total from investment operations | 0.48 | 0.64 | (0.35) | (0.05) | 1.29 |
|  Distributions to shareholders from net investment income | (0.50) | (0.47) | (0.44) | (0.35) | (0.30) |
|  Net asset value, end of year | $7.88 | $7.90 | $7.73 | $8.52 | $8.92 |
|  **Total return<sup>(b)</sup>** | 6.06% | 8.50% | (4.00)% | (0.66)% | 16.36% |
|  Net assets, end of year (in 000s) | $156 | $298 | $1414 | $2633 | $2406 |
|  Ratio of net expenses to average net assets | 0.72% | 1.21% | 1.20% | 1.20% | 1.21% |
|  Ratio of total expenses to average net assets | 1.92% | 1.96% | 1.63% | 1.45% | 1.49% |
|  Ratio of net investment income to average net assets | 5.79% | 6.36% | 4.91% | 3.38% | 3.49% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 29% | 22% | 56% | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **123** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.89 | $7.73 | $8.52 | $8.91 | $7.93 |
|  Net investment income<sup>(a)</sup> | 0.47 | 0.49 | 0.40 | 0.31 | 0.31 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.15 | (0.74) | (0.34) | 0.98 |
|  Total from investment operations | 0.48 | 0.64 | (0.34) | (0.03) | 1.29 |
|  Distributions to shareholders from net investment income | (0.51) | (0.48) | (0.45) | (0.36) | (0.31) |
|  Net asset value, end of year | $7.86 | $7.89 | $7.73 | $8.52 | $8.91 |
|  **Total return<sup>(b)</sup>** | 6.16% | 8.46% | (3.91)% | (0.46)% | 16.33% |
|  Net assets, end of year (in 000s) | $2757 | $8086 | $6984 | $5353 | $1654 |
|  Ratio of net expenses to average net assets | 0.66% | 1.12% | 1.11% | 1.11% | 1.12% |
|  Ratio of total expenses to average net assets | 1.86% | 1.87% | 1.55% | 1.36% | 1.39% |
|  Ratio of net investment income to average net assets | 5.90% | 6.34% | 5.06% | 3.51% | 3.57% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 29% | 22% | 56% | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **124** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.88 | $7.72 | $8.50 | $8.90 | $7.92 |
|  Net investment income<sup>(a)</sup> | 0.47 | 0.49 | 0.38 | 0.31 | 0.31 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.15 | (0.71) | (0.35) | 0.98 |
|  Total from investment operations | 0.49 | 0.64 | (0.33) | (0.04) | 1.29 |
|  Distributions to shareholders from net investment income | (0.51) | (0.48) | (0.45) | (0.36) | (0.31) |
|  Net asset value, end of year | $7.86 | $7.88 | $7.72 | $8.50 | $8.90 |
|  **Total return<sup>(b)</sup>** | 6.29% | 8.46% | (3.80)% | (0.58)% | 16.35% |
|  Net assets, end of year (in 000s) | $30746 | $29977 | $31632 | $117611 | $106377 |
|  Ratio of net expenses to average net assets | 0.63% | 1.12% | 1.12% | 1.11% | 1.12% |
|  Ratio of total expenses to average net assets | 1.87% | 1.87% | 1.48% | 1.36% | 1.38% |
|  Ratio of net investment income to average net assets | 5.88% | 6.37% | 4.75% | 3.47% | 3.55% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 29% | 22% | 56% | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **125** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Goldman Sachs Emerging Markets Credit Fund | A, C, Institutional, Investor, R6 and P | Non-diversified |
| Goldman Sachs Emerging Markets Debt Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs High Yield Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs High Yield Floating Rate Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Investment Grade Credit Fund | A, Institutional, Separate Account Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs Short Duration High Yield Fund\* | A, C, Institutional, Investor, R6 and P | Diversified |

---

\* Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

Class A Shares of the Emerging Markets Credit, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit and and Short Duration High Yield Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 4.50%, 2.25%, 3.75% and 2.25%, respectively. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class R, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

