# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-25-192172
**Filing Date:** 2025-8
**Character Count:** 1589498
**Document Hash:** b98a83af07c5e631a81f9bf676695324
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-192172.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001752724-25-192172

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251230055

**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 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           |

## Nport-Ex

GOLDMAN SACHS BOND FUND

## Schedule of Investments
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 63.5%** | **Mortgage-Backed Obligations – 63.5%** | **Mortgage-Backed Obligations – 63.5%** | **Mortgage-Backed Obligations – 63.5%** |
| **Collateralized Mortgage Obligations – 4.8%** | **Collateralized Mortgage Obligations – 4.8%** | **Collateralized Mortgage Obligations – 4.8%** | **Collateralized Mortgage Obligations – 4.8%** |
| **Interest Only – 0.2%** | **Interest Only – 0.2%** | **Interest Only – 0.2%** | **Interest Only – 0.2%** |
| Federal Home Loan Mortgage Corp. REMICS Series 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%) |
| 214096 | 1.632 %<sup>(a)(b)</sup> | 03/15/44 | $21820 |
| 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 |
| 1035443 | 4.000 <sup>(a)</sup> | 08/25/50 | 210084 |
| 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%) |
| 336103 | 1.680 <sup>(a)(b)</sup> | 05/25/47 | 42395 |
| 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%) |
| 131816 | 1.530 <sup>(a)(b)</sup> | 02/25/42 | 13676 |
| 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%) |
| 98628 | 1.668 <sup>(a)(b)(c)</sup> | 10/20/43 | 5325 |
| Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) |
| 89987 | 1.168 <sup>(a)(b)(c)</sup> | 09/20/44 | 7507 |
| 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%) |
| 291082 | 1.768 <sup>(a)(b)(c)</sup> | 09/20/48 | 35984 |
| 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%) |
| 68975 | 1.618 <sup>(a)(b)(c)</sup> | 01/20/49 | 8057 |
| 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%) |
| 62221 | 1.618 <sup>(a)(b)(c)</sup> | 01/20/49 | 7297 |
| 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%) |
| 76742 | 1.168 <sup>(a)(b)(c)</sup> | 11/20/44 | 7332 |
| 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%) |
| 123758 | 1.818 <sup>(a)(b)(c)</sup> | 09/20/45 | 15711 |
| 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 |
| 99293 | 4.000 <sup>(a)(c)</sup> | 06/20/45 | 14064 |
| 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%) |
| 203023 | 1.768 <sup>(a)(b)(c)</sup> | 09/20/48 | 25463 |
| 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 |
| 922430 | 4.000 <sup>(a)(c)</sup> | 12/20/49 | 195487 |
| 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%) |
| 321089 | 1.818 <sup>(a)(b)(c)</sup> | 02/20/40 | 36429 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| Government National Mortgage Association REMICS Series 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%) |
| 99188 | 1.818 %<sup>(a)(b)(c)</sup> | 08/20/45 | $12457 |
| Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) |
| 158602 | 1.668 <sup>(a)(b)(c)</sup> | 11/20/43 | 17055 |
| 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%) |
| 74413 | 1.818 <sup>(a)(b)(c)</sup> | 11/20/45 | 9175 |
|  |  |  | 685318 |
| **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** |
| 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%) |
| 597225 | 5.305 <sup>(b)</sup> | 02/25/55 | 591424 |
| 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%) |
| 850390 | 5.305 <sup>(b)</sup> | 03/25/55 | 845402 |
|  |  |  | 1436826 |
| **Sequential Fixed Rate – 0.9%** | **Sequential Fixed Rate – 0.9%** | **Sequential Fixed Rate – 0.9%** | **Sequential Fixed Rate – 0.9%** |
| 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 |
| 11682 | 7.000 | 10/25/42 | 12490 |
| 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 |
| 31273 | 7.000 | 07/25/42 | 34012 |
| 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 |
| 126046 | 5.000 | 06/25/41 | 126737 |
| 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 |
| 15676 | 5.500 | 08/25/35 | 16144 |
| 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 |
| 2295534 | 2.000 <sup>(c)</sup> | 08/20/51 | 1864780 |
| 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 |
| 1103196 | 5.695 <sup>(c)(d)(e)</sup> | 08/25/55 | 1107570 |
|  |  |  | 3161733 |
| **Sequential Floating Rate – 3.3%** | **Sequential Floating Rate – 3.3%** | **Sequential Floating Rate – 3.3%** | **Sequential Floating Rate – 3.3%** |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 500000 | 3.941 <sup>(b)(c)(d)</sup> | 11/25/59 | 469653 |
| 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>(b)(c)(d)</sup> | 02/25/55 | 101327 |
| 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 |
| 46373 | 3.500 <sup>(b)(c)(d)</sup> | 08/25/49 | 41066 |
| 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%) |
| 974997 | 4.934 <sup>(b)(c)</sup> | 11/25/36 | 838804 |

---

------

GOLDMAN SACHS BOND FUND

## Schedule of Investments (continued)
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal 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 | 7.855 %<sup>(b)(c)(d)</sup> | 10/25/43 | $347730 |
| 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 | 7.005 <sup>(b)(c)(d)</sup> | 01/25/44 | 666818 |
| 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 | 6.105 <sup>(b)(c)(d)</sup> | 01/25/44 | 227405 |
| 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 | 5.955 <sup>(b)(c)(d)</sup> | 05/25/44 | 251223 |
| 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 | 6.256 <sup>(b)(c)(d)</sup> | 03/25/44 | 252329 |
| 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%) |
| 168390 | 5.305 <sup>(b)(c)(d)</sup> | 07/25/44 | 168285 |
| 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 | 5.905 <sup>(b)(c)(d)</sup> | 09/25/44 | 401894 |
| 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 | 6.006 <sup>(b)(c)(d)</sup> | 01/25/45 | 349293 |
| 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>(b)(c)(d)</sup> | 11/25/59 | 458669 |
| 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%) |
| 1305316 | 2.198 <sup>(b)(c)</sup> | 09/20/53 | 90578 |
| 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%) |
| 99490 | 4.754 <sup>(b)(c)</sup> | 12/25/36 | 92609 |
| 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 |
| 703120 | 2.520 <sup>(b)(c)(d)</sup> | 05/25/52 | 593192 |
| 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 |
| 563354 | 5.990 <sup>(b)(c)(d)</sup> | 07/25/64 | 567740 |
| 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 |
| 906254 | 3.000 <sup>(b)(c)(d)</sup> | 05/25/54 | 818869 |
| 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>(b)(c)(d)</sup> | 02/25/64 | 380173 |
| 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 |
| 73596 | 3.250 <sup>(b)(c)(d)</sup> | 07/25/59 | 71657 |
| 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>(b)(c)(d)</sup> | 08/25/59 | 668064 |
| 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>(b)(c)(d)</sup> | 11/25/60 | 670279 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 |
| 689155 | 5.960 %<sup>(b)(c)(d)</sup> | 03/25/70 | $697216 |
| 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>(b)(c)(d)</sup> | 11/25/56 | 452948 |
| 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>(b)(c)(d)</sup> | 04/25/60 | 912369 |
| 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 | 3.882 <sup>(b)(c)(d)</sup> | 07/25/57 | 89504 |
| 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 | 7.764 <sup>(b)(c)(d)</sup> | 03/25/68 | 226732 |
| 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>(b)(c)(d)</sup> | 04/25/65 | 467700 |
| 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 |
| 22632 | 3.500 <sup>(b)(c)(d)</sup> | 07/25/49 | 20313 |
|  |  |  | 11394439 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 16678316 |
| **Commercial Mortgage-Backed Securities – 10.6%** | **Commercial Mortgage-Backed Securities – 10.6%** | **Commercial Mortgage-Backed Securities – 10.6%** | **Commercial Mortgage-Backed Securities – 10.6%** |
| **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%) |
| 950000 | 6.444 %<sup>(b)(d)</sup> | 11/15/29 | $949764 |
| 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 | 7.242 <sup>(b)(d)</sup> | 11/15/29 | 249783 |
|  |  |  | 1199547 |
| **Sequential Fixed Rate – 5.2%** | **Sequential Fixed Rate – 5.2%** | **Sequential Fixed Rate – 5.2%** | **Sequential Fixed Rate – 5.2%** |
| 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 | 823377 |
| 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 | 1051240 |
| 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 | 515178 |
| 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 | 732914 |
| 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 | 313256 |
| Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 |
| 650000 | 5.452 <sup>(c)</sup> | 06/15/30 | 668826 |
| 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 | 713673 |
| 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 | 965939 |
| 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 | 306691 |
| BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 |
| 650000 | 5.669 <sup>(c)</sup> | 07/15/58 | 676793 |
| 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 |
| 662633 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 630037 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $920571 |
| 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 | 974867 |
| 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 | 555995 |
| 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 | 544575 |
| 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 | 602501 |
| 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 | 709242 |
| 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 | 395573 |
| 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 | 847284 |
| 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 | 1532899 |
| 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 | 990615 |
| 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 | 525845 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C39, | Wells Fargo Commercial Mortgage Trust Series 2017-C39, | Wells Fargo Commercial Mortgage Trust Series 2017-C39, | Wells Fargo Commercial Mortgage Trust Series 2017-C39, |
| Class A5 |  |  |  |
| 1125000 | 3.418 <sup>(c)</sup> | 09/15/50 | 1092015 |
| 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 | 732299 |
|  |  |  | 17822205 |
| **Sequential Floating Rate – 5.0%** | **Sequential Floating Rate – 5.0%** | **Sequential Floating Rate – 5.0%** | **Sequential Floating Rate – 5.0%** |
| 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 | 5.935 <sup>(b)(c)</sup> | 11/15/55 | 527231 |
| Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS |
| 575000 | 5.875 <sup>(b)(c)</sup> | 05/15/68 | 603438 |
| 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 | 7.000 <sup>(b)(c)</sup> | 08/15/57 | 154786 |
| 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>(b)(c)</sup> | 01/15/58 | 522057 |
| 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 | 5.231 <sup>(b)(d)</sup> | 03/15/37 | 614354 |
| 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 | 5.480 <sup>(b)(d)</sup> | 03/15/37 | 207033 |
| 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 | 5.654 <sup>(b)(d)</sup> | 03/15/41 | 593594 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 675000 | 5.548 <sup>(b)(d)</sup> | 06/15/44 | 689758 |
| 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%) |
| 1041667 | 5.754 <sup>(b)(d)</sup> | 02/15/39 | 1042791 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| BX Commercial Mortgage Trust Series 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%) |
| 446822 | 5.703 %<sup>(b)(d)</sup> | 03/15/41 | $447155 |
| 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 | 5.591 <sup>(b)(d)</sup> | 11/13/46 | 453777 |
| 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%) |
| 254062 | 6.763 <sup>(b)(d)</sup> | 08/15/39 | 253915 |
| 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 | 5.954 <sup>(b)(d)</sup> | 02/15/41 | 1049483 |
| 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 | 6.153 <sup>(b)(d)</sup> | 04/15/26 | 849258 |
| 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 | 6.852 <sup>(b)(d)</sup> | 04/15/26 | 499650 |
| 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 | 5.456 <sup>(b)(d)</sup> | 03/15/30 | 695636 |
| 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 | 5.274 <sup>(b)(d)</sup> | 10/10/41 | 504901 |
| 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%) |
| 459447 | 4.992 <sup>(b)(c)</sup> | 02/25/33 | 460322 |
| 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%) |
| 242360 | 4.982 <sup>(b)(c)</sup> | 11/25/29 | 243117 |
| 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 | 5.644 <sup>(b)(d)</sup> | 02/05/45 | 487131 |
| 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 | 6.151 <sup>(b)(d)</sup> | 01/13/40 | 350060 |
| 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 | 6.551 <sup>(b)(d)</sup> | 01/13/40 | 388221 |
| 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 | 5.649 <sup>(b)(d)</sup> | 01/13/40 | 824100 |
| 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 | 5.471 <sup>(b)(c)(d)</sup> | 03/14/47 | 706681 |
| 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 | 5.921 <sup>(b)(c)(d)</sup> | 03/14/47 | 491355 |
| 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 | 6.371 <sup>(b)(c)(d)</sup> | 03/14/47 | 346497 |
| 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 | 5.990 <sup>(b)(d)</sup> | 10/05/39 | 306046 |
| 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 | 6.202 <sup>(b)(d)</sup> | 08/15/41 | 475371 |
| 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 | 6.125 <sup>(b)(d)</sup> | 02/10/47 | 463018 |
| 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 | 5.377 <sup>(b)(d)</sup> | 01/15/36 | 558794 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) |
| 150000 | 6.454 %<sup>(b)(d)</sup> | 04/15/42 | $149310 |
| 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 | 5.484 <sup>(b)(d)</sup> | 07/15/35 | 880252 |
| 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 | 5.935 <sup>(b)(d)</sup> | 07/15/35 | 553708 |
|  |  |  | 17392800 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $36414552 |
| **Federal Agencies – 48.1%** | **Federal Agencies – 48.1%** | **Federal Agencies – 48.1%** | **Federal Agencies – 48.1%** |
| **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 + 1.764%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.764%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.764%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.764%)<sup>(b)</sup> |
| 9670 | 7.258% | 09/01/35 | $9941 |
| **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%** |
| 15151 | 6.000 | 08/01/27 | 15306 |
| 4577 | 5.000 | 08/01/33 | 4657 |
| 687 | 5.000 | 09/01/33 | 699 |
| 1095 | 5.000 | 10/01/33 | 1114 |
| 1082 | 5.000 | 11/01/34 | 1101 |
| 41285 | 5.000 | 12/01/34 | 42001 |
| 1444 | 5.000 | 07/01/35 | 1469 |
| 2 | 5.000 | 11/01/35 | 2 |
| 17280 | 5.000 | 03/01/39 | 17556 |
| 1151 | 5.000 | 05/01/39 | 1169 |
| 1179 | 5.000 | 08/01/40 | 1194 |
| 11945 | 4.000 | 02/01/41 | 11614 |
| 1180 | 5.000 | 06/01/41 | 1195 |
| 301274 | 4.000 | 03/01/48 | 285415 |
| 308492 | 4.000 | 04/01/48 | 291786 |
| 877024 | 4.500 | 08/01/48 | 858146 |
|  |  |  | 1534424 |
| **Government National Mortgage Association – 11.0%** | **Government National Mortgage Association – 11.0%** | **Government National Mortgage Association – 11.0%** | **Government National Mortgage Association – 11.0%** |
| 6849 | 5.500 | 11/15/32 | 7019 |
| 2825 | 5.500 | 01/15/33 | 2872 |
| 13367 | 5.500 | 02/15/33 | 13761 |
| 12217 | 5.500 | 03/15/33 | 12544 |
| 14579 | 5.500 | 07/15/33 | 14913 |
| 6578 | 5.500 | 08/15/33 | 6741 |
| 2606 | 5.500 | 09/15/33 | 2658 |
| 6853 | 5.500 | 04/15/34 | 7013 |
| 5754 | 5.500 | 05/15/34 | 5883 |
| 61342 | 5.500 | 09/15/34 | 63562 |
| 59729 | 5.500 | 12/15/34 | 61970 |
| 51831 | 5.500 | 01/15/35 | 53760 |
| 157 | 5.500 | 05/15/36 | 161 |
| 2159 | 4.000 | 02/20/41 | 2083 |
| 3473 | 4.000 | 11/20/41 | 3345 |
| 583 | 4.000 | 01/20/42 | 562 |
| 1874 | 4.000 | 04/20/42 | 1804 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **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)** |
|  $ | 1163 | 4.000% | 10/20/42 | $1118 |
|  | 295320 | 4.000 | 08/20/43 | 283506 |
|  | 1659 | 4.000 | 03/20/44 | 1588 |
|  | 2039 | 4.000 | 05/20/44 | 1952 |
|  | 141497 | 4.000 | 11/20/44 | 135299 |
|  | 34427 | 4.000 | 12/20/44 | 32919 |
|  | 9362 | 4.000 | 05/20/45 | 8945 |
|  | 33637 | 4.000 | 07/20/45 | 32108 |
|  | 183244 | 4.000 | 01/20/46 | 173763 |
|  | 590091 | 4.500 | 05/20/48 | 576300 |
|  | 881803 | 4.500 | 08/20/48 | 860092 |
|  | 100456 | 5.000 | 08/20/48 | 100418 |
|  | 619146 | 4.500 | 09/20/48 | 603902 |
|  | 736356 | 5.000 | 10/20/48 | 735617 |
|  | 402152 | 5.000 | 11/20/48 | 401749 |
|  | 408412 | 5.000 | 12/20/48 | 408002 |
|  | 956481 | 4.500 | 01/20/49 | 931436 |
|  | 767936 | 5.000 | 01/20/49 | 765726 |
|  | 381138 | 4.000 | 02/20/49 | 358559 |
|  | 787181 | 4.500 | 02/20/49 | 765586 |
|  | 20088 | 4.500 | 03/20/49 | 19562 |
|  | 244526 | 4.000 | 03/20/49 | 230041 |
|  | 67632 | 5.000 | 03/20/49 | 67564 |
|  | 417875 | 4.000 | 04/20/49 | 393120 |
|  | 545487 | 3.000 | 08/20/49 | 484568 |
|  | 240183 | 4.500 | 10/20/49 | 234269 |
|  | 246454 | 4.500 | 12/20/49 | 240001 |
|  | 1064199 | 3.000 | 03/20/50 | 944886 |
|  | 226398 | 4.000 | 01/20/51 | 212491 |
|  | 261097 | 2.500 | 09/20/51 | 220227 |
|  | 486840 | 2.500 | 11/20/51 | 412459 |
|  | 848126 | 3.000 | 11/20/51 | 746685 |
|  | 282754 | 2.500 | 12/20/51 | 239554 |
|  | 1545363 | 4.500 | 09/20/52 | 1492944 |
|  | 4000000 | 2.500 | TBA-30yr <sup>(f)</sup> | 3399487 |
|  | 3000000 | 3.500 | TBA-30yr <sup>(f)</sup> | 2715510 |
|  | 3000000 | 2.000 | TBA-30yr <sup>(f)</sup> | 2444223 |
|  | 1000000 | 4.500 | TBA-30yr <sup>(f)</sup> | 956768 |
|  | 6000000 | 5.000 | TBA-30yr <sup>(f)</sup> | 5891585 |
|  | 3000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 3002980 |
|  | 6000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 6084014 |
|  |  |  |  | 37872174 |
|  **Uniform Mortgage-Backed Security – 36.7%** | **Uniform Mortgage-Backed Security – 36.7%** | **Uniform Mortgage-Backed Security – 36.7%** | **Uniform Mortgage-Backed Security – 36.7%** | **Uniform Mortgage-Backed Security – 36.7%** |
|  | 2342 | 4.500 | 02/01/39 | 2336 |
|  | 1491 | 4.500 | 04/01/39 | 1477 |
|  | 2853 | 4.500 | 08/01/39 | 2828 |
|  | 37963 | 4.500 | 12/01/39 | 37640 |
|  | 34698 | 4.500 | 06/01/40 | 34583 |
|  | 14677 | 4.500 | 08/01/41 | 14525 |
|  | 26166 | 3.000 | 12/01/42 | 24147 |
|  | 63165 | 3.000 | 01/01/43 | 58057 |
|  | 16739 | 3.000 | 02/01/43 | 15399 |
|  | 5883 | 3.000 | 03/01/43 | 5449 |
|  | 106491 | 3.000 | 04/01/43 | 97468 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  $ | 16482 | 3.000% | 05/01/43 | $14985 |
|  | 24870 | 3.000 | 06/01/43 | 22636 |
|  | 7500 | 3.000 | 07/01/43 | 6846 |
|  | 9709 | 5.000 | 06/01/44 | 9792 |
|  | 11584 | 3.500 | 03/01/45 | 10716 |
|  | 764169 | 4.500 | 04/01/45 | 752734 |
|  | 248167 | 3.000 | 04/01/45 | 221891 |
|  | 92817 | 4.500 | 05/01/45 | 91371 |
|  | 355126 | 4.500 | 06/01/45 | 350082 |
|  | 153008 | 4.000 | 11/01/45 | 145732 |
|  | 54664 | 4.000 | 03/01/46 | 52016 |
|  | 28375 | 4.000 | 06/01/46 | 26979 |
|  | 8570 | 4.000 | 08/01/46 | 8148 |
|  | 68910 | 4.000 | 10/01/46 | 65521 |
|  | 49850 | 4.000 | 06/01/47 | 47393 |
|  | 265505 | 4.500 | 07/01/47 | 259043 |
|  | 127178 | 4.500 | 11/01/47 | 124003 |
|  | 158137 | 4.000 | 12/01/47 | 150539 |
|  | 449698 | 4.000 | 01/01/48 | 427531 |
|  | 474851 | 4.000 | 02/01/48 | 451444 |
|  | 333492 | 4.000 | 03/01/48 | 317053 |
|  | 406862 | 4.500 | 05/01/48 | 395180 |
|  | 461172 | 4.000 | 06/01/48 | 438008 |
|  | 228704 | 4.500 | 09/01/48 | 223424 |
|  | 942970 | 5.000 | 11/01/48 | 943848 |
|  | 78016 | 4.500 | 06/01/49 | 75723 |
|  | 1458255 | 3.000 | 09/01/49 | 1289318 |
|  | 27675 | 4.500 | 10/01/49 | 26811 |
|  | 737780 | 4.500 | 01/01/50 | 716116 |
|  | 1777678 | 4.000 | 03/01/50 | 1678385 |
|  | 4098403 | 4.500 | 03/01/50 | 3984980 |
|  | 766632 | 2.500 | 09/01/50 | 648574 |
|  | 5185694 | 2.000 | 10/01/50 | 4143327 |
|  | 5884041 | 3.000 | 10/01/50 | 5182869 |
|  | 1825328 | 3.000 | 11/01/50 | 1607020 |
|  | 5184004 | 2.000 | 11/01/50 | 4140169 |
|  | 2151775 | 3.000 | 12/01/50 | 1895769 |
|  | 2513401 | 2.500 | 02/01/51 | 2100889 |
|  | 2826733 | 2.000 | 03/01/51 | 2263000 |
|  | 501546 | 2.000 | 04/01/51 | 399648 |
|  | 9691366 | 2.000 | 05/01/51 | 7724572 |
|  | 3917083 | 2.500 | 05/01/51 | 3297810 |
|  | 886277 | 2.500 | 08/01/51 | 747856 |
|  | 5172030 | 2.500 | 09/01/51 | 4346268 |
|  | 2689182 | 6.000 | 11/01/52 | 2762922 |
|  | 472089 | 6.000 | 12/01/52 | 486215 |
|  | 2522116 | 4.500 | 05/01/53 | 2445165 |
|  | 2272913 | 6.500 | 09/01/53 | 2357800 |
|  | 813051 | 6.500 | 12/01/53 | 849514 |
|  | 2668693 | 6.500 | 06/01/54 | 2794423 |
|  | 3000000 | 2.500 | TBA-30yr <sup>(f)</sup> | 2487069 |
|  | 7000000 | 3.500 | TBA-30yr <sup>(f)</sup> | 6300274 |
|  | 2000000 | 4.000 | TBA-30yr <sup>(f)</sup> | 1859147 |
|  | 38000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 37985138 |
|  | 10000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 10161331 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | 6.500% | TBA-30yr <sup>(f)</sup> | $4128750 |
|  |  |  | 126737676 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $166154215 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $221,678,075)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $221,678,075)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $221,678,075)** | $219247083 |
| **Corporate Obligations – 32.9%** | **Corporate Obligations – 32.9%** | **Corporate Obligations – 32.9%** | **Corporate Obligations – 32.9%** |
| **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 | $1349642 |
| 145000 | 2.950 | 02/01/30 | 134459 |
| 1211000 | 5.150 | 05/01/30 | 1233258 |
| 457000 | 6.528 | 05/01/34 | 496969 |
| 25000 | 3.500 | 03/01/39 | 19486 |
| 15000 | 3.375 | 06/15/46 | 10218 |
| 386000 | 6.858 | 05/01/54 | 422759 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 385000 | 6.100 | 03/15/34 | 416073 |
|  |  |  | 4082864 |
| **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 | 2660896 |
| **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 | 503935 |
| 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 | 299748 |
| 500000 | 2.350 | 01/08/31 | 432895 |
|  |  |  | 1236578 |
| **Banks – 7.9%** | **Banks – 7.9%** | **Banks – 7.9%** | **Banks – 7.9%** |
| 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 | 201470 |
| 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 | 253825 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 600000 | 4.250 | 04/11/27 | 598494 |
| 200000 | 2.749 | 12/03/30 | 178148 |
| 600000 | 6.921 | 08/08/33 | 650016 |
| Bank of America Corp. (3 mo. USD Term SOFR + 1.252%) | Bank of America Corp. (3 mo. USD Term SOFR + 1.252%) | Bank of America Corp. (3 mo. USD Term SOFR + 1.252%) | Bank of America Corp. (3 mo. USD Term SOFR + 1.252%) |
| 75000 | 2.496 <sup>(b)(c)</sup> | 02/13/31 | 68516 |
| (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 <sup>(b)(c)</sup> | 07/23/29 | 747922 |
| (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 <sup>(b)(c)</sup> | 01/20/28 | 520522 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
| 475000 | 2.482 <sup>(b)(c)</sup> | 09/21/36 | 402615 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| (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 %<sup>(b)(c)</sup> | 03/11/32 | $493256 |
| (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 <sup>(b)(c)</sup> | 07/23/31 | 526980 |
| (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 <sup>(b)(c)</sup> | 04/25/29 | 1635136 |
| (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 <sup>(b)(c)</sup> | 04/27/33 | 270452 |
| (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 <sup>(b)(c)</sup> | 07/22/28 | 556297 |
| Barclays PLC <sup>(b)(c)</sup> (1 yr. CMT + 3.050%) | Barclays PLC <sup>(b)(c)</sup> (1 yr. CMT + 3.050%) | Barclays PLC <sup>(b)(c)</sup> (1 yr. CMT + 3.050%) | Barclays PLC <sup>(b)(c)</sup> (1 yr. CMT + 3.050%) |
| 875000 | 7.325 | 11/02/26 | 882271 |
| BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) |
| 725000 | 1.323 | 01/13/27 | 712479 |
| 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 | 525184 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 125000 | 4.300 | 11/20/26 | 124794 |
| (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 | 514453 |
| (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 | 364493 |
| (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 | 798112 |
| 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 | 445460 |
| First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 330000 | 5.514 | 03/07/31 | 334759 |
| 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 | 950000 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 425000 | 3.625 <sup>(c)</sup> | 12/01/27 | 419229 |
| (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)(c)</sup> | 01/29/27 | 473670 |
| (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)(c)</sup> | 05/13/31 | 184874 |
| (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
| 840000 | 5.572 <sup>(b)(c)</sup> | 04/22/36 | 871374 |
| 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 | 686094 |
| 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 | 442449 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 174000 | 3.950 | 04/23/27 | 172893 |
| (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 | 199542 |
| (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 | 641490 |
| (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 | 668203 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 + 1.290%) | (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 | $125834 |
| (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 | 1422426 |
| (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) |
| 310000 | 5.664 <sup>(b)(c)</sup> | 04/17/36 | 321352 |
| NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) |
| 200000 | 5.115 | 05/23/31 | 203382 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 625000 | 4.456 | 06/08/32 | 613287 |
| 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 | 152003 |
| 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 | 624728 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 307000 | 4.550 | 04/17/26 | 307025 |
| 2025000 | 4.282 <sup>(c)(d)</sup> | 01/09/28 | 2015563 |
| (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 | 231074 |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| 510000 | 5.580 <sup>(b)(c)(d)</sup> | 05/09/36 | 522067 |
| (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 | 525296 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 675000 | 3.000 | 10/23/26 | 663437 |
| 600000 | 4.300 | 07/22/27 | 600048 |
| 75000 | 4.150 <sup>(c)</sup> | 01/24/29 | 74765 |
| (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 | 403304 |
| (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 | 931897 |
|  |  |  | 27252960 |
| **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** |
| 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 | 63780 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 500000 | 3.600 <sup>(c)</sup> | 02/15/28 | 491210 |
| 325000 | 2.250 <sup>(c)</sup> | 08/01/31 | 281918 |
| 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 | 356779 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 575000 | 4.597 <sup>(c)</sup> | 05/25/28 | 579583 |
| 925000 | 2.250 <sup>(c)</sup> | 03/15/31 | 816396 |
|  |  |  | 2589666 |
| **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 | 1317324 |
| 800000 | 5.250 | 03/02/33 | 819344 |
| 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 | 99250 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 425000 | 1.200 | 09/02/25 | 421995 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 461000 | 5.400% | 09/02/34 | $467058 |
|  |  |  | 3124971 |
| **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%** |
| Builders FirstSource, Inc.<sup>(d)</sup> | Builders FirstSource, Inc.<sup>(d)</sup> | Builders FirstSource, Inc.<sup>(d)</sup> | Builders FirstSource, Inc.<sup>(d)</sup> |
| 395000 | 6.750 | 05/15/35 | 406723 |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 400000 | 2.700 | 02/15/31 | 363884 |
| 764000 | 5.900 | 03/15/34 | 813408 |
| Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
| 325000 | 1.500 | 02/15/28 | 301642 |
| 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 | 272769 |
|  |  |  | 2158426 |
| **Chemicals<sup>(c)</sup> – 1.0%** | **Chemicals<sup>(c)</sup> – 1.0%** | **Chemicals<sup>(c)</sup> – 1.0%** | **Chemicals<sup>(c)</sup> – 1.0%** |
| Ashland Services BV | Ashland Services BV | Ashland Services BV | Ashland Services BV |
| 650000 | 2.000 | 01/30/28 | 740378 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 400000 | 6.850 | 11/15/28 | 420248 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 350000 | 4.500 | 05/01/29 | 331859 |
| 250000 | 2.950 | 06/15/31 | 210147 |
| 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> |
| 170000 | 1.832 | 10/15/27 | 160113 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 420000 | 6.750 <sup>(d)</sup> | 05/02/34 | 434507 |
| 360000 | 7.500 | 05/02/54 | 358729 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
| 500000 | 3.450 | 06/01/27 | 493245 |
| 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 | 295066 |
|  |  |  | 3444292 |
| **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** |
| 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> |
| 301000 | 5.800 | 04/15/34 | 308396 |
| Brink's Co.<sup>(c)(d)</sup> | Brink's Co.<sup>(c)(d)</sup> | Brink's Co.<sup>(c)(d)</sup> | Brink's Co.<sup>(c)(d)</sup> |
| 70000 | 6.500 | 06/15/29 | 72138 |
| CoStar Group, Inc.<sup>(c)(d)</sup> | CoStar Group, Inc.<sup>(c)(d)</sup> | CoStar Group, Inc.<sup>(c)(d)</sup> | CoStar Group, Inc.<sup>(c)(d)</sup> |
| 625000 | 2.800 | 07/15/30 | 564400 |
| DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> |
| 560000 | 5.500 | 05/08/35 | 563500 |
| Quanta Services, Inc.<sup>(c)</sup> | Quanta Services, Inc.<sup>(c)</sup> | Quanta Services, Inc.<sup>(c)</sup> | Quanta Services, Inc.<sup>(c)</sup> |
| 406000 | 5.250 | 08/09/34 | 410892 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<sup>(c)(d)</sup> | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<sup>(c)(d)</sup> | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<sup>(c)(d)</sup> | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<sup>(c)(d)</sup> |
| 15000 | 6.750 | 08/15/32 | 15590 |
|  |  |  | 1934916 |
| **Computers<sup>(c)</sup> – 0.3%** | **Computers<sup>(c)</sup> – 0.3%** | **Computers<sup>(c)</sup> – 0.3%** | **Computers<sup>(c)</sup> – 0.3%** |
| CACI International, Inc.<sup>(d)</sup> | CACI International, Inc.<sup>(d)</sup> | CACI International, Inc.<sup>(d)</sup> | CACI International, Inc.<sup>(d)</sup> |
| 180000 | 6.375 | 06/15/33 | 185942 |
| 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 | 270570 |
| 75000 | 5.300 | 10/01/29 | 77168 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Computers<sup>(c)</sup> – (continued)** | **Computers<sup>(c)</sup> – (continued)** | **Computers<sup>(c)</sup> – (continued)** | **Computers<sup>(c)</sup> – (continued)** |
| 25000 | 8.350% | 07/15/46 | $31802 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 342000 | 5.000 | 10/15/34 | 331829 |
| Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> | Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> | Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> | Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> |
| 225000 | 5.875 | 07/15/30 | 229032 |
|  |  |  | 1126343 |
| **Diversified Financial Services<sup>(c)</sup> – 1.7%** | **Diversified Financial Services<sup>(c)</sup> – 1.7%** | **Diversified Financial Services<sup>(c)</sup> – 1.7%** | **Diversified Financial Services<sup>(c)</sup> – 1.7%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 295000 | 6.500 | 07/15/25 | 295183 |
| 675000 | 3.000 | 10/29/28 | 643174 |
| 275000 | 3.400 | 10/29/33 | 242338 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 225000 | 3.375 | 07/01/25 | 225000 |
| 875000 | 3.750 | 06/01/26 | 869085 |
| (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 | 230237 |
| (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 | 727425 |
| 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 | 369082 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 190000 | 3.625 | 09/01/28 | 186299 |
| 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> |
| 350000 | 6.750 | 05/01/33 | 360741 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 260000 | 7.500 | 05/15/31 | 271671 |
| Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
| 295000 | 6.125 <sup>(d)</sup> | 08/01/30 | 300626 |
| 255000 | 6.375 <sup>(d)</sup> | 08/01/33 | 260967 |
| Stonex Escrow Issuer LLC<sup>(d)</sup> | Stonex Escrow Issuer LLC<sup>(d)</sup> | Stonex Escrow Issuer LLC<sup>(d)</sup> | Stonex Escrow Issuer LLC<sup>(d)</sup> |
| 440000 | 6.875 | 07/15/32 | 444616 |
| 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 | 482673 |
|  |  |  | 5909117 |
| **Electrical<sup>(c)</sup> – 0.5%** | **Electrical<sup>(c)</sup> – 0.5%** | **Electrical<sup>(c)</sup> – 0.5%** | **Electrical<sup>(c)</sup> – 0.5%** |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| 125000 | 3.500 | 01/15/31 | 118103 |
| 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 | 490733 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 250000 | 2.100 | 08/01/27 | 236882 |
| 125000 | 3.300 | 08/01/40 | 89589 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 900000 | 3.350 | 12/01/26 | 887076 |
|  |  |  | 1822383 |
| **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. |
| 60000 | 6.375 | 03/15/33 | 62000 |
| **Electronics<sup>(c)</sup> – 0.1%** | **Electronics<sup>(c)</sup> – 0.1%** | **Electronics<sup>(c)</sup> – 0.1%** | **Electronics<sup>(c)</sup> – 0.1%** |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 256000 | 5.600 | 05/29/34 | 262902 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electronics<sup>(c)</sup> – (continued)** | **Electronics<sup>(c)</sup> – (continued)** | **Electronics<sup>(c)</sup> – (continued)** | **Electronics<sup>(c)</sup> – (continued)** |
| Atkore, Inc.<sup>(d)</sup> | Atkore, Inc.<sup>(d)</sup> | Atkore, Inc.<sup>(d)</sup> | Atkore, Inc.<sup>(d)</sup> |
| 15000 | 4.250% | 06/01/31 | $13865 |
|  |  |  | 276767 |
| **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. |
| 159500 | 4.300 | 12/13/28 | 149750 |
| **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> |
| 610000 | 4.500 | 08/15/28 | 601814 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 200000 | 4.250 | 10/31/26 | 198500 |
| 250000 | 3.875 <sup>(d)</sup> | 04/30/28 | 242375 |
|  |  |  | 1042689 |
| **Entertainment<sup>(c)</sup> – 0.2%** | **Entertainment<sup>(c)</sup> – 0.2%** | **Entertainment<sup>(c)</sup> – 0.2%** | **Entertainment<sup>(c)</sup> – 0.2%** |
| 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> |
| 305000 | 7.375 | 02/15/31 | 272356 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 450000 | 4.054 | 03/15/29 | 366547 |
| 17000 | 4.279 | 03/15/32 | 14338 |
|  |  |  | 653241 |
| **Environmental<sup>(c)</sup> – 0.3%** | **Environmental<sup>(c)</sup> – 0.3%** | **Environmental<sup>(c)</sup> – 0.3%** | **Environmental<sup>(c)</sup> – 0.3%** |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 980000 | 5.450 | 09/18/33 | 1010556 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 27000 | 4.950 | 07/03/31 | 27725 |
|  |  |  | 1038281 |
| **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. |
| 380000 | 5.400 | 03/21/34 | 385890 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 449000 | 5.900 | 11/15/28 | 471872 |
| 725000 | 6.200 | 11/15/33 | 778367 |
| Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. |
| 1260000 | 5.000 | 09/15/34 | 1253045 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 875000 | 4.800 <sup>(d)</sup> | 03/01/30 | 886427 |
| 775000 | 5.000 <sup>(d)</sup> | 03/01/32 | 785362 |
| 1400000 | 5.200 <sup>(d)</sup> | 03/01/35 | 1416478 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 50000 | 6.600 | 04/01/40 | 54557 |
|  |  |  | 6031998 |
| **Gas<sup>(c)</sup> – 0.0%** | **Gas<sup>(c)</sup> – 0.0%** | **Gas<sup>(c)</sup> – 0.0%** | **Gas<sup>(c)</sup> – 0.0%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 100000 | 3.600 | 05/01/30 | 96052 |
| **Healthcare Providers & Services – 1.9%** | **Healthcare Providers & Services – 1.9%** | **Healthcare Providers & Services – 1.9%** | **Healthcare Providers & Services – 1.9%** |
| 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 | 235283 |
| 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 | 878597 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $172366 |
| 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 | 58124 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 635000 | 3.910 <sup>(c)</sup> | 10/01/50 | 470143 |
| 610000 | 6.461 <sup>(c)</sup> | 11/01/52 | 646177 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 770000 | 5.450 <sup>(c)</sup> | 04/01/31 | 793801 |
| 685000 | 5.900 <sup>(c)</sup> | 06/01/53 | 661594 |
| 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 | 46926 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 700000 | 5.400 <sup>(c)</sup> | 03/01/29 | 720923 |
| 1070000 | 5.600 <sup>(c)</sup> | 03/23/34 | 1100966 |
| 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 | 195805 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 500000 | 5.800 | 03/15/36 | 525040 |
| 75000 | 3.050 <sup>(c)</sup> | 05/15/41 | 55100 |
|  |  |  | 6560845 |
| **Insurance – 0.3%** | **Insurance – 0.3%** | **Insurance – 0.3%** | **Insurance – 0.3%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> |
| 280000 | 6.750 | 07/01/32 | 283945 |
| American International Group, Inc.<sup>(c)</sup> | American International Group, Inc.<sup>(c)</sup> | American International Group, Inc.<sup>(c)</sup> | American International Group, Inc.<sup>(c)</sup> |
| 250000 | 3.400 | 06/30/30 | 237868 |
| Chubb Corp. | Chubb Corp. | Chubb Corp. | Chubb Corp. |
| 342000 | 6.800 | 11/15/31 | 381330 |
|  |  |  | 903143 |
| **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. |
| 260000 | 4.625 | 08/01/27 | 261032 |
| 200000 | 3.250 | 02/15/30 | 188858 |
| 81000 | 2.950 | 03/15/31 | 73788 |
| 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 | 127850 |
| 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 | 1273408 |
|  |  |  | 1924936 |
| **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> |
| 395000 | 7.000 | 03/15/32 | 372623 |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 275000 | 1.650 | 10/15/27 | 259207 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 200000 | 6.400 | 06/28/54 | 195502 |
|  |  |  | 827332 |
| **Leisure Time<sup>(c)(d)</sup> – 0.3%** | **Leisure Time<sup>(c)(d)</sup> – 0.3%** | **Leisure Time<sup>(c)(d)</sup> – 0.3%** | **Leisure Time<sup>(c)(d)</sup> – 0.3%** |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 1050000 | 5.875 | 06/15/31 | 1069436 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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> – 0.7%** | **Lodging<sup>(c)</sup> – 0.7%** | **Lodging<sup>(c)</sup> – 0.7%** | **Lodging<sup>(c)</sup> – 0.7%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 262000 | 5.850% | 08/01/34 | $264154 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 630000 | 5.500 | 06/30/34 | 630731 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 230000 | 5.625 | 06/15/28 | 234427 |
| 90000 | 6.000 | 06/14/30 | 92776 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 475000 | 5.000 | 10/15/27 | 482757 |
| 221000 | 4.875 | 05/15/29 | 224173 |
| 400000 | 2.850 | 04/15/31 | 363288 |
| Sands China Ltd. | Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
| 200000 | 5.400 | 08/08/28 | 200930 |
|  |  |  | 2493236 |
| **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. |
| 210000 | 5.800 | 03/21/34 | 213140 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 177000 | 5.314 | 06/15/31 | 183319 |
| 204000 | 5.450 | 06/15/34 | 209616 |
|  |  |  | 606075 |
| **Media<sup>(c)</sup> – 0.0%** | **Media<sup>(c)</sup> – 0.0%** | **Media<sup>(c)</sup> – 0.0%** | **Media<sup>(c)</sup> – 0.0%** |
| 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 | 97989 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 75000 | 3.750 | 04/01/40 | 62149 |
|  |  |  | 160138 |
| **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 | 289309 |
| 240000 | 6.375 | 09/15/32 | 244563 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 250000 | 2.625 | 09/23/31 | 219660 |
|  |  |  | 753532 |
| **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 55000 | 6.125 <sup>(c)(d)</sup> | 03/15/30 | 56581 |
| 55000 | 6.250 <sup>(c)(d)</sup> | 03/15/33 | 56817 |
| 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 | 220609 |
| 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 | 172125 |
|  |  |  | 506132 |
| **Oil Field Services – 0.7%** | **Oil Field Services – 0.7%** | **Oil Field Services – 0.7%** | **Oil Field Services – 0.7%** |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 90000 | 8.625 <sup>(c)</sup> | 01/19/29 | 95074 |
| 40000 | 6.875 <sup>(c)</sup> | 04/29/30 | 39520 |
| 90000 | 7.750 <sup>(c)</sup> | 02/01/32 | 88313 |
| 110000 | 8.875 <sup>(c)</sup> | 01/13/33 | 113300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
| 109000 | 3.900 %<sup>(c)</sup> | 10/01/27 | $107533 |
| 610000 | 3.625 <sup>(c)(d)</sup> | 05/15/31 | 565866 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 278000 | 7.875 | 09/15/31 | 312277 |
| Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
| 200000 | 4.950 <sup>(c)(d)</sup> | 01/03/31 | 203440 |
| 200000 | 5.340 <sup>(c)(d)</sup> | 04/03/35 | 204702 |
| 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 | 450513 |
| 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 | 186260 |
| Sunoco LP<sup>(c)(d)</sup> | Sunoco LP<sup>(c)(d)</sup> | Sunoco LP<sup>(c)(d)</sup> | Sunoco LP<sup>(c)(d)</sup> |
| 165000 | 6.250 | 07/01/33 | 167724 |
|  |  |  | 2534522 |
| **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 | 367883 |
| Crown Americas LLC<sup>(d)</sup> | Crown Americas LLC<sup>(d)</sup> | Crown Americas LLC<sup>(d)</sup> | Crown Americas LLC<sup>(d)</sup> |
| 370000 | 5.875 | 06/01/33 | 372564 |
|  |  |  | 740447 |
| **Pharmaceuticals<sup>(c)</sup> – 1.1%** | **Pharmaceuticals<sup>(c)</sup> – 1.1%** | **Pharmaceuticals<sup>(c)</sup> – 1.1%** | **Pharmaceuticals<sup>(c)</sup> – 1.1%** |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 247000 | 5.125 | 02/15/29 | 253175 |
| 600000 | 5.350 | 11/15/34 | 611478 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 184000 | 2.400 | 03/15/30 | 167863 |
| 550000 | 5.125 | 05/15/31 | 565840 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 1388000 | 4.780 | 03/25/38 | 1273421 |
| Opal Bidco SAS<sup>(d)</sup> | Opal Bidco SAS<sup>(d)</sup> | Opal Bidco SAS<sup>(d)</sup> | Opal Bidco SAS<sup>(d)</sup> |
| 665000 | 6.500 | 03/31/32 | 677821 |
| PRA Health Sciences, Inc.<sup>(d)</sup> | PRA Health Sciences, Inc.<sup>(d)</sup> | PRA Health Sciences, Inc.<sup>(d)</sup> | PRA Health Sciences, Inc.<sup>(d)</sup> |
| 200000 | 2.875 | 07/15/26 | 195208 |
|  |  |  | 3744806 |
| **Pipelines – 1.0%** | **Pipelines – 1.0%** | **Pipelines – 1.0%** | **Pipelines – 1.0%** |
| Cheniere Energy Partners LP<sup>(c)</sup> | Cheniere Energy Partners LP<sup>(c)</sup> | Cheniere Energy Partners LP<sup>(c)</sup> | Cheniere Energy Partners LP<sup>(c)</sup> |
| 230000 | 5.950 | 06/30/33 | 240003 |
| 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 | 401669 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 725000 | 5.500 <sup>(c)</sup> | 06/01/27 | 738115 |
| 550000 | 5.250 <sup>(c)</sup> | 04/15/29 | 563172 |
| 75000 | 5.400 <sup>(c)</sup> | 10/01/47 | 66871 |
| 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 | 169500 |
| 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 | 142039 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 500 | 7.750 | 01/15/32 | 577 |
| 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 | 227099 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| 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 | $220200 |
| 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> |
| 270000 | 8.375 | 06/01/31 | 280514 |
| 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 | 441673 |
|  |  |  | 3491432 |
| **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 350000 | 3.375 | 08/15/31 | 323537 |
| 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 | 156670 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 90000 | 2.500 | 02/15/32 | 77400 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 224000 | 2.900 | 12/15/31 | 196327 |
| 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 | 280830 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 397000 | 4.750 | 12/15/28 | 394015 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 400000 | 4.000 | 11/15/25 | 398812 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 700000 | 2.950 | 09/15/29 | 662081 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> |
| 110000 | 6.500 | 06/15/33 | 113252 |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 150000 | 2.100 | 08/01/32 | 124191 |
| 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 | 580595 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 425000 | 3.850 | 07/15/29 | 413720 |
|  |  |  | 3721430 |
| **Retailing<sup>(c)</sup> – 0.7%** | **Retailing<sup>(c)</sup> – 0.7%** | **Retailing<sup>(c)</sup> – 0.7%** | **Retailing<sup>(c)</sup> – 0.7%** |
| 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 | 190065 |
| 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 | 215105 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 317000 | 4.500 | 10/01/25 | 316449 |
| 450000 | 4.750 | 06/01/30 | 447746 |
| 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 | 281536 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 425000 | 1.700 | 09/15/28 | 393193 |
| QXO Building Products, Inc.<sup>(d)</sup> | QXO Building Products, Inc.<sup>(d)</sup> | QXO Building Products, Inc.<sup>(d)</sup> | QXO Building Products, Inc.<sup>(d)</sup> |
| 440000 | 6.750 | 04/30/32 | 454269 |
|  |  |  | 2298363 |
| **Semiconductors<sup>(c)</sup> – 0.5%** | **Semiconductors<sup>(c)</sup> – 0.5%** | **Semiconductors<sup>(c)</sup> – 0.5%** | **Semiconductors<sup>(c)</sup> – 0.5%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 490000 | 2.600 <sup>(d)</sup> | 02/15/33 | 419219 |
| 240000 | 3.469 <sup>(d)</sup> | 04/15/34 | 214078 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Semiconductors<sup>(c)</sup> – (continued)** | **Semiconductors<sup>(c)</sup> – (continued)** | **Semiconductors<sup>(c)</sup> – (continued)** | **Semiconductors<sup>(c)</sup> – (continued)** |
| 651000 | 3.137 %<sup>(d)</sup> | 11/15/35 | $549125 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 159000 | 5.150 | 02/21/34 | 158480 |
| 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 | 260356 |
|  |  |  | 1601258 |
| **Software<sup>(c)</sup> – 1.4%** | **Software<sup>(c)</sup> – 1.4%** | **Software<sup>(c)</sup> – 1.4%** | **Software<sup>(c)</sup> – 1.4%** |
| Fair Isaac Corp.<sup>(d)</sup> | Fair Isaac Corp.<sup>(d)</sup> | Fair Isaac Corp.<sup>(d)</sup> | Fair Isaac Corp.<sup>(d)</sup> |
| 295000 | 6.000 | 05/15/33 | 298384 |
| 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 | 716399 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2239000 | 2.950 | 04/01/30 | 2089569 |
| 490000 | 2.875 | 03/25/31 | 446738 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 329000 | 5.000 | 04/01/32 | 333191 |
| 220000 | 5.150 | 04/01/35 | 221780 |
| 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 | 356468 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 175000 | 1.800 | 08/15/28 | 161899 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 225000 | 3.500 | 04/01/27 | 222167 |
| 150000 | 3.800 | 04/01/32 | 140999 |
|  |  |  | 4987594 |
| **Telecommunication Services – 2.3%** | **Telecommunication Services – 2.3%** | **Telecommunication Services – 2.3%** | **Telecommunication Services – 2.3%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 336000 | 2.300 <sup>(c)</sup> | 06/01/27 | 323847 |
| 100000 | 1.650 <sup>(c)</sup> | 02/01/28 | 93840 |
| 500000 | 2.750 <sup>(c)</sup> | 06/01/31 | 453100 |
| 175000 | 4.900 <sup>(c)</sup> | 08/15/37 | 167697 |
| 100000 | 5.150 <sup>(c)</sup> | 11/15/46 | 92078 |
| 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 | 1191368 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 375000 | 1.500 <sup>(c)</sup> | 02/15/26 | 367605 |
| 1000000 | 3.750 <sup>(c)</sup> | 04/15/27 | 989910 |
| 275000 | 2.050 <sup>(c)</sup> | 02/15/28 | 259919 |
| 520000 | 2.875 <sup>(c)</sup> | 02/15/31 | 473517 |
| 1500000 | 3.500 <sup>(c)</sup> | 04/15/31 | 1409220 |
| 350000 | 5.200 <sup>(c)</sup> | 01/15/33 | 355569 |
| 450000 | 3.000 <sup>(c)</sup> | 02/15/41 | 329000 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 467000 | 4.329 | 09/21/28 | 468947 |
| 975000 | 2.550 <sup>(c)</sup> | 03/21/31 | 874624 |
|  |  |  | 7850241 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $114,159,629)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $114,159,629)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $114,159,629)** | $113469088 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – 10.8%** | **Asset-Backed Securities<sup>(c)</sup> – 10.8%** | **Asset-Backed Securities<sup>(c)</sup> – 10.8%** | **Asset-Backed Securities<sup>(c)</sup> – 10.8%** |
| **Automotive – 0.8%** | **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 |
| 396767 | 4.700% | 09/15/27 | $396671 |
| 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 | 225034 |
| 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 | 1108579 |
| 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 |
| 239646 | 4.760 | 08/16/27 | 239713 |
| 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 | 752756 |
|  |  |  | 2722753 |
| **Collateralized Loan Obligations<sup>(d)</sup> – 6.4%** | **Collateralized Loan Obligations<sup>(d)</sup> – 6.4%** | **Collateralized Loan Obligations<sup>(d)</sup> – 6.4%** | **Collateralized Loan Obligations<sup>(d)</sup> – 6.4%** |
| 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 | 6.356 | 04/15/37 | 501713 |
| 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) |
| 900000 | 9.166 | 04/15/38 | 899473 |
| Apidos CLO LIII Ltd. Series 2025-53A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | Apidos CLO LIII Ltd. Series 2025-53A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | Apidos CLO LIII Ltd. Series 2025-53A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | Apidos CLO LIII Ltd. Series 2025-53A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) |
| 1925000 | 5.649 | 07/20/38 | 1929560 |
| 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 | 5.560 | 10/20/35 | 875018 |
| 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 | 11.920 | 01/20/37 | 507282 |
| 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 | 6.570 | 01/20/37 | 402036 |
| CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) |
| 2450000 | 0.000 | 07/15/38 | 2450000 |
| 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 | 8.770 | 04/20/37 | 654365 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 800000 | 3.977 | 04/20/38 | 932048 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 2500000 | 5.773 | 07/20/38 | 2500000 |
| 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%) |
| 170959 | 5.902 | 05/20/54 | 171790 |
| 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 | 6.920 | 10/20/36 | 601720 |
| KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) |
| 2000000 | 0.000 | 07/15/38 | 2007000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup><br>(3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup><br>(3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup><br>(3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup><br>(3 mo. USD Term SOFR + 1.260%) |
| 1195656 | 5.502% | 04/14/33 | $1196735 |
| 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 | 5.302 | 10/14/36 | 460451 |
| OCP CLO Ltd. Series 2016-11A, Class AR3<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | OCP CLO Ltd. Series 2016-11A, Class AR3<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | OCP CLO Ltd. Series 2016-11A, Class AR3<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | OCP CLO Ltd. Series 2016-11A, Class AR3<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) |
| 1175000 | 0.000 | 07/26/38 | 1175000 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 1700000 | 5.773 | 07/25/38 | 1707264 |
| 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%) |
| 144140 | 5.420 | 07/20/30 | 144241 |
| 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%) |
| 956336 | 5.591 | 07/20/32 | 957026 |
| 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 |
| 89022 | 5.750 | 12/20/50 | 89881 |
| TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) | TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) | TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) | TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.380%) |
| 1775000 | 5.722 | 03/31/38 | 1775000 |
|  |  |  | 21937603 |
| **Credit Card – 0.3%** | **Credit Card – 0.3%** | **Credit Card – 0.3%** | **Credit Card – 0.3%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 1050000 | 4.510 | 04/15/32 | 1064083 |
| **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%) |
| 122544 | 5.109 | 10/25/35 | 120549 |
| 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%) |
| 287 | 4.562 | 01/25/32 | 278 |
| 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 | 5.034 | 11/25/32 | 239 |
| 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%) |
| 324629 | 4.664 | 04/25/37 | 313912 |
| 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%) |
| 2343062 | 4.874 | 04/25/37 | 565916 |
|  |  |  | 1000894 |
| **Student Loan<sup>(b)</sup> – 3.0%** | **Student Loan<sup>(b)</sup> – 3.0%** | **Student Loan<sup>(b)</sup> – 3.0%** | **Student Loan<sup>(b)</sup> – 3.0%** |
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| 195304 | 4.813 | 09/26/33 | 192935 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 | 6.086% | 01/15/37 | $602486 |
| 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 | 1101538 |
| 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 | 6.420 | 04/20/37 | 602017 |
| 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%) |
| 1224275 | 5.470 | 01/20/32 | 1223031 |
| 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%) |
| 1984653 | 5.470 | 12/27/66 | 1983720 |
| 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 | 5.703 | 04/26/36 | 1175000 |
| 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 | 5.656 | 04/15/31 | 1000003 |
| 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%) |
| 394516 | 5.570 | 09/25/65 | 393326 |
| 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 | 3.729 | 07/15/35 | 1757390 |
| 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 | 8.770 | 01/20/37 | 502774 |
|  |  |  | 10534220 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $37,345,252)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $37,345,252)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $37,345,252)** | $37259553 |
| **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 | $251681 |
| 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 | 946614 |
|  |  |  | 1198295 |
| **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 662033 | 7.350 | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706187 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 462451 | 5.100 | 06/01/33 | 463831 |
|  |  |  | 1170018 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Value** |
| **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** |
| Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 |
| 145000 | 5.018% | 11/30/33 | $147343 |
| 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 | 366830 |
|  |  |  | 514173 |
| **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 | 53739 |
| 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 | 336312 |
|  |  |  | 390051 |
| **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 | 236441 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,624,927)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,624,927)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,624,927)** | $3508978 |
| **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 | $126645 |
| 130000 | 6.625 | 03/22/48 | 119368 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 10000 | 2.875 | 03/11/29 | 11276 |
| 190000 | 3.624 <sup>(d)</sup> | 05/26/30 | 212551 |
| 70000 | 3.375 | 01/28/50 | 49721 |
| 80000 | 3.375 <sup>(d)</sup> | 01/28/50 | 56824 |
|  |  |  | 576385 |
| **Sovereign – 0.1%** | **Sovereign – 0.1%** | **Sovereign – 0.1%** | **Sovereign – 0.1%** |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 400000 | 6.125 | 05/22/28 | 412128 |
| **United States Dollar – 0.7%** | **United States Dollar – 0.7%** | **United States Dollar – 0.7%** | **United States Dollar – 0.7%** |
| 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 | 309600 |
| Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| 150000 | 7.050 <sup>(c)</sup> | 02/03/31 | 157230 |
| 150000 | 6.600 <sup>(c)(d)</sup> | 06/01/36 | 151275 |
| 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 | 30181 |
| 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 | 181876 |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 624000 | 3.771 <sup>(c)</sup> | 05/24/61 | 367536 |
| 289000 | 3.750 <sup>(c)</sup> | 04/19/71 | 164152 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – (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 | 4.500% | 01/19/63 | $128375 |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 20000 | 2.780 <sup>(c)</sup> | 12/01/60 | 10740 |
| 100000 | 3.230 <sup>(c)(h)</sup> | 07/28/21 | 53700 |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 290000 | 5.125 <sup>(c)</sup> | 09/18/34 | 290580 |
| 350000 | 5.500 <sup>(c)</sup> | 03/18/54 | 323750 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 70000 | 6.375 | 01/30/34 | 68530 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 200000 | 3.800 | 05/13/60 | 129800 |
|  |  |  | 2367325 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $3,890,572)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $3,890,572)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $3,890,572)** | $3355838 |
| **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%) |
| 666563 | 6.577% | 01/31/31 | $667502 |
| **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%) |
| 668267 | 6.827 | 12/15/27 | 668033 |
| **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 | 6.788 | 03/15/30 | 654922 |
| **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%) |
| 668258 | 6.827 | 12/14/29 | 668760 |
| **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%) |
| 246264 | 6.327 | 12/04/31 | 245649 |
| **TOTAL BANK LOANS<br>(Cost $2,916,894)** | **TOTAL BANK LOANS<br>(Cost $2,916,894)** | **TOTAL BANK LOANS<br>(Cost $2,916,894)** | $2904866 |
| **U.S. Treasury Obligations – 6.2%** | **U.S. Treasury Obligations – 6.2%** | **U.S. Treasury Obligations – 6.2%** | **U.S. Treasury Obligations – 6.2%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1500000 | 3.125% | 05/15/48 | $1138125 |
| 1450000 | 3.375 | 11/15/48 | 1147086 |
| 1550000 | 2.875 | 05/15/49 | 1112851 |
| 15000 | 4.250 | 08/15/54 | 13702 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 1917525 | 1.500 | 02/15/53 | 1519414 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1920000 | 1.250 | 05/31/28 | 1791150 |
| 1970000 | 1.500 | 02/15/30 | 1782850 |
| 2600 | 3.500 | 04/30/30 | 2567 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
|  $ | 6380000 | 3.875% | 06/30/30 | $6404922 |
|  | 6390000 | 4.000 | 06/30/32 | 6394992 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $21,390,207)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $21,390,207)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $21,390,207)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $21,390,207)** | $21307659 |
|  | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(j)</sup> – 6.2%** | **Investment Company<sup>(j)</sup> – 6.2%** | **Investment Company<sup>(j)</sup> – 6.2%** | **Investment Company<sup>(j)</sup> – 6.2%** | **Investment Company<sup>(j)</sup> – 6.2%** |
|  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 | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 21451283 | 4.231% | 4.231% | $21451283 |
| **(Cost $21,451,283)** | **(Cost $21,451,283)** | **(Cost $21,451,283)** | **(Cost $21,451,283)** |  |
| **TOTAL INVESTMENTS BEFORE<br>SHORT-TERM INVESTMENTS – 122.4%<br>(Cost $426,456,839)** | **TOTAL INVESTMENTS BEFORE<br>SHORT-TERM INVESTMENTS – 122.4%<br>(Cost $426,456,839)** | **TOTAL INVESTMENTS BEFORE<br>SHORT-TERM INVESTMENTS – 122.4%<br>(Cost $426,456,839)** | **TOTAL INVESTMENTS BEFORE<br>SHORT-TERM INVESTMENTS – 122.4%<br>(Cost $426,456,839)** | $422504348 |
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 0.6%** | **Short-term Investments – 0.6%** | **Short-term Investments – 0.6%** | **Short-term Investments – 0.6%** | **Short-term Investments – 0.6%** |
|  **Certificates of Deposit – 0.2%** | **Certificates of Deposit – 0.2%** | **Certificates of Deposit – 0.2%** | **Certificates of Deposit – 0.2%** | **Certificates of Deposit – 0.2%** |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
|  $ | 835000 | 4.630% | 08/28/25 | $835260 |
|  **Commercial Paper<sup>(d)(g)</sup> – 0.4%** | **Commercial Paper<sup>(d)(g)</sup> – 0.4%** | **Commercial Paper<sup>(d)(g)</sup> – 0.4%** | **Commercial Paper<sup>(d)(g)</sup> – 0.4%** | **Commercial Paper<sup>(d)(g)</sup> – 0.4%** |
|  Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC |
|  | 1396000 | 0.000 | 07/01/25 | 1395828 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,231,013)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,231,013)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,231,013)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,231,013)** | $2231088 |
| **TOTAL INVESTMENTS – 123.0%<br>(Cost $428,687,852)** | **TOTAL INVESTMENTS – 123.0%<br>(Cost $428,687,852)** | **TOTAL INVESTMENTS – 123.0%<br>(Cost $428,687,852)** | **TOTAL INVESTMENTS – 123.0%<br>(Cost $428,687,852)** | $424735436 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (23.0)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (23.0)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (23.0)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (23.0)%** | (79463228) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $345272208 |

---

---

| | |
|:---|:---|
| 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. |
| (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 June 30, 2025. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

(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 $87,416,276 which represents approximately 25.3% of net assets as of June 30, 2025.

(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

(h) Actual maturity date is July 28, 2121.

(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 June 30, 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;

 <br> (j) Represents an affiliated issuer.

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At June 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;2392334 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581213 | 07/11/25 | $855 |
|  | AUD | 746839 | USD | 485682 | 07/11/25 | 5938 |
|  | AUD | 3080223 | USD | 1994444 | 07/24/25 | 33792 |
|  | AUD | 3210100 | USD | 2089775 | 08/07/25 | 24595 |
|  | AUD | 4320228 | USD | 2819981 | 08/25/25 | 26671 |
|  | AUD | 7528604 | USD | 4888863 | 09/17/25 | 74152 |
|  | AUD | 1838804 | USD | 1193408 | 12/17/25 | 21055 |
|  | BRL | 532875 | USD | 96412 | 07/02/25 | 1618 |
|  | BRL | 342063 | USD | 59521 | 09/17/25 | 2215 |
|  | CAD | 928708 | USD | 656295 | 07/02/25 | 25771 |
|  | CAD | 1035400 | USD | 758342 | 07/11/25 | 2452 |
|  | CAD | 7094259 | USD | 5209814 | 09/17/25 | 20438 |
|  | CAD | 942374 | USD | 692814 | 09/25/25 | 2223 |
|  | CHF | 986818 | EUR | 1054291 | 07/11/25 | 2655 |
|  | CHF | 1701869 | USD | 2081659 | 07/29/25 | 71843 |
|  | CHF | 3699713 | USD | 4556183 | 09/17/25 | 152759 |
|  | CLP | 203917200 | USD | 218000 | 07/28/25 | 887 |
|  | CLP | 225392846 | USD | 237341 | 09/17/25 | 4554 |
|  | CNH | 13087747 | USD | 1824737 | 07/07/25 | 4659 |
|  | CNH | 13500827 | USD | 1881626 | 07/09/25 | 5824 |
|  | CNH | 22335051 | USD | 3068953 | 07/10/25 | 53804 |
|  | CNH | 10376073 | USD | 1449812 | 07/11/25 | 1031 |
|  | CNH | 24256555 | USD | 3337753 | 07/14/25 | 54787 |
|  | CNH | 5421466 | USD | 756818 | 07/23/25 | 2001 |
|  | CNH | 13166490 | USD | 1839666 | 08/06/25 | 5118 |
|  | CNH | 68551809 | USD | 9603300 | 09/17/25 | 33809 |
|  | CNH | 973149 | USD | 134646 | 09/18/25 | 2173 |
|  | CNH | 3471050 | USD | 486462 | 09/22/25 | 1717 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | COP | 444664637 | USD | 106438 | 09/17/25 | $1228 |
|  | CZK | 123319247 | USD | 5707414 | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;181858 |
|  | CZK | 5210499 | USD | 240790 | 12/17/25 | 8764 |
|  | EUR | 4447161 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795013 | 07/11/25 | 33023 |
|  | EUR | 1062418 | PLN | 4504734 | 07/11/25 | 2962 |
|  | EUR | 1933956 | SEK | 21420597 | 07/11/25 | 14041 |
|  | EUR | 1712253 | USD | 1954023 | 07/07/25 | 63854 |
|  | EUR | 4392416 | USD | 5044591 | 07/16/25 | 135320 |
|  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286033 | USD | 1470579 | 07/22/25 | 46702 |
|  | EUR | 1490690 | USD | 1708322 | 07/23/25 | 50547 |
|  | EUR | 3651944 | USD | 4241425 | 07/28/25 | 69125 |
|  | EUR | 1662999 | USD | 1953192 | 08/04/25 | 10515 |
|  | EUR | 353252 | USD | 414541 | 08/11/25 | 2774 |
|  | EUR | 1722709 | USD | 1942010 | 08/19/25 | 94158 |
|  | EUR | 1723401 | USD | 1963798 | 08/20/25 | 73318 |
|  | EUR | 8761843 | USD | 10067794 | 09/17/25 | 307068 |
|  | EUR | 921071 | USD | 1049094 | 09/18/25 | 41614 |
|  | EUR | 997038 | USD | 1098037 | 09/19/25 | 82704 |
|  | EUR | 9657038 | USD | 11372804 | 09/23/25 | 66513 |
|  | EUR | 882860 | USD | 1032153 | 12/17/25 | 19221 |
|  | GBP | 1472104 | USD | 1978508 | 07/21/25 | 42379 |
|  | GBP | 291434 | USD | 394619 | 08/28/25 | 5565 |
|  | GBP | 3658844 | USD | 4950090 | 09/17/25 | 74753 |
|  | GBP | 283761 | USD | 383329 | 12/17/25 | 6519 |
|  | HUF | 346963099 | USD | 978516 | 09/17/25 | 39962 |
|  | ILS | 7859242 | USD | 2226232 | 09/17/25 | 109416 |
|  | ILS | 1100413 | USD | 299959 | 09/18/25 | 27074 |
|  | INR | 103251053 | USD | 1199181 | 07/03/25 | 4953 |
|  | INR | 113622347 | USD | 1318377 | 07/07/25 | 6974 |
|  | INR | 103116226 | USD | 1190538 | 07/09/25 | 12142 |
|  | INR | 51299704 | USD | 596647 | 07/28/25 | 1103 |
|  | INR | 29045581 | USD | 337269 | 08/14/25 | 919 |
|  | INR | 164004193 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903582 | 09/17/25 | 2981 |
|  | JPY | 129255322 | USD | 901362 | 08/05/25 | 20 |
|  | JPY | 183836878 | USD | 1280197 | 09/17/25 | 7727 |
|  | JPY | 86407051 | USD | 607897 | 12/17/25 | 3491 |
|  | KRW | 655591759 | USD | 481814 | 07/02/25 | 3651 |
|  | KRW | 329125392 | USD | 240000 | 07/07/25 | 3337 |
|  | KRW | 182486107 | USD | 133865 | 07/09/25 | 1074 |
|  | KRW | 321257243 | USD | 237431 | 07/11/25 | 156 |
|  | KRW | 339769465 | USD | 251103 | 07/16/25 | 264 |
|  | KRW | 294836986 | USD | 216967 | 07/28/25 | 1343 |
|  | KRW | 4739213822 | USD | 3505878 | 09/17/25 | 13820 |
|  | KRW | 203466410 | USD | 147313 | 09/18/25 | 3806 |
|  | KRW | 304843218 | USD | 227443 | 12/17/25 | 180 |
|  | MXN | 14121701 | USD | 727923 | 07/17/25 | 23235 |
|  | MXN | 23890850 | USD | 1252114 | 08/12/25 | 15182 |
|  | MXN | 28049308 | USD | 1457396 | 09/17/25 | 25021 |
|  | NOK | 11148968 | USD | 1103502 | 09/17/25 | 3146 |
|  | NZD | 1015998 | AUD | 941000 | 07/11/25 | 93 |
|  | NZD | 5045978 | USD | 3039561 | 07/07/25 | 36865 |
|  | NZD | 1157057 | USD | 697148 | 07/11/25 | 8389 |
|  | NZD | 4569616 | USD | 2746080 | 07/14/25 | 40631 |
|  | NZD | 2258668 | USD | 1358589 | 07/17/25 | 18977 |
|  | NZD | 5929456 | USD | 3565580 | 07/28/25 | 52261 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880264 | USD | 2911061 | 07/30/25 | $&nbsp;&nbsp;&nbsp;&nbsp;66836 |
|  | NZD | 823564 | USD | 496188 | 07/31/25 | 6345 |
|  | NZD | 3356437 | USD | 2010506 | 08/04/25 | 37841 |
|  | NZD | 8084337 | USD | 4839650 | 08/06/25 | 94346 |
|  | NZD | 8798444 | USD | 5311509 | 09/17/25 | 65728 |
|  | PLN | 5616948 | EUR | 1318993 | 07/11/25 | 3067 |
|  | PLN | 12188599 | USD | 3275379 | 09/17/25 | 99980 |
|  | SEK | 20883366 | USD | 2194681 | 09/17/25 | 24065 |
|  | SEK | 53069545 | USD | 5595040 | 09/18/25 | 43684 |
|  | SGD | 1589289 | USD | 1243944 | 07/11/25 | 7043 |
|  | SGD | 4745105 | USD | 3719603 | 09/17/25 | 33663 |
|  | TRY | 17077690 | USD | 394002 | 09/17/25 | 5994 |
|  | TWD | 12781300 | USD | 434000 | 07/25/25 | 7773 |
|  | TWD | 18846681 | USD | 644502 | 09/17/25 | 15234 |
|  | TWD | 4028407 | USD | 139720 | 12/17/25 | 3800 |
|  | USD | 246220 | CAD | 331812 | 12/17/25 | 541 |
|  | USD | 846296 | CNH | 6016848 | 09/17/25 | 440 |
|  | USD | 86637 | GBP | 62948 | 12/17/25 | 156 |
|  | USD | 595456 | INR | 50936330 | 07/09/25 | 1368 |
|  | USD | 425380 | INR | 36433116 | 08/01/25 | 919 |
|  | USD | 173775 | INR | 14936681 | 09/17/25 | 135 |
|  | USD | 486650 | INR | 42005681 | 12/17/25 | 717 |
|  | USD | 916727 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;130499177 | 09/11/25 | 3085 |
|  | USD | 114734 | JPY | 16369547 | 09/17/25 | 52 |
|  | USD | 160816 | JPY | 22710868 | 09/18/25 | 1691 |
|  | USD | 394550 | JPY | 55623264 | 12/17/25 | 978 |
|  | USD | 155378 | KRW | 209634250 | 07/09/25 | 365 |
|  | USD | 251402 | KRW | 339769465 | 07/16/25 | 35 |
|  | USD | 451118 | KRW | 603489818 | 12/17/25 | 499 |
|  | USD | 1537784 | NOK | 15189526 | 08/15/25 | 30374 |
|  | USD | 1024265 | SEK | 9614272 | 09/17/25 | 2800 |
|  | USD | 238374 | TWD | 6854311 | 07/25/25 | 1461 |
|  | ZAR | 9652924 | USD | 540451 | 09/17/25 | 1682 |
|  **TOTAL** |  |  |  |  |  | $3104811 |

---

**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 | 1822234 | NZD | 1968836 | 07/11/25 | $(1014) |
|  | CAD | 1371106 | USD | 1015036 | 09/17/25 | (4187) |
|  | EUR | 862042 | CHF | 807008 | 07/11/25 | (2342) |
|  | EUR | 532052 | SEK | 5933463 | 07/11/25 | (413) |
|  | GBP | 1768129 | EUR | 2071624 | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;(14977) |
|  | GBP | 284732 | EUR | 333724 | 09/17/25 | (4128) |
|  | GBP | 62967 | USD | 86637 | 09/17/25 | (162) |
|  | INR | 54253110 | USD | 632985 | 07/03/25 | (274) |
|  | INR | 102385071 | USD | 1195456 | 07/14/25 | (1606) |
|  | INR | 40291513 | USD | 470462 | 07/16/25 | (695) |
|  | INR | 103903782 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211000 | 07/31/25 | (423) |
|  | INR | 6784074 | USD | 79532 | 08/14/25 | (543) |
|  | INR | &nbsp;&nbsp;&nbsp;&nbsp;284658511 | USD | 3316071 | 09/17/25 | (6889) |
|  | JPY | 280803847 | USD | 2002255 | 08/05/25 | (44028) |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | JPY | 96673823 | USD | 679112 | 09/11/25 | $(2285) |
|  | JPY | 390278730 | USD | 2741418 | 09/17/25 | (7203) |
|  | JPY | 27052368 | USD | 192067 | 09/18/25 | (2522) |
|  | JPY | 16211868 | USD | 114734 | 12/17/25 | (24) |
|  | KRW | 552344197 | USD | 409305 | 07/09/25 | (874) |
|  | KRW | 161941200 | USD | 120000 | 07/16/25 | (193) |
|  | KRW | 846050047 | USD | 628623 | 09/17/25 | (282) |
|  | NOK | 15813511 | USD | 1600956 | 08/15/25 | (31622) |
|  | NOK | 14544711 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453972 | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;(10262) |
|  | NZD | 2621395 | AUD | 2433283 | 07/11/25 | (3310) |
|  | PLN | 3176289 | EUR | 748456 | 07/11/25 | (1317) |
|  | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712798 | EUR | 516416 | 07/11/25 | (4495) |
|  | SEK | 356857 | EUR | 32521 | 07/14/25 | (591) |
|  | TWD | 6854311 | USD | 237123 | 07/07/25 | (1612) |
|  | TWD | 5091627 | USD | 178278 | 07/31/25 | (2000) |
|  | TWD | 5501651 | USD | 192399 | 08/01/25 | (1878) |
|  | USD | 1353562 | AUD | 2073342 | 07/11/25 | (11253) |
|  | USD | 1914045 | AUD | 2966653 | 07/24/25 | (39409) |
|  | USD | 2600674 | AUD | 3984248 | 08/25/25 | (24597) |
|  | USD | 6916012 | AUD | 10630248 | 09/17/25 | (91671) |
|  | USD | 93569 | BRL | 532875 | 07/02/25 | (4462) |
|  | USD | 95693 | BRL | 532875 | 08/04/25 | (1533) |
|  | USD | 214909 | BRL | 1208380 | 09/17/25 | (3179) |
|  | USD | 728273 | CAD | 1030563 | 07/02/25 | (28597) |
|  | USD | 1978615 | CAD | 2708987 | 07/11/25 | (11903) |
|  | USD | 3205301 | CAD | 4405094 | 09/17/25 | (42361) |
|  | USD | 757649 | CAD | 1030563 | 09/25/25 | (2431) |
|  | USD | 244560 | CAD | 332916 | 12/17/25 | (1936) |
|  | USD | 2066729 | CHF | 1689663 | 07/29/25 | (71328) |
|  | USD | 5065161 | CHF | 4138406 | 09/17/25 | (202144) |
|  | USD | 742757 | CHF | 594174 | 12/17/25 | (22129) |
|  | USD | 170423 | CLP | 159536629 | 09/17/25 | (793) |
|  | USD | 1824590 | CNH | 13083594 | 07/07/25 | (4225) |
|  | USD | 1910521 | CNH | 13701383 | 07/09/25 | (4966) |
|  | USD | 1949476 | CNH | 14146347 | 07/10/25 | (28384) |
|  | USD | 1786203 | CNH | 12789243 | 07/11/25 | (2065) |
|  | USD | 3712277 | CNH | 27129992 | 07/14/25 | (82145) |
|  | USD | 694945 | CNH | 5059897 | 07/23/25 | (13266) |
|  | USD | 5615815 | CNH | 40106358 | 09/17/25 | (22390) |
|  | USD | 136254 | CNH | 973663 | 09/18/25 | (637) |
|  | USD | 694945 | CNH | 5038354 | 09/22/25 | (13664) |
|  | USD | 1164620 | CNH | 8241167 | 12/17/25 | (1605) |
|  | USD | 48279 | COP | 201231775 | 09/17/25 | (445) |
|  | USD | 2771880 | CZK | 59833070 | 09/17/25 | (85527) |
|  | USD | 866774 | CZK | 18699115 | 12/17/25 | (28809) |
|  | USD | 6874882 | EUR | 5912763 | 07/07/25 | (93266) |
|  | USD | 2086171 | EUR | 1783075 | 07/11/25 | (15798) |
|  | USD | 2184719 | EUR | 1883395 | 07/16/25 | (36340) |
|  | USD | 664290 | EUR | 572269 | 07/22/25 | (10881) |
|  | USD | 525855 | EUR | 448682 | 07/23/25 | (3546) |
|  | USD | 747667 | EUR | 636854 | 07/28/25 | (4040) |
|  | USD | 1118018 | EUR | 974817 | 08/19/25 | (34174) |
|  | USD | 13300013 | EUR | 11573933 | 09/17/25 | (404633) |
|  | USD | 1400248 | EUR | 1262976 | 09/19/25 | (95429) |
|  | USD | 15603074 | EUR | 13249106 | 09/23/25 | (91254) |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 859009 | EUR | 728638 | 12/17/25 | $(8706) |
|  | USD | 1951966 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434514 | 07/21/25 | (17318) |
|  | USD | 1142127 | GBP | 842046 | 08/28/25 | (14130) |
|  | USD | 5403849 | GBP | 4041744 | 09/17/25 | (146851) |
|  | USD | 58845 | GBP | 43161 | 12/17/25 | (452) |
|  | USD | 1280859 | HUF | 450211258 | 09/17/25 | (40693) |
|  | USD | 1782577 | ILS | 6203122 | 09/17/25 | (60896) |
|  | USD | 313328 | ILS | 1100307 | 09/18/25 | (13673) |
|  | USD | 741364 | ILS | 2630849 | 12/17/25 | (41921) |
|  | USD | 1826590 | INR | 157389707 | 07/03/25 | (8920) |
|  | USD | 1319528 | INR | 113406834 | 07/07/25 | (3309) |
|  | USD | 604000 | INR | 51890848 | 07/09/25 | (1221) |
|  | USD | 128580 | INR | 11029385 | 07/11/25 | (46) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517713 | INR | 130904798 | 07/16/25 | (8533) |
|  | USD | 241000 | INR | 20896001 | 07/25/25 | (2520) |
|  | USD | 3569054 | INR | 309766276 | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;(32007) |
|  | USD | 2678117 | JPY | 402326505 | 08/05/25 | (127569) |
|  | USD | 2363096 | JPY | 340862184 | 09/17/25 | (24916) |
|  | USD | 380247 | JPY | 54701493 | 09/18/25 | (3023) |
|  | USD | 176657 | JPY | 25047410 | 12/17/25 | (571) |
|  | USD | 481114 | KRW | 655591759 | 07/02/25 | (4351) |
|  | USD | 238596 | KRW | 326278175 | 07/07/25 | (2636) |
|  | USD | 385994 | KRW | 525810191 | 07/09/25 | (2816) |
|  | USD | 237160 | KRW | 322477254 | 07/11/25 | (1330) |
|  | USD | 457336 | KRW | 623052299 | 07/14/25 | (3542) |
|  | USD | 1746059 | KRW | 2420225793 | 09/17/25 | (51383) |
|  | USD | 660239 | KRW | 932179815 | 09/18/25 | (32111) |
|  | USD | 586757 | KRW | 789757444 | 12/17/25 | (2946) |
|  | USD | 714244 | MXN | 13646967 | 07/17/25 | (11662) |
|  | USD | 1957339 | MXN | 37815523 | 09/17/25 | (41227) |
|  | USD | 1134183 | NOK | 11457556 | 09/17/25 | (3095) |
|  | USD | 374497 | NOK | 3779662 | 12/17/25 | (811) |
|  | USD | 1457245 | NZD | 2411060 | 07/07/25 | (12729) |
|  | USD | 2108711 | NZD | 3479445 | 07/11/25 | (12943) |
|  | USD | 2839698 | NZD | 4743899 | 07/14/25 | (53297) |
|  | USD | 2457099 | NZD | 4165987 | 07/17/25 | (83744) |
|  | USD | 4744550 | NZD | 7999578 | 07/28/25 | (136370) |
|  | USD | 767020 | NZD | 1272799 | 07/31/25 | (9631) |
|  | USD | 2962197 | NZD | 5018971 | 08/04/25 | (100752) |
|  | USD | 6834799 | NZD | 11275755 | 09/17/25 | (56467) |
|  | USD | 284295 | NZD | 466116 | 12/17/25 | (1348) |
|  | USD | 4964116 | PLN | 18478862 | 09/17/25 | (153190) |
|  | USD | 1736587 | SEK | 16631570 | 09/17/25 | (30428) |
|  | USD | 5518999 | SEK | 52348287 | 09/18/25 | (43090) |
|  | USD | 1505798 | SGD | 1916823 | 07/11/25 | (3002) |
|  | USD | 333829 | SGD | 426416 | 09/17/25 | (3456) |
|  | USD | 402850 | TRY | 17458401 | 09/17/25 | (6062) |
|  | USD | 230204 | TWD | 6854311 | 07/07/25 | (5307) |
|  | USD | 461073 | TWD | 13503673 | 07/28/25 | (6132) |
|  | USD | 1162281 | TWD | 33908427 | 09/17/25 | (24699) |
|  | USD | 227643 | ZAR | 4095279 | 07/18/25 | (3342) |
|  | USD | 1066804 | ZAR | 19040250 | 09/17/25 | (2546) |
|  **TOTAL** |  |  |  |  |  | $(3253086) |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD SALES CONTRACTS** — At June 30, 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 | 07/15/25 | $(2000000) | $(1767318) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 07/15/25 | (3000000) | (2373749) |
|  Uniform Mortgage-Backed Security | 3.000 | TBA - 30yr | 07/15/25 | (6000000) | (5188128) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 07/15/25 | (25000000) | (23904295) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 07/15/25 | (26000000) | (25477962) |
|  **(PROCEEDS RECEIVED: $(57902266))** |  |  |  |  | $(58711452) |