Upon the recommendation of GSAM, the Board of Trustees of the Goldman Sachs Trust recently approved changes to the Goldman Sachs Long Short Credit Strategies Fund's name, investment objective, principal investment strategy, contractual management fee rate and benchmark index effective after the close of business on April 17, 2024. The Fund's name changed to the "Goldman Sachs Short Duration High Yield Fund." The Fund's performance benchmark index changed from the ICE Bank of America US 3-Month Treasury Bill Index to the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**126**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from a Fund's investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
|  | **Investment Income Dividends**<br>| **Capital Gains Distributions**<br>|
| **Fund** | **Declared/Paid** | **Declared/Paid** |
| Emerging Markets Credit Fund | Daily/Monthly | Annually |
| Emerging Markets Debt Fund | Daily/Monthly | Annually |
| High Yield Fund | Daily/Monthly | Annually |
| High Yield Floating Rate Fund | Daily/Monthly | Annually |
| Investment Grade Credit Fund | Daily/Monthly | Annually |
| Short Duration High Yield Fund | Daily/Monthly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**127**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**128**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Bank Loans — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The High Yield, High Yield Floating Rate and Short Duration High Yield Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. The Funds are obligated to fund these commitments at the borrower's discretion. The Funds may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**129**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**130**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**131**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS CREDIT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $24675421 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 899555 |  |
|  Investment Company | 397110 |  |  |
|  **Total** | $397110 | $25574976 | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $3379 | $— | $— |
|  Interest Rate Swap Contracts |  | 1808 |  |
|  **Total** | $3379 | $1808 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(28293) | $— |
|  Futures Contracts | (213) |  |  |
|  Interest Rate Swap Contracts |  | (1541) |  |
|  **Total** | $(213) | $(29834) | $— |
| **EMERGING MARKETS DEBT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $274365171 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 95354035 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | 49973 |  |
|  Investment Company | 660916 |  |  |
|  **Total** | $660916 | $369769179 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**132**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS DEBT FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1772034 | $— |
|  Futures Contracts<sup>(a)</sup> | 173220 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 251842 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 15712 |  |
|  Purchased Option Contracts |  | 1235192 |  |
|  **Total** | $173220 | $3274780 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(1495898) | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (457123) |  |
|  Written Option Contracts |  | (1136812) |  |
|  **Total** | $— | $(3089833) | $— |
| **HIGH YIELD FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1821891823 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 130042516 |  |
|  Securities Lending Reinvestment Vehicle | 67561907 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 28934 | 8400654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 896969 | 942010 |  |
|  Rights |  | 897767 |  |
|  Preferred Stocks |  | 897450 |  |
|  Warrants |  | 42283 | 27401 |
|  Exchange Traded Funds | 13126262 |  |  |
|  Investment Company | 40819 |  |  |
|  **Total** | $81654891 | $1963114503 | $27401 |
|  **Liabilities** |  |  |  |
|  Fixed Income<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment | $— | $(13900) | $— |
| **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $197393 | $— |
|  Futures Contracts | 654626 |  |  |
|  Credit Default Swap Contracts |  | 1390636 |  |
|  **Total** | $654626 | $1588029 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**133**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **HIGH YIELD FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(1847742) | $— |
|  Futures Contracts | (30517) |  |  |
|  Credit Default Swap Contracts |  | (553155) |  |
|  **Total** | $(30517) | $(2400897) | $— |
| **HIGH YIELD FLOATING RATE FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $1593737380 | $17331454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 78394926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 21117461 |  |
|  Securities Lending Reinvestment Vehicle | 8547960 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 3540089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 643133 | 2572029 | 1518672 |
|  Rights |  | 1339330 |  |
|  Preferred Stocks |  |  | 102690 |
|  Warrants |  | 58383 | 163 |
|  Exchange Traded Funds | 79693007 |  |  |
|  Investment Company | 138777899 |  |  |
|  **Total** | $227661999 | $1700759598 | $18952979 |
|  **Liabilities** |  |  |  |
|  Fixed Income<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments | $— | $(22864) | $— |
| **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $49909 | $— |
|  Futures Contracts | 19690 |  |  |
|  **Total** | $19690 | $49909 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(3402553) | $— |
|  Credit Default Swap Contracts |  | (3115909) |  |
|  **Total** | $— | $(6518462) | $— |

---

The following is a reconciliation of Level 3 investments for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**134**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bank Loans** | **Common Stock** | **Warrants** | **Preferred Stock** |
|  Beginning Balance as of April 1, 2024 | $11067749 | $163 | $163 | $— |
|  Realized gain (loss) | (9885318) |  |  |  |
|  Net change in unrealized gain (loss) | 9225918 | (6222726) |  | (60310) |
|  Purchases | 17819740 |  |  |  |
|  Sales |  |  |  |  |
|  Accretion | 69356 |  |  |  |
|  Transfers into Level 3 | 101758 | 7741235 |  | 163000 |
|  Transfers out of Level 3 | (11067749) |  |  |  |
|  **Ending Balance as of March 31, 2025** | $17331454 | $1518672 | $163 | $102690 |

---

Transfers of the above instruments into or out of Level 3 can be attributable to changes in the availability of valid pricing sources or in the observability of significant inputs used to measure the fair value of those instruments.