---

(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 June 30, 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 | 134 | 09/19/25 | $15024750 | $158917 |
|  2 Year U.S. Treasury Notes | 95 | 09/30/25 | 19762227 | 38008 |
|  20 Year U.S. Treasury Bonds | 161 | 09/19/25 | 18590469 | 582855 |
|  5 Year U.S. Treasury Notes | 343 | 09/30/25 | 37387000 | 388518 |
|  ICE 3M Sonia Bonds | 86 | 03/17/26 | 28445110 | 39907 |
|  Ultra Long U.S. Treasury Bonds | 175 | 09/19/25 | 20846875 | 757465 |
|  **Total** |  |  |  | $1965670 |
|  **Short position contracts:** |  |  |  |  |
|  30 Year German Euro-Buxl | (1) | 09/08/25 | (139870) | 1812 |
|  French 10 Year Government Bonds | (1) | 09/08/25 | (145877) | 894 |
|  **Total** |  |  |  | $2706 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $1968376 |

---

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M EURO<sup>(a)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;1.892%<sup>(a)</sup> | 09/17/25 | 204430 <sup>(b)</sup> | $(7851) | $(7) | $(7844) |
|  1M BID Average<sup>(a)</sup><br> 13.750<sup>(a)</sup> | 01/04/27 | 21120 | (12757) | (24812) | 12055 |
|  13.750%<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/04/27 | 24720 | 14932 | 14160 | 772 |
|  12M SOFR<sup>(a)</sup><br> 3.620<sup>(a)</sup> | 06/30/27 | $21810 <sup>(b)</sup> | 86658 | (12485) | 99143 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 8.250<sup>(d)</sup> | 09/15/27 | 10310 <sup>(b)</sup> | 8294 | 6964 | 1330 |
|  1M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 09/17/27 | 33890 <sup>(b)</sup> | 4163 | (2828) | 6991 |
|  6M EURO<sup>(f)</sup><br> 1.500<sup>(a)</sup> | 09/17/27 | 2470 <sup>(b)</sup> | (28194) | (26493) | (1701) |
|  12M THOR<sup>(e)</sup><br> 1.750<sup>(e)</sup> | 09/17/27 | 9830 <sup>(b)</sup> | 3440 | 736 | 2704 |
| 8.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 09/17/27 | 5092170 <sup>(b)</sup> | 1389 | (8386) | 9775 |
| 0.750<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 09/17/27 | 1748000 <sup>(b)</sup> | 6496 | 9585 | (3089) |
| 3.500<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 09/17/27 | $690 <sup>(b)</sup> | (2019) | 648 | (2667) |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.750%<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 09/17/27 | $32630 <sup>(b)</sup> | $(251137) | $(77861) | $(173276) |
|  12M EURO<sup>(a)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;2.000%<sup>(a)</sup> | 09/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;1960 <sup>(b)</sup> | 10170 | 10335 | (165) |
|  3M STIBOR<sup>(e)</sup><br> 2.250<sup>(a)</sup> | 09/17/27 | 198260 <sup>(b)</sup> | 151766 | 91805 | 59961 |
|  12M CDOR<sup>(f)</sup><br> 2.500<sup>(f)</sup> | 09/17/27 | 1970 <sup>(b)</sup> | 1536 | 252 | 1284 |
|  12M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 09/17/27 | 29840 <sup>(b)</sup> | 128971 | 77289 | 51682 |
|  6M PRIBOR<sup>(f)</sup><br> 3.500<sup>(a)</sup> | 09/17/27 | 5900 <sup>(b)</sup> | (137) | 1656 | (1793) |
|  3M AUDOR<sup>(e)</sup><br> 3.500<sup>(e)</sup> | 09/17/27 | 4470 <sup>(b)</sup> | 23100 | 16890 | 6210 |
|  12M <sub>GBP</sub>(a)<br> 3.500<sup>(a)</sup> | 09/17/27 | 300 <sup>(b)</sup> | (244) | (1825) | 1581 |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/27 | 22130 <sup>(b)</sup> | 124815 | 14680 | 110135 |
|  12M SOFR<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/27 | $1030 <sup>(b)</sup> | 7927 | 2452 | 5475 |
| 3.750<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 09/17/27 | 53600 <sup>(b)</sup> | (446277) | (385138) | (61139) |
| 7.500<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 09/17/27 | 14390 <sup>(b)</sup> | (8436) | (7927) | (509) |
| 2.500<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 09/17/27 | 278830 <sup>(b)</sup> | (512) | (217) | (295) |
|  6M NIBOR<sup>(f)</sup><br> 4.250<sup>(a)</sup> | 09/17/27 | 191450 <sup>(b)</sup> | 184097 | 73927 | 110170 |
|  6M WIBOR<sup>(f)</sup><br> 4.750<sup>(a)</sup> | 09/17/27 | 3990 <sup>(b)</sup> | 12354 | 5194 | 7160 |
|  12M CLICP<sup>(f)</sup><br> 5.500<sup>(f)</sup> | 09/17/27 | 164320 <sup>(b)</sup> | 3933 | 3666 | 267 |
|  12M MIBOR<sup>(f)</sup><br> 6.000<sup>(f)</sup> | 09/17/27 | 234080 <sup>(b)</sup> | 23457 | 7193 | 16264 |
|  6M BUBOR<sup>(f)</sup><br> 6.250<sup>(a)</sup> | 09/17/27 | 445130 <sup>(b)</sup> | 6302 | 12594 | (6292) |
| 4.250<sup>(a)</sup><br> 6M WIBOR<sup>(f)</sup> | 09/17/27 | 7930 <sup>(b)</sup> | (4102) | (1650) | (2452) |
|  3M EURO<sup>(e)</sup><br> 2.143<sup>(c)</sup> | 11/20/27 | 101700 <sup>(b)</sup> | 122625 | (759441) | 882066 |
| 2.180<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 11/20/27 | 101700 <sup>(b)</sup> | (80444) | (717896) | 637452 |
|  6M EURO<sup>(f)</sup><br> 2.500<sup>(a)</sup> | 05/14/28 | 6432 <sup>(b)</sup> | 56849 | (105604) | 162453 |
|  12M SOFR<sup>(c)</sup><br> 3.368<sup>(c)</sup> | 06/23/28 | $23430 <sup>(b)</sup> | 36356 | (644) | 37000 |
|  1M BID Average<sup>(a)</sup><br> 13.250<sup>(a)</sup> | 01/02/29 | 8390 | 6705 | (4273) | 10978 |
|  6M EURO<sup>(f)</sup><br> 2.325<sup>(a)</sup> | 02/25/29 | 5262 <sup>(b)</sup> | 3948 | (307248) | 311196 |
| 3.620<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/30/29 | $24240 <sup>(b)</sup> | (254098) | (17694) | (236404) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/30/29 | 20840 <sup>(b)</sup> | (202127) | 23430 | (225557) |
|  1M BID Average<sup>(c)</sup><br> 13.250<sup>(c)</sup> | 01/02/30 | 3970 | 3898 | (14719) | 18617 |
| 13.250<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/02/30 | 3970 | (3898) | 4015 | (7913) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/23/30 | $24740 <sup>(b)</sup> | (61026) | 5640 | (66666) |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 8.500<sup>(d)</sup> | 09/11/30 | 15420 <sup>(b)</sup> | 27487 | 25469 | 2018 |
| 1.000<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 09/17/30 | 6007400 <sup>(b)</sup> | (129535) | (99527) | (30008) |
| 2.000<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 09/17/30 | 40700 <sup>(b)</sup> | (43864) | (13295) | (30569) |
| 1.500<sup>(e)</sup><br> 1M CNRR<sup>(e)</sup> | 09/17/30 | 14520 <sup>(b)</sup> | (2511) | 9409 | (11920) |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/30 | 6090 <sup>(b)</sup> | (96537) | (92085) | (4452) |
|  12M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 09/17/30 | 4300 <sup>(b)</sup> | 19061 | 1691 | 17370 |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/30 | 5880 <sup>(b)</sup> | 40714 | (28496) | 69210 |
|  3M NZDOR<sup>(e)</sup><br> 3.750<sup>(f)</sup> | 09/17/30 | 9590 <sup>(b)</sup> | 38118 | 29355 | 8763 |
| 2.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/30 | 870 <sup>(b)</sup> | 13791 | 12610 | 1181 |
|  3M JIBAR<sup>(e)</sup><br> 8.000<sup>(e)</sup> | 09/17/30 | 14550 <sup>(b)</sup> | 21272 | 12581 | 8691 |
|  12M CPIBR<sup>(e)</sup><br> 8.750<sup>(e)</sup> | 09/17/30 | 2129060 <sup>(b)</sup> | 772 | 10749 | (9977) |
|  12M SOFR<sup>(a)</sup><br> 3.845<sup>(a)</sup> | 05/21/32 | $4770 <sup>(b)</sup> | 65621 | (2337) | 67958 |
|  12M SOFR<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/32 | 80(b) | 1188 | (60) | 1248 |
| 1.295<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 08/02/34 | 912780 <sup>(b)</sup> | 30991 | (274115) | 305106 |
| 3.750<sup>(a)</sup><br> 6M PRIBOR<sup>(f)</sup> | 03/19/35 | 7220 | 2762 | (114) | 2876 |
|  12M SOFR<sup>(a)</sup><br> 4.098<sup>(a)</sup> | 06/24/35 | $6030 <sup>(b)</sup> | 22357 | (2178) | 24535 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 8.750<sup>(d)</sup> | 09/05/35 | 7300 <sup>(b)</sup> | 17135 | 6080 | 11055 |
|  12M CHFOR<sup>(a)</sup><br> 0.500<sup>(a)</sup> | 09/17/35 | 170 <sup>(b)</sup> | (1084) | (354) | (730) |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 09/17/35 | 1533000 <sup>(b)</sup> | (429) | 32819 | (33248) |
| 3.750<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 09/17/35 | $2450 <sup>(b)</sup> | (14729) | 33718 | (48447) |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/35 | 930 <sup>(b)</sup> | (60104) | (64213) | 4109 |
|  3M STIBOR<sup>(e)</sup><br> 2.750<sup>(a)</sup> | 09/17/35 | 15140 <sup>(b)</sup> | 28546 | 10920 | 17626 |
|  12M CDOR<sup>(f)</sup><br> 3.000<sup>(f)</sup> | 09/17/35 | 1380 <sup>(b)</sup> | 1089 | (8724) | 9813 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M GBP<sup>(a)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;3.750%<sup>(a)</sup> | 09/17/35 | 1120 <sup>(b)</sup> | $(30252) | $(45787) | $15535 |
|  12M SOFR<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/35 | $2800 <sup>(b)</sup> | 16833 | (21864) | 38697 |
|  3M NZDOR<sup>(e)</sup><br> 4.250<sup>(f)</sup> | 09/17/35 | 5840 <sup>(b)</sup> | 40620 | 35151 | 5469 |
|  12M CLICP<sup>(f)</sup><br> 5.750<sup>(f)</sup> | 09/17/35 | 413020 <sup>(b)</sup> | 21909 | 23170 | (1261) |
|  6M BUBOR<sup>(f)</sup><br> 6.750<sup>(a)</sup> | 09/17/35 | 36410 <sup>(b)</sup> | 1390 | 839 | 551 |
|  4.500%<sup>(f)</sup><br> 6M AUDOR<sup>(f)</sup> | 09/17/35 | 100 <sup>(b)</sup> | (2360) | (1899) | (461) |
| 4.250<sup>(a)</sup><br> 6M NIBOR<sup>(f)</sup> | 09/17/35 | 33160 <sup>(b)</sup> | (134511) | (67239) | (67272) |
|  12M CPIBR<sup>(e)</sup><br> 9.250<sup>(e)</sup> | 09/17/35 | 357360 <sup>(b)</sup> | (339) | 2913 | (3252) |
|  3M JIBAR<sup>(e)</sup><br> 9.250<sup>(e)</sup> | 09/17/35 | 6850 <sup>(b)</sup> | 20707 | 4014 | 16693 |
|  12M JYOR<sup>(a)</sup><br> 2.160<sup>(a)</sup> | 08/02/44 | 1027650 <sup>(b)</sup> | (225494) | (357500) | 132006 |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/45 | 1280 <sup>(b)</sup> | (190382) | (167607) | (22775) |
| 2.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 05/17/53 | 2304 <sup>(b)</sup> | 193222 | (28327) | 221549 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 11/10/53 | 1588 <sup>(b)</sup> | 48709 | (174535) | 223244 |
| 4.213<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/21/55 | $2750 <sup>(b)</sup> | (24275) | 20773 | (45048) |
|  12M JYOR<sup>(a)</sup><br> 1.750<sup>(a)</sup> | 09/17/55 | 465000 <sup>(b)</sup> | (348937) | (342965) | (5972) |
| 1.750<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/55 | 1620 <sup>(b)</sup> | 394927 | 350637 | 44290 |
|  12M EURO<sup>(a)</sup><br> 2.530<sup>(a)</sup> | 03/19/56 | 1830 <sup>(b)</sup> | (66393) | (15078) | (51315) |
| 2.610<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/19/56 | 1830 <sup>(b)</sup> | 74738 | 6850 | 67888 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/75 | 650 <sup>(b)</sup> | 37066 | 12377 | 24689 |
|  **TOTAL** |  |  | $(519789) | $(3260211) | $2740422 |

---

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(c) Payments made at maturity.

(d) Payments made at monthly.

(e) Payments made quarterly.

(f) Payments made semi-annually.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<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:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CMBX.NA.BBB.17 | 3.000% | 5.041% | JPMorgan Securities, Inc. | 12/15/56 | $375 | $(42651) | $(46453) | $3802 |

---

(a) Payments made monthly.

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

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CDX.NA.IG Index 43 | 1.000% | 0.453% | 12/20/29 | $23000 | $524979 | $423022 | $101957 |

---

(a) Payments made quarterly.

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

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At June 30, 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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **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 | 2370000 | $2370000 | $11434 | $29992 | $(18558) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 2980000 | 2980000 | 18587 | 40476 | (21889) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 2390000 | 2390000 | 17574 | 35923 | (18349) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 6830000 | 6830000 | 52143 | 46353 | 5790 |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 1280000 | 1280000 | 17165 | 20254 | (3089) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 15850000 | $15850000 | $116903 | $172998 | $(56095) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065 | 05/11/2026 | (700000) | (700000) | (4735) | (30072) | 25337 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (870000) | (870000) | (6632) | (40186) | 33554 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (710000) | (710000) | (9463) | (36275) | 26812 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (640000) | (640000) | (27882) | (46584) | 18702 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (540000) | (540000) | (16179) | (20351) | 4172 |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (1590000) | (1590000) | (6954) | (12319) | 5365 |
|  1M IRS | Citibank NA | 2.606 | 07/30/2025 | (1570000) | (1570000) | (11542) | (11651) | 109 |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (1760000) | (1760000) | (15558) | (14590) | (968) |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (1810000) | (1810000) | (40111) | (15385) | (24726) |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (1780000) | (1780000) | (35920) | (15486) | (20434) |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (1590000) | (1590000) | (5789) | (11690) | 5901 |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (1620000) | (1620000) | (6198) | (11844) | 5646 |
|  1M IRS | MS & Co. Int. PLC | 3.768 | 07/23/2025 | (1780000) | (1780000) | (20583) | (15620) | (4963) |
|  |  |  |  | (16960000) | $(16960000) | $(207546) | $(282053) | $74507 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (1590000) | (1590000) | (11005) | (12319) | 1314 |
|  1M IRS | Citibank NA | 2.606 | 07/30/2025 | (1570000) | (1570000) | (12212) | (11651) | (561) |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (1760000) | (1760000) | (14087) | (14590) | 503 |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (1810000) | (1810000) | (378) | (15385) | 15007 |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (1780000) | (1780000) | (1686) | (15486) | 13800 |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (1590000) | (1590000) | (17268) | (11690) | (5578) |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (1620000) | (1620000) | (7651) | (11844) | 4193 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |
|  1M IRS | MS & Co. Int. PLC | 3.768% | 07/23/2025 | (1780000) | $(1780000) | $(7873) | $(15620) | $7747 |
|  |  |  |  | (13500000) | $(13500000) | $(72160) | $(108585) | $36425 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (30460000) | $(30460000) | $(279706) | $(390638) | $110932 |
|  **TOTAL** |  |  |  | (14610000) | $(14610000) | $(162803) | $(217640) | $54837 |

---

**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 | $7.190 | 08/04/2025 | 4803000 | $4803000 | $9640 | $23823 | $(14183) |
|  Call USD/Put CNY | BNP Paribas SA | 7.217 | 07/07/2025 | 3621000 | 3621000 | 735 | 23040 | (22305) |
|  Call USD/Put MXN | BofA Securities LLC | 18.950 | 08/08/2025 | 2428000 | 2428000 | 26849 | 31807 | (4958) |
|  Call USD/Put CNY | Citibank NA | 7.320 | 07/08/2025 | 4917000 | 4917000 | 44 | 48401 | (48357) |
|  Call USD/Put CNY | Citibank NA | 7.540 | 07/10/2025 | 4910000 | 4910000 |  | 35081 | (35081) |
|  Call USD/Put CNY | Citibank NA | 7.208 | 07/21/2025 | 1225000 | 1225000 | 1087 | 20828 | (19741) |
|  Call EUR/Put USD | Deutsche Bank AG (London) | 1.142 | 09/17/2025 | 2232000 | 2232000 | 102835 | 30324 | 72511 |
|  Call USD/Put CNY | Deutsche Bank AG (London) | 7.480 | 07/10/2025 | 2391000 | 2391000 |  | 932 | (932) |
|  Call USD/Put INR | HSBC Bank PLC | 85.300 | 08/12/2025 | 1203000 | 1203000 | 13302 | 13408 | (106) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/08/2025 | 4902000 | 4902000 |  | 34535 | (34535) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | 4919000 | 4919000 | 266 | 53947 | (53681) |
|  Call USD/Put TWD | Standard Chartered Bank | 29.450 | 07/31/2025 | 4852000 | 4852000 | 18549 | 23590 | (5041) |
|  |  |  |  | 42403000 | $42403000 | $173307 | $339716 | $(166409) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put USD/Call CNY | Barclays Bank PLC | 7.070 | 07/10/2025 | 2455000 | 2455000 | 989 | 10876 | (9887) |
|  Put AUD/Call USD | BNP Paribas SA | 0.637 | 07/22/2025 | 7462000 | 7462000 | 6915 | 51032 | (44117) |
|  Put AUD/Call USD | BNP Paribas SA | 0.648 | 08/05/2025 | 7528000 | 7528000 | 30223 | 56377 | (26154) |
|  Put EUR/Call USD | BNP Paribas SA | 1.167 | 07/31/2025 | 4170000 | 4170000 | 25548 | 37335 | (11787) |
|  Put EUR/Call USD | BNP Paribas SA | 1.165 | 08/07/2025 | 2085000 | 2085000 | 13231 | 20273 | (7042) |
|  Put EUR/Call USD | BNP Paribas SA | 1.118 | 08/15/2025 | 4265000 | 4265000 | 3090 | 53142 | (50052) |
|  Put EUR/Call USD | BNP Paribas SA | 1.137 | 08/18/2025 | 2125000 | 2125000 | 4325 | 25522 | (21197) |
|  Put EUR/Call USD | BNP Paribas SA | 1.156 | 08/18/2025 | 2099000 | 2099000 | 10459 | 22762 | (12303) |
|  Put USD/Call CAD | BNP Paribas SA | 1.362 | 08/06/2025 | 2408000 | 2408000 | 20639 | 24213 | (3574) |
|  Put EUR/Call USD | BofA Securities LLC | 1.150 | 07/14/2025 | 4190000 | 4190000 | 2591 | 31260 | (28669) |
|  Put NZD/Call USD | BofA Securities LLC | 0.598 | 07/03/2025 | 8082000 | 8082000 | 1345 | 42779 | (41434) |
|  Put NZD/Call USD | BofA Securities LLC | 0.601 | 07/24/2025 | 7963000 | 7963000 | 22192 | 47577 | (25385) |
|  Put USD/Call JPY | BofA Securities LLC | 144.100 | 08/01/2025 | 4936000 | 4936000 | 72895 | 57174 | 15721 |
|  Put EUR/Call USD | Citibank NA | 1.148 | 07/24/2025 | 4190000 | 4190000 | 6332 | 35335 | (29003) |
|  Put NZD/Call USD | Citibank NA | 0.592 | 07/10/2025 | 8049000 | 8049000 | 2885 | 46465 | (43580) |
|  Put NZD/Call USD | Citibank NA | 0.589 | 07/24/2025 | 3997000 | 3997000 | 3579 | 34286 | (30707) |
|  Put NZD/Call USD | Citibank NA | 0.601 | 07/28/2025 | 8143000 | 8143000 | 24783 | 48658 | (23875) |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |
|  Put NZD/Call USD | Citibank NA | $0.605 | 08/04/2025 | 12075000 | $12075000 | $60774 | $79834 | $(19060) |
|  Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | 2455000 | 2455000 | 989 | 5254 | (4265) |
|  Put USD/Call JPY | Citibank NA | 137.750 | 08/01/2025 | 2986000 | 2986000 | 7647 | 54614 | (46967) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.134 | 07/03/2025 | 4205000 | 4205000 | 5 | 31475 | (31470) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.128 | 07/14/2025 | 4254000 | 4254000 | 226 | 40534 | (40308) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.135 | 07/18/2025 | 3156000 | 3156000 | 1034 | 26944 | (25910) |
|  Put AUD/Call USD | HSBC Bank PLC | 0.645 | 07/22/2025 | 7468000 | 7468000 | 14603 | 46985 | (32382) |
|  Put EUR/Call USD | HSBC Bank PLC | 1.168 | 07/24/2025 | 3127000 | 3127000 | 16988 | 26660 | (9672) |
|  Put USD/Call CNY | HSBC Bank PLC | 7.085 | 07/08/2025 | 4902000 | 4902000 | 1735 | 15905 | (14170) |
|  Put USD/Call INR | HSBC Bank PLC | 85.300 | 08/12/2025 | 1203000 | 1203000 | 5219 | 13407 | (8188) |
|  Put EUR/Call USD | JPMorgan Securities, Inc. | 1.063 | 09/17/2025 | 2232000 | 2232000 | 318 | 20723 | (20405) |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.603 | 07/24/2025 | 3988000 | 3988000 | 13319 | 25940 | (12621) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.111 | 07/14/2025 | 4190000 | 4190000 | 20 | 34992 | (34972) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.151 | 07/24/2025 | 3142000 | 3142000 | 5814 | 25565 | (19751) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.603 | 07/10/2025 | 7975000 | 7975000 | 12979 | 39233 | (26254) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.588 | 07/28/2025 | 6059000 | 6059000 | 5743 | 41314 | (35571) |
|  Put NZD/Call USD | UBS AG (London) | 0.597 | 07/31/2025 | 7978000 | 7978000 | 19228 | 57991 | (38763) |
|  |  |  |  | 165542000 | $165542000 | $418662 | $1232436 | $(813774) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 207945000 | $207945000 | $591969 | $1572152 | $(980183) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put PLN | Barclays Bank PLC | 4.260 | 07/03/2025 | (1063000) | (1063000) | (1122) | (7725) | 6603 |
|  Call USD/Put CNY | Barclays Bank PLC | 7.217 | 07/07/2025 | (3621000) | (3621000) | (735) | (6373) | 5638 |
|  Call USD/Put CNY | Barclays Bank PLC | 7.480 | 07/10/2025 | (2391000) | (2391000) |  | (11357) | 11357 |
|  Call EUR/Put GBP | BNP Paribas SA | 0.843 | 07/09/2025 | (1053000) | (1053000) | (23338) | (5900) | (17438) |
|  Call USD/Put CNY | BNP Paribas SA | 7.290 | 07/10/2025 | (2459500) | (2459500) | (133) | (42402) | 42269 |
|  Call USD/Put INR | BNP Paribas SA | 85.300 | 08/12/2025 | (1203000) | (1203000) | (13301) | (13810) | 509 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.078 | 07/10/2025 | (1842000) | (1842000) | (5147) | (6226) | 1079 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.079 | 07/24/2025 | (1863000) | (1863000) | (6047) | (5997) | (50) |
|  Call EUR/Put CHF | BofA Securities LLC | 0.939 | 07/09/2025 | (1052000) | (1052000) | (2004) | (7980) | 5976 |
|  Call EUR/Put PLN | BofA Securities LLC | 4.241 | 07/30/2025 | (1037000) | (1037000) | (9163) | (6832) | (2331) |
|  Call EUR/Put SEK | BofA Securities LLC | 11.130 | 07/31/2025 | (1035000) | (1035000) | (9567) | (8633) | (934) |
|  Call USD/Put CAD | BofA Securities LLC | 1.364 | 07/30/2025 | (1214000) | (1214000) | (6492) | (8204) | 1712 |
|  Call USD/Put CNY | BofA Securities LLC | 7.208 | 07/21/2025 | (1225000) | (1225000) | (1087) | (23562) | 22475 |
|  Call USD/Put CNY | BofA Securities LLC | 7.160 | 07/24/2025 | (1210000) | (1210000) | (3398) | (5352) | 1954 |
|  Call USD/Put INR | BofA Securities LLC | 85.800 | 07/29/2025 | (1211000) | (1211000) | (7308) | (7890) | 582 |
|  Call USD/Put JPY | BofA Securities LLC | 158.500 | 08/01/2025 | (4936000) | (4936000) | (64) | (51976) | 51912 |
|  Call USD/Put SGD | BofA Securities LLC | 1.270 | 07/29/2025 | (1211000) | (1211000) | (6519) | (8074) | 1555 |
|  Call AUD/Put NZD | Citibank NA | 1.076 | 07/03/2025 | (1856000) | (1856000) | (4598) | (5806) | 1208 |
|  Call AUD/Put NZD | Citibank NA | 1.075 | 07/17/2025 | (1836000) | (1836000) | (7667) | (6161) | (1506) |
|  Call EUR/Put GBP | Citibank NA | 0.842 | 07/01/2025 | (1061000) | (1061000) | (23628) | (7127) | (16501) |
|  Call EUR/Put GBP | Citibank NA | 0.856 | 07/17/2025 | (1045000) | (1045000) | (7902) | (6341) | (1561) |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |  |
|  Call USD/Put CNY | Citibank NA | $7.540 | 07/08/2025 | (4902000) | $(4902000) | $— | $(18587) | $18587 |
|  Call USD/Put CNY | Citibank NA | 7.150 | 07/31/2025 | (1213000) | (1213000) | (4585) | (5546) | 961 |
|  Call EUR/Put SEK | Deutsche Bank AG (London) | 10.970 | 07/10/2025 | (1048000) | (1048000) | (19704) | (8293) | (11411) |
|  Call USD/Put CNY | Deutsche Bank AG (London) | 7.320 | 07/08/2025 | (4917036) | (4917036) | (44) | (22569) | 22525 |
|  Call USD/Put CNY | Deutsche Bank AG (London) | 7.170 | 07/08/2025 | (1205000) | (1205000) | (1462) | (5607) | 4145 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.078 | 07/07/2025 | (1834000) | (1834000) | (3456) | (5144) | 1688 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.077 | 07/31/2025 | (1858000) | (1858000) | (7637) | (6304) | (1333) |
|  Call EUR/Put CHF | JPMorgan Securities, Inc. | 0.933 | 07/01/2025 | (1061000) | (1061000) | (2727) | (8152) | 5425 |
|  Call EUR/Put SEK | JPMorgan Securities, Inc. | 10.935 | 07/03/2025 | (1056000) | (1056000) | (23376) | (8679) | (14697) |
|  Call EUR/Put SEK | JPMorgan Securities, Inc. | 11.100 | 07/22/2025 | (1051000) | (1051000) | (10017) | (8858) | (1159) |
|  Call EUR/Put USD | JPMorgan Securities, Inc. | 1.142 | 09/17/2025 | (2232000) | (2232000) | (102835) | (18649) | (84186) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/10/2025 | (4910000) | (4910000) |  | (18236) | 18236 |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | (2459500) | (2459500) | (133) | (44935) | 44802 |
|  Call USD/Put SGD | JPMorgan Securities, Inc. | 1.272 | 08/04/2025 | (1213000) | (1213000) | (6593) | (7982) | 1389 |
|  Call AUD/Put NZD | MS & Co. Int. PLC | 1.078 | 07/15/2025 | (1848000) | (1848000) | (5635) | (6388) | 753 |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.854 | 07/29/2025 | (1042000) | (1042000) | (11184) | (6319) | (4865) |
|  Call USD/Put SGD | MS & Co. Int. PLC | 1.285 | 07/21/2025 | (1205000) | (1205000) | (1434) | (7456) | 6022 |
|  Call USD/Put CAD | Royal Bank of Canada | 1.361 | 07/15/2025 | (2413000) | (2413000) | (11594) | (16629) | 5035 |
|  Call USD/Put CAD | Royal Bank of Canada | 1.367 | 07/22/2025 | (1205000) | (1205000) | (4437) | (8083) | 3646 |
|  Call EUR/Put USD | Standard Chartered Bank | 1.188 | 07/14/2025 | (4190000) | (4190000) | (17635) | (36376) | 18741 |
|  Call USD/Put TWD | Standard Chartered Bank | 28.850 | 07/31/2025 | (2426000) | (2426000) | (29641) | (33612) | 3971 |
|  Call AUD/Put NZD | UBS AG (London) | 1.082 | 07/22/2025 | (1867000) | (1867000) | (3964) | (6283) | 2319 |
|  Call EUR/Put PLN | UBS AG (London) | 4.280 | 07/07/2025 | (1056000) | (1056000) | (724) | (8365) | 7641 |
|  |  |  |  | (83636036) | $(83636036) | $(408037) | $(570780) | $162743 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call PLN | Barclays Bank PLC | 4.260 | 07/03/2025 | (1063000) | (1063000) | (4877) | (7725) | 2848 |
|  Put USD/Call JPY | Barclays Bank PLC | 137.750 | 08/01/2025 | (2986000) | (2986000) | (7647) | (50732) | 43085 |
|  Put AUD/Call USD | BNP Paribas SA | 0.645 | 07/22/2025 | (7468000) | (7468000) | (14603) | (81370) | 66767 |
|  Put AUD/Call USD | BNP Paribas SA | 0.637 | 07/22/2025 | (7462000) | (7462000) | (6915) | (19064) | 12149 |
|  Put EUR/Call GBP | BNP Paribas SA | 0.843 | 07/09/2025 | (1053000) | (1053000) | (24) | (5900) | 5876 |
|  Put EUR/Call USD | BNP Paribas SA | 1.150 | 07/14/2025 | (4190000) | (4190000) | (2591) | (24303) | 21712 |
|  Put EUR/Call USD | BNP Paribas SA | 1.148 | 07/24/2025 | (4190000) | (4190000) | (6332) | (11085) | 4753 |
|  Put EUR/Call USD | BNP Paribas SA | 1.137 | 08/18/2025 | (2125000) | (2125000) | (4325) | (10709) | 6384 |
|  Put USD/Call CAD | BNP Paribas SA | 1.332 | 08/06/2025 | (3611000) | (3611000) | (5850) | (14515) | 8665 |
|  Put USD/Call INR | BNP Paribas SA | 85.300 | 08/12/2025 | (1203000) | (1203000) | (5220) | (13811) | 8591 |
|  Put AUD/Call NZD | BofA Securities LLC | 1.078 | 07/10/2025 | (1842000) | (1842000) | (2946) | (6227) | 3281 |
|  Put AUD/Call NZD | BofA Securities LLC | 1.079 | 07/24/2025 | (1863000) | (1863000) | (5190) | (5998) | 808 |
|  Put EUR/Call CHF | BofA Securities LLC | 0.939 | 07/09/2025 | (1052000) | (1052000) | (7870) | (7980) | 110 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |
|  Put EUR/Call PLN | BofA Securities LLC | $4.241 | 07/30/2025 | (1037000) | $(1037000) | $(4614) | $(6832) | $2218 |
|  Put EUR/Call SEK | BofA Securities LLC | 11.130 | 07/31/2025 | (1035000) | (1035000) | (7941) | (8633) | 692 |
|  Put EUR/Call USD | BofA Securities LLC | 1.134 | 07/03/2025 | (4205000) | (4205000) | (5) | (7682) | 7677 |
|  Put EUR/Call USD | BofA Securities LLC | 1.063 | 09/17/2025 | (2232000) | (2232000) | (318) | (16007) | 15689 |
|  Put NZD/Call USD | BofA Securities LLC | 0.598 | 07/03/2025 | (8082000) | (8082000) | (1345) | (23085) | 21740 |
|  Put USD/Call CAD | BofA Securities LLC | 1.364 | 07/30/2025 | (1214000) | (1214000) | (10185) | (8204) | (1981) |
|  Put USD/Call CNY | BofA Securities LLC | 7.160 | 07/24/2025 | (1210000) | (1210000) | (6071) | (5352) | (719) |
|  Put USD/Call INR | BofA Securities LLC | 85.800 | 07/29/2025 | (1211000) | (1211000) | (6968) | (7890) | 922 |
|  Put USD/Call SGD | BofA Securities LLC | 1.270 | 07/29/2025 | (1211000) | (1211000) | (7672) | (8074) | 402 |
|  Put AUD/Call NZD | Citibank NA | 1.076 | 07/03/2025 | (1856000) | (1856000) | (600) | (5806) | 5206 |
|  Put AUD/Call NZD | Citibank NA | 1.075 | 07/17/2025 | (1836000) | (1836000) | (2805) | (6161) | 3356 |
|  Put EUR/Call GBP | Citibank NA | 0.842 | 07/01/2025 | (1061000) | (1061000) |  | (7127) | 7127 |
|  Put EUR/Call GBP | Citibank NA | 0.856 | 07/17/2025 | (1045000) | (1045000) | (2638) | (6341) | 3703 |
|  Put EUR/Call USD | Citibank NA | 1.128 | 07/14/2025 | (4254000) | (4254000) | (226) | (8092) | 7866 |
|  Put NZD/Call USD | Citibank NA | 0.601 | 07/24/2025 | (11944500) | (11944500) | (33288) | (141416) | 108128 |
|  Put NZD/Call USD | Citibank NA | 0.588 | 07/28/2025 | (6059000) | (6059000) | (5743) | (13768) | 8025 |
|  Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | (4910000) | (4910000) | (1979) | (33413) | 31434 |
|  Put USD/Call CNY | Citibank NA | 7.150 | 07/31/2025 | (1213000) | (1213000) | (6208) | (5546) | (662) |
|  Put USD/Call JPY | Citibank NA | 144.100 | 08/01/2025 | (3084508) | (3084508) | (45552) | (125700) | 80148 |
|  Put EUR/Call SEK | Deutsche Bank AG (London) | 10.970 | 07/10/2025 | (1048000) | (1048000) | (379) | (8293) | 7914 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.111 | 07/14/2025 | (4190000) | (4190000) | (20) | (17709) | 17689 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.118 | 08/15/2025 | (4265000) | (4265000) | (3090) | (24218) | 21128 |
|  Put USD/Call CNY | Deutsche Bank AG (London) | 7.170 | 07/08/2025 | (1205000) | (1205000) | (4137) | (5607) | 1470 |
|  Put EUR/Call USD | HSBC Bank PLC | 1.151 | 07/24/2025 | (3142000) | (3142000) | (5814) | (10371) | 4557 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.078 | 07/07/2025 | (1834000) | (1834000) | (1757) | (5144) | 3387 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.077 | 07/31/2025 | (1858000) | (1858000) | (5196) | (6304) | 1108 |
|  Put EUR/Call CHF | JPMorgan Securities, Inc. | 0.933 | 07/01/2025 | (1061000) | (1061000) | (696) | (8152) | 7456 |
|  Put EUR/Call SEK | JPMorgan Securities, Inc. | 10.935 | 07/03/2025 | (1056000) | (1056000) | (2) | (8679) | 8677 |
|  Put EUR/Call SEK | JPMorgan Securities, Inc. | 11.100 | 07/22/2025 | (1051000) | (1051000) | (5054) | (8858) | 3804 |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.589 | 07/24/2025 | (3997000) | (3997000) | (3579) | (9936) | 6357 |
|  Put USD/Call CNY | JPMorgan Securities, Inc. | 7.085 | 07/08/2025 | (4902000) | (4902000) | (1735) | (33642) | 31907 |
|  Put USD/Call SGD | JPMorgan Securities, Inc. | 1.272 | 08/04/2025 | (1213000) | (1213000) | (9705) | (7982) | (1723) |
|  Put AUD/Call NZD | MS & Co. Int. PLC | 1.078 | 07/15/2025 | (1848000) | (1848000) | (3474) | (6388) | 2914 |
|  Put EUR/Call GBP | MS & Co. Int. PLC | 0.854 | 07/29/2025 | (1042000) | (1042000) | (3056) | (6319) | 3263 |
|  Put USD/Call SGD | MS & Co. Int. PLC | 1.285 | 07/21/2025 | (1205000) | (1205000) | (16071) | (7456) | (8615) |
|  Put USD/Call CAD | Royal Bank of Canada | 1.361 | 07/15/2025 | (2413000) | (2413000) | (11833) | (16629) | 4796 |
|  Put USD/Call CAD | Royal Bank of Canada | 1.367 | 07/22/2025 | (1205000) | (1205000) | (10275) | (8083) | (2192) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.135 | 07/18/2025 | (3156000) | (3156000) | (1034) | (9482) | 8448 |
|  Put NZD/Call USD | Standard Chartered Bank | 0.592 | 07/10/2025 | (8049000) | (8049000) | (2885) | (16120) | 13235 |