---

| | | | |
|:---|:---|:---|:---|
| **INVESTMENT GRADE CREDIT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $579291501 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 10384652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3023000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1185737 |  |  |
|  Investment Company | 885019 |  |  |
|  **Total** | $2070756 | $592699153 | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $934928 | $— | $— |
|  Interest Rate Swap Contracts |  | 165465 |  |
|  Credit Default Swap Contracts |  | 608969 |  |
|  **Total** | $934928 | $774434 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(78251) | $— |
|  Futures Contracts | (82078) |  |  |
|  Interest Rate Swap Contracts |  | (545016) |  |
|  Credit Default Swap Contracts |  | (426204) |  |
|  **Total** | $(82078) | $(1049471) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**135**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **SHORT DURATION HIGH YIELD FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $36191432 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 6529675 | 72899 |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 68560 |  |  |
|  Investment Company | 183133 |  |  |
|  **Total** | $251693 | $42721107 | $72899 |
|  **Liabilities** |  |  |  |
|  Fixed Income<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment | $— | $(444) | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $34216 | $— | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(7657) | $— |
|  Futures Contracts | (60035) |  |  |
|  **Total** | $(60035) | $(7657) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency |  | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency contracts | $(28293) |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | 5187 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts; Variation margin on swap contracts | (1754)<sup>(a)</sup> |
|  **Total** |  | $5187 |  | $(30047) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**136**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $15712 <sup>(a)</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value | 3007226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency contracts; Written options, at value | (2632710) |
| Interest rate | Variation margin on swap contracts; Variation margin on futures contracts | 425062 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | (457123)<sup>(a)</sup> |
|  **Total** |  | $3448000 |  | $(3089833) |
| **High Yield Fund** | **High Yield Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $1390636 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | $(553155)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts. | 197393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for unrealized loss on forward foreign currency exchange contracts. | (1847742) |
| Interest rate | Variation margin on futures contracts | 654626 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | (30517)<sup>(a)</sup> |
|  **Total** |  | $2242655 |  | $(2431414) |
| **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | $(3115909) |
| Currency | Receivable for unrealized gain on forward foreign currency contracts | 49909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency contracts | (3402553) |
| Interest rate | Variation margin on futures contracts | 19690 |  |  |
|  **Total** |  | $69599 |  | $(6518462) |
| **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $608969 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | $(426204)<sup>(a)</sup> |
| Currency |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency exchange contracts | (78251) |
| Interest rate | Variation margin on futures contracts;<br> Variation margin on swap contracts | 1100393 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts;<br> Variation margin on swap contracts | (627094)<sup>(a)</sup> |
|  **Total** |  | $1709362 |  | $(1131549) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**137**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency |  | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency contracts | $(7657) |
| Interest rate | Variation margin on futures contracts | 34216 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | (60035)<sup>(a)</sup> |
|  **Total** |  | $34216 |  | $(67692) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information section of the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts | $(6680) | $(1333) |
| Currency | Net realized gain (loss) on forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 75506 | (28988) |
| Interest rate | Net realized gain (loss) on futures contracts, swap contracts and purchased options/ Net realized gain (loss) on futures contracts and swap contracts. | (53360) | (15885) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15466 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46206) |
| **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts | $(173068) | $15910 |
| Currency | Net realized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897515 | (278616) |
| Interest rate | Net realized gain (loss) on futures contracts, purchased options and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts | (920552) | 555501 |
|  **Total** |  | $(196105) | $292795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**138**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **High Yield Fund** | **High Yield Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $2924146 | $(929278) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 2100936 | (1811524) |
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | (3057694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148716 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967388 | $(2592086) |
| **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $298058 | $(3115909) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 4793079 | (3420522) |
| Interest rate | Net realized gain (loss) from future contracts, swap contracts/Net change in unrealized gain (loss) on future contracts | (3927003) | 237320 |
|  **Total** |  | $1164134 | $(6299111) |
| **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $4496936 | $(2441128) |
| Currency | Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 110618 | (78457) |
| Equity | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 782374 | 121858 |
| Interest rate | Net realized gain (loss) from purchased options contracts, futures contracts, written options and swap contracts /Net change in unrealized gain (loss) on futures and swap contracts | (4462883) | (1072119) |
|  **Total** |  | $927045 | $(3469846) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**139**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(304004) | $336047 |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7822) |
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on swap contracts | (7251) | (16177) |
|  **Total** |  | $(301420) | $312048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended March 31, 2025, the relevant values for each derivative type were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| **Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** | **Purchased<br>Swaptions** | **Written<br>Options** | **Written<br>Swaptions** |
|  Emerging Markets Credit Fund | 17 | $1389124 | $2417627 |  | $120000 |  | $— |
|  Emerging Markets Debt Fund | 276 | 342054413 | 229692797 | 191327176 | 1660000 | 182792672 |  |
|  High Yield Fund | 1041 | 77858250 | 204130449 |  |  |  |  |
|  High Yield Floating Rate Fund | 874 | 80849719 | 189537500 |  |  |  |  |
|  Investment Grade Credit Fund | 1270 | 1832003 | 740171537 |  | 3770000 |  | 41760000 |
|  Short Duration High Yield Fund | 112 | 208534 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the fiscal year ended March 31, 2025.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**140**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws.