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |
|  Put NZD/Call USD | Standard Chartered Bank | $0.597 | 07/31/2025 | (7978000) | $(7978000) | $(19228) | $(92700) | $73472 |
|  Put AUD/Call NZD | UBS AG (London) | 1.082 | 07/22/2025 | (1867000) | (1867000) | (7024) | (6283) | (741) |
|  Put EUR/Call PLN | UBS AG (London) | 4.280 | 07/07/2025 | (1056000) | (1056000) | (10083) | (8365) | (1718) |
|  Put NZD/Call USD | UBS AG (London) | 0.603 | 07/10/2025 | (7975000) | (7975000) | (12979) | (63895) | 50916 |
|  Put USD/Call JPY | UBS AG (London) | 144.100 | 08/01/2025 | (1851492) | (1851492) | (27343) | (55822) | 28479 |
|  |  |  |  | (169275500) | $(169275500) | $(384997) | $(1156985) | $771988 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (252911536) | $(252911536) | $(793034) | $(1727765) | $934731 |
|  **TOTAL** |  |  |  | (44966536) | $(44966536) | $(201065) | $(155613) | $(45452) |

---

---

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

---

------

GOLDMAN SACHS BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **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 |
| **Abbreviations:** | **Abbreviations:** |
| 1M BID Avg | — 1 Month Brazilian Interbank Deposit Average |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 2Y IRS | — 1 Year Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 43 | — CDX North America Investment Grade Index 43 |
| 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 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

## Schedule of Investments
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 – 2.3%** | **Collateralized Mortgage Obligations – 2.3%** | **Collateralized Mortgage Obligations – 2.3%** | **Collateralized Mortgage Obligations – 2.3%** |
| **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** |
| 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%) |
| 3959382 | 5.305 %<sup>(a)</sup> | 02/25/55 | $3920917 |
| 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%) |
| 5661167 | 5.305 <sup>(a)</sup> | 03/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627963 |
|  |  |  | 9548880 |
| **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 |
| 59833 | 6.500 | 02/15/36 | 62520 |
| 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 |
| 148654 | 5.000 | 02/15/34 | 150022 |
| 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 |
| 266795 | 5.000 | 10/25/41 | 268248 |
| 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 |
| 50624 | 7.000 | 10/25/42 | 54121 |
| 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 |
| 177211 | 7.000 | 07/25/42 | 192734 |
| 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 |
| 291307 | 5.000 | 06/25/41 | 292904 |
| 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 |
| 12409691 | 2.000 <sup>(b)</sup> | 08/20/51 | 10081028 |
| 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 |
| 3183728 | 5.853 <sup>(b)(c)(d)</sup> | 11/25/64 | 3209359 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,Class A1 |
| 1960066 | 5.562 <sup>(b)(c)(d)</sup> | 03/25/70 | 1973093 |
|  |  |  | 16284029 |
| **Sequential Floating Rate – 1.2%** | **Sequential Floating Rate – 1.2%** | **Sequential Floating Rate – 1.2%** | **Sequential Floating Rate – 1.2%** |
| 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>(a)(b)(c)</sup> | 02/25/55 | 430641 |
| 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>(a)(b)(c)</sup> | 02/25/50 | 1478081 |
| 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%) |
| 239274 | 5.955 <sup>(a)(b)(c)</sup> | 01/25/34 | 240655 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) |
| 3801875 | 5.405 <sup>(a)(b)(c)</sup> | 05/25/45 | 3807944 |
| 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%) |
| 637361 | 5.855 <sup>(a)(b)(c)</sup> | 10/25/41 | 639401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal 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 | 5.955 %<sup>(a)(b)(c)</sup> | 12/25/41 | $889100 |
| 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 | 6.105 <sup>(a)(b)(c)</sup> | 01/25/44 | 1313895 |
| 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%) |
| 1226844 | 5.305 <sup>(a)(b)(c)</sup> | 07/25/44 | 1226079 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) |
| 3450000 | 5.806 <sup>(a)(b)(c)</sup> | 01/25/45 | 3452643 |
| 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%) |
| 34474 | 4.912 <sup>(a)(b)</sup> | 01/19/36 | 38884 |
| 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%) |
| 22210 | 5.154 <sup>(a)(b)</sup> | 10/25/34 | 21501 |
| 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 |
| 2885143 | 2.520 <sup>(a)(b)(c)</sup> | 05/25/52 | 2434071 |
| 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 |
| 2596062 | 6.000 <sup>(a)(b)(c)</sup> | 06/25/54 | 2617733 |
| 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 |
| 177949 | 3.250 <sup>(a)(b)(c)</sup> | 07/25/59 | 173259 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 |
| 4415516 | 5.960 <sup>(a)(b)(c)</sup> | 03/25/70 | 4467161 |
| 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>(a)(b)(c)</sup> | 11/25/56 | 2994533 |
| 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 |
| 3010922 | 3.288 <sup>(a)(b)(c)</sup> | 01/25/67 | 2737289 |
| 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 |
| 6782 | 5.661 <sup>(a)(b)</sup> | 02/25/33 | 6513 |
| 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 |
| 73930 | 3.500 <sup>(a)(b)(c)</sup> | 07/25/49 | 66355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;29035738 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 54868647 |
| **Commercial Mortgage-Backed Securities – 5.4%** | **Commercial Mortgage-Backed Securities – 5.4%** | **Commercial Mortgage-Backed Securities – 5.4%** | **Commercial Mortgage-Backed Securities – 5.4%** |
| **Regular Floater – 0.1%** | **Regular Floater – 0.1%** | **Regular Floater – 0.1%** | **Regular Floater – 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 | 5.605 %<sup>(a)(c)</sup> | 12/15/39 | $2534035 |
| **Sequential Fixed Rate – 1.9%** | **Sequential Fixed Rate – 1.9%** | **Sequential Fixed Rate – 1.9%** | **Sequential Fixed Rate – 1.9%** |
| 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 | 880676 |
| 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 | 3521654 |
| 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 | 2349025 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