The following tables set forth the Fund's net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund | Emerging Markets Debt Fund |
|  | Derivative Assets<sup>(1)</sup>  | Derivative Assets<sup>(1)</sup>  | Derivative Assets<sup>(1)</sup>  | Derivative Liabilities<sup>(1)</sup>  | Derivative Liabilities<sup>(1)</sup>  | Derivative Liabilities<sup>(1)</sup>  |  |  |  |
| Counterparty | Options<br>Purchased | Forward<br>Currency<br>Contracts | Total | Forward<br>Currency<br>Contracts | Options<br>Written | Total | Net Derivative<br>Asset<br>(Liabilities) | Collateral<br>(Received)<br>Pledged<sup>(1)</sup> | Net<br>Amount<sup>(2)</sup> |
|  Barclays Bank PLC | $139730 | $— | $139730 | $— | $(81491) | $(81491) | $58239 | $— | $58239 |
|  BNP Paribas SA | 240398 |  | 240398 |  | (237892) | (237892) | 2506 |  | 2506 |
|  BofA Securities LLC | 247930 |  | 247930 |  | (166341) | (166341) | 81589 |  | 81589 |
|  Citibank NA | 81978 |  | 81978 |  | (58073) | (58073) | 23905 |  | 23905 |
|  Deutsche Bank AG (London) | 4521 |  | 4521 |  | (44027) | (44027) | (39506) |  | (39506) |
|  HSBC Bank PLC | 83591 |  | 83591 |  | (42479) | (42479) | 41112 |  | 41112 |
|  JPMorgan Securities, Inc. | 148307 | 1772034 | 1920341 | (1495898) | (150311) | (1646209) | 274132 |  | 274132 |
|  MS & Co. Int. PLC | 2366 |  | 2366 |  | (25344) | (25344) | (22978) |  | (22978) |
|  Royal Bank of Canada |  |  |  |  | (6986) | (6986) | (6986) |  | (6986) |
|  Standard Chartered Bank | 221093 |  | 221093 |  | (296037) | (296037) | (74944) |  | (74944) |
|  UBS AG (London) | 65278 |  | 65278 |  | (27831) | (27831) | 37447 |  | 37447 |
| Total | $1235192 | $1772034 | $3007226 | $(1495898) | $(1136812) | $(2632710) | $374516 | $— | $374516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**141**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | | **Effective Net<br>Management<br>Rate<sup>^</sup>**  | **Effective Net<br>Management<br>Rate<sup>^</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | <br> **First<br>$1 billion** | Next<br>$1 billion | Next<br>$3 billion | Next<br>$3 billion | Over<br>$8 billion | Effective Rate | **Effective Net<br>Management<br>Rate<sup>^</sup>**  | **Effective Net<br>Management<br>Rate<sup>^</sup>**  |
|  Emerging Markets Credit Fund | 0.80% | 0.80% | 0.72% | 0.68% | 0.67% | 0.80% | 0.80 | % |
|  Emerging Markets Debt Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |  |
|  High Yield Fund | 0.70 | 0.70 | 0.63 | 0.60 | 0.59 | 0.70 | 0.64 | \*\* |
|  High Yield Floating Rate Fund | 0.60 | 0.54 | 0.51 | 0.50 | 0.49 | 0.57 | 0.56 |  |
|  Investment Grade Credit Fund | 0.34 | 0.31 | 0.29 | 0.28 | 0.28 | 0.34 | 0.34 |  |
|  Short Duration High Yield Fund | 0.55 | 0.50 | 0.47 | 0.46 | 0.45 | 0.57 | 0.57 |  |

---

^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\*\* The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage rate for the Fund's average daily net assets. This arrangement will remain in effect through at least July 29, 2025. 

Prior to April 18, 2024, the contractual management fee rates for the Short Duration High Yield Fund were 1.00% on the first $1 billion of average daily net assets, 0.90% on the next $1 billion of average daily net assets, 0.86% on the next $3 billion of average daily net assets, 0.84% on the next $3 billion of average daily net assets, and 0.82% on amounts over $8 billion of average daily net assets.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (the "Government Money Market Fund"), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended March 31, 2025, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br> Fee Waived** |
|  Emerging Markets Credit Fund | $647 |
|  Emerging Markets Debt Fund | 9753 |
|  High Yield Fund | 24317 |
|  High Yield Floating Rate Fund | 170820 |
|  Investment Grade Credit Fund | 15149 |
|  Short Duration High Yield Fund | 2923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**142**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended March 31, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge**  |
| **Fund Name** | <br> **Class A** |
|  Emerging Markets Credit Fund | $593 |
|  Emerging Markets Debt Fund | 59 |
|  High Yield Fund | 6933 |
|  High Yield Floating Rate Fund | 1502 |
|  Investment Grade Credit Fund | 406 |

---

During the fiscal year ended March 31, 2025, Goldman Sachs did not retain any portion of Class C Shares' CDSC.

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares; and 0.03% of average daily net assets with respect to the Investment Grade Credit Fund's Separate Account Institutional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**143**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Credit Fund, 0.06% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, and 0.03% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund. This arrangement will remain in effect through at least July 29, 2025, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

Effective July 29, 2024, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Floating Rate Fund. This arrangement will remain in effect through at least July 29, 2025, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees. Prior to July 29, 2024, there was no transfer agency fee waiver in place for this Fund.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Credit, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit and Short Duration High Yield Funds are 0.004%, 0.004%, 0.004%, 0.104%, 0.004% and 0.034%, respectively. Prior to April 18, 2024, the Other Expense limitations as an annual percentage rate of average daily net assets for Short Duration High Yield Fund was 0.094%. These Other Expense limitations will remain in place through at least July 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended March 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other<br>Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Emerging Markets Credit Fund | $647 | $4610 | $606194 | $611451 |
|  Emerging Markets Debt Fund | 9753 | 22843 | 704620 | 737216 |
|  High Yield Fund | 1207864 | 31438 | 699134 | 1938436 |
|  High Yield Floating Rate Fund | 170820 | 9249 |  | 180069 |
|  Investment Grade Credit Fund | 15149 | 112 | 488848 | 504109 |
|  Short Duration High Yield Fund | 2923 | 7 | 558042 | 560972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of March 31, 2025, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**144**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000. The facility was changed to $1,300,000,000 on April 14, 2025.

In addition, the High Yield Floating Rate Fund also participated in a $200,000,000 committed, unsecured credit facility for the purpose of providing short-term, temporary working capital to the Fund (the "Credit Facility"). The Credit Facility is intended to enable the Fund to more efficiently manage various factors associated with the length of settlement of bank loan transactions and may also be used to satisfy redemption requests. The interest rate on borrowings is based on the federal funds rate as defined in the credit agreement and the Fund is required to pay a fee based on the amount of the commitment that has not been utilized. Under the Credit Facility, the Fund had an outstanding active borrowing balance for 9 days. The average outstanding balance was $25,000,000 and the annualized weighted average rate was 5.91%, respectively, during the 9 day period. As of March 31, 2025, there were no outstanding borrowings under the Credit Facility. Prior to April 22, 2024, the facility was $300,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2025, Goldman Sachs earned $1,389, $16,547, $44,617 and $2,516, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Credit, Emerging Markets Debt, Investment Grade Credit and Short Duration High Yield Funds, respectively.

As of March 31, 2025, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs<br>Growth and Income Portfolio** | **Goldman Sachs<br>Growth Strategy<br>Portfolio** | **Goldman Sachs<br>VIT Multi-Strategy<br>Alternatives<br>Portfolio** |
|  Emerging Markets Debt Fund | 7% | 9% | —% |
|  Short Duration High Yield Fund |  |  | 6 |

---

As of March 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class C** | **Class R6** | **Class R** |
|  Emerging Markets Credit Fund | —% | 52% | —% |
|  High Yield Floating Rate Fund |  |  | 5 |
|  Short Duration High Yield Fund | 11 |  |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund as of and for the fiscal year ended March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning<br>Value as of<br>March 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>March 31,<br>2025** | **Shares as of<br>March 31,<br>2025** | **Dividend<br>Income** |
|  Emerging Markets Credit Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $191359 | $16043390 | $(15837639) | $397110 | 397110 | $18195 |
|  Emerging Markets Debt Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares |  | 159301634 | (158640718) | 660916 | 660916 | 292698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**145**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning<br>Value as of<br>March 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>March 31,<br>2025** | **Shares as of<br>March 31,<br>2025** | **Dividend<br>Income** |
|  High Yield Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $51815710 | $381514708 | $(433289599) | $40819 | 40819 | $718094 |
|  High Yield Floating Rate Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 102352239 | 899745457 | (863319797) | 138777899 | 138777899 | 5209989 |
|  Investment Grade Credit Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 5607607 | 235659233 | (240381821) | 885019 | 885019 | 430365 |
|  Short Duration High Yield Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 3211304 | 23974588 | (27002759) | 183133 | 183133 | 89263 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government and<br>Agency Obligations** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and<br>Maturities of<br>U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  Emerging Markets Credit Fund | $5636924 | $12481887 | $5640526 | $20404618 |
|  Emerging Markets Debt Fund |  | 131183240 |  | 176830106 |
|  High Yield Fund |  | 910621033 |  | 819157752 |
|  High Yield Floating Rate Fund |  | 1020146761 |  | 1178140630 |
|  Investment Grade Credit Fund | 2663532 | 239018608 | 4720323 | 319887054 |
|  Short Duration High Yield Fund |  | 23993858 |  | 26027432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**146**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of March 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended March 31, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended March 31, 2025** | **For the Fiscal Year Ended March 31, 2025** | **Amounts Payable to**<br> **Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>March 31, 2025** |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities<br>Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to**<br> **Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>March 31, 2025** |
|  High Yield Fund | $120506 | $202709 | $7254169 |
|  High Yield Floating Rate Fund | 36337 | 84913 | 796600 |

---

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>March 31, 2024** | **Purchases<br>at cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>March 31, 2025** | **Shares as of<br>March 31, 2025** |
|  High Yield Fund | $51348393 | $314192185 | $(297978671) | $67561907 | 67561907 |
|  High Yield Floating Rate Fund | 22606103 | 171345423 | (185403566) | 8547960 | 8547960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**147**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield Floating<br>Rate** | **Investment Grade<br>Credit** | **Short Duration<br>High Yield** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary income | $— | $23341480 | $122553908 | $150014438 | $25202557 | $2906677 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $— | $23341480 | $122553908 | $150014438 | $25202557 | $2906677 |
|  Tax return of capital | $2028334 | $— | $7589932 | $2038457 | $3656312 | $— |

---

The tax character of distributions paid during the fiscal year ended March 31, 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield Floating<br>Rate** | **Investment Grade<br>Credit** | **Short Duration<br>High Yield** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary income | $7541505 | $29560256 | $106342232 | $177797175 | $24813367 | $2897295 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $7541505 | $29560256 | $106342232 | $177797175 | $24813367 | $2897295 |
|  Tax return of capital | $666998 | $— | $3405935 | $5217864 | $3721472 | $— |

---

As of March 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets<br>Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield<br>Floating Rate** | **Investment<br>Grade Credit** | **Short Duration<br>High Yield** |
|  Undistributed ordinary income — net | $— | $6511213 | $— | $— | $— | $1323643 |
|  Capital loss carryforwards: |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Short-Term | (108617737) | (101655927) | (169751424) | (192015692) | (22532450) | (32358392) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Long-Term | (47364171) | (349693412) | (442759169) | (445309353) | (46977650) | (18158863) |
|  Total capital loss carryforwards | (155981908) | (451349339) | (612510593) | (637325045) | (69510100) | (50517255) |
|  Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Dividends Payable/Straddles/ Defaulted Bonds) | $(733) | $(7327488) | $(22115466) | $(19687007) | $(1580710) | $(175180) |
|  Unrealized gains (loss) — net | 792301 | (19128572) | (40449718) | (72244481) | (7191841) | (2651994) |
|  Total accumulated earnings (loss) net | $(155190340) | $(471294186) | $(675075777) | $(729256533) | $(78282651) | $(52020786) |