## Schedule of Investments (continued)
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $3245764 |
| 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 | 3219798 |
| 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 | 1942376 |
| 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 | 2429248 |
| 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 | 5707539 |
| 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 | 4121029 |
| 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 | 3536644 |
| 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 | 3349412 |
| 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 | 3707696 |
| 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 | 7000240 |
|  |  |  | 45011101 |
| **Sequential Floating Rate – 3.4%** | **Sequential Floating Rate – 3.4%** | **Sequential Floating Rate – 3.4%** | **Sequential Floating Rate – 3.4%** |
| 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 |
| 2526000 | 2.778 <sup>(a)</sup> | 11/15/54 | 2129866 |
| 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 | 4121248 |
| 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 | 3520752 |
| 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 | 4132778 |
| 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 | 2952168 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 4825000 | 5.548 <sup>(a)(c)</sup> | 06/15/44 | 4930491 |
| 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%) |
| 2661503 | 5.703 <sup>(a)(c)</sup> | 03/15/41 | 2663489 |
| 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%) |
| 1956000 | 6.003 <sup>(a)(c)</sup> | 08/15/39 | 1960572 |
| 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%) |
| 703557 | 6.763 <sup>(a)(c)</sup> | 08/15/39 | 703148 |
| 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 | 5.954 <sup>(a)(c)</sup> | 02/15/41 | 4722674 |
| 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 | 6.402 <sup>(a)(c)</sup> | 03/15/41 | 1448855 |
| 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 | 7.351 <sup>(a)(c)</sup> | 03/15/41 | 499979 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured 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 | $3452938 |
| 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%) |
| 1990938 | 4.992 <sup>(a)(b)</sup> | 02/25/33 | 1994727 |
| 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 | 1387590 |
| 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 | 5.644 <sup>(a)(c)</sup> | 02/05/45 | 3384281 |
| 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 | 5.649 <sup>(a)(c)</sup> | 01/13/40 | 5439063 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 3600000 | 5.471 <sup>(a)(b)(c)</sup> | 03/14/47 | 3634358 |
| 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 | 5.990 <sup>(a)(c)</sup> | 10/05/39 | 2014802 |
| 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 | 6.202 <sup>(a)(c)</sup> | 08/15/41 | 5154021 |
| 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 | 6.125 <sup>(a)(c)</sup> | 02/10/47 | 2006409 |
| 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 | 6.004 <sup>(a)(c)</sup> | 02/15/42 | 2279593 |
| 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 | 2319163 |
| 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 | 5.484 <sup>(a)(c)</sup> | 07/15/35 | 4174912 |
| 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 | 6.003 <sup>(a)(c)</sup> | 08/15/41 | 4875515 |
| 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 | 6.602 <sup>(a)(c)</sup> | 08/15/41 | 2659525 |
|  |  |  | 78562917 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $126108053 |
| **Federal Agencies – 38.1%** | **Federal Agencies – 38.1%** | **Federal Agencies – 38.1%** | **Federal Agencies – 38.1%** |
| **Adjustable Rate Federal National Mortgage Association – 0.0%** | **Adjustable Rate Federal National Mortgage Association – 0.0%** | **Adjustable Rate Federal National Mortgage Association – 0.0%** | **Adjustable Rate Federal National Mortgage Association – 0.0%** |
| (1 yr. CMT + 2.161%)<sup>(a)</sup> | (1 yr. CMT + 2.161%)<sup>(a)</sup> | (1 yr. CMT + 2.161%)<sup>(a)</sup> | (1 yr. CMT + 2.161%)<sup>(a)</sup> |
| 728 | 6.270% | 06/01/33 | $741 |
| (RFUCC 1 yr. Treasury + 1.655%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.655%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.655%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.655%)<sup>(a)</sup> |
| 73744 | 7.488 | 07/01/34 | 75590 |
| (RFUCC 1 yr. Treasury + 1.576%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.576%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.576%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.576%)<sup>(a)</sup> |
| 312043 | 6.948 | 09/01/34 | 319170 |
| (RFUCC 1 yr. Treasury + 1.732%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.732%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.732%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.732%)<sup>(a)</sup> |
| 178365 | 6.707 | 05/01/35 | 184367 |
| (RFUCC 1 yr. Treasury + 1.233%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.233%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.233%)<sup>(a)</sup> | (RFUCC 1 yr. Treasury + 1.233%)<sup>(a)</sup> |
| 108152 | 6.100 | 06/01/35 | 109930 |
|  |  |  | 689798 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **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%** | **Federal Home Loan Mortgage Corp. – 0.1%** |
|  $ | 718 | 5.500% | 10/01/25 | $717 |
|  | 5913 | 7.500 | 12/01/30 | 6272 |
|  | 2940 | 7.500 | 01/01/31 | 3114 |
|  | 3252 | 5.000 | 10/01/33 | 3310 |
|  | 333 | 5.000 | 04/01/35 | 339 |
|  | 4948 | 5.000 | 07/01/35 | 5034 |
|  | 30707 | 5.000 | 12/01/35 | 31103 |
|  | 74122 | 5.000 | 01/01/38 | 75373 |
|  | 150799 | 5.000 | 01/01/39 | 153315 |
|  | 56774 | 5.000 | 06/01/39 | 57681 |
|  | 6156 | 4.000 | 06/01/40 | 5986 |
|  | 3502 | 5.000 | 08/01/40 | 3548 |
|  | 958 | 4.500 | 11/01/40 | 956 |
|  | 41433 | 4.000 | 02/01/41 | 40282 |
|  | 3505 | 5.000 | 06/01/41 | 3551 |
|  | 3789 | 4.000 | 11/01/41 | 3658 |
|  | 877025 | 4.500 | 08/01/48 | 858146 |
|  |  |  |  | 1252385 |
|  **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%** |
|  | 1778 | 8.000 | 02/01/31 | 1786 |
|  | 8430 | 7.000 | 03/01/31 | 8866 |
|  |  |  |  | 10652 |
|  **Government National Mortgage Association – 9.4%** | **Government National Mortgage Association – 9.4%** | **Government National Mortgage Association – 9.4%** | **Government National Mortgage Association – 9.4%** | **Government National Mortgage Association – 9.4%** |
|  | 3898 | 6.000 | 11/15/38 | 4062 |
|  | 34859 | 5.000 | 07/15/40 | 35502 |
|  | 2159 | 4.000 | 02/20/41 | 2083 |
|  | 3473 | 4.000 | 11/20/41 | 3346 |
|  | 583 | 4.000 | 01/20/42 | 562 |
|  | 1874 | 4.000 | 04/20/42 | 1804 |
|  | 1163 | 4.000 | 10/20/42 | 1118 |
|  | 17601 | 4.000 | 08/20/43 | 16897 |
|  | 1659 | 4.000 | 03/20/44 | 1588 |
|  | 2039 | 4.000 | 05/20/44 | 1952 |
|  | 141497 | 4.000 | 11/20/44 | 135299 |
|  | 9362 | 4.000 | 05/20/45 | 8945 |
|  | 1254586 | 4.000 | 07/20/45 | 1197559 |
|  | 20034 | 4.000 | 10/20/45 | 19029 |
|  | 95270 | 4.500 | 02/20/48 | 93162 |
|  | 256396 | 4.500 | 04/20/48 | 250564 |
|  | 687914 | 4.500 | 05/20/48 | 671837 |
|  | 641490 | 5.000 | 07/20/48 | 641247 |
|  | 1099961 | 4.500 | 08/20/48 | 1072878 |
|  | 577625 | 5.000 | 08/20/48 | 577406 |
|  | 4710359 | 4.500 | 09/20/48 | 4594383 |
|  | 4818 | 3.500 | 09/20/48 | 4461 |
|  | 736356 | 5.000 | 10/20/48 | 735617 |
|  | 2271484 | 5.000 | 11/20/48 | 2269204 |
|  | 4238047 | 4.500 | 12/20/48 | 4127079 |
|  | 1286237 | 5.000 | 12/20/48 | 1284946 |
|  | 2424771 | 4.500 | 01/20/49 | 2361281 |
|  | 2097418 | 5.000 | 01/20/49 | 2091380 |
|  | 1651597 | 4.000 | 02/20/49 | 1553755 |
|  | 524787 | 4.500 | 02/20/49 | 510391 |
|  | 418375 | 4.500 | 03/20/49 | 407420 |
|  | 1476785 | 4.000 | 03/20/49 | 1389300 |
|  | 740483 | 5.000 | 03/20/49 | 739740 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **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)** |
|  $ | 6825 | 3.500% | 04/20/49 | $6304 |
|  | 1671500 | 4.000 | 04/20/49 | 1572479 |
|  | 519938 | 4.000 | 05/20/49 | 488649 |
|  | 16688 | 3.500 | 08/20/49 | 15363 |
|  | 2727708 | 3.000 | 08/20/49 | 2423081 |
|  | 1711720 | 5.000 | 08/20/49 | 1711071 |
|  | 623450 | 4.500 | 10/20/49 | 608100 |
|  | 13363004 | 3.000 | 10/20/49 | 11847255 |
|  | 497271 | 3.500 | 12/20/49 | 457798 |
|  | 1446381 | 3.500 | 02/20/50 | 1331567 |
|  | 4966263 | 3.000 | 03/20/50 | 4409469 |
|  | 135060 | 3.500 | 06/20/50 | 124419 |
|  | 317084 | 3.500 | 07/20/50 | 291914 |
|  | 905593 | 4.000 | 01/20/51 | 849964 |
|  | 633682 | 3.000 | 07/20/51 | 560661 |
|  | 1306161 | 2.500 | 09/20/51 | 1101703 |
|  | 1555265 | 2.500 | 10/20/51 | 1318619 |
|  | 6929138 | 3.000 | 11/20/51 | 6116115 |
|  | 2433475 | 2.500 | 11/20/51 | 2061682 |
|  | 5741455 | 3.000 | 12/20/51 | 5078511 |
|  | 2975485 | 2.500 | 12/20/51 | 2526732 |
|  | 30699644 | 4.500 | 09/20/52 | 29658311 |
|  | 1631152 | 3.500 | 02/20/53 | 1502634 |
|  | 16000000 | 2.500 | TBA-30yr <sup>(e)</sup> | 13597947 |
|  | 8000000 | 3.500 | TBA-30yr <sup>(e)</sup> | 7241359 |
|  | 14000000 | 2.000 | TBA-30yr <sup>(e)</sup> | 11406373 |
|  | 6000000 | 4.000 | TBA-30yr <sup>(e)</sup> | 5575221 |
|  | 19000000 | 5.000 | TBA-30yr <sup>(e)</sup> | 18656685 |
|  | 27000000 | 5.500 | TBA-30yr <sup>(e)</sup> | 27026822 |
|  | 33000000 | 6.000 | TBA-30yr <sup>(e)</sup> | 33462079 |
|  |  |  |  | 219834684 |
|  **Uniform Mortgage-Backed Security – 28.6%** | **Uniform Mortgage-Backed Security – 28.6%** | **Uniform Mortgage-Backed Security – 28.6%** | **Uniform Mortgage-Backed Security – 28.6%** | **Uniform Mortgage-Backed Security – 28.6%** |
|  | 2339 | 7.000 | 08/01/27 | 2366 |
|  | 136 | 6.500 | 09/01/27 | 137 |
|  | 12033 | 7.000 | 03/01/28 | 12205 |
|  | 470 | 6.500 | 05/01/28 | 478 |
|  | 3954 | 4.500 | 04/01/39 | 3917 |
|  | 2795 | 4.500 | 05/01/39 | 2772 |
|  | 3547 | 4.500 | 07/01/39 | 3514 |
|  | 11755 | 4.500 | 08/01/39 | 11653 |
|  | 100678 | 4.500 | 12/01/39 | 99820 |
|  | 6813 | 4.500 | 04/01/41 | 6763 |
|  | 223129 | 4.500 | 05/01/41 | 221485 |
|  | 30985 | 4.500 | 08/01/41 | 30664 |
|  | 10271 | 3.000 | 11/01/42 | 9400 |
|  | 228830 | 3.000 | 12/01/42 | 210095 |
|  | 328660 | 3.000 | 01/01/43 | 301868 |
|  | 46603 | 3.000 | 02/01/43 | 42873 |
|  | 370886 | 3.000 | 03/01/43 | 339665 |
|  | 663756 | 3.000 | 04/01/43 | 607341 |
|  | 452562 | 3.000 | 05/01/43 | 413665 |
|  | 48541 | 3.000 | 06/01/43 | 44180 |
|  | 384089 | 3.000 | 07/01/43 | 350766 |
|  | 224948 | 5.000 | 05/01/44 | 227115 |
|  | 1146254 | 4.500 | 04/01/45 | 1129102 |
|  | 139226 | 4.500 | 05/01/45 | 137056 |
|  | 355126 | 4.500 | 06/01/45 | 350082 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  $ | 2802384 | 4.000% | 08/01/45 | $2688290 |
|  | 54664 | 4.000 | 03/01/46 | 52016 |
|  | 28375 | 4.000 | 06/01/46 | 26979 |
|  | 8570 | 4.000 | 08/01/46 | 8148 |
|  | 68910 | 4.000 | 10/01/46 | 65521 |
|  | 99700 | 4.000 | 06/01/47 | 94785 |
|  | 1307739 | 4.500 | 07/01/47 | 1275911 |
|  | 339141 | 4.500 | 11/01/47 | 330675 |
|  | 158137 | 4.000 | 12/01/47 | 150539 |
|  | 599598 | 4.000 | 01/01/48 | 570042 |
|  | 1741359 | 4.000 | 02/01/48 | 1653372 |
|  | 41090 | 4.500 | 02/01/48 | 39936 |
|  | 1262349 | 4.000 | 03/01/48 | 1198382 |
|  | 68083 | 4.500 | 05/01/48 | 66129 |
|  | 922345 | 4.000 | 06/01/48 | 876015 |
|  | 11695 | 4.500 | 06/01/48 | 11355 |
|  | 10009 | 4.500 | 07/01/48 | 9720 |
|  | 873426 | 4.000 | 07/01/48 | 829312 |
|  | 1430211 | 4.000 | 08/01/48 | 1356583 |
|  | 6954 | 4.500 | 08/01/48 | 6752 |
|  | 859511 | 4.500 | 09/01/48 | 837279 |
|  | 2487703 | 5.000 | 11/01/48 | 2490020 |
|  | 1426960 | 4.500 | 11/01/48 | 1384394 |
|  | 959830 | 4.500 | 12/01/48 | 930770 |
|  | 1234932 | 4.500 | 01/01/49 | 1197691 |
|  | 887496 | 4.500 | 02/01/49 | 861029 |
|  | 741978 | 3.000 | 02/01/49 | 664034 |
|  | 3211 | 4.500 | 03/01/49 | 3114 |
|  | 426420 | 4.500 | 06/01/49 | 413904 |
|  | 1662003 | 4.500 | 07/01/49 | 1610513 |
|  | 163699 | 3.500 | 07/01/49 | 150035 |
|  | 819238 | 4.500 | 08/01/49 | 794097 |
|  | 5346936 | 3.000 | 09/01/49 | 4727498 |
|  | 2354530 | 5.000 | 10/01/49 | 2351572 |
|  | 1059888 | 3.000 | 10/01/49 | 937101 |
|  | 1496656 | 3.000 | 12/01/49 | 1321399 |
|  | 105053 | 4.500 | 02/01/50 | 101969 |
|  | 18852019 | 4.500 | 03/01/50 | 18323046 |
|  | 7821785 | 4.000 | 03/01/50 | 7384894 |
|  | 2079917 | 5.000 | 03/01/50 | 2073405 |
|  | 15004 | 4.500 | 04/01/50 | 14539 |
|  | 886071 | 4.500 | 05/01/50 | 858742 |
|  | 2299896 | 2.500 | 09/01/50 | 1945724 |
|  | 19878494 | 2.000 | 10/01/50 | 15882753 |
|  | 18305903 | 3.000 | 10/01/50 | 16124480 |
|  | 5310045 | 3.000 | 11/01/50 | 4674968 |
|  | 19872017 | 2.000 | 11/01/50 | 15870648 |
|  | 2571126 | 2.500 | 11/01/50 | 2166347 |
|  | 6993269 | 3.000 | 12/01/50 | 6161250 |
|  | 9450656 | 2.500 | 01/01/51 | 7894958 |
|  | 4189001 | 2.500 | 02/01/51 | 3501482 |
|  | 179621 | 4.500 | 03/01/51 | 174092 |
|  | 870316 | 2.000 | 03/01/51 | 696750 |
|  | 14929490 | 2.500 | 05/01/51 | 12563378 |
|  | 11971990 | 2.000 | 05/01/51 | 9544369 |
|  | 31019696 | 2.500 | 08/01/51 | 26174965 |
|  | 501864 | 2.000 | 08/01/51 | 399026 |
|  | 21410923 | 2.500 | 09/01/51 | 17993638 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 2321168 | 2.000% | 09/01/51 | $1846280 |
| 236047 | 4.500 | 10/01/51 | 226696 |
| 3187082 | 2.000 | 10/01/51 | 2533990 |
| 54945952 | 2.000 | 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;43592546 |
| 157175 | 4.500 | 03/01/52 | 150832 |
| 573060 | 2.000 | 03/01/52 | 454052 |
| 8538971 | 2.500 | 03/01/52 | 7095794 |
| 2688428 | 2.000 | 04/01/52 | 2133671 |
| 4200439 | 4.500 | 04/01/52 | 4033479 |
| 11564700 | 2.500 | 04/01/52 | 9605675 |
| 1345258 | 4.500 | 05/01/52 | 1290864 |
| 4812248 | 2.500 | 05/01/52 | 3999204 |
| 4753333 | 5.500 | 09/01/52 | 4814204 |
| 11366264 | 6.000 | 11/01/52 | 11677938 |
| 4242585 | 6.000 | 12/01/52 | 4364035 |
| 4750304 | 5.500 | 04/01/53 | 4793120 |
| 2415482 | 6.000 | 04/01/53 | 2483013 |
| 15132694 | 4.500 | 05/01/53 | 14670988 |
| 5303464 | 6.500 | 09/01/53 | 5501535 |
| 2439153 | 6.500 | 12/01/53 | 2548542 |
| 11532697 | 2.500 | 01/01/54 | 9584211 |
| 19567554 | 6.500 | 06/01/54 | 20489438 |
| 53000000 | 2.500 | TBA-30yr <sup>(e)</sup> | 43938219 |
| 28000000 | 3.000 | TBA-30yr <sup>(e)</sup> | 24211264 |
| 31000000 | 3.500 | TBA-30yr <sup>(e)</sup> | 27901215 |
| 21000000 | 4.000 | TBA-30yr <sup>(e)</sup> | 19521044 |
| 145000000 | 5.500 | TBA-30yr <sup>(e)</sup> | 144943290 |
| 23000000 | 6.000 | TBA-30yr <sup>(e)</sup> | 23371061 |
| 23000000 | 6.500 | TBA-30yr <sup>(e)</sup> | 23740315 |
|  |  |  | 672585832 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $894373351 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $1,093,026,681)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $1,093,026,681)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $1,093,026,681)** | $1075350051 |
| **Corporate Obligations – 22.0%** | **Corporate Obligations – 22.0%** | **Corporate Obligations – 22.0%** | **Corporate Obligations – 22.0%** |
| **Aerospace & Defense<sup>(b)</sup> – 0.7%** | **Aerospace & Defense<sup>(b)</sup> – 0.7%** | **Aerospace & Defense<sup>(b)</sup> – 0.7%** | **Aerospace & Defense<sup>(b)</sup> – 0.7%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 1575000 | 3.450% | 11/01/28 | $1518347 |
| 2211000 | 5.150 | 05/01/30 | 2251638 |
| 4599000 | 6.528 | 05/01/34 | 5001229 |
| 163000 | 3.375 | 06/15/46 | 111034 |
| 100000 | 3.625 | 03/01/48 | 68939 |
| 100000 | 3.850 | 11/01/48 | 71731 |
| 1225000 | 5.805 | 05/01/50 | 1175216 |
| 4093000 | 6.858 | 05/01/54 | 4482776 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 1728000 | 4.850 | 10/15/31 | 1752797 |
|  |  |  | 16433707 |
| **Agriculture<sup>(b)</sup> – 0.3%** | **Agriculture<sup>(b)</sup> – 0.3%** | **Agriculture<sup>(b)</sup> – 0.3%** | **Agriculture<sup>(b)</sup> – 0.3%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 5749000 | 6.000 | 02/20/34 | 6058411 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Agriculture<sup>(b)</sup> – (continued)** | **Agriculture<sup>(b)</sup> – (continued)** | **Agriculture<sup>(b)</sup> – (continued)** | **Agriculture<sup>(b)</sup> – (continued)** |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 843000 | 4.200% | 09/17/29 | $833727 |
|  |  |  | 6892138 |
| **Automotive<sup>(b)</sup> – 0.1%** | **Automotive<sup>(b)</sup> – 0.1%** | **Automotive<sup>(b)</sup> – 0.1%** | **Automotive<sup>(b)</sup> – 0.1%** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 3200000 | 1.500 | 06/10/26 | 3106240 |
| **Banks – 5.9%** | **Banks – 5.9%** | **Banks – 5.9%** | **Banks – 5.9%** |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 400000 | 4.250 | 04/11/27 | 398996 |
| 800000 | 3.306 | 06/27/29 | 767384 |
| 800000 | 2.749 | 12/03/30 | 712592 |
| 4400000 | 6.921 | 08/08/33 | 4766784 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 237000 | 6.110 | 01/29/37 | 250407 |
| (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 | 79675 |
| (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 | 1233141 |
| (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 | 154272 |
| (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 | 2745792 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 9205000 | 5.202 <sup>(a)(b)</sup> | 04/25/29 | 9407142 |
| (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 | 4917300 |
| (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 | 4778001 |
| (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 | 1101861 |
| 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 | 318345 |
| Barclays PLC (1 yr. CMT + 3.500%) | Barclays PLC (1 yr. CMT + 3.500%) | Barclays PLC (1 yr. CMT + 3.500%) | Barclays PLC (1 yr. CMT + 3.500%) |
| 4410000 | 7.437 <sup>(a)(b)</sup> | 11/02/33 | 5001601 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 2090000 | 5.785 <sup>(a)(b)</sup> | 02/25/36 | 2136231 |
| 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 | 4134795 |
| BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) |
| 1650000 | 2.277 | 01/20/32 | 1427135 |
| 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 | 4018964 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 925000 | 3.400 | 05/01/26 | 917859 |
| 2450000 | 4.450 | 09/29/27 | 2451568 |
| (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) |
| 100000 | 3.057 <sup>(a)(b)</sup> | 01/25/33 | 89407 |
| (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 | 1286134 |
| (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 | 2423106 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 + 2.086%) | (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 | $2489112 |
| First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 715000 | 5.514 | 03/07/31 | 725310 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 4.950 | 03/31/30 | 609918 |
| Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) |
| 5485000 | 5.709 | 02/02/35 | 5604189 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| (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 <sup>(a)(b)</sup> | 02/01/28 | 2131209 |
| (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 <sup>(a)(b)</sup> | 05/13/31 | 623950 |
| (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 <sup>(a)(b)</sup> | 01/25/33 | 3122287 |
| (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
| 4285000 | 5.572 <sup>(a)(b)</sup> | 04/22/36 | 4445045 |
| (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 <sup>(a)(b)</sup> | 04/26/33 | 3654785 |
| 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 | 11357010 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 6050000 | 5.385 <sup>(a)(b)</sup> | 01/16/36 | 6021504 |
| (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 <sup>(a)(b)</sup> | 01/27/34 | 2248012 |
| (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 <sup>(a)(b)</sup> | 10/30/29 | 2094166 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 1631000 | 3.950 | 04/23/27 | 1620627 |
| (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 | 2245215 |
| (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 | 3594474 |
| (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 | 2697385 |
| (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 | 4404931 |
| (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) |
| 695000 | 5.664 <sup>(a)(b)</sup> | 04/17/36 | 720451 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 1700000 | 5.000 | 02/01/33 | 1726469 |
| 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 | 541372 |
| 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 | 94525 |
| 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 | 101335 |
| 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%) |
| 3640000 | 5.775 | 06/12/29 | 3777847 |
| UBS AG | UBS AG | UBS AG | UBS AG |
| 4135000 | 1.250 | 08/07/26 | 4001150 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 683000 | 4.550 | 04/17/26 | 683055 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| (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 | $1648870 |
| (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 | 802982 |
| (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 | 309100 |
| (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 | 1403138 |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| 1915000 | 5.580 <sup>(a)(b)(c)</sup> | 05/09/36 | 1960309 |
| (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 | 2132083 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 2700000 | 3.000 | 10/23/26 | 2653749 |
| 325000 | 4.300 | 07/22/27 | 325026 |
| 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 | 676403 |
|  |  |  | 138765485 |
| **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 | 936682 |
| 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 | 746232 |
| 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 | 6517132 |
| 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 | 1464454 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 50000 | 3.600 <sup>(b)</sup> | 02/15/28 | 49121 |
| 50000 | 3.150 <sup>(b)</sup> | 08/01/29 | 47500 |
| 1900000 | 2.250 <sup>(b)</sup> | 08/01/31 | 1648136 |
| 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 | 1569826 |
| 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 | 1736937 |
| 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 | 6122797 |
|  |  |  | 20838817 |
| **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 | 3473695 |
| 4225000 | 4.200 | 03/01/33 | 4061112 |
| 2793000 | 5.250 | 03/02/33 | 2860535 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 2844000 | 5.400 | 09/02/34 | 2881370 |
|  |  |  | 13276712 |
| **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 | 3284922 |
| 2675000 | 2.700 | 02/15/31 | 2433474 |
| 2309000 | 5.900 | 03/15/34 | 2458323 |
|  |  |  | 8176719 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(b)</sup> – 0.1%** | **Chemicals<sup>(b)</sup> – 0.1%** | **Chemicals<sup>(b)</sup> – 0.1%** | **Chemicals<sup>(b)</sup> – 0.1%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 975000 | 4.493% | 11/15/25 | $973615 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 850000 | 4.500 | 05/01/29 | 805945 |
| 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> |
| 599000 | 1.832 | 10/15/27 | 564162 |
|  |  |  | 2343722 |
| **Commercial Services – 0.4%** | **Commercial Services – 0.4%** | **Commercial Services – 0.4%** | **Commercial Services – 0.4%** |
| Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
| 650000 | 1.500 <sup>(b)(c)</sup> | 08/12/26 | 628862 |
| 2087000 | 5.800 <sup>(b)(c)</sup> | 04/15/34 | 2138278 |
| DP World Crescent Ltd.<sup>(c)</sup> | DP World Crescent Ltd.<sup>(c)</sup> | DP World Crescent Ltd.<sup>(c)</sup> | DP World Crescent Ltd.<sup>(c)</sup> |
| 3290000 | 5.500 | 05/08/35 | 3310562 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 100000 | 6.850 <sup>(c)</sup> | 07/02/37 | 109094 |
| 600000 | 5.625 | 09/25/48 | 559312 |
| 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 | 2625258 |
|  |  |  | 9371366 |
| **Computers<sup>(b)</sup> – 0.1%** | **Computers<sup>(b)</sup> – 0.1%** | **Computers<sup>(b)</sup> – 0.1%** | **Computers<sup>(b)</sup> – 0.1%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 200000 | 6.200 | 07/15/30 | 213890 |
| 540000 | 8.100 | 07/15/36 | 650101 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2174000 | 5.000 | 10/15/34 | 2109345 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2973336 |
| **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** |
| 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 |
| 965000 | 6.500 <sup>(b)</sup> | 07/15/25 | 965598 |
| 5125000 | 2.450 <sup>(b)</sup> | 10/29/26 | 4993288 |
| 3472000 | 5.375 <sup>(b)</sup> | 12/15/31 | 3550571 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 625000 | 2.875 <sup>(b)</sup> | 01/15/26 | 618631 |
| 3750000 | 5.200 <sup>(b)</sup> | 07/15/31 | 3833138 |
| American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) |
| 4855000 | 5.284 | 07/26/35 | 4919474 |
| 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 | 442899 |
| 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 | 879399 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 950000 | 2.608 | 07/14/31 | 837511 |
| 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 | 204122 |
|  |  |  | 21244631 |
| **Electrical<sup>(b)</sup> – 0.1%** | **Electrical<sup>(b)</sup> – 0.1%** | **Electrical<sup>(b)</sup> – 0.1%** | **Electrical<sup>(b)</sup> – 0.1%** |
| Alliant Energy Finance LLC<sup>(c)</sup> | Alliant Energy Finance LLC<sup>(c)</sup> | Alliant Energy Finance LLC<sup>(c)</sup> | Alliant Energy Finance LLC<sup>(c)</sup> |
| 225000 | 4.250 | 06/15/28 | 222406 |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| 400000 | 3.500 | 01/15/31 | 377928 |
| 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 | 767499 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical<sup>(b)</sup> – (continued)** | **Electrical<sup>(b)</sup> – (continued)** | **Electrical<sup>(b)</sup> – (continued)** | **Electrical<sup>(b)</sup> – (continued)** |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 425000 | 2.950% | 09/15/27 | $411302 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 675000 | 2.600 | 04/01/30 | 621898 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 500000 | 3.300 | 08/01/40 | 358355 |
|  |  |  | 2759388 |
| **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 | 1635947 |
| **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 | 397000 |
| 440000 | 3.875 <sup>(c)</sup> | 04/30/28 | 426580 |
| 200000 | 5.500 <sup>(c)</sup> | 10/31/46 | 165175 |
| 420000 | 5.500 | 07/31/47 | 346153 |
| 340000 | 5.500 <sup>(c)</sup> | 07/31/47 | 280220 |
|  |  |  | 1615128 |
| **Entertainment<sup>(b)</sup> – 0.0%** | **Entertainment<sup>(b)</sup> – 0.0%** | **Entertainment<sup>(b)</sup> – 0.0%** | **Entertainment<sup>(b)</sup> – 0.0%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 800000 | 4.054 | 03/15/29 | 651640 |
| 13000 | 4.279 | 03/15/32 | 9667 |
|  |  |  | 661307 |
| **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 | 57457 |
| 75000 | 1.304 | 07/01/28 | 67934 |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;6022091 |
|  |  |  | 6147482 |
| **Food & Drug Retailing<sup>(b)</sup> – 1.5%** | **Food & Drug Retailing<sup>(b)</sup> – 1.5%** | **Food & Drug Retailing<sup>(b)</sup> – 1.5%** | **Food & Drug Retailing<sup>(b)</sup> – 1.5%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 7343000 | 5.400 | 03/21/34 | 7456816 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 2498000 | 5.900 | 11/15/28 | 2625248 |
| 2495000 | 6.200 | 11/15/33 | 2678657 |
| Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. |
| 2729000 | 5.000 | 09/15/34 | 2713936 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 5800000 | 4.800 <sup>(c)</sup> | 03/01/30 | 5875748 |
| 5175000 | 5.000 <sup>(c)</sup> | 03/01/32 | 5244190 |
| 8975000 | 5.200 <sup>(c)</sup> | 03/01/35 | 9080636 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 225000 | 6.600 | 04/01/40 | 245507 |
|  |  |  | 35920738 |
| **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 325000 | 3.600 | 05/01/30 | 312169 |
| **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 | 6893152 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> – 2.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 2.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 2.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 2.2%** |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 540000 | 2.952% | 03/01/29 | $501513 |
| 1345000 | 5.757 | 12/01/34 | 1346620 |
| Alcon Finance Corp.<sup>(c)</sup> | Alcon Finance Corp.<sup>(c)</sup> | Alcon Finance Corp.<sup>(c)</sup> | Alcon Finance Corp.<sup>(c)</sup> |
| 4572000 | 3.000 | 09/23/29 | 4305407 |
| Banner Health | Banner Health | Banner Health | Banner Health |
| 3235000 | 2.338 | 01/01/30 | 2972012 |
| Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings |
| 1140000 | 1.777 | 11/15/30 | 998434 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 392000 | 4.250 | 12/15/27 | 386183 |
| 1276000 | 2.625 | 08/01/31 | 1093979 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 2385000 | 3.910 | 10/01/50 | 1765813 |
| 2655000 | 6.461 | 11/01/52 | 2812460 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 1590000 | 3.500 | 09/01/30 | 1503377 |
| 7985000 | 5.450 | 04/01/31 | 8231816 |
| 1610000 | 5.900 | 06/01/53 | 1554986 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 785000 | 5.950 | 03/15/34 | 815136 |
| 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 | 1683451 |
| Rush Obligated Group | Rush Obligated Group | Rush Obligated Group | Rush Obligated Group |
| 1320000 | 3.922 | 11/15/29 | 1294546 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 4135000 | 5.400 | 03/01/29 | 4258595 |
| 3040000 | 5.450 | 03/13/31 | 3155520 |
| 5675000 | 5.600 | 03/23/34 | 5839234 |
| 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 | 449993 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 475000 | 3.375 | 11/01/25 | 472829 |
| 75000 | 1.950 | 06/15/30 | 66908 |
| Sutter Health | Sutter Health | Sutter Health | Sutter Health |
| 605000 | 2.294 | 08/15/30 | 546394 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 3700000 | 5.000 | 04/15/34 | 3696189 |
| 1750000 | 3.050 | 05/15/41 | 1285673 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;51037068 |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 300000 | 7.350 | 05/01/34 | 346830 |
| Chubb Corp. | Chubb Corp. | Chubb Corp. | Chubb Corp. |
| 2440000 | 6.800 | 11/15/31 | 2720600 |
| 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 | 658889 |
|  |  |  | 3726319 |
| **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 1212000 | 4.625 <sup>(b)</sup> | 08/01/27 | 1216812 |
| 825000 | 3.800 <sup>(b)</sup> | 02/15/28 | 812765 |
| 89000 | 3.250 <sup>(b)</sup> | 02/15/30 | 84042 |
| 331000 | 2.950 <sup>(b)</sup> | 03/15/31 | 301528 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 3010000 | 5.875 | 11/15/28 | 3172841 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** |
| 2604000 | 5.375 %<sup>(c)</sup> | 11/15/29 | $2720112 |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 100000 | 2.031 <sup>(b)(c)</sup> | 08/03/32 | 104749 |
| 230000 | 4.027 <sup>(b)(c)</sup> | 08/03/50 | 153309 |
| 210000 | 3.832 <sup>(b)(c)</sup> | 02/08/51 | 134242 |
|  |  |  | 8700400 |
| **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 | 955738 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 1650000 | 5.875 | 11/15/27 | 1685343 |
| 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 | 430565 |
|  |  |  | 3071646 |
| **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** |
| POSCO | POSCO | POSCO | POSCO |
| 260000 | 5.750 | 01/17/28 | 266843 |
| **Lodging<sup>(b)</sup> – 0.7%** | **Lodging<sup>(b)</sup> – 0.7%** | **Lodging<sup>(b)</sup> – 0.7%** | **Lodging<sup>(b)</sup> – 0.7%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 1639000 | 5.850 | 08/01/34 | 1652473 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 5295000 | 5.500 | 06/30/34 | 5301142 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 1590000 | 5.625 | 06/15/28 | 1620607 |
| 590000 | 6.000 | 06/14/30 | 608197 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 2100000 | 5.000 | 10/15/27 | 2134293 |
| 5300000 | 2.850 | 04/15/31 | 4813566 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16130278 |
| **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 | 1317405 |
| IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. |
| 1515000 | 2.625 | 06/15/31 | 1351440 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 1270000 | 5.700 | 08/14/33 | 1329665 |
|  |  |  | 3998510 |
| **Media<sup>(b)</sup> – 0.3%** | **Media<sup>(b)</sup> – 0.3%** | **Media<sup>(b)</sup> – 0.3%** | **Media<sup>(b)</sup> – 0.3%** |
| 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 | 6545371 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 100000 | 3.750 | 04/01/40 | 82865 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 275000 | 5.875 | 11/15/40 | 263937 |
|  |  |  | 6892173 |
| **Miscellaneous Manufacturing – 0.0%** | **Miscellaneous Manufacturing – 0.0%** | **Miscellaneous Manufacturing – 0.0%** | **Miscellaneous Manufacturing – 0.0%** |
| GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. |
| 405000 | 4.418 | 11/15/35 | 388464 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 700000 | 5.875 | 01/14/38 | 746858 |
|  |  |  | 1135322 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – 0.3%** | **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** |
| 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 | $369784 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 1034000 | 7.875 | 09/15/31 | 1161492 |
| Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
| 1200000 | 4.950 <sup>(b)(c)</sup> | 01/03/31 | 1220640 |
| 1290000 | 5.340 <sup>(b)(c)</sup> | 04/03/35 | 1320328 |
| 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 | 710152 |
| 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 | 276801 |
| Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. |
| 480000 | 2.875 <sup>(c)</sup> | 01/12/32 | 425304 |
| 250000 | 3.750 <sup>(c)</sup> | 01/12/62 | 166328 |
| 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 | 1816035 |
|  |  |  | 7466864 |
| **Pharmaceuticals<sup>(b)</sup> – 0.6%** | **Pharmaceuticals<sup>(b)</sup> – 0.6%** | **Pharmaceuticals<sup>(b)</sup> – 0.6%** | **Pharmaceuticals<sup>(b)</sup> – 0.6%** |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 3830000 | 5.350 | 11/15/34 | 3903268 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 3515000 | 5.125 | 05/15/31 | 3616232 |
| 1025000 | 4.800 | 08/15/38 | 962291 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 5632000 | 4.780 | 03/25/38 | 5167078 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13648869 |
| **Pipelines – 0.9%** | **Pipelines – 0.9%** | **Pipelines – 0.9%** | **Pipelines – 0.9%** |
| 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 | 1063562 |
| 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 | 1236536 |
| 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 | 3800457 |
| Enbridge, Inc.<sup>(b)</sup> | Enbridge, Inc.<sup>(b)</sup> | Enbridge, Inc.<sup>(b)</sup> | Enbridge, Inc.<sup>(b)</sup> |
| 2300000 | 2.500 | 08/01/33 | 1913968 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 50000 | 4.950 <sup>(b)</sup> | 06/15/28 | 50723 |
| 375000 | 5.300 <sup>(b)</sup> | 04/15/47 | 330323 |
| 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 | 169500 |
| 2685050 | 2.940 | 09/30/40 | 2200908 |
| 320000 | 3.250 <sup>(c)</sup> | 09/30/40 | 248339 |
| 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 | 4861399 |
| MPLX LP | MPLX LP | MPLX LP |  |
| 275000 | 4.500 <sup>(b)</sup> | 04/15/38 | 243474 |
| 645000 | 5.500 <sup>(b)</sup> | 02/15/49 | 583461 |
| 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 | 836395 |
| 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 | 276645 |
| 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 | 946390 |
| 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> |
| 225000 | 5.450 | 04/01/44 | 195813 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
| 800000 | 4.000 %<sup>(b)</sup> | 09/15/25 | $798456 |
| 1800000 | 5.650 <sup>(b)</sup> | 03/15/33 | 1870614 |
|  |  |  | 21626963 |
| **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 | 730895 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 600000 | 4.000 | 11/15/25 | 597882 |
| 370000 | 2.500 | 02/15/32 | 318200 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 952000 | 2.900 | 12/15/31 | 834390 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 1120000 | 2.000 | 08/15/31 | 951194 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 400000 | 3.950 | 08/15/27 | 397704 |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 475000 | 2.100 | 08/01/32 | 393271 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 1000000 | 3.850 | 07/15/29 | 973460 |
| 725000 | 2.400 | 02/01/31 | 637884 |
|  |  |  | 5834880 |
| **Retailing<sup>(b)</sup> – 0.2%** | **Retailing<sup>(b)</sup> – 0.2%** | **Retailing<sup>(b)</sup> – 0.2%** | **Retailing<sup>(b)</sup> – 0.2%** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 500000 | 1.950 | 08/01/28 | 463780 |
| 825000 | 4.750 | 06/01/30 | 820867 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 2331000 | 3.875 | 04/15/27 | 2311000 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 125000 | 1.700 | 10/15/30 | 108870 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3704517 |
| **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 | 950723 |
| **Semiconductors<sup>(b)</sup> – 0.6%** | **Semiconductors<sup>(b)</sup> – 0.6%** | **Semiconductors<sup>(b)</sup> – 0.6%** | **Semiconductors<sup>(b)</sup> – 0.6%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 2770000 | 2.600 <sup>(c)</sup> | 02/15/33 | 2369873 |
| 1156000 | 3.419 <sup>(c)</sup> | 04/15/33 | 1047059 |
| 425000 | 3.137 <sup>(c)</sup> | 11/15/35 | 358492 |
| 156000 | 3.187 <sup>(c)</sup> | 11/15/36 | 129310 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 2750000 | 5.200 | 02/10/33 | 2773210 |
| 934000 | 5.150 | 02/21/34 | 930946 |
| 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 | 781069 |
| 3125000 | 2.500 | 05/11/31 | 2758187 |
| 2250000 | 2.650 | 02/15/32 | 1956577 |
|  |  |  | 13104723 |
| **Software<sup>(b)</sup> – 1.4%** | **Software<sup>(b)</sup> – 1.4%** | **Software<sup>(b)</sup> – 1.4%** | **Software<sup>(b)</sup> – 1.4%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 6273000 | 5.500 | 12/01/34 | 6370859 |
| 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 | 1393183 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> – (continued)** | **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** |
| MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> |
| 650000 | 4.000% | 11/15/29 | $628609 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2000000 | 4.500 | 05/06/28 | 2010980 |
| 1881000 | 2.950 | 04/01/30 | 1755462 |
| 2550000 | 4.650 | 05/06/30 | 2574404 |
| 5625000 | 2.875 | 03/25/31 | 5128369 |
| 3520000 | 5.250 | 02/03/32 | 3611414 |
| 2211000 | 4.900 | 02/06/33 | 2216240 |
| 350000 | 3.600 | 04/01/40 | 280119 |
| 1615000 | 5.550 | 02/06/53 | 1516727 |
| ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. |
| 1040000 | 1.400 | 09/01/30 | 901014 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 2177000 | 5.000 | 04/01/32 | 2204735 |
| 1476000 | 5.150 | 04/01/35 | 1487941 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 700000 | 1.800 | 08/15/28 | 647598 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 50000 | 3.700 | 04/01/29 | 48849 |
| 675000 | 3.800 | 04/01/32 | 634493 |
|  |  |  | 33410996 |
| **Telecommunication Services – 0.9%** | **Telecommunication Services – 0.9%** | **Telecommunication Services – 0.9%** | **Telecommunication Services – 0.9%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 2355000 | 4.850 <sup>(b)</sup> | 03/01/39 | 2226770 |
| 450000 | 5.150 <sup>(b)</sup> | 11/15/46 | 414351 |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
| 3265000 | 9.625 | 12/15/30 | 4016440 |
| Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> |
| 745000 | 3.200 | 03/15/27 | 730510 |
| Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
| 425000 | 4.665 | 03/06/38 | &nbsp;&nbsp;&nbsp;&nbsp;382530 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 5163000 | 3.750 <sup>(b)</sup> | 04/15/27 | 5110905 |
| 700000 | 4.750 <sup>(b)</sup> | 02/01/28 | 700966 |
| 533000 | 3.875 <sup>(b)</sup> | 04/15/30 | 517516 |
| 6025000 | 5.200 <sup>(b)</sup> | 01/15/33 | 6120858 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 100000 | 1.750 <sup>(b)</sup> | 01/20/31 | 86317 |
| 1500000 | 2.550 <sup>(b)</sup> | 03/21/31 | 1345575 |
|  |  |  | 21652738 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $518,114,867)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $518,114,867)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $518,114,867)** | $515728016 |
| **Asset-Backed Securities<sup>(b)</sup> – 11.4%** | **Asset-Backed Securities<sup>(b)</sup> – 11.4%** | **Asset-Backed Securities<sup>(b)</sup> – 11.4%** | **Asset-Backed Securities<sup>(b)</sup> – 11.4%** |
| **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 |
| 2568546 | 4.700% | 09/15/27 | $2567921 |
| 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 | 1425218 |
| 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 | 4993549 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
| 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 | $4740717 |
| 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 |
| 1640650 | 4.760 | 08/16/27 | 1641114 |
| 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 | 5093652 |
|  |  |  | 20462171 |
| **Collateralized Loan Obligations<sup>(c)</sup> – 8.5%** | **Collateralized Loan Obligations<sup>(c)</sup> – 8.5%** | **Collateralized Loan Obligations<sup>(c)</sup> – 8.5%** | **Collateralized Loan Obligations<sup>(c)</sup> – 8.5%** |
| 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 | 6.356 | 04/15/37 | 3261134 |
| 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 | 5.618 | 04/15/34 | 5607935 |
| 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 | 4.147 | 04/15/38 | 1897329 |
| 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 | 7.184 | 04/22/31 | 2103686 |
| 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 | 5.690 | 07/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809353 |
| 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 | 5.870 | 01/20/37 | 4763300 |
| 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 | 6.570 | 01/20/37 | 3794219 |
| CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.300%) |
| 14700000 | 0.000 | 07/15/38 | 14700000 |
| 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 | 5.470 | 01/20/35 | 6119561 |
| 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 | 6.281 | 07/20/34 | 4605893 |
| Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 3680000 | 3.893 | 02/15/38 | 4323254 |
| Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) | Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) | Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) | Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) |
| 11675000 | 0.000 | 07/20/38 | 11675000 |
| 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 | 5.760 | 07/30/37 | 2005152 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 13650000 | 5.773 | 07/20/38 | 13650000 |
| Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 3000000 | 5.656 | 10/15/37 | 3006288 |
| 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 | 6.920 | 10/20/36 | 4412610 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.400%) |
| 13300000 | 0.000% | 07/15/38 | $13346550 |
| 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 | 5.786 | 04/15/37 | 4497545 |
| 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%) |
| 3487332 | 5.502 | 04/14/33 | 3490477 |
| 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 | 5.606 | 01/15/38 | 3503899 |
| Oaktree CLO Ltd. Series 2022-1A, Class A1AR<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.370%) | Oaktree CLO Ltd. Series 2022-1A, Class A1AR<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.370%) | Oaktree CLO Ltd. Series 2022-1A, Class A1AR<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.370%) | Oaktree CLO Ltd. Series 2022-1A, Class A1AR<sup>(a)</sup> (-1X 3 mo. USD Term SOFR + 1.370%) |
| 4000000 | 1.000 | 07/15/38 | 4000000 |
| 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%) |
| 3042609 | 5.472 | 04/10/33 | 3044130 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 9900000 | 5.773 | 07/25/38 | 9942303 |
| 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 | 5.310 | 01/20/35 | 4674596 |
| 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 | 5.790 | 07/19/37 | 4012032 |
| 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 | 5.750 | 04/20/37 | 5026215 |
| 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 | 5.719 | 11/14/34 | 6004224 |
| 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 | 5.520 | 01/20/38 | 5206152 |
| 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 | 5038573 |
| 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 | 5.376 | 04/15/38 | 2789452 |
| Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) |
| 3730000 | 3.894 | 04/20/39 | 4371260 |
| 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 |
| 378342 | 5.750 | 12/20/50 | 381993 |
| TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.380%) | TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.380%) | TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.380%) | TCW CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.380%) |
| 4450000 | 5.722 | 03/31/38 | 4450000 |
| Texas Debt Capital CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Texas Debt Capital CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Texas Debt Capital CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Texas Debt Capital CLO Ltd. Series 2023-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 5500000 | 5.575 | 07/20/38 | 5500000 |
| 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%) |
| 2121928 | 5.631 | 07/18/31 | 2122803 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | 5.720% | 10/20/37 | $3014385 |
| Voya CLO Ltd. Series 2020-2A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.310%) | Voya CLO Ltd. Series 2020-2A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.310%) | Voya CLO Ltd. Series 2020-2A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.310%) | Voya CLO Ltd. Series 2020-2A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.310%) |
| 11350000 | 5.590 | 01/20/38 | 11366423 |
| 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 | 5.773 | 07/28/37 | 3245125 |
|  |  |  | 198762851 |
| **Credit Card – 1.2%** | **Credit Card – 1.2%** | **Credit Card – 1.2%** | **Credit Card – 1.2%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 7300000 | 4.510 | 04/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;7397908 |
| 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 | 8418783 |
| 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 | 4205010 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 4875000 | 4.490 | 06/21/32 | 4908731 |
| 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 | 4297031 |
|  |  |  | 29227463 |
| **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 | 2207214 |
| **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%) |
| 328828 | 4.813 | 09/26/33 | 324839 |
| 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%) |
| 1821118 | 5.541 | 04/20/31 | 1822037 |
| 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%) |
| 3999299 | 5.470 | 01/20/32 | 3995236 |
| 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 | 5.656 | 04/15/31 | 4625014 |
| 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%) |
| 774942 | 5.570 | 09/25/65 | 772604 |
| 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 | 5.886 | 04/15/37 | 4965513 |
|  |  |  | 16505243 |
| **TOTAL ASSET- BACKED SECURITIES<br>(Cost $265,486,915)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $265,486,915)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $265,486,915)** | $267164942 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **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 | $776063 |
| 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 | 255709 |
|  |  |  | 1031772 |
| **Sovereign – 0.2%** | **Sovereign – 0.2%** | **Sovereign – 0.2%** | **Sovereign – 0.2%** |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 1700000 | 6.125 | 05/22/28 | 1751544 |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 200000 | 3.750 | 01/11/28 | 197000 |
| 240000 | 3.250 <sup>(b)</sup> | 04/16/30 | 221280 |
| 1746000 | 3.500 <sup>(b)</sup> | 02/12/34 | 1473624 |
| 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> |
| 770000 | 3.000 | 02/27/27 | 741510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4384958 |
| **United States Dollar – 1.0%** | **United States Dollar – 1.0%** | **United States Dollar – 1.0%** | **United States Dollar – 1.0%** |
| 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 | 401692 |
| Israel Government AID Bonds<sup>(g)</sup> | Israel Government AID Bonds<sup>(g)</sup> | Israel Government AID Bonds<sup>(g)</sup> | Israel Government AID Bonds<sup>(g)</sup> |
| 4700000 | 5.500 | 09/18/33 | 5018425 |
| Israel Government International Bonds<sup>(h)</sup> | Israel Government International Bonds<sup>(h)</sup> | Israel Government International Bonds<sup>(h)</sup> | Israel Government International Bonds<sup>(h)</sup> |
| 200000 | 4.500 | 04/03/20 | 141313 |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 200000 | 4.750 <sup>(b)</sup> | 04/27/32 | 190400 |
| 1960000 | 3.771 <sup>(b)</sup> | 05/24/61 | 1154440 |
| 600000 | 3.750 <sup>(b)</sup> | 04/19/71 | 340800 |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| 360000 | 6.875 <sup>(b)</sup> | 01/31/36 | 358920 |
| 800000 | 6.853 <sup>(b)</sup> | 03/28/54 | 732700 |
| 210000 | 4.500 <sup>(b)</sup> | 01/19/63 | 134794 |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 10000 | 2.780 <sup>(b)</sup> | 12/01/60 | 5370 |
| 100000 | 3.230 <sup>(b)(i)</sup> | 07/28/21 | 53700 |
| Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| 11760000 | 0.600 | 07/23/25 | 11731776 |
| Republic of Poland Government International Bonds<sup>(b)</sup> | Republic of Poland Government International Bonds<sup>(b)</sup> | Republic of Poland Government International Bonds<sup>(b)</sup> | Republic of Poland Government International Bonds<sup>(b)</sup> |
| 2600000 | 5.125 | 09/18/34 | 2605200 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 690000 | 5.125 | 06/15/48 | 528816 |
| 580000 | 4.000 | 02/14/51 | 363499 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 680000 | 3.800 | 05/13/60 | 441320 |
|  |  |  | 24203165 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,917,802)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,917,802)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,917,802)** | $29619895 |
| **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 | $6215068 |
| 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 | 2383425 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Agency Debentures – (continued)** | **Agency Debentures – (continued)** | **Agency Debentures – (continued)** | **Agency Debentures – (continued)** |
| **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
| 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 | $10994569 |
| 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 | 3630298 |
| **TOTAL AGENCY DEBENTURES<br>(Cost $25,228,481)** | **TOTAL AGENCY DEBENTURES<br>(Cost $25,228,481)** | **TOTAL AGENCY DEBENTURES<br>(Cost $25,228,481)** | $23223360 |
| **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 | $43190 |
| **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079187 |
| **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 | 532377 |
| **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 | 44564 |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469222 |
| 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 |
| 1020883 | 5.100 | 06/01/33 | 1023929 |
| 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 | 44274 |
|  |  |  | 2581989 |
| **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309001 |
| **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 | 44617 |
| **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 | 188088 |
| 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 | 43712 |
|  |  |  | 231800 |
| **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 | 1547150 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $43279 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $11,012,678)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $11,012,678)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $11,012,678)** | $11412590 |
| **U.S. Treasury Obligations – 23.3%** | **U.S. Treasury Obligations – 23.3%** | **U.S. Treasury Obligations – 23.3%** | **U.S. Treasury Obligations – 23.3%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 6530000 | 4.250% | 05/15/39 | $6354506 |
| 6740000 | 4.375 | 05/15/40 | 6585191 |
| 75750000 | 4.250 | 11/15/40 | 72589805 |
| 210000 | 3.375 | 05/15/44 | 172659 |
| 51100000 | 3.000 | 02/15/47 | 38364922 |
| 6740000 | 3.125 | 05/15/48 | 5113975 |
| 6490000 | 3.375 | 11/15/48 | 5134198 |
| 6820000 | 2.875 | 05/15/49 | 4896547 |
| 7580000 | 2.375 | 11/15/49 | 4876072 |
| 7925500 | 4.000 | 11/15/52 | 6932336 |
| 5220000 | 4.750 | 11/15/53 | 5174325 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 6615839 | 1.500 | 02/15/53 | 5242278 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 21720000 | 0.750 | 05/31/26 | 21078581 |
| 46220000 | 0.875 | 06/30/26 | 44811734 |
| 59493500 | 4.375 | 08/15/26 | 59751460 |
| 24880000 | 0.750 | 08/31/26 | 23979072 |
| 22370000 | 1.375 | 08/31/26 | 21718124 |
| 25100000 | 2.625 | 05/31/27 | 24583293 |
| 25680000 | 0.500 | 06/30/27 | 24097069 |
| 16320000 | 3.500 | 04/30/28 | 16232025 |
| 36750000 | 1.250 | 05/31/28 | 34283731 |
| 1000000 | 4.625 | 09/30/28 | 1027813 |
| 7010000 | 1.500 | 02/15/30 | 6344050 |
| 3831000 | 3.625 | 03/31/30 | 3803764 |
| 2512700 | 0.625 | 05/15/30 | 2162100 |
| 19890000 | 3.875 | 06/30/30 | 19967695 |
| 19980000 | 4.000 | 06/30/32 | 19995609 |
| 2490000 | 4.375 | 05/15/34 | 2529295 |
| U.S. Treasury STRIPS Coupon | U.S. Treasury STRIPS Coupon | U.S. Treasury STRIPS Coupon | U.S. Treasury STRIPS Coupon |
| 37781200 | 0.000 <sup>(j)</sup> | 11/15/29 | 31932365 |
| 2540000 | 0.000 <sup>(j)</sup> | 08/15/30 | 2078771 |
| 2540000 | 0.000 <sup>(j)</sup> | 11/15/30 | 2055352 |
| 2540000 | 0.000 <sup>(j)</sup> | 11/15/31 | 1961785 |
| 2540000 | 0.000 <sup>(j)</sup> | 08/15/33 | 1802735 |
| 26090000 | 0.000 <sup>(j)</sup> | 05/15/35 | 16900468 |
| 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 | 3237928 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $586,725,346)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $586,725,346)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $586,725,346)** | $547771633 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(k)</sup> – 10.6%** | **Investment Company<sup>(k)</sup> – 10.6%** | **Investment Company<sup>(k)</sup> – 10.6%** | **Investment Company<sup>(k)</sup> – 10.6%** | **Investment Company<sup>(k)</sup> – 10.6%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 249294957 |  | 4.231% | $249294957 |
| **(Cost $249,294,957)** | **(Cost $249,294,957)** | **(Cost $249,294,957)** | **(Cost $249,294,957)** |  |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 114.8 %<br>(Cost $2,755,579,246)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 114.8 %<br>(Cost $2,755,579,246)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 114.8 %<br>(Cost $2,755,579,246)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 114.8 %<br>(Cost $2,755,579,246)** | $2696342084 |
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments – 0.7%** | **Short-term Investments – 0.7%** | **Short-term Investments – 0.7%** | **Short-term Investments – 0.7%** | **Short-term Investments – 0.7%** |
|  **Certificates of Deposit – 0.3%** | **Certificates of Deposit – 0.3%** | **Certificates of Deposit – 0.3%** | **Certificates of Deposit – 0.3%** | **Certificates of Deposit – 0.3%** |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
|  $ | 5840000 | 4.630% | 08/28/25 | $5841817 |
|  **Commercial Paper<sup>(c)(j)</sup> – 0.4%** | **Commercial Paper<sup>(c)(j)</sup> – 0.4%** | **Commercial Paper<sup>(c)(j)</sup> – 0.4%** | **Commercial Paper<sup>(c)(j)</sup> – 0.4%** | **Commercial Paper<sup>(c)(j)</sup> – 0.4%** |
|  Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC |
|  | 9743000 | 0.000 | 07/01/25 | 9741804 |
| **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $15,583,093)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $15,583,093)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $15,583,093)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $15,583,093)** | $15583621 |
| **TOTAL INVESTMENTS – 116.5%<br>(Cost $2,796,390,820)** | **TOTAL INVESTMENTS – 116.5%<br>(Cost $2,796,390,820)** | **TOTAL INVESTMENTS – 116.5%<br>(Cost $2,796,390,820)** | **TOTAL INVESTMENTS – 116.5%<br>(Cost $2,796,390,820)** | $2735149065 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (16.5)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (16.5)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (16.5)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (16.5)%** | (386868263) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2348280802 |

---

---

| | |
|:---|:---|
| 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) | 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 June 30, 2025. |
| (b) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (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 $424,592,894 which represents approximately 18.1% of net assets as of June 30, 2025. |
| (f) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $11,357,010, which represents approximately 0.5% of the Fund's net assets as of June 30, 2025. |
| (g) | Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,018,425, which represents approximately 0.2% of the Fund's net assets as of June 30, 2025 |
| (h) | Actual maturity date is April 03, 2120. |
| (i) | Actual maturity date is July 28, 2121. |
| (j) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (k) | Represents an affiliated issuer. |

---

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 10737017 | EUR | 9117170 | 09/23/25 | $(62795) |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD SALES CONTRACTS** — At June 30, 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 | 07/15/25 | $(25000000) | $(22091480) |
|  Government National Mortgage Association | 4.500 | TBA - 30yr | 07/15/25 | (16000000) | (15308288) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 07/15/25 | (37000000) | (29276242) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 07/15/25 | (140000000) | (133864052) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 07/15/25 | (43000000) | (42136629) |
|  **(PROCEEDS RECEIVED: $(239528125))** |  |  |  |  | $(242676691) |

---

(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 June 30, 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 | 561 | 09/19/25 | $62902125 | $100934 |
|  2 Year U.S. Treasury Notes | 847 | 09/30/25 | 176195852 | 593987 |
|  20 Year U.S. Treasury Bonds | 328 | 09/19/25 | 37873750 | 1096294 |
|  30 Year German Euro-Buxl | 5 | 09/08/25 | 699349 | (8725) |
|  5 Year German Euro-Bund | 5 | 09/08/25 | 766551 | (3801) |
|  5 Year U.S. Treasury Notes | 2298 | 09/30/25 | 250482000 | 1958851 |
|  ICE 3M Sonia Bonds | 270 | 03/17/26 | 89304417 | 125958 |
|  Ultra Long U.S. Treasury Bonds | 975 | 09/19/25 | 116146875 | 4564942 |
|  **Total** |  |  |  | $8428440 |
|  **Short position contracts:** |  |  |  |  |
|  French 10 Year Government Bonds | (2) | 09/08/25 | (291755) | 1787 |
|  Ultra 10-Year U.S. Treasury Notes | (95) | 09/19/25 | (10855234) | (192072) |
|  **Total** |  |  |  | $(190285) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $8238155 |

---

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M EURO<sup>(b)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;1.892%<sup>(b)</sup> | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615980 | $(23654) | $(20) | $(23634) |
|  12M SOFR<sup>(b)</sup><br> 3.620<sup>(b)</sup> | 06/30/27 | $67950 | 269986 | (38898) | 308884 |
|  6M EURO<sup>(c)</sup><br> 1.500<sup>(b)</sup> | 09/17/27 | 7440 | (84924) | (79800) | (5124) |
|  3.750%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 09/17/27 | $99830 | (768341) | (236973) | (531368) |
|  6M EURO<sup>(b)</sup><br> 2.000<sup>(b)</sup> | 09/17/27 | 5900 | 30615 | 31111 | (496) |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M STIBOR<sup>(d)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;2.250%<sup>(b)</sup> | 09/17/27 | 608860 | $466074 | $281889 | $184185 |
|  6M CDOR<sup>(c)</sup><br> 2.500<sup>(c)</sup> | 09/17/27 | 3110 | 2425 | 398 | 2027 |
|  6M CDOR<sup>(c)</sup><br> 2.750<sup>(c)</sup> | 09/17/27 | 91700 | 396335 | 237526 | 158809 |
|  3M AUDOR<sup>(d)</sup><br> 3.500<sup>(d)</sup> | 09/17/27 | 13850 | 71576 | 52333 | 19243 |
|  6M GBP<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 09/17/27 | 1540 | (1256) | (9369) | 8113 |
|  12M SOFR<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 09/17/27 | $2030 | 5939 | (1819) | 7758 |
|  6M GBP<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 09/17/27 | 67930 | 383130 | 45177 | 337953 |
|  12M SOFR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 09/17/27 | $8860 | 68191 | 21093 | 47098 |
|  3.750%<sup>(d)</sup><br> 3M AUDOR<sup>(d)</sup> | 09/17/27 | 164850 | (1372551) | (1184504) | (188047) |
|  6M NIBOR<sup>(c)</sup><br> 4.250<sup>(b)</sup> | 09/17/27 | 588470 | 565870 | 227233 | 338637 |
| 0.750<sup>(b)</sup><br> 6M JYOR<sup>(b)</sup> | 09/17/27 | 5369000 | 19954 | 29442 | (9488) |
|  3M EURO<sup>(d)</sup><br> 2.143<sup>(e)</sup> | 11/20/27 | 311870 | 376037 | (2376770) | 2752807 |
| 2.180<sup>(e)</sup><br> 6M EURO<sup>(c)</sup> | 11/20/27 | 311870 | (246687) | (2155460) | 1908773 |
|  6M EURO<sup>(c)</sup><br> 2.500<sup>(b)</sup> | 05/14/28 | 19494 | 172308 | (306258) | 478566 |
|  12M SOFR<sup>(e)</sup><br> 3.368<sup>(e)</sup> | 06/23/28 | $87840 | 136301 | 17504 | 118797 |
|  6M EURO<sup>(c)</sup><br> 2.325<sup>(b)</sup> | 02/25/29 | 16413 | 12316 | (948824) | 961140 |
| 3.620<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 11/30/29 | $74200 | (777809) | (55724) | (722085) |
| 3.600<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 11/30/29 | 64940 | (629853) | 73010 | (702863) |
| 3.600<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 06/23/30 | 92540 | (228268) | (20124) | (208144) |
|  6M EURO<sup>(c)</sup><br> 2.000<sup>(b)</sup> | 09/17/30 | 19020 | (301499) | (287594) | (13905) |
|  6M CDOR<sup>(c)</sup><br> 2.750<sup>(c)</sup> | 09/17/30 | 13210 | 58557 | 5182 | 53375 |
|  6M GBP<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 09/17/30 | 16100 | 111480 | (78025) | 189505 |
|  3M NZDOR<sup>(d)</sup><br> 3.750<sup>(c)</sup> | 09/17/30 | 29410 | 116900 | 90008 | 26892 |
| 1.000<sup>(b)</sup><br> 6M JYOR<sup>(b)</sup> | 09/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17515570 | (377679) | (292510) | (85169) |
|  12M SOFR<sup>(b)</sup><br> 3.845<sup>(b)</sup> | 05/21/32 | $14890 | 204840 | (4071) | 208911 |
|  12M SOFR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 09/17/32 | 320 | 4749 | (242) | 4991 |
| 1.295<sup>(b)</sup><br> 6M JYOR<sup>(b)</sup> | 08/02/34 | 2843586 | 96548 | (803643) | 900191 |
|  12M SOFR<sup>(b)</sup><br> 4.098<sup>(b)</sup> | 06/24/35 | $22530 | 83532 | 6443 | 77089 |
|  6M CHFOR<sup>(b)</sup><br> 0.500<sup>(b)</sup> | 09/17/35 | 870 | (5549) | (1812) | (3737) |
| 3.750<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 09/17/35 | $7150 | (42984) | 98402 | (141386) |
|  6M EURO<sup>(c)</sup><br> 2.000<sup>(b)</sup> | 09/17/35 | 1390 | (89832) | (98193) | 8361 |
|  3M STIBOR<sup>(d)</sup><br> 2.750<sup>(b)</sup> | 09/17/35 | 42880 | 80850 | 30928 | 49922 |
|  6M CDOR<sup>(c)</sup><br> 3.000<sup>(c)</sup> | 09/17/35 | 6140 | 4843 | (38817) | 43660 |
|  6M GBP(b)<br> 3.750<sup>(b)</sup> | 09/17/35 | 1680 | (45377) | (68680) | 23303 |
|  12M SOFR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 09/17/35 | $5910 | 35530 | (47531) | 83061 |
| 4.500<sup>(c)</sup><br> 3M AUDOR<sup>(c)</sup> | 09/17/35 | 610 | (14400) | (11586) | (2814) |
|  3M NZDOR<sup>(d)</sup><br> 4.250<sup>(c)</sup> | 09/17/35 | 14860 | 103358 | 89443 | 13915 |
| 1.250<sup>(b)</sup><br> 6M JYOR<sup>(b)</sup> | 09/17/35 | 4428000 | (1239) | 104190 | (105429) |
| 4.250<sup>(b)</sup><br> 6M NIBOR<sup>(c)</sup> | 09/17/35 | 81170 | (329260) | (164589) | (164671) |
|  6M JYOR<sup>(b)</sup><br> 2.160<sup>(b)</sup> | 08/02/44 | 3201470 | (702489) | (1049848) | 347359 |
|  6M EURO<sup>(c)</sup><br> 2.000<sup>(b)</sup> | 09/17/45 | 3940 | (586021) | (509307) | (76714) |
| 2.000<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 05/17/53 | 6984 | 585656 | (71127) | 656783 |
| 2.500<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 11/10/53 | 4935 | 151312 | (544180) | 695492 |
| 4.213<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 05/21/55 | $8590 | (75827) | 56312 | (132139) |
|  6M JYOR<sup>(b)</sup><br> 1.750<sup>(b)</sup> | 09/17/55 | 1273000 | (955261) | (948358) | (6903) |
| 1.750<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 09/17/55 | 5060 | 1233539 | 1095235 | 138304 |
|  6M EURO<sup>(b)</sup><br> 2.530<sup>(b)</sup> | 03/19/56 | 5690 | (206436) | (46593) | (159843) |
| 2.610<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 03/19/56 | 5690 | 232382 | 21717 | 210665 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.500%<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 09/17/75 | EUR 1,990 | $113476 | $36965 | $76511 |
|  **TOTAL** |  |  | $(1672587) | $(9829708) | $8157121 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(b) Payments made annually.

(c) Payments made semi-annually.

(d) Payments made quarterly.

(e) Payments made at maturity.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<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% | 0.397% | 06/20/29 | $102467 | $2318627 | $1710804 | $607823 |
|  CDX.NA.IG Index 43 | 1.000 | 0.453 | 12/20/29 | 145975 | 3331902 | 2926660 | 405242 |
|  CDX.NA.IG Index 44 | 1.000 | 0.510 | 06/20/30 | 73900 | 1659214 | 1413345 | 245869 |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.538 | 06/20/30 | 5440 | 116385 | 99732 | 16653 |
|  Republic of Indonesia, 8.750%, 11/21/33 | 1.000 | 0.822 | 06/20/30 | 5160 | 43177 | 25697 | 17480 |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000 | 0.633 | 06/20/30 | 5150 | 87114 | 60350 | 26764 |
|  **TOTAL** |  |  |  |  | $7556419 | $6236588 | $1319831 |

---

(a) Payments made quarterly.

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

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At June 30, 2025, the Fund had the following purchased and written options:

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 1.950% | 05/11/2026 | 8300000 | $8300000 | $40042 | $105033 | $(64991) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 8320000 | 8320000 | 51895 | 113007 | (61112) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 8390000 | 8390000 | 61694 | 126107 | (64413) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 21170000 | 21170000 | 161620 | 143675 | 17945 |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 3920000 | 3920000 | 52569 | 62027 | (9458) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 50100000 | $50100000 | $367820 | $549849 | $(182029) |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**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)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065% | 05/11/2026 | (2440000) | $(2440000) | $(16506) | $(104822) | $88316 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (2450000) | (2450000) | (18676) | (113166) | 94490 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (2470000) | (2470000) | (32921) | (126195) | 93274 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (1970000) | (1970000) | (85823) | (143391) | 57568 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (1640000) | (1640000) | (49136) | (61805) | 12669 |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (4950000) | (4950000) | (21650) | (38352) | 16702 |
|  1M IRS | Citibank NA | 2.606 | 07/30/2025 | (4920000) | (4920000) | (36169) | (36512) | 343 |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (5510000) | (5510000) | (48709) | (45678) | (3031) |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (5650000) | (5650000) | (125210) | (48025) | (77185) |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (5550000) | (5550000) | (111998) | (48285) | (63713) |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (4930000) | (4930000) | (17951) | (36247) | 18296 |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (5040000) | (5040000) | (19283) | (36848) | 17565 |
|  1M IRS | MS & Co. Int. PLC | 3.768 | 07/23/2025 | (5430000) | (5430000) | (62789) | (47648) | (15141) |
|  |  |  |  | (52950000) | $(52950000) | $(646821) | $(886974) | $240153 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (4950000) | (4950000) | (34261) | (38352) | 4091 |
|  1M IRS | Citibank NA | 2.606 | 07/30/2025 | (4920000) | (4920000) | (38271) | (36512) | (1759) |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (5510000) | (5510000) | (44103) | (45678) | 1575 |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (5650000) | (5650000) | (1179) | (48025) | 46846 |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (5550000) | (5550000) | (5258) | (48285) | 43027 |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (4930000) | (4930000) | (53542) | (36247) | (17295) |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (5040000) | (5040000) | (23804) | (36848) | 13044 |
|  1M IRS | MS & Co. Int. PLC | 3.768 | 07/23/2025 | (5430000) | (5430000) | (24017) | (47648) | 23631 |
|  |  |  |  | (41980000) | $(41980000) | $(224435) | $(337595) | $113160 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (94930000) | $(94930000) | $(871256) | $(1224569) | $353313 |
|  **TOTAL** |  |  |  | (44830000) | $(44830000) | $(503436) | $(674720) | $171284 |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| USD | — U.S. Dollar |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **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 |
| **Abbreviations:** | **Abbreviations:** |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 2Y IRS | — 1 Year Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.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 |
| CHFOR | — Swiss Franc Offered Rate |
| EURO | — Euro Offered Rate |
| JYOR | — Japanese Yen Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| SOFR | — Secured Overnight Financing Rate |
| STIBOR | — Stockholm Interbank Offered Rate |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

## Schedule of Investments
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 61.4%** | **Mortgage-Backed Obligations – 61.4%** | **Mortgage-Backed Obligations – 61.4%** | **Mortgage-Backed Obligations – 61.4%** |
| **Collateralized Mortgage Obligations – 6.9%** | **Collateralized Mortgage Obligations – 6.9%** | **Collateralized Mortgage Obligations – 6.9%** | **Collateralized Mortgage Obligations – 6.9%** |
| **Interest Only – 0.7%** | **Interest Only – 0.7%** | **Interest Only – 0.7%** | **Interest Only – 0.7%** |
| 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%) |
| 3215890 | 1.682 %<sup>(a)(b)</sup> | 05/15/45 | $363568 |
| 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 |
| 1511823 | 4.000 <sup>(a)</sup> | 09/25/50 | 310565 |
| 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%) |
| 1805674 | 2.030 <sup>(a)(b)</sup> | 10/25/41 | 200061 |
| 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%) |
| 1658744 | 2.250 <sup>(a)(b)</sup> | 07/25/42 | 172022 |
| 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%) |
| 731475 | 1.730 <sup>(a)(b)</sup> | 01/25/48 | 91700 |
| 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%) |
| 2339058 | 1.248 <sup>(a)(b)(c)</sup> | 03/20/40 | 203396 |
| 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%) |
| 2908060 | 1.718 <sup>(a)(b)(c)</sup> | 07/20/43 | 313061 |
| 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%) |
| 3170689 | 1.718 <sup>(a)(b)(c)</sup> | 04/20/43 | 231541 |
| 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 |
| 491771 | 4.500 <sup>(a)(c)</sup> | 12/16/42 | 14758 |
| 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%) |
| 2817344 | 1.668 <sup>(a)(b)(c)</sup> | 10/20/43 | 152118 |
| 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 |
| 2152594 | 4.000 <sup>(a)(c)</sup> | 08/20/44 | 289132 |
| 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%) |
| 1046102 | 1.268 <sup>(a)(b)(c)</sup> | 09/20/45 | 104704 |
| 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%) |
| 1355650 | 1.268 <sup>(a)(b)(c)</sup> | 09/20/45 | 135992 |
| 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 |
| 809230 | 4.500 <sup>(a)(c)</sup> | 09/16/45 | 153685 |
| 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%) |
| 2892826 | 1.768 <sup>(a)(b)(c)</sup> | 08/20/45 | 363029 |
| 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%) |
| 3524844 | 1.268 <sup>(a)(b)(c)</sup> | 10/20/45 | 321632 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| Government National Mortgage Association REMICS Series 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%) |
| 1865084 | 1.768 %<sup>(a)(b)(c)</sup> | 09/20/45 | $234055 |
| 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%) |
| 4350773 | 1.218 <sup>(a)(b)(c)</sup> | 01/20/46 | 371884 |
| 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%) |
| 846409 | 1.228 <sup>(a)(b)(c)</sup> | 07/20/47 | 88428 |
| 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%) |
| 941483 | 1.268 <sup>(a)(b)(c)</sup> | 01/20/48 | 101794 |
| 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%) |
| 1360013 | 1.768 <sup>(a)(b)(c)</sup> | 05/20/48 | 169097 |
| 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%) |
| 1218829 | 1.768 <sup>(a)(b)(c)</sup> | 09/20/48 | 153318 |
| 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%) |
| 578538 | 1.768 <sup>(a)(b)(c)</sup> | 09/20/48 | 71519 |
| 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%) |
| 848384 | 1.718 <sup>(a)(b)(c)</sup> | 10/20/48 | 103530 |
| 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%) |
| 338089 | 1.618 <sup>(a)(b)(c)</sup> | 01/20/49 | 39491 |
| 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%) |
| 957254 | 1.618 <sup>(a)(b)(c)</sup> | 01/20/49 | 112260 |
| 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%) |
| 580099 | 1.668 <sup>(a)(b)(c)</sup> | 06/20/49 | 67700 |
| 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 |
| 2087468 | 3.500 <sup>(a)(c)</sup> | 10/20/49 | 372897 |
| 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%) |
| 2566498 | 1.618 <sup>(a)(b)(c)</sup> | 02/20/50 | 332144 |
| 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 |
| 2934113 | 4.000 <sup>(a)(c)</sup> | 06/20/50 | 638402 |
| 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 |
| 7702915 | 2.500 <sup>(a)(c)</sup> | 10/20/50 | 1150446 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

## Schedule of Investments (continued)
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| Government National Mortgage Association REMICS Series 2020-146, 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 |
| 1066989 | 2.500 %<sup>(a)(c)</sup> | 10/20/50 | $157496 |
|  |  |  | 7585425 |
| **Regular Floater – 0.1%** | **Regular Floater – 0.1%** | **Regular Floater – 0.1%** | **Regular Floater – 0.1%** |
| 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%) |
| 111868 | 4.788 <sup>(b)</sup> | 03/15/41 | 111563 |
| 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%) |
| 103510 | 4.768 <sup>(b)</sup> | 10/15/36 | 102652 |
| 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%) |
| 67118 | 4.818 <sup>(b)</sup> | 12/15/36 | 66363 |
| 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%) |
| 118110 | <sub>5.018</sub> <sub></sub>(b)(c) | 09/15/37 | 117441 |
| 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%) |
| 31482 | 5.268 <sup>(b)</sup> | 06/15/39 | 31724 |
| 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%) |
| 208250 | 4.820 <sup>(b)</sup> | 06/25/36 | 206455 |
| 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%) |
| 244051 | 4.820 <sup>(b)</sup> | 08/25/36 | 242003 |
| 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%) |
| 248862 | 4.820 <sup>(b)</sup> | 08/25/36 | 246734 |
| 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%) |
| 84379 | 4.870 <sup>(b)</sup> | 08/25/37 | 83806 |
| 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%) |
| 30944 | 5.520 <sup>(b)</sup> | 10/25/39 | 31314 |
|  |  |  | 1240055 |
| **Sequential Fixed Rate – 0.6%** | **Sequential Fixed Rate – 0.6%** | **Sequential Fixed Rate – 0.6%** | **Sequential Fixed Rate – 0.6%** |
| 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 |
| 2581969 | 5.695 <sup>(c)(d)(e)</sup> | 08/25/55 | 2592206 |
| 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 |
| 278920 | 6.000 <sup>(c)</sup> | 06/25/36 | 229043 |
| 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 |
| 497195 | 6.500 <sup>(c)</sup> | 07/25/36 | 407234 |
| 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 |
| 177436 | 5.500 <sup>(c)</sup> | 02/25/36 | 144335 |
| 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 <sup>(c)</sup> | 08/25/36 | 441501 |
| 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 |
| 1322812 | 6.000 <sup>(c)</sup> | 10/25/37 | 652293 |
| 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 |
| 1332425 | 1.829 <sup>(c)(d)(e)</sup> | 10/25/66 | 1197340 |
|  |  |  | 5663952 |
| **Sequential Floating Rate – 5.5%** | **Sequential Floating Rate – 5.5%** | **Sequential Floating Rate – 5.5%** | **Sequential Floating Rate – 5.5%** |
| 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 |
| 310087 | 1.458 <sup>(b)(c)(d)</sup> | 09/25/66 | 260146 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 |
| 533681 | 2.805 %<sup>(b)(c)(d)</sup> | 06/25/65 | $514939 |
| Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 |
| 1054000 | 4.500 <sup>(b)(c)(d)</sup> | 01/26/65 | 999681 |
| 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>(b)(c)(d)</sup> | 11/25/59 | 1197615 |
| 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 |
| 4208 | 4.924 <sup>(b)(c)</sup> | 03/25/37 | 4137 |
| 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>(b)(c)(d)</sup> | 02/25/55 | 177323 |
| 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%) |
| 1587811 | 4.934 <sup>(b)(c)</sup> | 08/25/37 | 1029844 |
| 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%) |
| 216357 | 4.934 <sup>(b)(c)</sup> | 07/25/35 | 142989 |
| 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%) |
| 242341 | 5.234 <sup>(b)(c)</sup> | 12/25/35 | 206990 |
| 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%) |
| 237329 | 4.834 <sup>(b)(c)</sup> | 08/25/37 | 151471 |
| 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>(b)(c)(d)</sup> | 02/25/50 | 627065 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) |
| 600000 | 9.955 <sup>(b)(c)(d)</sup> | 12/25/50 | 684306 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) |
| 1684375 | 5.405 <sup>(b)(c)(d)</sup> | 05/25/45 | 1687064 |
| 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%) |
| 356277 | 6.470 <sup>(b)(c)(d)</sup> | 04/25/49 | 361576 |
| 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 | 7.305 <sup>(b)(c)(d)</sup> | 04/25/42 | 286388 |
| 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 | 7.855 <sup>(b)(c)(d)</sup> | 10/25/43 | 2302395 |
| 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 | 7.005 <sup>(b)(c)(d)</sup> | 01/25/44 | 2872447 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1350000 | 6.105 <sup>(b)(c)(d)</sup> | 01/25/44 | 1364430 |
| 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%) |
| 1417804 | 5.456 <sup>(b)(c)(d)</sup> | 03/25/44 | 1418987 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 3200000 | 5.955 %<sup>(b)(c)(d)</sup> | 05/25/44 | $3215660 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 900000 | 6.256 <sup>(b)(c)(d)</sup> | 03/25/44 | 908384 |
| 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 | 7.106 <sup>(b)(c)(d)</sup> | 03/25/44 | 2341590 |
| 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%) |
| 384892 | 5.305 <sup>(b)(c)(d)</sup> | 07/25/44 | 384652 |
| 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 | 5.905 <sup>(b)(c)(d)</sup> | 09/25/44 | 2486720 |
| 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 | 6.355 <sup>(b)(c)(d)</sup> | 09/25/44 | 1406836 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) |
| 2172000 | 6.006 <sup>(b)(c)(d)</sup> | 01/25/45 | 2167614 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) |
| 2300000 | 6.555 <sup>(b)(c)(d)</sup> | 03/25/45 | 2340031 |
| 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>(b)(c)(d)</sup> | 04/25/65 | 1487540 |
| 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%) |
| 3531392 | 1.818 <sup>(b)(c)</sup> | 05/20/53 | 232972 |
| 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%) |
| 6526579 | 2.198 <sup>(b)(c)</sup> | 09/20/53 | 452891 |
| 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 |
| 1162606 | 2.520 <sup>(b)(c)(d)</sup> | 05/25/52 | 980840 |
| 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 |
| 398188 | 3.513 <sup>(b)(c)(d)</sup> | 07/25/52 | 352001 |
| 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 |
| 1354271 | 5.000 <sup>(b)(c)(d)</sup> | 07/25/53 | 1317346 |
| 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 |
| 1397880 | 4.625 <sup>(b)(c)(d)</sup> | 07/25/63 | 1372598 |
| 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>(b)(c)(d)</sup> | 08/25/54 | 611381 |
| 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 |
| 1377088 | 5.990 <sup>(b)(c)(d)</sup> | 07/25/64 | 1387809 |
| 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 |
| 1985127 | 3.000 <sup>(b)(c)(d)</sup> | 05/25/54 | 1793713 |
| 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 |
| 1544012 | 6.192 <sup>(b)(c)(d)</sup> | 07/25/64 | 1557617 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 |
| 590128 | 5.250 %<sup>(b)(c)(d)</sup> | 11/25/63 | $592701 |
| 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 |
| 779667 | 4.750 <sup>(b)(c)(d)</sup> | 01/25/63 | 763942 |
| 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>(b)(c)(d)</sup> | 02/25/64 | 887070 |
| 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 |
| 878982 | 6.000 <sup>(b)(c)(d)</sup> | 06/25/54 | 886319 |
| 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>(b)(c)(d)</sup> | 01/26/65 | 722511 |
| 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 |
| 262529 | 3.250 <sup>(b)(c)(d)</sup> | 07/25/59 | 255611 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1 |
| 1870564 | 5.960 <sup>(b)(c)(d)</sup> | 03/25/70 | 1892443 |
| 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>(b)(c)(d)</sup> | 11/25/61 | 389965 |
| 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 |
| 982429 | 3.500 <sup>(b)(c)(d)</sup> | 08/25/52 | 867608 |
| 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%) |
| 57007 | 4.844 <sup>(b)(c)</sup> | 09/25/46 | 55481 |
| 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>(b)(c)(d)</sup> | 05/25/60 | 146860 |
| 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>(b)(c)(d)</sup> | 04/25/60 | 1800728 |
| 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>(b)(c)(d)</sup> | 01/25/60 | 496535 |
| 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 |
| 201356 | 1.630 <sup>(b)(c)(d)</sup> | 10/25/66 | 175862 |
| 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 |
| 678386 | 1.824 <sup>(b)(c)(d)</sup> | 11/25/66 | 615295 |
| 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 |
| 637559 | 2.137 <sup>(b)(c)(d)</sup> | 10/25/66 | 553931 |
| 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 |
| 1052009 | 3.288 <sup>(b)(c)(d)</sup> | 01/25/67 | 956402 |
| 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 | 7.764 <sup>(b)(c)(d)</sup> | 03/25/68 | 503849 |
| 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>(b)(c)(d)</sup> | 08/25/55 | 474039 |
|  |  |  | 56125140 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 70614572 |
| **Commercial Mortgage-Backed Securities – 12.9%** | **Commercial Mortgage-Backed Securities – 12.9%** | **Commercial Mortgage-Backed Securities – 12.9%** | **Commercial Mortgage-Backed Securities – 12.9%** |
| **Regular Floater – 0.5%** | **Regular Floater – 0.5%** | **Regular Floater – 0.5%** | **Regular Floater – 0.5%** |
| 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 | 5.804 %<sup>(b)(d)</sup> | 11/15/41 | $1801265 |
| 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 | 6.444 <sup>(b)(d)</sup> | 11/15/29 | 2549367 |
| 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 | 7.242 <sup>(b)(d)</sup> | 11/15/29 | 549522 |
|  |  |  | 4900154 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 – 5.4%** | **Sequential Fixed Rate – 5.4%** | **Sequential Fixed Rate – 5.4%** | **Sequential Fixed Rate – 5.4%** |
| 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 | $2292756 |
| 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 | 912080 |
| 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 | 736697 |
| 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 | 1424525 |
| 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 | 1806436 |
| 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 | 1376441 |
| 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 | 1280314 |
| 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 | 1570531 |
| 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 | 704827 |
| Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 |
| 2000000 | 5.452 <sup>(c)</sup> | 06/15/30 | 2057925 |
| 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 | 1635595 |
| 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 | 754225 |
| 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 | 1440404 |
| 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 | 1478323 |
| BBCMS Mortgage Trust Series 2025-5C34, Class A3 | BBCMS Mortgage Trust Series 2025-5C34, Class A3 | BBCMS Mortgage Trust Series 2025-5C34, Class A3 | BBCMS Mortgage Trust Series 2025-5C34, Class A3 |
| 3000000 | 5.659 <sup>(c)</sup> | 05/15/58 | 3126011 |
| 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 | 1029259 |
| 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 | 868021 |
| 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 | 1163371 |
| 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 | 902695 |
| 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 | 1200879 |
| 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 |
| 1742480 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 1656764 |
| 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 | 1072663 |
| 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 | 622799 |
| 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 | 2630202 |
| 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 | 1508585 |
| 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 | 1417988 |
| 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 | 1228482 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| JP Morgan 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 | $1297694 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
| 1900000 | 6.234 <sup>(d)</sup> | 06/05/42 | 1971311 |
| 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 | 1393272 |
| 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 | 1668091 |
| 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 | 3985538 |
| 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 | 2450470 |
| 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 | 2629224 |
| 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 | 666402 |
| 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 | 1331453 |
| 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 | 45941 |
|  |  |  | 55338194 |
| **Sequential Floating Rate – 7.0%** | **Sequential Floating Rate – 7.0%** | **Sequential Floating Rate – 7.0%** | **Sequential Floating Rate – 7.0%** |
| 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 |
| 1050000 | 2.778 <sup>(b)</sup> | 11/15/54 | 885336 |
| 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 | 1093693 |
| 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 | 525981 |
| 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 | 1587041 |
| 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 | 2144628 |
| 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 | 1288122 |
| Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS |
| 1575000 | 5.875 <sup>(b)(c)</sup> | 05/15/68 | 1652896 |
| 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 | 7.000 <sup>(b)(c)</sup> | 08/15/57 | 309572 |
| 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 | 1199857 |
| 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 | 512103 |
| 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 | 5.231 <sup>(b)(d)</sup> | 03/15/37 | 2457417 |
| 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 | 5.480 <sup>(b)(d)</sup> | 03/15/37 | 690110 |
| 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 | 1587953 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 2250000 | 6.200 %<sup>(b)(d)</sup> | 06/15/42 | $2252981 |
| 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 | 4.970 <sup>(b)</sup> | 07/15/54 | 1365731 |
| 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 | 862047 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 2400000 | 5.548 <sup>(b)(d)</sup> | 06/15/44 | 2452472 |
| 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%) |
| 951925 | 5.703 <sup>(b)(d)</sup> | 03/15/41 | 952635 |
| 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%) |
| 1067792 | 6.003 <sup>(b)(d)</sup> | 08/15/39 | 1070287 |
| 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 | 5.591 <sup>(b)(d)</sup> | 11/13/46 | 1008394 |
| 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%) |
| 898990 | 6.763 <sup>(b)(d)</sup> | 08/15/39 | 898467 |
| 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 | 5.954 <sup>(b)(d)</sup> | 02/15/41 | 1424298 |
| 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 | 6.402 <sup>(b)(d)</sup> | 03/15/41 | 499605 |
| 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 | 7.351 <sup>(b)(d)</sup> | 03/15/41 | 149994 |
| 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 | 6.153 <sup>(b)(d)</sup> | 04/15/26 | 1973275 |
| 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 | 6.852 <sup>(b)(d)</sup> | 04/15/26 | 1698809 |
| 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 | 5.456 <sup>(b)(d)</sup> | 03/15/30 | 1689402 |
| BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) |
| 2450000 | 5.712 <sup>(b)(d)</sup> | 06/15/35 | 2453109 |
| 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 | 1715780 |
| 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 | 4.923 <sup>(b)(d)</sup> | 11/10/41 | 1673568 |
| 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 | 5.274 <sup>(b)(d)</sup> | 10/10/41 | 1464212 |
| 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 | 5.644 <sup>(b)(d)</sup> | 02/05/45 | 1179371 |
| 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 | 6.151 <sup>(b)(d)</sup> | 01/13/40 | 1101661 |
| 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 | 6.551 <sup>(b)(d)</sup> | 01/13/40 | 931731 |
| 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 | 5.649 <sup>(b)(d)</sup> | 01/13/40 | 2214770 |
| ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A |
| 2900000 | 5.292 <sup>(b)(d)</sup> | 07/15/42 | 2930638 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | 5.471 %<sup>(b)(c)(d)</sup> | 03/14/47 | $3129586 |
| 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 | 6.371 <sup>(b)(c)(d)</sup> | 03/14/47 | 940492 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 1195942 | 5.669 <sup>(b)(d)</sup> | 04/15/37 | 1174263 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1450000 | 5.990 <sup>(b)(d)</sup> | 10/05/39 | 1479222 |
| 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 | 6.202 <sup>(b)(d)</sup> | 08/15/41 | 950742 |
| 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 | 5.036 <sup>(b)(c)(d)</sup> | 10/13/33 | 1356676 |
| 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 | 3.919 <sup>(b)(c)</sup> | 04/15/55 | 512548 |
| 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 |
| 1750000 | 6.014 <sup>(b)(c)</sup> | 12/15/56 | 1875206 |
| 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 | 6.125 <sup>(b)(d)</sup> | 02/10/47 | 1080374 |
| 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 | 5.377 <sup>(b)(d)</sup> | 01/15/36 | 1603495 |
| 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 | 7.402 <sup>(b)(d)</sup> | 04/15/42 | 801000 |
| 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 | 6.634 <sup>(b)(d)</sup> | 03/15/40 | 2475666 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 1750000 | 5.484 <sup>(b)(d)</sup> | 07/15/35 | 1760505 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1100000 | 5.935 <sup>(b)(d)</sup> | 07/15/35 | 1107416 |
| 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 | 6.602 <sup>(b)(d)</sup> | 08/15/41 | 1797642 |
|  |  |  | 71942779 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $132181127 |
| **Federal Agencies – 41.6%** | **Federal Agencies – 41.6%** | **Federal Agencies – 41.6%** | **Federal Agencies – 41.6%** |
| **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%** |
| 5244 | 5.000% | 01/01/33 | $5328 |
| 224 | 5.000 | 03/01/33 | 228 |
| 3201 | 5.000 | 04/01/33 | 3258 |
| 378 | 5.000 | 05/01/33 | 385 |
| 1270 | 5.000 | 06/01/33 | 1293 |
| 7867 | 5.000 | 07/01/33 | 8006 |
| 12002 | 5.000 | 08/01/33 | 12207 |
| 1236 | 5.000 | 09/01/33 | 1255 |
| 2943 | 5.000 | 10/01/33 | 2994 |
| 5203 | 5.000 | 11/01/33 | 5295 |
| 2674 | 5.000 | 12/01/33 | 2722 |
| 2270 | 5.000 | 01/01/34 | 2311 |
| 7839 | 5.000 | 02/01/34 | 7977 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **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)** |
|  $ | 4495 | 5.000% | 03/01/34 | $4573 |
|  | 6598 | 5.000 | 04/01/34 | 6713 |
|  | 8987 | 5.000 | 05/01/34 | 9146 |
|  | 136141 | 5.000 | 06/01/34 | 138545 |
|  | 3124 | 5.000 | 11/01/34 | 3178 |
|  | 31433 | 5.000 | 04/01/35 | 31990 |
|  | 9 | 5.000 | 11/01/35 | 9 |
|  |  |  |  | 247413 |
|  **Government National Mortgage Association – 12.1%** | **Government National Mortgage Association – 12.1%** | **Government National Mortgage Association – 12.1%** | **Government National Mortgage Association – 12.1%** | **Government National Mortgage Association – 12.1%** |
|  | 6742348 | 4.500 | 12/20/48 | 6565807 |
|  | 2459790 | 5.000 | 12/20/48 | 2457320 |
|  | 3862483 | 4.500 | 01/20/49 | 3761348 |
|  | 1555265 | 2.500 | 10/20/51 | 1318618 |
|  | 1946635 | 2.500 | 11/20/51 | 1649222 |
|  | 2691983 | 2.500 | 12/20/51 | 2286544 |
|  | 3000000 | 2.500 | TBA-30yr <sup>(f)</sup> | 2549615 |
|  | 8000000 | 2.000 | TBA-30yr <sup>(f)</sup> | 6517927 |
|  | 4000000 | 4.000 | TBA-30yr <sup>(f)</sup> | 3716815 |
|  | 29000000 | 4.500 | TBA-30yr <sup>(f)</sup> | 27746272 |
|  | 10000000 | 5.000 | TBA-30yr <sup>(f)</sup> | 9819308 |
|  | 2000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 2001987 |
|  | 47000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 47658113 |
|  | 5000000 | 6.500 | TBA-30yr <sup>(f)</sup> | 5132547 |
|  |  |  |  | 123181443 |
|  **Uniform Mortgage-Backed Security – 29.5%** | **Uniform Mortgage-Backed Security – 29.5%** | **Uniform Mortgage-Backed Security – 29.5%** | **Uniform Mortgage-Backed Security – 29.5%** | **Uniform Mortgage-Backed Security – 29.5%** |
|  | 12395 | 4.500 | 08/01/37 | 12424 |
|  | 2554 | 4.500 | 04/01/39 | 2533 |
|  | 4163 | 4.000 | 08/01/39 | 4042 |
|  | 1853 | 4.000 | 09/01/39 | 1800 |
|  | 14426 | 4.500 | 10/01/39 | 14327 |
|  | 1837 | 4.500 | 05/01/41 | 1816 |
|  | 7663 | 4.500 | 06/01/41 | 7586 |
|  | 7971 | 4.500 | 08/01/41 | 7880 |
|  | 2314 | 4.500 | 10/01/41 | 2290 |
|  | 590 | 4.500 | 11/01/42 | 583 |
|  | 9941 | 4.500 | 12/01/43 | 9819 |
|  | 382241 | 4.500 | 11/01/48 | 370668 |
|  | 70551 | 4.500 | 01/01/49 | 68415 |
|  | 465236 | 4.500 | 06/01/49 | 451271 |
|  | 344631 | 4.500 | 08/01/49 | 333981 |
|  | 200259 | 4.500 | 01/01/50 | 194373 |
|  | 6197611 | 6.000 | 01/01/53 | 6356427 |
|  | 1640830 | 5.500 | 04/01/53 | 1657741 |
|  | 2415482 | 6.000 | 04/01/53 | 2483013 |
|  | 8000000 | 2.500 | TBA-30yr <sup>(f)</sup> | 6632184 |
|  | 29000000 | 3.500 | TBA-30yr <sup>(f)</sup> | 26101137 |
|  | 19000000 | 4.000 | TBA-30yr <sup>(f)</sup> | 17661897 |
|  | 173000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 173261423 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 65000000 | 6.000% | TBA-30yr<sup>(f)</sup> | $66205216 |
|  |  |  | 301842846 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $425271702 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $623,173,452)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $623,173,452)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $623,173,452)** | $628067401 |
| **Corporate Obligations – 17.0%** | **Corporate Obligations – 17.0%** | **Corporate Obligations – 17.0%** | **Corporate Obligations – 17.0%** |
| **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 | $493773 |
| 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 | 252303 |
|  |  |  | 746076 |
| **Aerospace & Defense<sup>(c)</sup> – 0.5%** | **Aerospace & Defense<sup>(c)</sup> – 0.5%** | **Aerospace & Defense<sup>(c)</sup> – 0.5%** | **Aerospace & Defense<sup>(c)</sup> – 0.5%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 3900000 | 5.150 | 05/01/30 | 3971682 |
| TransDigm, Inc.<sup>(d)</sup> | TransDigm, Inc.<sup>(d)</sup> | TransDigm, Inc.<sup>(d)</sup> | TransDigm, Inc.<sup>(d)</sup> |
| 795000 | 6.750 | 08/15/28 | 811957 |
|  |  |  | 4783639 |
| **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 | 934041 |
| **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%** |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
| 469000 | 5.250 | 07/15/32 | 556757 |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 1360000 | 8.375 | 12/01/31 | 1450114 |
|  |  |  | 2006871 |
| **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 | 381537 |
| 460000 | 6.625 | 10/15/32 | 467056 |
| 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 | 886947 |
|  |  |  | 1735540 |
| **Banks<sup>(c)</sup> – 2.8%** | **Banks<sup>(c)</sup> – 2.8%** | **Banks<sup>(c)</sup> – 2.8%** | **Banks<sup>(c)</sup> – 2.8%** |
| 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 | 1161738 |
| 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 | 2827082 |
| 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 | 2520856 |
| Barclays PLC<br>(5 yr. CMT + 5.431%) | Barclays PLC<br>(5 yr. CMT + 5.431%) | Barclays PLC<br>(5 yr. CMT + 5.431%) | Barclays PLC<br>(5 yr. CMT + 5.431%) |
| 415000 | 8.000 <sup>(b)</sup> | 03/15/29 | 435439 |
| (5 yr. CMT + 5.867%) | (5 yr. CMT + 5.867%) | (5 yr. CMT + 5.867%) | (5 yr. CMT + 5.867%) |
| 2500000 | 6.125 <sup>(b)</sup> | 12/15/25 | 2500075 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks<sup>(c)</sup> – (continued)** | **Banks<sup>(c)</sup> – (continued)** | **Banks<sup>(c)</sup> – (continued)** | **Banks<sup>(c)</sup> – (continued)** |
| (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 %<sup>(b)</sup> | 03/15/35 | $437610 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 2365000 | 7.375 <sup>(b)</sup> | 05/15/28 | 2486821 |
| (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) |
| 2545000 | 4.000 <sup>(b)</sup> | 12/10/25 | 2526472 |
| (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 <sup>(b)</sup> | 05/24/28 | 3172292 |
| Deutsche Bank AG<sup>(b)</sup> (5 yr. CMT + 4.524%) | Deutsche Bank AG<sup>(b)</sup> (5 yr. CMT + 4.524%) | Deutsche Bank AG<sup>(b)</sup> (5 yr. CMT + 4.524%) | Deutsche Bank AG<sup>(b)</sup> (5 yr. CMT + 4.524%) |
| 1400000 | 6.000 | 10/30/25 | 1394302 |
| 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 | 2452526 |
| 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 | 2491455 |
| Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) | Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) | Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) | Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) |
| 224000 | 6.750 | 04/06/28 | 220660 |
| 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 | 512319 |
| 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 | 520357 |
| 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 | 2541710 |
|  |  |  | 28201714 |
| **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 | 624475 |
| **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 | 281948 |
| 450000 | 5.750 <sup>(d)</sup> | 11/15/28 | 421650 |
| 415000 | 8.000 <sup>(d)</sup> | 01/15/33 | 388311 |
| 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 | 1392201 |
| 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 | 627871 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 320000 | 6.100 <sup>(d)</sup> | 04/30/30 | 323600 |
| 1800000 | 6.750 <sup>(d)</sup> | 05/02/34 | 1862172 |
| 420000 | 7.500 | 05/02/54 | 418517 |
| 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 | 913160 |
| 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 | 1190443 |
|  |  |  | 7819873 |
| **Commercial Services – 0.7%** | **Commercial Services – 0.7%** | **Commercial Services – 0.7%** | **Commercial Services – 0.7%** |
| ADT Security Corp.<sup>(c)(d)</sup> | ADT Security Corp.<sup>(c)(d)</sup> | ADT Security Corp.<sup>(c)(d)</sup> | ADT Security Corp.<sup>(c)(d)</sup> |
| 1525000 | 4.125 | 08/01/29 | 1471595 |
| Belron U.K. Finance PLC<sup>(c)(d)</sup> | Belron U.K. Finance PLC<sup>(c)(d)</sup> | Belron U.K. Finance PLC<sup>(c)(d)</sup> | Belron U.K. Finance PLC<sup>(c)(d)</sup> |
| 470000 | 5.750 | 10/15/29 | 473393 |
| DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> |
| 1530000 | 5.500 | 05/08/35 | 1539562 |
| Garda World Security Corp.<sup>(c)(d)</sup> | Garda World Security Corp.<sup>(c)(d)</sup> | Garda World Security Corp.<sup>(c)(d)</sup> | Garda World Security Corp.<sup>(c)(d)</sup> |
| 360000 | 8.375 | 11/15/32 | 369857 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Herc Holdings, Inc.<sup>(c)(d)</sup> | Herc Holdings, Inc.<sup>(c)(d)</sup> | Herc Holdings, Inc.<sup>(c)(d)</sup> | Herc Holdings, Inc.<sup>(c)(d)</sup> |
| 884000 | 5.500% | 07/15/27 | $883646 |
| TriNet Group, Inc.<sup>(c)(d)</sup> | TriNet Group, Inc.<sup>(c)(d)</sup> | TriNet Group, Inc.<sup>(c)(d)</sup> | TriNet Group, Inc.<sup>(c)(d)</sup> |
| 525000 | 3.500 | 03/01/29 | 492923 |
| United Rentals North America, Inc.<sup>(c)</sup> | United Rentals North America, Inc.<sup>(c)</sup> | United Rentals North America, Inc.<sup>(c)</sup> | United Rentals North America, Inc.<sup>(c)</sup> |
| 424000 | 3.875 | 02/15/31 | 398594 |
| VT Topco, Inc.<sup>(c)(d)</sup> | VT Topco, Inc.<sup>(c)(d)</sup> | VT Topco, Inc.<sup>(c)(d)</sup> | VT Topco, Inc.<sup>(c)(d)</sup> |
| 1114000 | 8.500 | 08/15/30 | 1183168 |
|  |  |  | 6812738 |
| **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** |
| 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 | 478832 |
| 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 | 1486816 |
| Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
| 430000 | 8.250 | 12/15/29 | 459313 |
|  |  |  | 2424961 |
| **Diversified Financial Services<sup>(c)</sup> – 1.3%** | **Diversified Financial Services<sup>(c)</sup> – 1.3%** | **Diversified Financial Services<sup>(c)</sup> – 1.3%** | **Diversified Financial Services<sup>(c)</sup> – 1.3%** |
| 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 | 1195935 |
| 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 | 2575791 |
| 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 | 1123144 |
| 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 | 1448638 |
| 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 | 913000 |
| 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 | 1165216 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 615000 | 5.500 | 03/15/29 | 602472 |
| 860000 | 9.375 | 07/25/30 | 948477 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 645000 | 3.875 | 09/15/28 | 617994 |
| 1055000 | 4.000 | 09/15/30 | 973301 |
| 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 | 1453689 |
| 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 | 718161 |
|  |  |  | 13735818 |
| **Electrical<sup>(c)(d)</sup> – 0.5%** | **Electrical<sup>(c)(d)</sup> – 0.5%** | **Electrical<sup>(c)(d)</sup> – 0.5%** | **Electrical<sup>(c)(d)</sup> – 0.5%** |
| 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 | 959847 |
| Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 733000 | 4.625 | 02/01/29 | 723310 |
| Lightning Power LLC | Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
| 720000 | 7.250 | 08/15/32 | 757778 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 535000 | 3.375 | 02/15/29 | 504847 |
| Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| 1226000 | 5.500 | 09/01/28 | 1224370 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical<sup>(c)(d)</sup> – (continued)** | **Electrical<sup>(c)(d)</sup> – (continued)** | **Electrical<sup>(c)(d)</sup> – (continued)** | **Electrical<sup>(c)(d)</sup> – (continued)** |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 1015000 | 4.375% | 05/01/29 | $989026 |
|  |  |  | 5159178 |
| **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 | 478492 |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| 515000 | 4.000 | 04/15/29 | 489636 |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| 1059000 | 4.375 | 02/15/30 | 1010402 |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |
| 1040000 | 4.000 | 03/01/29 | 992857 |
|  |  |  | 2971387 |
| **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 | 172568 |
| Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. |
| 159500 | 4.300 | 12/13/28 | 149750 |
|  |  |  | 322318 |
| **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 | 491572 |
| 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 | 317600 |
| 1726000 | 5.500 | 07/31/47 | 1422526 |
|  |  |  | 2231698 |
| **Entertainment<sup>(c)(d)</sup> – 0.3%** | **Entertainment<sup>(c)(d)</sup> – 0.3%** | **Entertainment<sup>(c)(d)</sup> – 0.3%** | **Entertainment<sup>(c)(d)</sup> – 0.3%** |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 670000 | 6.000 | 10/15/32 | 656674 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 510000 | 7.000 | 08/01/32 | 529946 |
| WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
| 1855000 | 3.750 | 12/01/29 | 1739507 |
|  |  |  | 2926127 |
| **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 | 2218994 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 654000 | 5.875 | 06/30/29 | 642653 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 2015000 | 7.000 | 02/01/33 | 2095661 |
|  |  |  | 4957308 |
| **Food & Drug Retailing<sup>(c)</sup> – 0.5%** | **Food & Drug Retailing<sup>(c)</sup> – 0.5%** | **Food & Drug Retailing<sup>(c)</sup> – 0.5%** | **Food & Drug Retailing<sup>(c)</sup> – 0.5%** |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 2205000 | 6.200 | 11/15/33 | 2367310 |
| 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 | 1468328 |
| 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 | 700271 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** | **Food & Drug Retailing<sup>(c)</sup> – (continued)** |
| 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 | $1047079 |
|  |  |  | 5582988 |
| **Healthcare Providers & Services<sup>(c)</sup> – 0.5%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.5%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.5%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.5%** |
| 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 | 970975 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 451000 | 4.500 | 02/01/28 | 446684 |
| 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 | 1385342 |
| 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 | 1247321 |
| 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 | 784051 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 591000 | 6.125 | 10/01/28 | 591739 |
|  |  |  | 5426112 |
| **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 | 831475 |
| **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 | 228531 |
| 370000 | 6.625 | 05/15/32 | 353927 |
|  |  |  | 582458 |
| **Insurance<sup>(c)(d)</sup> – 0.7%** | **Insurance<sup>(c)(d)</sup> – 0.7%** | **Insurance<sup>(c)(d)</sup> – 0.7%** | **Insurance<sup>(c)(d)</sup> – 0.7%** |
| 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 | 863749 |
| 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 | 510857 |
| 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 | 1626586 |
| Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. |
| 2093000 | 8.875 | 02/15/32 | 2202443 |
| BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
| 1244000 | 5.875 | 04/15/29 | 1229582 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| 585000 | 7.375 | 01/31/32 | 611974 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| 320000 | 7.500 | 01/15/32 | 337709 |
|  |  |  | 7382900 |
| **Internet<sup>(c)(d)</sup> – 0.3%** | **Internet<sup>(c)(d)</sup> – 0.3%** | **Internet<sup>(c)(d)</sup> – 0.3%** | **Internet<sup>(c)(d)</sup> – 0.3%** |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 780000 | 6.250 | 04/01/33 | 801848 |
| 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 | 491868 |
| ION Trading Technologies SARL | ION Trading Technologies SARL | ION Trading Technologies SARL | ION Trading Technologies SARL |
| 863000 | 9.500 | 05/30/29 | 891539 |
| 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 | 959725 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Internet<sup>(c)(d)</sup> – (continued)** | **Internet<sup>(c)(d)</sup> – (continued)** | **Internet<sup>(c)(d)</sup> – (continued)** | **Internet<sup>(c)(d)</sup> – (continued)** |
| Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 490000 | 6.875% | 03/01/33 | $502524 |
|  |  |  | 3647504 |
| **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 | 600673 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 1320000 | 6.400 | 06/28/54 | 1290313 |
|  |  |  | 1890986 |
| **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 | 900531 |
| 355000 | 6.250 | 03/15/32 | 364912 |
|  |  |  | 1265443 |
| **Lodging<sup>(c)</sup> – 0.8%** | **Lodging<sup>(c)</sup> – 0.8%** | **Lodging<sup>(c)</sup> – 0.8%** | **Lodging<sup>(c)</sup> – 0.8%** |
| 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 | 2272914 |
| 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 | 1167790 |
| 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 | 1214210 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 1370000 | 5.625 | 06/15/28 | 1396372 |
| 510000 | 6.000 | 06/14/30 | 525730 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 1005000 | 4.750 | 10/15/28 | 992578 |
| 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 | 505428 |
|  |  |  | 8075022 |
| **Machinery-Construction & Mining<sup>(c)(d)</sup> – 0.0%** | **Machinery-Construction & Mining<sup>(c)(d)</sup> – 0.0%** | **Machinery-Construction & Mining<sup>(c)(d)</sup> – 0.0%** | **Machinery-Construction & Mining<sup>(c)(d)</sup> – 0.0%** |
| Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
| 520000 | 6.250 | 10/15/32 | 521128 |
| **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 | 611542 |
| TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
| 1185000 | 7.625 | 07/15/28 | 1185995 |
|  |  |  | 1797537 |
| **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 | 622383 |
| 934000 | 4.250 | 02/01/31 | 871581 |
| 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 | 503273 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 177332 | 10.875 | 05/01/30 | 86902 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 1830000 | 3.875 | 05/15/29 | 1751804 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 549000 | 5.625 | 07/15/27 | 547644 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media<sup>(c)(d)</sup> – (continued)** | **Media<sup>(c)(d)</sup> – (continued)** | **Media<sup>(c)(d)</sup> – (continued)** | **Media<sup>(c)(d)</sup> – (continued)** |
| Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| 1525000 | 4.000% | 07/15/28 | $1464564 |
|  |  |  | 5848151 |
| **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. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 255000 | 6.125 <sup>(d)</sup> | 03/15/30 | 262331 |
| 260000 | 6.250 <sup>(d)</sup> | 03/15/33 | 268590 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 436000 | 6.250 | 02/15/29 | 444062 |
|  |  |  | 974983 |
| **Oil Field Services – 1.3%** | **Oil Field Services – 1.3%** | **Oil Field Services – 1.3%** | **Oil Field Services – 1.3%** |
| 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 | 500820 |
| 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 | 631991 |
| 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 | 445940 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 120000 | 8.625 <sup>(c)</sup> | 01/19/29 | 126766 |
| 1170000 | 6.875 <sup>(c)</sup> | 04/29/30 | 1155960 |
| 15000 | 7.750 <sup>(c)</sup> | 02/01/32 | 14719 |
| 140000 | 8.875 <sup>(c)</sup> | 01/13/33 | 144200 |
| 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 | 248446 |
| 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 | 691991 |
| 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 | 680173 |
| 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 | 631871 |
| 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 | 814720 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 110000 | 6.500 | 01/23/29 | 107678 |
| 1050000 | 8.750 <sup>(c)</sup> | 06/02/29 | 1085259 |
| 410000 | 6.840 <sup>(c)</sup> | 01/23/30 | 395609 |
| Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
| 530000 | 4.950 <sup>(c)(d)</sup> | 01/03/31 | 539116 |
| 520000 | 5.340 <sup>(c)(d)</sup> | 04/03/35 | 532225 |
| Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
| 210000 | 5.700 <sup>(c)</sup> | 01/17/35 | 196612 |
| 440000 | 6.700 <sup>(c)(d)</sup> | 02/25/37 | 430925 |
| 210000 | 6.950 <sup>(c)(d)</sup> | 03/05/54 | 194565 |
| 200000 | 6.950 <sup>(c)</sup> | 03/05/54 | 185300 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 330000 | 6.750 <sup>(c)(d)</sup> | 08/01/29 | 328875 |
| 530000 | 7.000 <sup>(c)(d)</sup> | 08/01/32 | 522855 |
| Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
| 895000 | 7.000 <sup>(c)(d)</sup> | 09/15/28 | 922378 |
| 495000 | 4.500 <sup>(c)</sup> | 05/15/29 | 480353 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 295000 | 8.250 <sup>(c)(d)</sup> | 05/15/29 | 273111 |
| 300000 | 8.500 <sup>(c)(d)</sup> | 05/15/31 | 267573 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| 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 | $902035 |
|  |  |  | 13452066 |
| **Packaging<sup>(c)</sup> – 0.4%** | **Packaging<sup>(c)</sup> – 0.4%** | **Packaging<sup>(c)</sup> – 0.4%** | **Packaging<sup>(c)</sup> – 0.4%** |
| ARD Finance SA | ARD Finance SA | ARD Finance SA | ARD Finance SA |
| (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 <sup>(g)</sup> | 06/30/27 | 10801 |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| 2489738 | 6.500 <sup>(d)(g)</sup> | 06/30/27 | 103025 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 2058000 | 5.250 | 04/01/30 | 2089055 |
| 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 | 163686 |
| 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 | 1394044 |
|  |  |  | 3760611 |
| **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 | 956231 |
| 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 | 946772 |
|  |  |  | 1903003 |
| **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> |
| 480000 | 5.375 | 06/15/29 | 476674 |
| Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| 734000 | 3.950 <sup>(c)</sup> | 12/01/26 | 725096 |
| 1070000 | 6.875 <sup>(c)(d)</sup> | 07/01/29 | 1108199 |
| 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 | 1225636 |
| 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 | 752760 |
| 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 | 203400 |
| 1731150 | 2.940 | 09/30/40 | 1419007 |
| 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 | 946373 |
| 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 | 557604 |
| 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 | 1519532 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> |
| 710000 | 7.375 | 02/15/29 | 729546 |
| 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 | 1427494 |
|  |  |  | 11091321 |
| **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 | 475810 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate Investment Trust<sup>(c)</sup> – (continued)** | **Real Estate Investment Trust<sup>(c)</sup> – (continued)** | **Real Estate Investment Trust<sup>(c)</sup> – (continued)** | **Real Estate Investment Trust<sup>(c)</sup> – (continued)** |
| 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 | $711275 |
|  |  |  | 1187085 |
| **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 | 492436 |
| 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 | 1187903 |
| 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 | 211646 |
| 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 | 1237763 |
| 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 | 496272 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 662000 | 3.500 | 09/01/25 | 659716 |
| 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 | 509056 |
|  |  |  | 4794792 |
| **Semiconductors<sup>(c)(d)</sup> – 0.0%** | **Semiconductors<sup>(c)(d)</sup> – 0.0%** | **Semiconductors<sup>(c)(d)</sup> – 0.0%** | **Semiconductors<sup>(c)(d)</sup> – 0.0%** |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| 470000 | 5.950 | 06/15/30 | 476815 |
| **Software<sup>(c)</sup> – 0.3%** | **Software<sup>(c)</sup> – 0.3%** | **Software<sup>(c)</sup> – 0.3%** | **Software<sup>(c)</sup> – 0.3%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 740000 | 5.500 | 12/01/34 | 751544 |
| Camelot Finance SA<sup>(d)</sup> | Camelot Finance SA<sup>(d)</sup> | Camelot Finance SA<sup>(d)</sup> | Camelot Finance SA<sup>(d)</sup> |
| 31000 | 4.500 | 11/01/26 | 30582 |
| 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 | 255235 |
| 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 | 488708 |
| 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 | 1493419 |
| Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
| 525000 | 3.625 | 03/15/29 | 499721 |
|  |  |  | 3519209 |
| **Telecommunication Services – 0.0%** | **Telecommunication Services – 0.0%** | **Telecommunication Services – 0.0%** | **Telecommunication Services – 0.0%** |
| Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. |
| 650000 | 6.625 | 08/01/26 | 466115 |
| **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 | 727371 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $171,673,380)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $171,673,380)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $171,673,380)** | $173598837 |
| **Asset-Backed Securities – 14.1%** | **Asset-Backed Securities – 14.1%** | **Asset-Backed Securities – 14.1%** | **Asset-Backed Securities – 14.1%** |
| **Automotive<sup>(c)</sup> – 1.1%** | **Automotive<sup>(c)</sup> – 1.1%** | **Automotive<sup>(c)</sup> – 1.1%** | **Automotive<sup>(c)</sup> – 1.1%** |
| 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> |
| 358202 | 5.430% | 10/15/26 | $358427 |
| 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 |
| 897947 | 4.700 | 09/15/27 | 897728 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Automotive<sup>(c)</sup> – (continued)** | **Automotive<sup>(c)</sup> – (continued)** | **Automotive<sup>(c)</sup> – (continued)** | **Automotive<sup>(c)</sup> – (continued)** |
| 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 | $500077 |
| Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 |
| 1950000 | 4.780 | 07/16/29 | 1957602 |
| 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 | 1583571 |
| 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 |
| 589897 | 4.760 | 08/16/27 | 590063 |
| 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 | 1806615 |
| 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 | 802729 |
| 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 |
| 2238371 | 4.710 | 02/15/28 | 2242273 |
|  |  |  | 10739085 |
| **Collateralized Loan Obligations – 9.3%** | **Collateralized Loan Obligations – 9.3%** | **Collateralized Loan Obligations – 9.3%** | **Collateralized Loan Obligations – 9.3%** |
| 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 | 6.256 | 10/15/38 | 2506408 |
| 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 | 6.856 | 04/15/37 | 2112506 |
| 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 | 8.506 | 04/15/37 | 2724870 |
| 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 | 7.556 | 07/15/37 | 1901045 |
| 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) |
| 2100000 | 9.166 | 04/15/38 | 2098769 |
| 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 | 5.306 | 04/15/33 | 2596214 |
| 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 | 8.532 | 01/25/36 | 2014306 |
| 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 | 10.382 | 04/25/37 | 1014617 |
| 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 | 6.070 | 10/20/36 | 2074658 |
| Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 2400000 | 5.922 | 02/20/37 | 2405952 |
| 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 | 5.279 | 04/15/35 | 942531 |
| 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 | 6.320 | 10/18/36 | 2005272 |
| 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 | 10.270 | 07/20/37 | 630904 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | 11.920% | 01/20/37 | $1039928 |
| 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 | 6.570 | 01/20/37 | 1306618 |
| 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 | 5.682 | 04/21/35 | 2002222 |
| 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 | 5.721 | 07/20/34 | 2000674 |
| 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 | 8.770 | 04/20/37 | 1308731 |
| 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 | 5.870 | 04/20/37 | 1705020 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1600000 | 3.939 | 05/26/38 | 1876856 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 1800000 | 3.977 | 04/20/38 | 2097109 |
| 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 | 5.970 | 04/20/37 | 1328360 |
| 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 | 5.840 | 07/20/37 | 2006728 |
| 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 | 5.720 | 10/20/37 | 5011880 |
| 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 | 7.870 | 07/20/37 | 1425613 |
| 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%) |
| 341919 | 5.902 | 05/20/54 | 343580 |
| 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 | 6.000 | 01/20/37 | 1004058 |
| 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 | 5.786 | 04/15/37 | 1507557 |
| 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 | 5.818 | 07/15/34 | 6699832 |
| 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 | 6.206 | 04/15/32 | 2050472 |
| 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%) |
| 279766 | 5.529 | 07/16/36 | 279407 |
| 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 | 5.716 | 04/15/34 | 1701700 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 | $2754487 |
| 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 | 5.093 | 05/15/34 | 1400946 |
| 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 | 2333030 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 4000000 | 5.773 | 07/25/38 | 4017092 |
| 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%) |
| 432419 | 5.420 | 07/20/30 | 432722 |
| 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 | 10.568 | 10/15/34 | 260000 |
| 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 | 7.256 | 04/15/31 | 3009957 |
| 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 | 9.682 | 01/25/37 | 1371175 |
| 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 | 5.690 | 10/20/37 | 1202490 |
| 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 | 4.009 | 04/15/38 | 1591757 |
| 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 | 4.029 | 01/15/37 | 2596664 |
| 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 | 10.182 | 11/29/36 | 1518552 |
| 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> |
| 869089 | 3.967 | 10/15/41 | 851980 |
| 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> |
| 155788 | 5.750 | 12/20/50 | 157291 |
| 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 | 6.129 | 01/23/37 | 1876969 |
| 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 | 5.700 | 01/20/34 | 2931104 |
| 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 | 6.920 | 04/20/37 | 1710907 |
| 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%) |
| 2461726 | 5.470 | 07/20/32 | 2460525 |
| 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 | 7.906 | 04/15/37 | 1383575 |
|  |  |  | 95585620 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | 5.770% | 04/19/37 | $1706416 |
| **Credit Card<sup>(c)</sup> – 1.0%** | **Credit Card<sup>(c)</sup> – 1.0%** | **Credit Card<sup>(c)</sup> – 1.0%** | **Credit Card<sup>(c)</sup> – 1.0%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 2950000 | 4.510 | 04/15/32 | 2989566 |
| 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 | 5.204 | 08/15/28 | 4107024 |
| 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 | 1353941 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 2175000 | 4.490 | 06/21/32 | 2190049 |
|  |  |  | 10640580 |
| **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%) |
| 664285 | 6.052 | 11/25/53 | 667745 |
| 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%) |
| 50795 | 5.210 | 03/25/37 | 53760 |
| 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%) |
| 640211 | 4.774 | 11/25/36 | 104176 |
|  |  |  | 825681 |
| **Student Loan<sup>(b)(c)(d)</sup> – 2.4%** | **Student Loan<sup>(b)(c)(d)</sup> – 2.4%** | **Student Loan<sup>(b)(c)(d)</sup> – 2.4%** | **Student Loan<sup>(b)(c)(d)</sup> – 2.4%** |
| 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 | 11.986 | 01/15/37 | 1014005 |
| 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%) |
| 597979 | 5.541 | 04/20/31 | 598281 |
| 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 | 8.111 | 04/16/37 | 1006801 |
| 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 | 6.075 | 07/24/36 | 3907640 |
| 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 | 8.270 | 01/20/37 | 1334051 |
| 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 | 8.156 | 04/15/37 | 1259641 |
| 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 | 6.086 | 01/15/37 | 3916162 |
| 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 | 5.790 | 04/18/37 | 2884421 |
| 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 | 2303215 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | 5.800% | 04/20/38 | $2012126 |
| 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 | 7.779 | 04/23/38 | 1983431 |
| 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 | 10.629 | 04/23/38 | 605789 |
| 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 | 8.770 | 01/20/37 | 1332350 |
|  |  |  | 24157913 |
| **TOTAL ASSET- BACKED SECURITIES<br>(Cost $142,323,703)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $142,323,703)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $142,323,703)** | $143655295 |
| **Bank Loans<sup>(h)</sup> – 5.0%** | **Bank Loans<sup>(h)</sup> – 5.0%** | **Bank Loans<sup>(h)</sup> – 5.0%** | **Bank Loans<sup>(h)</sup> – 5.0%** |
| **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%) |
| 693013 | 7.046% | 10/31/30 | $694316 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| 206897 | 1.000 | 02/26/32 | 206574 |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 2193103 | 7.083 | 02/26/32 | 2189682 |
|  |  |  | 3090572 |
| **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%) |
| 1678750 | 6.577 | 01/31/31 | 1681117 |
| **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%) |
| 1235116 | 7.510 | 04/03/28 | 1239748 |
| **Building & Construction – 0.4%** | **Building & Construction – 0.4%** | **Building & Construction – 0.4%** | **Building & Construction – 0.4%** |
| 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%) |
| 2506094 | 7.077 | 07/30/31 | 2504540 |
| 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%) |
| 348250 | 6.827 | 11/03/31 | 349121 |
| KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) |
| 1447725 | 6.827 | 09/23/31 | 1443990 |
|  |  |  | 4297651 |
| **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** |
| 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%) |
| 3332835 | 7.660 | 11/16/28 | 3342000 |
| 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%) |
| 2359007 | 7.055 | 02/21/31 | 2361956 |
| Fugue Finance BV(3 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(3 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(3 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(3 mo. USD Term SOFR + 3.250%) |
| 249375 | 7.583 | 01/09/32 | 250727 |
|  |  |  | 5954683 |
| **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%) |
| 2376060 | 6.827 | 12/15/27 | 2375228 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** |
| 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%) |
| 773063 | 9.260% | 11/05/31 | $632945 |
| 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%) |
| 1391512 | 6.967 | 11/26/31 | 1391513 |
| 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 | 6.827 | 06/21/31 | 1829562 |
|  |  |  | 3854020 |
| **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 | 6.788 | 03/15/30 | 2328612 |
| **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%) |
| 2363140 | 6.296 | 12/31/30 | 2362265 |
| 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 | 8.046 | 05/01/31 | 481929 |
|  |  |  | 2844194 |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| 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%) |
| 1492500 | 9.566 | 12/02/31 | 1490634 |
| **Food & Beverages<sup>(i)</sup> – 0.2%** | **Food & Beverages<sup>(i)</sup> – 0.2%** | **Food & Beverages<sup>(i)</sup> – 0.2%** | **Food & Beverages<sup>(i)</sup> – 0.2%** |
| Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. |
| 1625000 | 0.000 | 06/26/32 | 1622969 |
| **Healthcare – 0.1%** | **Healthcare – 0.1%** | **Healthcare – 0.1%** | **Healthcare – 0.1%** |
| 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%) |
| 939151 | 8.006 | 05/19/31 | 928144 |
| **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%) |
| 544510 | 7.577 | 04/25/31 | 545191 |
| 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%) |
| 1296750 | 7.796 | 10/02/31 | 1228671 |
|  |  |  | 1773862 |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) |
| 2370150 | 7.237 | 04/30/30 | 2375269 |
| **Media - Cable – 0.0%** | **Media - Cable – 0.0%** | **Media - Cable – 0.0%** | **Media - Cable – 0.0%** |
| 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%) |
| 605391 | 10.216 | 05/01/29 | 491881 |
| **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%) |
| 515507 | 6.313 | 05/17/29 | 515414 |
| **Mining – 0.2%** | **Mining – 0.2%** | **Mining – 0.2%** | **Mining – 0.2%** |
| Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + |
| 3.500%) |  |  |  |
| 1649959 | 7.827 | 08/16/29 | 1654909 |
| **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** |
| 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%) |
| 1985000 | 8.577 | 08/01/29 | 1995540 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| 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%) |
| 1662459 | 6.563% | 03/03/31 | $1662459 |
|  |  |  | 3657999 |
| **Retailers – 0.2%** | **Retailers – 0.2%** | **Retailers – 0.2%** | **Retailers – 0.2%** |
| Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.250%) |
| 2406813 | 6.577 | 06/11/31 | 2352659 |
| **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** |
| McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) |
| 347379 | 7.316 | 03/01/29 | 336885 |
| **Technology - Software – 0.6%** | **Technology - Software – 0.6%** | **Technology - Software – 0.6%** | **Technology - Software – 0.6%** |
| Athenahealth Group, Inc.(1 mo. USD Term SOFR + 2.750%) | Athenahealth Group, Inc.(1 mo. USD Term SOFR + 2.750%) | Athenahealth Group, Inc.(1 mo. USD Term SOFR + 2.750%) | Athenahealth Group, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 1707552 | 7.077 | 02/15/29 | 1704889 |
| 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 | 7.077 | 01/31/31 | 1810791 |
| 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%) |
| 868374 | 8.546 | 06/26/31 | 864032 |
| 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%) |
| 392038 | 7.077 | 05/30/31 | 392825 |
| iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 633117 | 7.327 | 10/15/30 | 634896 |
| Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR + 7.887%) | Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR + 7.887%) | Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR + 7.887%) | Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR + 7.887%) |
| 12539 | 12.184 | 09/30/28 | 9616 |
| UKG, Inc.(1 mo. USD Term SOFR + 3.000%) | UKG, Inc.(1 mo. USD Term SOFR + 3.000%) | UKG, Inc.(1 mo. USD Term SOFR + 3.000%) | UKG, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 677015 | 7.311 | 02/10/31 | 679398 |
|  |  |  | 6096447 |
| **TOTAL BANK LOANS<br>(Cost $51,417,272)** | **TOTAL BANK LOANS<br>(Cost $51,417,272)** | **TOTAL BANK LOANS<br>(Cost $51,417,272)** | $50962897 |
| **Municipal Debt Obligations – 0.7%** | **Municipal Debt Obligations – 0.7%** | **Municipal Debt Obligations – 0.7%** | **Municipal Debt Obligations – 0.7%** |
| **Illinois – 0.7%** | **Illinois – 0.7%** | **Illinois – 0.7%** | **Illinois – 0.7%** |
| 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 | $3755182 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 3734510 | 5.100 | 06/01/33 | 3745656 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,492,899)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,492,899)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,492,899)** | $7500838 |
| **Sovereign Debt Obligations – 0.7%** | **Sovereign Debt Obligations – 0.7%** | **Sovereign Debt Obligations – 0.7%** | **Sovereign Debt Obligations – 0.7%** |
| **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 | $559348 |
| 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 | 1398360 |
|  |  |  | 1957708 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Sovereign – 0.1%** | **Sovereign – 0.1%** | **Sovereign – 0.1%** | **Sovereign – 0.1%** | **Sovereign – 0.1%** |
|  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 | $794685 |
|  **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%** |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  | 236000 | 7.050 <sup>(c)</sup> | 02/03/31 | 247375 |
|  | 185000 | 6.600 <sup>(c)(d)</sup> | 06/01/36 | 186573 |
|  | 1289000 | 6.950 <sup>(c)(d)</sup> | 03/15/37 | 1314941 |
|  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 | 1724184 |
|  | 560000 | 8.075 <sup>(d)</sup> | 04/01/36 | 539140 |
|  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> |
|  | 360000 | 3.771 | 05/24/61 | 212040 |
|  |  |  |  | 4224253 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $7,093,892)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $7,093,892)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $7,093,892)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $7,093,892)** | $6976646 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks<sup>(j)</sup> – 0.0%** | **Common Stocks<sup>(j)</sup> – 0.0%** |  |
| **Media – 0.0%** | **Media – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242215 | iHeartMedia, Inc. Class A | $426298 |
| **(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%** |
|  Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | 12/31/99 | $391205 |
| **(Cost $426,888)** | **(Cost $426,888)** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations – 23.7%** | **U.S. Treasury Obligations – 23.7%** | **U.S. Treasury Obligations – 23.7%** | **U.S. Treasury Obligations – 23.7%** | **U.S. Treasury Obligations – 23.7%** |
|  U.S. Treasury Bills<sup>(k)</sup> | U.S. Treasury Bills<sup>(k)</sup> | U.S. Treasury Bills<sup>(k)</sup> | U.S. Treasury Bills<sup>(k)</sup> | U.S. Treasury Bills<sup>(k)</sup> |
|  $ | 32220200 | 0.000% | 07/10/25 | $32186537 |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  | 13490000 | 4.750 | 02/15/45 | 13420442 |
|  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 |
|  | 17929993 | 1.500 | 02/15/53 | 14207419 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 11400 | 3.875 | 11/30/29 | 11452 |
|  | 62450000 | 3.875 | 06/30/30 | 62693945 |
|  | 56500000 | 4.125 <sup>(l)</sup> | 03/31/32 | 57012031 |
|  | 62740000 | 4.000 | 06/30/32 | 62789016 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $241,340,133)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $241,340,133)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $241,340,133)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $241,340,133)** | $242320842 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(m)</sup> – 6.6%** | **Investment Company<sup>(m)</sup> – 6.6%** | **Investment Company<sup>(m)</sup> – 6.6%** | **Investment Company<sup>(m)</sup> – 6.6%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 66935101 |  | 4.231% | $66935101 |
| **(Cost $66,935,101)** | **(Cost $66,935,101)** | **(Cost $66,935,101)** |  |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 129.2%<br>(Cost $1,312,518,362)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 129.2%<br>(Cost $1,312,518,362)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 129.2%<br>(Cost $1,312,518,362)** | $1320835360 |
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments – 4.6%** | **Short-term Investments – 4.6%** | **Short-term Investments – 4.6%** | **Short-term Investments – 4.6%** |
| **Certificates of Deposit – 0.2%** | **Certificates of Deposit – 0.2%** | **Certificates of Deposit – 0.2%** | **Certificates of Deposit – 0.2%** |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 2524000 | 4.630% | 08/28/25 | $2524786 |
| **Commercial Paper<sup>(k)</sup> – 4.4%** | **Commercial Paper<sup>(k)</sup> – 4.4%** | **Commercial Paper<sup>(k)</sup> – 4.4%** | **Commercial Paper<sup>(k)</sup> – 4.4%** |
| Alimentation Couche-Tard, Inc.<sup>(d)</sup> | Alimentation Couche-Tard, Inc.<sup>(d)</sup> | Alimentation Couche-Tard, Inc.<sup>(d)</sup> | Alimentation Couche-Tard, Inc.<sup>(d)</sup> |
| 1699000 | 0.000 | 07/29/25 | 1692579 |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 2962000 | 0.000 | 08/18/25 | 2943277 |
| Dominion Energy, Inc.<sup>(d)</sup> | Dominion Energy, Inc.<sup>(d)</sup> | Dominion Energy, Inc.<sup>(d)</sup> | Dominion Energy, Inc.<sup>(d)</sup> |
| 9614000 | 0.000 | 08/27/25 | 9542626 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 1000000 | 0.000 <sup>(d)</sup> | 09/02/25 | 991654 |
| 5224000 | 0.000 <sup>(d)</sup> | 01/26/26 | 5083145 |
| Hyundai Capital America<sup>(d)</sup> | Hyundai Capital America<sup>(d)</sup> | Hyundai Capital America<sup>(d)</sup> | Hyundai Capital America<sup>(d)</sup> |
| 4899000 | 0.000 | 08/27/25 | 4862393 |
| PPG Industries, Inc. | PPG Industries, Inc. | PPG Industries, Inc. | PPG Industries, Inc. |
| 1890000 | 0.000 | 08/15/25 | 1878886 |
| Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC |
| 4320000 | 0.000 <sup>(d)</sup> | 07/01/25 | 4319470 |
| 8258000 | 0.000 <sup>(d)</sup> | 07/14/25 | 8243754 |
| VW Credit, Inc.<sup>(d)</sup> | VW Credit, Inc.<sup>(d)</sup> | VW Credit, Inc.<sup>(d)</sup> | VW Credit, Inc.<sup>(d)</sup> |
| 5000000 | 0.000 | 07/07/25 | 4995479 |
|  |  |  | 44553263 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $47,086,686)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $47,086,686)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $47,086,686)** | $47078049 |
| **TOTAL INVESTMENTS – 133.8%<br>(Cost $1,359,605,048)** | **TOTAL INVESTMENTS – 133.8%<br>(Cost $1,359,605,048)** | **TOTAL INVESTMENTS – 133.8%<br>(Cost $1,359,605,048)** | $1367913409 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (33.8)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (33.8)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (33.8)%** | (345289599) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1022623810 |