---

As of March 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield<br>Floating Rate** | **Investment<br>Grade Credit** | **Short Duration<br>High Yield** |
|  Tax Cost | $25172075 | $391309623 | $2084626073 | $2012806401 | $602342002 | $45663856 |
|  Gross unrealized gain | 911170 | 10655459 | 22734319 | 5276364 | 7676739 | 331516 |
|  Gross unrealized loss | (118869) | (29784031) | (63184037) | (77520845) | (14868580) | (2983510) |
|  Net unrealized gain (loss) | $792301 | $(19128572) | $(40449718) | $(72244481) | $(7191841) | $(2651994) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**148**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of partnership investments, swap transactions, market discount accretion and premium amortization, material modification of debt securities and underlying fund investments.

The Emerging Markets Credit and High Yield Funds reclassed $6,352,797 and $313,611, respectively, from distributable earnings to paid in capital for the fiscal year ended March 31, 2025. In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from net operating losses and differences in the tax treatment of partnership investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**149**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**150**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates 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 the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**151**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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 — Emerging Markets Credit Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**152**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund**  | **Emerging Markets Credit Fund**  | **Emerging Markets Credit Fund**  | **Emerging Markets Credit Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 267154 | $1073553 | 79151 | $340435 |
|  Reinvestment of distributions | 48408 | 194206 | 128617 | 523288 |
|  Shares redeemed | (172325) | (691402) | (150805) | (637895) |
|  | 143237 | 576357 | 56963 | 225828 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 110136 | 440331 | 66523 | 279334 |
|  Reinvestment of distributions | 25636 | 102583 | 73969 | 299715 |
|  Shares redeemed | (119662) | (480510) | (79017) | (342545) |
|  | 16110 | 62404 | 61475 | 236504 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 104605 | 421317 | 732471 | 3325414 |
|  Reinvestment of distributions | 46256 | 184529 | 255664 | 1037689 |
|  Shares redeemed | (1030015) | (4096241) | (987259) | (4319193) |
|  | (879154) | (3490395) | 876 | 43910 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 849640 | 3389055 | 2795106 | 12461833 |
|  Reinvestment of distributions | 174436 | 697900 | 570644 | 2312793 |
|  Shares redeemed | (1739375) | (6959944) | (2002015) | (8525508) |
|  | (715299) | (2872989) | 1363735 | 6249118 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 776478 | 3105899 | 381466 | 1804084 |
|  Reinvestment of distributions | 2266 | 9031 | 239988 | 1079266 |
|  Shares redeemed | (777042) | (3115888) | (6169149) | (27463086) |
|  | 1702 | (958) | (5547695) | (24579736) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 145318 | 574964 | 123572 | 547932 |
|  Reinvestment of distributions | 204911 | 818358 | 668242 | 2716773 |
|  Shares redeemed | (944347) | (3768604) | (1021928) | (4505280) |
|  | (594118) | (2375282) | (230114) | (1240575) |
|  **NET DECREASE** | (2027522) | $(8100863) | (4294760) | $(19064951) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**153**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2024** | **For the Fiscal Year Ended<br>March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 2069953 | $20045395 | 1761192 | $15941952 |
|  Reinvestment of distributions | 71215 | 687139 | 77844 | 706844 |
|  Shares redeemed | (2306433) | (22305538) | (1886042) | (17063846) |
|  | (165265) | (1573004) | (47006) | (415050) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 27353 | 266492 | 23576 | 211932 |
|  Reinvestment of distributions | 15754 | 151714 | 22015 | 199362 |
|  Shares redeemed | (180968) | (1745110) | (207265) | (1885082) |
|  | (137861) | (1326904) | (161674) | (1473788) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 4434465 | 42797094 | 9651274 | 87139307 |
|  Reinvestment of distributions | 1341244 | 12946983 | 1815086 | 16441487 |
|  Shares redeemed | (13621733) | (131072941) | (27600946) | (247033130) |
|  | (7846024) | (75328864) | (16134586) | (143452336) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 299055 | 2887456 | 588797 | 5298336 |
|  Reinvestment of distributions | 62771 | 605537 | 172523 | 1542140 |
|  Shares redeemed | (832832) | (8141067) | (12833476) | (112568527) |
|  | (471006) | (4648074) | (12072156) | (105728051) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 4455068 | 43082327 | 2081821 | 18583650 |
|  Reinvestment of distributions | 469368 | 4534451 | 719312 | 6482461 |
|  Shares redeemed | (1241164) | (11933448) | (14098911) | (126232944) |
|  | 3683272 | 35683330 | (11297778) | (101166833) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 73362 | 710948 | 109522 | 1004380 |
|  Reinvestment of distributions | 218206 | 2105402 | 194572 | 1768497 |
|  Shares redeemed | (163595) | (1591722) | (65115) | (583399) |
|  | 127973 | 1224628 | 238979 | 2189478 |
|  **NET DECREASE** | (4808911) | $(45968888) | (39474221) | $(350046580) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**154**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2024** | **For the Fiscal Year Ended<br>March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 8956316 | $50425429 | 2297327 | $12528137 |