---

---

| | |
|:---|:---|
| 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. |
| (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 June 30, 2025. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (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 $395,004,441 which represents approximately 38.7% of net assets as of June 30, 2025. |
| (g) | Pay-in-kind securities. |
| (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 June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. |
| (i) | 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. |
| (j) | Security is currently in default and/or non-income producing. |
| (k) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (l) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (m) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At June 30, 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 | 15304709 | NZD | 16513046 | 07/11/25 | $5480 |
|  | AUD | 4996098 | USD | 3249047 | 07/11/25 | 39726 |
|  | AUD | 20628583 | USD | 13357008 | 07/24/25 | 226312 |
|  | AUD | 21495477 | USD | 13993555 | 08/07/25 | 164692 |
|  | AUD | 2842202 | USD | 1855216 | 08/25/25 | 17546 |
|  | AUD | 50319760 | USD | 32683581 | 09/17/25 | 488277 |
|  | AUD | 12216308 | USD | 7928253 | 12/17/25 | 140177 |
|  | BRL | 3189341 | USD | 577042 | 07/02/25 | 9687 |
|  | BRL | 1284923 | USD | 223583 | 09/17/25 | 8319 |
|  | CAD | 5178465 | USD | 3659491 | 07/02/25 | 143699 |
|  | CAD | 6938874 | USD | 5082139 | 07/11/25 | 16427 |
|  | CAD | 45475984 | USD | 33395206 | 09/17/25 | 132030 |
|  | CAD | 5178465 | USD | 3807101 | 09/25/25 | 12213 |
|  | CHF | 6449762 | EUR | 6890756 | 07/11/25 | 17355 |
|  | CHF | 24176155 | USD | 29777390 | 09/17/25 | 993676 |
|  | CLP | 1368490200 | USD | 1463000 | 07/28/25 | 5956 |
|  | CLP | 1472566623 | USD | 1550625 | 09/17/25 | 29753 |
|  | CNH | 81644163 | USD | 11383102 | 07/07/25 | 29065 |
|  | CNH | 83642120 | USD | 11657356 | 07/09/25 | 36029 |
|  | CNH | 118149567 | USD | 16235330 | 07/10/25 | 283660 |
|  | CNH | 69821538 | USD | 9755922 | 07/11/25 | 6934 |
|  | CNH | 131230729 | USD | 18061889 | 07/14/25 | 292140 |
|  | CNH | 29081184 | USD | 4059633 | 07/23/25 | 10731 |
|  | CNH | 86364825 | USD | 12067182 | 08/06/25 | 33568 |
|  | CNH | 444201163 | USD | 62233961 | 09/17/25 | 212437 |
|  | CNH | 5935130 | USD | 821191 | 09/18/25 | 13251 |
|  | CNH | 19874194 | USD | 2785334 | 09/22/25 | 9833 |
|  | COP | 3789887398 | USD | 907177 | 09/17/25 | 10466 |
|  | CZK | 807679650 | USD | 37383255 | 09/17/25 | 1188544 |
|  | CZK | 34231194 | USD | 1581907 | 12/17/25 | 57573 |
|  | EUR | 29932094 | GBP | 25542763 | 07/11/25 | 222233 |
|  | EUR | 6984921 | PLN | 29616594 | 07/11/25 | 19477 |
|  | EUR | 12821629 | SEK | 142013051 | 07/11/25 | 93086 |
|  | EUR | 11202329 | USD | 12784097 | 07/07/25 | 417765 |
|  | EUR | 27938775 | USD | 32090842 | 07/16/25 | 856946 |
|  | EUR | 8407704 | USD | 9614210 | 07/22/25 | 305321 |
|  | EUR | 9684926 | USD | 11099939 | 07/23/25 | 327332 |
|  | EUR | 24138559 | USD | 28036038 | 07/28/25 | 455766 |
|  | EUR | 11151661 | USD | 13097626 | 08/04/25 | 70508 |
|  | EUR | 2368737 | USD | 2779713 | 08/11/25 | 18598 |
|  | EUR | 11045132 | USD | 12451177 | 08/19/25 | 603690 |
|  | EUR | 11221611 | USD | 12790188 | 08/20/25 | 474120 |
|  | EUR | 53816133 | USD | 62038013 | 09/17/25 | 1685442 |
|  | EUR | 5715488 | USD | 6508770 | 09/18/25 | 259356 |
|  | EUR | 5711971 | USD | 6290593 | 09/19/25 | 473806 |
|  | EUR | 5824648 | USD | 6809459 | 12/17/25 | 126957 |
|  | GBP | 9842787 | USD | 13228706 | 07/21/25 | 283357 |
|  | GBP | 23889322 | USD | 32320115 | 09/17/25 | 488086 |
|  | GBP | 1871246 | USD | 2527792 | 12/17/25 | 43042 |
|  | HUF | 1972427085 | USD | 5563328 | 09/17/25 | 226547 |
|  | ILS | 51070581 | USD | 14467057 | 09/17/25 | 710338 |
|  | ILS | 6692338 | USD | 1824249 | 09/18/25 | 164653 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | INR | 658820356 | USD | 7651689 | 07/03/25 | $31603 |
|  | INR | 744668932 | USD | 8640505 | 07/07/25 | 45707 |
|  | INR | 672960017 | USD | 7769726 | 07/09/25 | 79239 |
|  | INR | 343580829 | USD | 3996055 | 07/28/25 | 7389 |
|  | INR | 183713903 | USD | 2133232 | 08/14/25 | 5812 |
|  | INR | 1004851496 | USD | 11663120 | 09/17/25 | 18369 |
|  | JPY | 698465803 | USD | 4870752 | 08/05/25 | 106 |
|  | JPY | 1217219664 | USD | 8473204 | 09/17/25 | 54394 |
|  | JPY | 577984035 | USD | 4066276 | 12/17/25 | 23351 |
|  | KRW | 4283199507 | USD | 3147851 | 07/02/25 | 23849 |
|  | KRW | 2157142673 | USD | 1573000 | 07/07/25 | 21871 |
|  | KRW | 1196001388 | USD | 877342 | 07/09/25 | 7040 |
|  | KRW | 2110549942 | USD | 1559843 | 07/11/25 | 1022 |
|  | KRW | 2233173555 | USD | 1650401 | 07/16/25 | 1735 |
|  | KRW | 1974920448 | USD | 1453323 | 07/28/25 | 8995 |
|  | KRW | 31947982058 | USD | 23612760 | 09/17/25 | 114220 |
|  | KRW | 1256836323 | USD | 909970 | 09/18/25 | 23509 |
|  | KRW | 2005479763 | USD | 1496285 | 12/17/25 | 1184 |
|  | MXN | 92312995 | USD | 4758402 | 07/17/25 | 151889 |
|  | MXN | 158447208 | USD | 8304754 | 08/12/25 | 100122 |
|  | MXN | 54082237 | USD | 2815586 | 08/29/25 | 48289 |
|  | MXN | 184928266 | USD | 9608804 | 09/17/25 | 164728 |
|  | NOK | 71661925 | USD | 7093059 | 09/17/25 | 20108 |
|  | NZD | 6803190 | AUD | 6301000 | 07/11/25 | 618 |
|  | NZD | 31829982 | USD | 19174058 | 07/07/25 | 232008 |
|  | NZD | 7755863 | USD | 4673047 | 07/11/25 | 56230 |
|  | NZD | 29948878 | USD | 17997922 | 07/14/25 | 265947 |
|  | NZD | 14866188 | USD | 8942012 | 07/17/25 | 124902 |
|  | NZD | 38911480 | USD | 23399900 | 07/28/25 | 341828 |
|  | NZD | 32690429 | USD | 19499651 | 07/30/25 | 447781 |
|  | NZD | 272260 | USD | 161750 | 07/31/25 | 4381 |
|  | NZD | 22460951 | USD | 13454109 | 08/04/25 | 253231 |
|  | NZD | 54187980 | USD | 32439524 | 08/06/25 | 632241 |
|  | NZD | 56194915 | USD | 33917591 | 09/17/25 | 426380 |
|  | PLN | 37629504 | EUR | 8836307 | 07/11/25 | 20542 |
|  | PLN | 23007495 | USD | 6083084 | 08/04/25 | 294509 |
|  | PLN | 77907239 | USD | 20971466 | 09/17/25 | 603192 |
|  | SEK | 137453123 | USD | 14455540 | 09/17/25 | 148116 |
|  | SGD | 10652613 | USD | 8337868 | 07/11/25 | 47185 |
|  | SGD | 30574280 | USD | 23967322 | 09/17/25 | 216208 |
|  | TRY | 118603293 | USD | 2736197 | 09/17/25 | 41743 |
|  | TWD | 85670050 | USD | 2909000 | 07/25/25 | 52101 |
|  | TWD | 117605993 | USD | 4021705 | 09/17/25 | 95143 |
|  | TWD | 26465239 | USD | 917912 | 12/17/25 | 24963 |
|  | USD | 1619145 | CAD | 2182003 | 12/17/25 | 3560 |
|  | USD | 5524536 | CNH | 39277388 | 09/17/25 | 2868 |
|  | USD | 580464 | GBP | 421747 | 12/17/25 | 1042 |
|  | USD | 3880931 | INR | 331981467 | 07/09/25 | 8917 |
|  | USD | 2856590 | INR | 244662649 | 08/01/25 | 6174 |
|  | USD | 1133102 | INR | 97394808 | 09/17/25 | 879 |
|  | USD | 3195880 | INR | 275855578 | 12/17/25 | 4708 |
|  | USD | 754494 | JPY | 107646601 | 09/17/25 | 343 |
|  | USD | 993377 | JPY | 140287380 | 09/18/25 | 10443 |
|  | USD | 2595639 | JPY | 365930590 | 12/17/25 | 6433 |
|  | USD | 980174 | KRW | 1322435928 | 07/09/25 | 2300 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 1652367 | KRW | 2233173555 | 07/16/25 | $231 |
|  | USD | 2963690 | KRW | 3964721181 | 12/17/25 | 3279 |
|  | USD | 6382987 | SEK | 59913967 | 09/17/25 | 17449 |
|  | USD | 1564326 | TWD | 44981416 | 07/25/25 | 9588 |
|  | ZAR | 14782761 | USD | 820663 | 08/18/25 | 11275 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60144412 | USD | 3367313 | 09/17/25 | 10555 |
|  **TOTAL** |  |  |  |  |  | $18345806 |