|  Reinvestment of distributions | 878567 | 4932393 | 927519 | 5047598 |
|  Shares redeemed | (10078202) | (56748848) | (5694551) | (30904799) |
|  | (243319) | (1391026) | (2469705) | (13329064) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 255956 | 1444641 | 172441 | 949346 |
|  Reinvestment of distributions | 40143 | 225630 | 33820 | 184354 |
|  Shares redeemed | (282687) | (1587460) | (186650) | (1012903) |
|  | 13412 | 82811 | 19611 | 120797 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 5221157 | 29358130 | 5588503 | 30502559 |
|  Reinvestment of distributions | 1551871 | 8728425 | 1894230 | 10335782 |
|  Shares redeemed | (16676703) | (93651952) | (9905549) | (54146510) |
|  | (9903675) | (55565397) | (2422816) | (13308169) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 79403 | 445837 | 255037 | 1399100 |
|  Reinvestment of distributions | 43203 | 242468 | 40532 | 220623 |
|  Shares redeemed | (499358) | (2810377) | (296128) | (1609043) |
|  | (376752) | (2122072) | (559) | 10680 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 293489 | 1651315 | 426713 | 2335734 |
|  Reinvestment of distributions | 83476 | 469458 | 88098 | 480168 |
|  Shares redeemed | (442211) | (2485014) | (638806) | (3479585) |
|  | (65246) | (364241) | (123995) | (663683) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 4005655 | 22698446 | 4879635 | 27332485 |
|  Reinvestment of distributions | 457233 | 2578354 | 249515 | 1371357 |
|  Shares redeemed | (3944703) | (22132023) | (1443635) | (7946020) |
|  | 518185 | 3144777 | 3685515 | 20757822 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 226071 | 1267164 | 223528 | 1209515 |
|  Reinvestment of distributions | 48180 | 270253 | 43956 | 239190 |
|  Shares redeemed | (310644) | (1738091) | (161771) | (886363) |
|  | (36393) | (200674) | 105713 | 562342 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 60939133 | 342845134 | 97947618 | 534878159 |
|  Reinvestment of distributions | 19863381 | 111825406 | 16702871 | 91230449 |
|  Shares redeemed | (54650472) | (306952665) | (59629931) | (325468246) |
|  | 26152042 | 147717875 | 55020558 | 300640362 |
|  **NET INCREASE** | 16058254 | $91302053 | 53814322 | $294791087 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**155**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund**  | **High Yield Floating Rate Fund**  | **High Yield Floating Rate Fund**  | **High Yield Floating Rate Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2024** | **For the Fiscal Year Ended<br>March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 554628 | $4914564 | 983348 | $8689313 |
|  Reinvestment of distributions | 52334 | 463105 | 44923 | 396460 |
|  Shares redeemed | (750834) | (6628856) | (664201) | (5889055) |
|  | (143872) | (1251187) | 364070 | 3196718 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 128434 | 1139955 | 55602 | 491312 |
|  Reinvestment of distributions | 10898 | 96398 | 7288 | 64289 |
|  Shares redeemed | (56773) | (501219) | (45899) | (405976) |
|  | 82559 | 735134 | 16991 | 149625 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1422434 | 12604210 | 11685915 | 103570771 |
|  Reinvestment of distributions | 1065721 | 9438987 | 1354765 | 11940489 |
|  Shares redeemed | (13047960) | (115477538) | (5683950) | (49862742) |
|  | (10559805) | (93434341) | 7356730 | 65648518 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 996555 | 8849980 | 1795395 | 15868751 |
|  Reinvestment of distributions | 165644 | 1469807 | 109733 | 972321 |
|  Shares redeemed | (1065619) | (9470015) | (501266) | (4419669) |
|  | 96580 | 849772 | 1403862 | 12421403 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1543288 | 13659643 | 1411779 | 12447458 |
|  Reinvestment of distributions | 216780 | 1919827 | 210526 | 1859718 |
|  Shares redeemed | (1474717) | (13000001) | (527054) | (4665764) |
|  | 285351 | 2579469 | 1095251 | 9641412 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 1073 | 9542 | 1261 | 11052 |
|  Reinvestment of distributions | 2347 | 20764 | 2511 | 22132 |
|  Shares redeemed | (1226) | (10898) | (512) | (4509) |
|  | 2194 | 19408 | 3260 | 28675 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 32301232 | 286582159 | 55345074 | 487230882 |
|  Reinvestment of distributions | 15305349 | 135688535 | 19002935 | 167698051 |
|  Shares redeemed | (48210924) | (427474699) | (114018211) | (1004769292) |
|  | (604343) | (5204005) | (39670202) | (349840359) |
|  **NET DECREASE** | (10841336) | $(95705750) | (29430038) | $(258754008) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**156**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund**  | **Investment Grade Credit Fund**  | **Investment Grade Credit Fund**  | **Investment Grade Credit Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2024** | **For the Fiscal Year Ended<br>March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 173487 | $1389905 | 191231 | $1513766 |
|  Reinvestment of distributions | 36036 | 289009 | 32299 | 253172 |
|  Shares redeemed | (193397) | (1544300) | (192217) | (1494399) |
|  | 16126 | 134614 | 31313 | 272539 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 6221826 | 49999883 | 3227554 | 25380241 |
|  Reinvestment of distributions | 498488 | 4000304 | 399482 | 3134192 |
|  Shares redeemed | (2951718) | (23625734) | (2367883) | (18503019) |
|  | 3768596 | 30374453 | 1259153 | 10011414 |
|  **Separate Account Institutional Shares** |  |  |  |  |
|  Shares sold | 440822 | 3512109 | 657008 | 5177374 |
|  Reinvestment of distributions | 481423 | 3861466 | 514094 | 4035090 |
|  Shares redeemed | (2621647) | (20995572) | (2495052) | (19627244) |
|  | (1699402) | (13621997) | (1323950) | (10414780) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 418479 | 3333419 | 630889 | 4960010 |
|  Reinvestment of distributions | 52589 | 421523 | 55297 | 433618 |
|  Shares redeemed | (1035138) | (8231440) | (858810) | (6758075) |
|  | (564070) | (4476498) | (172624) | (1364447) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 177111 | 1418467 | 4740601 | 37237646 |
|  Reinvestment of distributions | 891699 | 7145331 | 1376557 | 10807845 |
|  Shares redeemed | (9464531) | (73799473) | (13717140) | (105620207) |
|  | (8395721) | (65235675) | (7599982) | (57574716) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 7684303 | 61443554 | 17586702 | 135097058 |
|  Reinvestment of distributions | 1607028 | 12883086 | 1228547 | 9646041 |
|  Shares redeemed | (6690362) | (54072093) | (7685299) | (60434337) |
|  | 2600969 | 20254547 | 11129950 | 84308762 |
|  **NET INCREASE (DECREASE)** | (4273502) | $(32570556) | 3323860 | $25238772 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**157**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund**  | **Short Duration High Yield Fund**  | **Short Duration High Yield Fund**  | **Short Duration High Yield Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year<br>Ended March 31, 2024** | **For the Fiscal Year<br>Ended March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 5383 | $42629 | 6308 | $49345 |
|  Reinvestment of distributions | 4898 | 38965 | 4897 | 38247 |
|  Shares redeemed | (6966) | (55718) | (36740) | (285552) |
|  | 3315 | 25876 | (25535) | (197960) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 24720 | 195044 | 674 | 5300 |
|  Reinvestment of distributions | 1511 | 12026 | 545 | 4249 |
|  Shares redeemed | (5469) | (43247) | (5495) | (42313) |
|  | 20762 | 163823 | (4276) | (32764) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 131750 | 1045622 | 395166 | 3061815 |
|  Reinvestment of distributions | 73994 | 587829 | 73534 | 573989 |
|  Shares redeemed | (260004) | (2062796) | (414134) | (3223104) |
|  | (54260) | (429345) | 54566 | 412700 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 17035 | 135349 | 138164 | 1069581 |
|  Reinvestment of distributions | 2260 | 17973 | 7899 | 61216 |
|  Shares redeemed | (37311) | (296565) | (291115) | (2239923) |
|  | (18016) | (143243) | (145052) | (1109126) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1408 | 11098 | 170833 | 1340000 |
|  Reinvestment of distributions | 28043 | 222421 | 53314 | 416079 |
|  Shares redeemed | (703551) | (5502120) | (103412) | (800000) |
|  | (674100) | (5268601) | 120735 | 956079 |
|  **Class R Shares<sup>(a)</sup>**  |  |  |  |  |
|  Shares sold |  |  | 2 | 12 |
|  Reinvestment of distributions |  |  | 169 | 1321 |
|  Shares redeemed |  |  | (3655) | (28765) |
|  |  |  | (3484) | (27432) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 918352 | 7298376 | 464025 | 3639500 |
|  Reinvestment of distributions | 255063 | 2024175 | 230810 | 1798494 |
|  Shares redeemed | (1063491) | (8435630) | (990627) | (7735873) |
|  | 109924 | 886921 | (295792) | (2297879) |
|  **NET DECREASE** | (612375) | $(4764569) | (298838) | $(2296382) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) At the close of business on February 13, 2024, Class R Shares of the Fund were liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**158**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Credit Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund and Goldman Sachs Short Duration High Yield Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Credit Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund and Goldman Sachs Short Duration High Yield Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 23, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**159**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Single Sector Fixed Income Funds Tax Information (Unaudited)
For the fiscal year ended March 31, 2025, 0.01% of the dividends paid from net investment company taxable income by the GS High Yield Fund qualifies for the dividends received deduction available to corporations.

For the fiscal year ended March 31, 2025, the GS Emerging Markets Debt Fund, GS High Yield Fund, GS High Yield Floating Rate Fund, GS Investment Grade Credit Fund, and GS Short Duration High Yield Fund designate 100%, 98.73%, 98.69%, 100%, and 91.81%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

For the year ended March 31, 2025, 1.71% and 0.19% of the dividends paid from net investment company taxable income by the GS High Yield Fund and the GS Short Duration High Yield Fund, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**160**

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![LOGO](g696347dsp163.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d931546dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d931546dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | June 5, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | June 5, 2025 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: June 5, 2025

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: June 5, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: June 5, 2025 | Date: June 5, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.