---

**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 | 11871710 | NZD | 12826813 | 07/11/25 | $(6608) |
|  | CAD | 9077884 | USD | 6720491 | 09/17/25 | (27807) |
|  | EUR | 5696727 | CHF | 5333042 | 07/11/25 | (15477) |
|  | EUR | 3586732 | SEK | 39999328 | 07/11/25 | (2783) |
|  | GBP | 11525640 | EUR | 13503995 | 07/11/25 | (97639) |
|  | GBP | 1940201 | EUR | 2274036 | 09/17/25 | (28118) |
|  | GBP | 421876 | USD | 580464 | 09/17/25 | (1084) |
|  | HKD | 6378741 | USD | 823752 | 07/10/25 | (10233) |
|  | INR | 354627885 | USD | 4137532 | 07/03/25 | (1792) |
|  | INR | 670427964 | USD | 7827931 | 07/14/25 | (10481) |
|  | INR | 265371127 | USD | 3098592 | 07/16/25 | (4575) |
|  | INR | 697039078 | USD | 8124000 | 07/31/25 | (2842) |
|  | INR | 42909408 | USD | 503041 | 08/14/25 | (3432) |
|  | INR | 1874619998 | USD | 21836826 | 09/17/25 | (44198) |
|  | JPY | 1622592789 | USD | 11568968 | 08/05/25 | (253568) |
|  | JPY | 104032997 | USD | 731047 | 09/11/25 | (2698) |
|  | JPY | 2260842157 | USD | 15880742 | 09/17/25 | (41733) |
|  | JPY | 168026041 | USD | 1192955 | 09/18/25 | (15667) |
|  | JPY | 106609700 | USD | 754494 | 12/17/25 | (158) |
|  | KRW | 3571469960 | USD | 2646572 | 07/09/25 | (5653) |
|  | KRW | 1068811920 | USD | 792000 | 07/16/25 | (1277) |
|  | KRW | 6802099476 | USD | 5053684 | 09/17/25 | (1933) |
|  | NOK | 109584641 | USD | 10962653 | 09/17/25 | (85276) |
|  | NZD | 17582560 | AUD | 16320823 | 07/11/25 | (22201) |
|  | PLN | 21342624 | EUR | 5029145 | 07/11/25 | (8846) |
|  | SEK | 36861378 | EUR | 3332133 | 07/11/25 | (29005) |
|  | SEK | 2357024 | EUR | 214802 | 07/14/25 | (3903) |
|  | TWD | 44981416 | USD | 1556122 | 07/07/25 | (10581) |
|  | TWD | 34189644 | USD | 1197116 | 07/31/25 | (13428) |
|  | TWD | 36949359 | USD | 1292162 | 08/01/25 | (12611) |
|  | USD | 9080491 | AUD | 13909115 | 07/11/25 | (75441) |
|  | USD | 12821847 | AUD | 19873036 | 07/24/25 | (263966) |
|  | USD | 44276605 | AUD | 68060377 | 09/17/25 | (590242) |
|  | USD | 560024 | BRL | 3189341 | 07/02/25 | (26705) |
|  | USD | 572739 | BRL | 3189341 | 08/04/25 | (9172) |
|  | USD | 1439878 | BRL | 8096080 | 09/17/25 | (21298) |
|  | USD | 4193196 | CAD | 5933700 | 07/02/25 | (164656) |
|  | USD | 12273848 | CAD | 16804935 | 07/11/25 | (74132) |
|  | USD | 20872502 | CAD | 28658868 | 09/17/25 | (256292) |
|  | USD | 4362335 | CAD | 5933700 | 09/25/25 | (13995) |
|  | USD | 1636240 | CAD | 2227392 | 12/17/25 | (12952) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 34444362 | CHF | 28117619 | 09/17/25 | $(1343345) |
|  | USD | 4917727 | CHF | 3933847 | 12/17/25 | (146351) |
|  | USD | 1580775 | CLP | 1479688698 | 09/17/25 | (7247) |
|  | USD | 11382186 | CNH | 81618261 | 07/07/25 | (26361) |
|  | USD | 9759068 | CNH | 69984744 | 07/09/25 | (24981) |
|  | USD | 10377922 | CNH | 75305112 | 07/10/25 | (150803) |
|  | USD | 11745341 | CNH | 84097287 | 07/11/25 | (13634) |
|  | USD | 21279984 | CNH | 155511369 | 07/14/25 | (469954) |
|  | USD | 3979049 | CNH | 28971453 | 07/23/25 | (75957) |
|  | USD | 36131139 | CNH | 258010725 | 09/17/25 | (140357) |
|  | USD | 830995 | CNH | 5938261 | 09/18/25 | (3887) |
|  | USD | 3979049 | CNH | 28848102 | 09/22/25 | (78237) |
|  | USD | 7728311 | CNH | 54687692 | 12/17/25 | (10663) |
|  | USD | 233071 | COP | 971468245 | 09/17/25 | (2150) |
|  | USD | 16129706 | CZK | 347981781 | 09/17/25 | (488621) |
|  | USD | 5694408 | CZK | 122846774 | 12/17/25 | (189255) |
|  | USD | 44335736 | EUR | 38131493 | 07/07/25 | (601949) |
|  | USD | 14011392 | EUR | 11975573 | 07/11/25 | (105952) |
|  | USD | 14301829 | EUR | 12328950 | 07/16/25 | (237520) |
|  | USD | 4342931 | EUR | 3741326 | 07/22/25 | (71139) |
|  | USD | 3460856 | EUR | 2952949 | 07/23/25 | (23336) |
|  | USD | 4923361 | EUR | 4193663 | 07/28/25 | (26605) |
|  | USD | 7168157 | EUR | 6250028 | 08/19/25 | (219105) |
|  | USD | 86037382 | EUR | 74806309 | 09/17/25 | (2540459) |
|  | USD | 7949351 | EUR | 7168841 | 09/19/25 | (540347) |
|  | USD | 21593117 | EUR | 18331552 | 09/23/25 | (121662) |
|  | USD | 5749972 | EUR | 4877279 | 12/17/25 | (58248) |
|  | USD | 13056166 | GBP | 9595072 | 07/21/25 | (115836) |
|  | USD | 4326094 | GBP | 3190153 | 08/28/25 | (54477) |
|  | USD | 34270677 | GBP | 25604073 | 09/17/25 | (892467) |
|  | USD | 393655 | GBP | 288731 | 12/17/25 | (3022) |
|  | USD | 5546018 | HUF | 1938158792 | 09/17/25 | (143265) |
|  | USD | 11035651 | ILS | 38403263 | 09/17/25 | (377210) |
|  | USD | 1905552 | ILS | 6691692 | 09/18/25 | (83157) |
|  | USD | 4902000 | ILS | 17393224 | 12/17/25 | (276495) |
|  | USD | 11752647 | INR | 1012717926 | 07/03/25 | (57868) |
|  | USD | 8648048 | INR | 743256485 | 07/07/25 | (21688) |
|  | USD | 3947000 | INR | 339094664 | 07/09/25 | (7978) |
|  | USD | 844727 | INR | 72459322 | 07/11/25 | (305) |
|  | USD | 9970823 | INR | 860119340 | 07/16/25 | (57486) |
|  | USD | 1617000 | INR | 140202632 | 07/25/25 | (16906) |
|  | USD | 22274449 | INR | 1932568360 | 09/17/25 | (191835) |
|  | USD | 14513094 | JPY | 2180010490 | 08/05/25 | (689542) |
|  | USD | 15234423 | JPY | 2196741113 | 09/17/25 | (155509) |
|  | USD | 2435886 | JPY | 350421176 | 09/18/25 | (19367) |
|  | USD | 1182859 | JPY | 167712083 | 12/17/25 | (3818) |
|  | USD | 3143277 | KRW | 4283199507 | 07/02/25 | (28423) |
|  | USD | 1558826 | KRW | 2131684089 | 07/07/25 | (17222) |
|  | USD | 2531931 | KRW | 3449060401 | 07/09/25 | (18473) |
|  | USD | 1558057 | KRW | 2118565047 | 07/11/25 | (8735) |
|  | USD | 3008893 | KRW | 4099164902 | 07/14/25 | (23302) |
|  | USD | 11088489 | KRW | 15349554277 | 09/17/25 | (311247) |
|  | USD | 4019383 | KRW | 5674880345 | 09/18/25 | (195472) |
|  | USD | 3903211 | KRW | 5253514708 | 12/17/25 | (19528) |
|  | USD | 4845053 | MXN | 92570685 | 07/17/25 | (78944) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 12190185 | MXN | 235517345 | 09/17/25 | $(257000) |
|  | USD | 7594148 | NOK | 76716595 | 09/17/25 | (20745) |
|  | USD | 2506998 | NOK | 25302218 | 12/17/25 | (5432) |
|  | USD | 9494268 | NZD | 15708584 | 07/07/25 | (82923) |
|  | USD | 14162259 | NZD | 23367966 | 07/11/25 | (86778) |
|  | USD | 18674707 | NZD | 31197306 | 07/14/25 | (350497) |
|  | USD | 16172233 | NZD | 27419859 | 07/17/25 | (551187) |
|  | USD | 31244438 | NZD | 52679881 | 07/28/25 | (898043) |
|  | USD | 4193598 | NZD | 6941686 | 07/31/25 | (42163) |
|  | USD | 19822733 | NZD | 33586468 | 08/04/25 | (674224) |
|  | USD | 46004026 | NZD | 75946280 | 09/17/25 | (411152) |
|  | USD | 1870300 | NZD | 3066453 | 12/17/25 | (8869) |
|  | USD | 6069073 | PLN | 22954502 | 08/04/25 | (293831) |
|  | USD | 31050712 | PLN | 115597944 | 09/17/25 | (961538) |
|  | USD | 11162931 | SEK | 106805914 | 09/17/25 | (184623) |
|  | USD | 8927852 | SGD | 11358745 | 07/11/25 | (13022) |
|  | USD | 6652 | SGD | 8512 | 08/28/25 | (72) |
|  | USD | 3258331 | SGD | 4165867 | 09/17/25 | (36770) |
|  | USD | 2547676 | TRY | 110437424 | 09/17/25 | (39001) |
|  | USD | 1510711 | TWD | 44981416 | 07/07/25 | (34830) |
|  | USD | 3087791 | TWD | 90433690 | 07/28/25 | (41063) |
|  | USD | 7329461 | TWD | 213798849 | 09/17/25 | (154659) |
|  | USD | 1450277 | ZAR | 26090339 | 07/18/25 | (21289) |
|  | USD | 21707 | ZAR | 391288 | 08/18/25 | (314) |
|  | USD | 7232471 | ZAR | 129081345 | 09/17/25 | (17075) |
|  **TOTAL** |  |  |  |  |  | $(19049260) |

---

**FORWARD SALES CONTRACTS** — At June 30, 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 | 07/15/25 | $(8000000) | $(7069274) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 07/15/25 | (8000000) | (6329998) |
|  Uniform Mortgage-Backed Security | 3.000 | TBA - 30yr | 07/15/25 | (15000000) | (12970320) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 07/15/25 | (155000000) | (148206629) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 07/15/25 | (84000000) | (82313414) |
|  **(PROCEEDS RECEIVED: $(253377891))** |  |  |  |  | $(256889635) |

---

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon
settlement when the specific mortgage pools are assigned.

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS** — At June 30, 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:** |  |  |  |  |
|  30 Year German Euro-Buxl | 1 | 09/08/25 | $139870 | $(1745) |
|  5 Year U.S. Treasury Notes | 3237 | 09/30/25 | 352833000 | 2219278 |
|  ICE 3M Sonia Bonds | 816 | 03/17/26 | 269897792 | 378652 |
|  **Total** |  |  |  | $2596185 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (421) | 09/19/25 | (47204625) | (9918) |
|  2 Year U.S. Treasury Notes | (138) | 09/30/25 | (28707234) | (9944) |
|  20 Year U.S. Treasury Bonds | (177) | 09/19/25 | (20437969) | (83551) |
|  Ultra 10-Year U.S. Treasury Notes | (302) | 09/19/25 | (34508219) | (435913) |
|  Ultra Long U.S. Treasury Bonds | (32) | 09/19/25 | (3812000) | (14046) |
|  **Total** |  |  |  | $(553372) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $2042813 |

---

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M EURO<sup>(a)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.892%<sup>(a)</sup> | 09/17/25 | 1828160 <sup>(b)</sup> | $(70204) | $(60) | $(70144) |
|  1M BID Average<sup>(a)</sup><br> 13.750<sup>(a)</sup> | 01/04/27 | 204880 | (123758) | (240902) | 117144 |
|  13.750%<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/04/27 | 266990 | 161275 | 148803 | 12472 |
| 3.490<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/31/27 | $10 | 11 | (14) | 25 |
|  12M SOFR<sup>(a)</sup><br> 3.620<sup>(a)</sup> | 06/30/27 | 204670 <sup>(b)</sup> | 813215 | (117163) | 930378 |
| Mexico Interbank TIIE 28 Days<sup>(d)</sup> 8.250<sup>(d)</sup> | 09/15/27 | 121490 <sup>(b)</sup> | 97728 | 82058 | 15670 |
|  1M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 09/17/27 | 440160 <sup>(b)</sup> | 54061 | (11388) | 65449 |
|  6M EURO<sup>(f)</sup><br> 1.500<sup>(a)</sup> | 09/17/27 | 21800 <sup>(b)</sup> | (248837) | (233823) | (15014) |
|  12M THOR<sup>(e)</sup><br> 1.750<sup>(e)</sup> | 09/17/27 | 90060 <sup>(b)</sup> | 31522 | 6746 | 24776 |
| 8.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 09/17/27 | 47527720 <sup>(b)</sup> | 12966 | (78267) | 91233 |
| 0.750<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 09/17/27 | 19467000 <sup>(b)</sup> | 72349 | 99808 | (27459) |
| 3.750<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 09/17/27 | $326150 <sup>(b)</sup> | (2510214) | (782684) | (1727530) |
|  12M EURO<sup>(a)</sup><br> 2.000<sup>(a)</sup> | 09/17/27 | 25770 <sup>(b)</sup> | 133724 | 135888 | (2164) |
|  3M STIBOR<sup>(e)</sup><br> 2.250<sup>(a)</sup> | 09/17/27 | 1869220 <sup>(b)</sup> | 1430864 | 866546 | 564318 |
|  12M CDOR<sup>(f)</sup><br> 2.500<sup>(f)</sup> | 09/17/27 | 8770 <sup>(b)</sup> | 6840 | 1123 | 5717 |
|  12M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 09/17/27 | 280410 <sup>(b)</sup> | 1211956 | 726390 | 485566 |
|  6M PRIBOR<sup>(f)</sup><br> 3.500<sup>(a)</sup> | 09/17/27 | 119190 <sup>(b)</sup> | (2763) | 33451 | (36214) |
|  3M AUDOR<sup>(e)</sup><br> 3.500<sup>(e)</sup> | 09/17/27 | 38710 <sup>(b)</sup> | 200050 | 146268 | 53782 |
|  12M GBP<sup>(a)</sup><br> 3.500<sup>(a)</sup> | 09/17/27 | 7430 <sup>(b)</sup> | (6057) | (45205) | 39148 |
|  12M SOFR<sup>(a)</sup><br> 3.500<sup>(a)</sup> | 09/17/27 | $2780 <sup>(b)</sup> | 8132 | (2492) | 10624 |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/27 | 206320 <sup>(b)</sup> | 1163661 | 138178 | 1025483 |
| 3.750<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 09/17/27 | 543840 <sup>(b)</sup> | (4528045) | (3906184) | (621861) |
| 7.500<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 09/17/27 | 164890 <sup>(b)</sup> | (96660) | (90831) | (5829) |
| 2.500<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 09/17/27 | 3552670 <sup>(b)</sup> | (6526) | (2769) | (3757) |
|  6M NIBOR<sup>(f)</sup><br> 4.250<sup>(a)</sup> | 09/17/27 | 1798450 <sup>(b)</sup> | 1729380 | 694458 | 1034922 |
|  6M WIBOR<sup>(f)</sup><br> 4.750<sup>(a)</sup> | 09/17/27 | 35450 <sup>(b)</sup> | 109765 | 61033 | 48732 |
|  12M CLICP<sup>(f)</sup><br> 5.500<sup>(f)</sup> | 09/17/27 | 2994500 <sup>(b)</sup> | 71671 | 66798 | 4873 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M MIBOR<sup>(f)</sup><br> 6.000%<sup>(f)</sup> | 09/17/27 | 2240820 <sup>(b)</sup> | $224545 | $68855 | $155690 |
|  6M BUBOR<sup>(f)</sup><br> 6.250<sup>(a)</sup> | 09/17/27 | 5450120 <sup>(b)</sup> | 77160 | 153559 | (76399) |
|  4.250%<sup>(a)</sup><br> 6M WIBOR<sup>(f)</sup> | 09/17/27 | 86090 <sup>(b)</sup> | (44536) | (17913) | (26623) |
|  3M EURO<sup>(e)</sup><br> 2.143<sup>(c)</sup> | 11/20/27 | 876930 <sup>(b)</sup> | 1057359 | (5592587) | 6649946 |
| 2.180<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 11/20/27 | 876930 <sup>(b)</sup> | (693646) | (5046832) | 4353186 |
|  6M EURO<sup>(f)</sup><br> 2.500<sup>(a)</sup> | 05/14/28 | 50838 <sup>(b)</sup> | 449352 | (803331) | 1252683 |
|  12M SOFR<sup>(c)</sup><br> 3.368<sup>(c)</sup> | 06/23/28 | $276120 <sup>(b)</sup> | 428455 | 19287 | 409168 |
| 1.750<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/28 | 2100 <sup>(b)</sup> | 25187 | 23995 | 1192 |
| 1.250<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 12/19/28 | 2630 | 72904 | (28186) | 101090 |
|  1M BID Average<sup>(a)</sup><br> 13.250<sup>(a)</sup> | 01/02/29 | 93720 | 74900 | (47732) | 122632 |
|  6M EURO<sup>(f)</sup><br> 2.325<sup>(a)</sup> | 02/25/29 | 50559 <sup>(b)</sup> | 37938 | (3056438) | 3094376 |
| 3.620<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/30/29 | $237250 <sup>(b)</sup> | (2486997) | (188994) | (2298003) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/30/29 | 195620 <sup>(b)</sup> | (1897318) | 219931 | (2117249) |
|  1M BID Average<sup>(c)</sup><br> 13.250<sup>(c)</sup> | 01/02/30 | 39590 | 38868 | (146501) | 185369 |
| 13.250<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/02/30 | 39590 | (38868) | 38277 | (77145) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/23/30 | $290940 <sup>(b)</sup> | (717662) | 7829 | (725491) |
| Mexico Interbank TIIE 28 Days<sup>(d)</sup> 8.500<sup>(d)</sup> | 09/11/30 | 168910 <sup>(b)</sup> | 301095 | 278976 | 22119 |
| 1.000<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 09/17/30 | 56949920 <sup>(b)</sup> | (1227979) | (950721) | (277258) |
| 2.000<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 09/17/30 | 488950 <sup>(b)</sup> | (526957) | (215894) | (311063) |
| 1.500<sup>(e)</sup><br> 1M CNRR<sup>(e)</sup> | 09/17/30 | 141030 <sup>(b)</sup> | (24391) | 91388 | (115779) |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/30 | 58500 <sup>(b)</sup> | (927324) | (884559) | (42765) |
|  12M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 09/17/30 | 40690 <sup>(b)</sup> | 180369 | 16144 | 164225 |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/30 | 51970 <sup>(b)</sup> | 359851 | (251861) | 611712 |
|  3M NZDOR<sup>(e)</sup><br> 3.750<sup>(f)</sup> | 09/17/30 | 90950 <sup>(b)</sup> | 361510 | 278736 | 82774 |
|  3M JIBAR<sup>(e)</sup><br> 8.000<sup>(e)</sup> | 09/17/30 | 158920 <sup>(b)</sup> | 232334 | 137417 | 94917 |
|  12M CPIBR<sup>(e)</sup><br> 8.750<sup>(e)</sup> | 09/17/30 | 18087610 <sup>(b)</sup> | 6560 | 91321 | (84761) |
|  12M SOFR<sup>(a)</sup><br> 3.845<sup>(a)</sup> | 05/21/32 | $45430 <sup>(b)</sup> | 624976 | (12121) | 637097 |
|  12M SOFR<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/32 | 1140 <sup>(b)</sup> | 16918 | (861) | 17779 |
| 1.295<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 08/02/34 | 8713821 <sup>(b)</sup> | 295860 | (2183634) | 2479494 |
| 3.750<sup>(a)</sup><br> 6M PRIBOR<sup>(f)</sup> | 03/19/35 | 72660 | 27799 | (1834) | 29633 |
|  12M CDOR<sup>(f)</sup><br> 3.394<sup>(f)</sup> | 06/03/35 | 88570 <sup>(b)</sup> | 52800 | (71505) | 124305 |
|  12M SOFR<sup>(a)</sup><br> 4.098<sup>(a)</sup> | 06/24/35 | $70850 <sup>(b)</sup> | 262684 | (12509) | 275193 |
| Mexico Interbank TIIE 28 Days<sup>(d)</sup> 8.750<sup>(d)</sup> | 09/05/35 | 63810 <sup>(b)</sup> | 149778 | 53144 | 96634 |
|  12M CHFOR<sup>(a)</sup><br> 0.500<sup>(a)</sup> | 09/17/35 | 2190 <sup>(b)</sup> | (13969) | (4561) | (9408) |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 09/17/35 | 14268000 <sup>(b)</sup> | (3993) | 335723 | (339716) |
| 3.750<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 09/17/35 | $21550 <sup>(b)</sup> | (129554) | 296582 | (426136) |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/35 | 8530 <sup>(b)</sup> | (551275) | (583062) | 31787 |
|  3M STIBOR<sup>(e)</sup><br> 2.750<sup>(a)</sup> | 09/17/35 | 132330 <sup>(b)</sup> | 249508 | 95446 | 154062 |
|  12M CDOR<sup>(f)</sup><br> 3.000<sup>(f)</sup> | 09/17/35 | 13840 <sup>(b)</sup> | 10918 | (87495) | 98413 |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/35 | 8950 <sup>(b)</sup> | (241742) | (365886) | 124144 |
|  12M SOFR<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/35 | $34060 <sup>(b)</sup> | 204762 | (261929) | 466691 |
|  3M NZDOR<sup>(e)</sup><br> 4.250<sup>(f)</sup> | 09/17/35 | 51810 <sup>(b)</sup> | 360362 | 311847 | 48515 |
|  12M CLICP<sup>(f)</sup><br> 5.750<sup>(f)</sup> | 09/17/35 | 5241020 <sup>(b)</sup> | 278003 | 297402 | (19399) |
|  6M BUBOR<sup>(f)</sup><br> 6.750<sup>(a)</sup> | 09/17/35 | 418300 <sup>(b)</sup> | 15970 | 9635 | 6335 |
| 4.500<sup>(f)</sup><br> 6M AUDOR<sup>(f)</sup> | 09/17/35 | 350 <sup>(b)</sup> | (8262) | (6647) | (1615) |
| 4.250<sup>(a)</sup><br> 6M NIBOR<sup>(f)</sup> | 09/17/35 | 310450 <sup>(b)</sup> | (1259316) | (629502) | (629814) |
|  12M CPIBR<sup>(e)</sup><br> 9.250<sup>(e)</sup> | 09/17/35 | 4766270 <sup>(b)</sup> | (4522) | 38849 | (43371) |
|  3M JIBAR<sup>(e)</sup><br> 9.250<sup>(e)</sup> | 09/17/35 | 61720 <sup>(b)</sup> | 186569 | 31641 | 154928 |
|  12M JYOR<sup>(a)</sup><br> 2.160<sup>(a)</sup> | 08/02/44 | 9810390 <sup>(b)</sup> | (2152665) | (2948615) | 795950 |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/45 | 11780 <sup>(b)</sup> | (1752113) | (1522750) | (229363) |
| 2.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/45 | 580 <sup>(b)</sup> | 86267 | 75742 | 10525 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.000%<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 05/17/53 | 18213 <sup>(b)</sup> | $1527304 | $(200563) | $1727867 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 11/10/53 | 15235 <sup>(b)</sup> | 467162 | (1640670) | 2107832 |
| 4.213<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/21/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 <sup>(b)</sup> | (231278) | 172130 | (403408) |
| 3.337<sup>(f)</sup><br> 12M CDOR<sup>(f)</sup> | 06/03/55 | 24500 <sup>(b)</sup> | 71756 | 89596 | (17840) |
|  12M JYOR<sup>(a)</sup><br> 1.750%<sup>(a)</sup> | 09/17/55 | 4466000 <sup>(b)</sup> | (3351291) | (3314221) | (37070) |
| 1.750<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/55 | 15560 <sup>(b)</sup> | 3793256 | 3367947 | 425309 |
|  12M EURO<sup>(a)</sup><br> 2.530<sup>(a)</sup> | 03/19/56 | 17370 <sup>(b)</sup> | (630193) | (120110) | (510083) |
| 2.610<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/19/56 | 17370 <sup>(b)</sup> | 709397 | 59386 | 650011 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/75 | 6010 <sup>(b)</sup> | 342711 | 111639 | 231072 |
|  **TOTAL** |  |  | $(5536598) | $(26731834) | $21195236 |

---

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(c) Payments made at maturity.

(d) Payments made at monthly.

(e) Payments made quarterly.

(f) Payments made semi-annually.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<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:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CMBX.NA.BBB.17 | 3.000% | 5.041% | JPMorgan Securities, Inc. | 12/15/56 | $2575 | $(292867) | $(318975) | $26108 |

---

(a) Payments made monthly.

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

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CDX.NA.HY Index 39 | 5.000% | 2.236% | 12/20/27 | $21533 | $1400109 | $1048314 | $351795 |
|  CDX.NA.HY Index 44 | 5.000 | 3.186 | 06/20/30 | 80500 | 6168536 | 4206386 | 1962150 |
|  CDX.NA.IG Index 40 | 1.000 | 0.281 | 06/20/28 | 26349 | 544166 | 254091 | 290075 |
|  Republic of Chile, 3.240%, 2/06/28 | 1.000 | 0.538 | 06/20/30 | 5200 | 111250 | 95332 | 15918 |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.777 | 06/20/30 | 5230 | 54289 | 28390 | 25899 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.822 | 06/20/30 | 5190 | 43428 | 25847 | 17581 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **June 30,**<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: (continued)** |  |  |  |  |  |  |  |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000% | 0.633% | 06/20/30 | $5170 | $87452 | $60584 | $26868 |
|  **TOTAL** |  |  |  |  | $8409230 | $5718944 | $2690286 |

---

(a) Payments made quarterly.

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

**OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate**<br> **Paid/(Received) by**<br> **the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  JPMBKTL4 Index | 12MSOFR-0.570% | JPMorgan Securities, Inc. | 07/22/25 | $52896 | $(2328611) |

---

(a) Payments made quarterly.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

\* There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (JPMBKTL4) of Corporate Obligations** |  | | | |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  UnitedHealth Group Inc, 6.875, 02/15/38 | Consumer Staples | (399) | $(45400) | 1.7% |
|  ConocoPhillips, 6.500, 02/01/39 | Energy | (399) | (44581) | 1.4 |
|  United Parcel Service Inc, 6.200, 01/15/38 | Industrials | (399) | (43592) | 1.4 |
|  Enbridge Inc, 6.700, 11/15/53 | Energy | (399) | (43285) | 1.3 |
|  Valero Energy Corp, 6.625, 06/15/37 | Energy | (399) | (42968) | 1.2 |
|  Berkshire Hathaway Energy Co, 6.125, 04/01/36 | Utilities | (399) | (42904) | 1.2 |
|  Home Depot Inc/The, 5.875, 12/16/36 | Consumer Staples | (399) | (42814) | 1.2 |
|  Walmart Inc, 5.250, 09/01/35 | Consumer Staples | (399) | (41900) | 1.2 |
|  Bank of America Corp, 5.875, 02/07/42 | Financials | (399) | (41754) | 1.2 |
|  Marathon Petroleum Corp, 6.500, 03/01/41 | Energy | (399) | (41705) | 1.7 |
|  ONEOK Inc, 6.625, 09/01/53 | Energy | (399) | (41544) | 1.7 |
|  Cisco Systems Inc, 5.500, 01/15/40 | Communications | (399) | (41258) | 1.7 |
|  Rio Tinto Finance USA PLC, 5.750, 03/14/55 | Materials | (399) | (40062) | 1.7 |
|  Apple Inc, 4.500, 02/23/36 | Technology | (399) | (39823) | 1.7 |
|  Anheuser-Busch InBev Worldwide Inc, 5.550, 01/23/49 | Consumer Staples | (399) | (39767) | 1.5 |
|  Intuit Inc, 5.500, 09/15/53 | Technology | (399) | (39673) | 1.5 |
|  Burlington Northern Santa Fe LLC, 5.500, 03/15/55 | Industrials | (399) | (39633) | 1.5 |
|  Cooperatieve Rabobank UA, 5.250, 05/24/41 | Financials | (399) | (39299) | 1.4 |
|  Waste Management Inc, 5.350, 10/15/54 | Industrials | (399) | (38598) | 1.4 |
|  Marsh & McLennan Cos Inc, 5.400, 03/15/55 | Financials | (399) | (38546) | 1.4 |
|  BlackRock Funding Inc, 5.250, 03/14/54 | Financials | (399) | (38488) | 1.4 |
|  RTX Corp, 5.375, 02/27/53 | Industrials | (399) | (38316) | 1.4 |
|  Coca-Cola Co/The, 5.200, 01/14/55 | Consumer Staples | (399) | (38281) | 1.4 |
|  Dow Chemical Co/The, 5.950, 03/15/55 | Materials | (399) | (38101) | 1.4 |
|  Honeywell International Inc, 5.250, 03/01/54 | Industrials | (399) | (37999) | 1.4 |
|  Abbott Laboratories, 4.900, 11/30/46 | Consumer Staples | (399) | (37855) | 1.4 |
|  Shell Finance US Inc, 4.125, 05/11/35 | Energy | (399) | (37733) | 1.4 |
|  BHP Billiton Finance USA Ltd, 5.000, 09/30/43 | Materials | (399) | (37611) | 1.4 |
|  Eli Lilly & Co, 5.000, 02/09/54 | Consumer Staples | (399) | (37365) | 1.4 |
|  Kenvue Inc, 5.050, 03/22/53 | Consumer Staples | (399) | (37181) | 1.4 |
|  Devon Energy Corp, 5.600, 07/15/41 | Energy | (399) | (36967) | 1.4 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (JPMBKTL4) of Corporate Obligations (continued)** | **A basket (JPMBKTL4) of Corporate Obligations (continued)** | **A basket (JPMBKTL4) of Corporate Obligations (continued)** | | |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  KLA Corp, 4.950, 07/15/52 | Technology | (399) | $(36456) | 1.3% |
|  QUALCOMM Inc, 4.800, 05/20/45 | Technology | (399) | (36454) | 1.3 |
|  Intercontinental Exchange Inc, 4.950, 06/15/52 | Financials | (399) | (36186) | 1.3 |
|  Enterprise Products Operating LLC, 4.850, 03/15/44 | Energy | (399) | (36082) | 1.3 |
|  Medtronic Inc, 4.625, 03/15/45 | Consumer Staples | (399) | (35979) | 1.3 |
|  Microsoft Corp, 3.450, 08/08/36 | Technology | (399) | (35864) | 1.3 |
|  Gilead Sciences Inc, 4.750, 03/01/46 | Consumer Staples | (399) | (35795) | 1.3 |
|  Energy Transfer LP, 5.400, 10/01/47 | Energy | (399) | (35688) | 1.3 |
|  Novartis Capital Corp, 4.400, 05/06/44 | Consumer Staples | (399) | (35672) | 1.3 |
|  Visa Inc, 4.300, 12/14/45 | Financials | (399) | (34784) | 1.3 |
|  Phillips 66, 4.875, 11/15/44 | Energy | (399) | (34678) | 1.3 |
|  Chubb INA Holdings LLC, 4.350, 11/03/45 | Financials | (399) | (34617) | 1.3 |
|  Mitsubishi UFJ Financial Group Inc, 3.751, 07/18/39 | Financials | (399) | (34414) | 1.3 |
|  Berkshire Hathaway Finance Corp, 4.250, 01/15/49 | Financials | (399) | (33812) | 1.2 |
|  Meta Platforms Inc, 4.450, 08/15/52 | Communications | (399) | (33765) | 1.2 |
|  Comcast Corp, 3.750, 04/01/40 | Communications | (399) | (33121) | 1.2 |
|  Amazon.com Inc, 4.050, 08/22/47 | Communications | (399) | (33096) | 1.2 |
|  Caterpillar Inc, 3.803, 08/15/42 | Industrials | (399) | (33035) | 1.2 |
|  Texas Instruments Inc, 4.150, 05/15/48 | Technology | (399) | (32966) | 1.2 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At June 30, 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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 1.950% | 05/11/2026 | 21520000 | $21520000 | $103819 | $272326 | $(168507) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 21790000 | 21790000 | 135912 | 295966 | (160054) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 21760000 | 21760000 | 160006 | 327067 | (167061) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 56160000 | 56160000 | 428749 | 381142 | 47607 |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 12480000 | 12480000 | 167363 | 197473 | (30110) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 133710000 | $133710000 | $995849 | $1473974 | $(478125) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065 | 05/11/2026 | (6340000) | (6340000) | (42888) | (272365) | 229477 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (6410000) | (6410000) | (48863) | (296080) | 247217 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (6400000) | (6400000) | (85300) | (326983) | 241683 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (5240000) | (5240000) | (228281) | (381404) | 153123 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (5240000) | (5240000) | (156997) | (197475) | 40478 |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (15520000) | (15520000) | (67880) | (120248) | 52368 |
|  1M IRS | Citibank NA | 2.606 | 07/30/2025 | (15520000) | (15520000) | (114095) | (115175) | 1080 |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (17370000) | (17370000) | (153553) | (143997) | (9556) |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (17380000) | (17380000) | (385158) | (147730) | (237428) |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (17380000) | (17380000) | (350725) | (151206) | (199519) |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (15520000) | (15520000) | (56513) | (114108) | 57595 |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (15520000) | (15520000) | (59379) | (113467) | 54088 |
|  1M IRS | MS & Co. Int. PLC | 3.768 | 07/23/2025 | (17380000) | (17380000) | (200970) | (152510) | (48460) |
|  |  |  |  | (161220000) | $(161220000) | $(1950602) | $(2532748) | $582146 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (15520000) | (15520000) | (107420) | (120248) | 12828 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |
|  1M IRS | Citibank NA | 2.606% | 07/30/2025 | (15520000) | $(15520000) | $(120724) | $(115175) | $(5549) |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (17370000) | (17370000) | (139033) | (143997) | 4964 |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (17380000) | (17380000) | (3625) | (147730) | 144105 |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (17380000) | (17380000) | (16466) | (151206) | 134740 |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (15520000) | (15520000) | (168554) | (114108) | (54446) |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (15520000) | (15520000) | (73303) | (113467) | 40164 |
|  1M IRS | MS & Co. Int. PLC | 3.768 | 07/23/2025 | (17380000) | (17380000) | (76873) | (152510) | 75637 |
|  |  |  |  | (131590000) | $(131590000) | $(705998) | $(1058441) | $352443 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (292810000) | $(292810000) | $(2656600) | $(3591189) | $934589 |
|  **TOTAL** |  |  |  | (159100000) | $(159100000) | $(1660751) | $(2117215) | $456464 |

---

**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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call USD/Put CNY | Barclays Bank PLC | $7.190 | 08/04/2025 | 31505000 | $31505000 | $63231 | $156265 | $(93034) |
|  Call USD/Put CNY | BNP Paribas SA | 7.217 | 07/07/2025 | 22385000 | 22385000 | 4544 | 142436 | (137892) |
|  Call USD/Put MXN | BofA Securities LLC | 18.950 | 08/08/2025 | 16323000 | 16323000 | 180500 | 213831 | (33331) |
|  Call USD/Put CNY | Citibank NA | 7.320 | 07/08/2025 | 26421000 | 26421000 | 238 | 260079 | (259841) |
|  Call USD/Put CNY | Citibank NA | 7.540 | 07/10/2025 | 25826000 | 25826000 |  | 184523 | (184523) |
|  Call USD/Put CNY | Citibank NA | 7.208 | 07/21/2025 | 6571000 | 6571000 | 5828 | 111723 | (105895) |
|  Call EUR/Put USD | Deutsche Bank AG (London) | 1.142 | 09/17/2025 | 12787000 | 12787000 | 589138 | 173724 | 415414 |
|  Call USD/Put CNY | Deutsche Bank AG (London) | 7.480 | 07/10/2025 | 14435000 | 14435000 |  | 5630 | (5630) |
|  Call USD/Put INR | HSBC Bank PLC | 85.300 | 08/12/2025 | 7609000 | 7609000 | 84133 | 84802 | (669) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/08/2025 | 25754000 | 25754000 |  | 181437 | (181437) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | 27935000 | 27935000 | 1508 | 306363 | (304855) |
|  Call USD/Put TWD | Standard Chartered Bank | 29.450 | 07/31/2025 | 32735000 | 32735000 | 125146 | 159158 | (34012) |
|  |  |  |  | 250286000 | $250286000 | $1054266 | $1979971 | $(925705) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put USD/Call CNY | Barclays Bank PLC | 7.070 | 07/10/2025 | 12913000 | 12913000 | 5204 | 57205 | (52001) |
|  Put AUD/Call USD | BNP Paribas SA | 0.637 | 07/22/2025 | 49998000 | 49998000 | 46331 | 341935 | (295604) |
|  Put AUD/Call USD | BNP Paribas SA | 0.648 | 08/05/2025 | 50409000 | 50409000 | 202378 | 377514 | (175136) |
|  Put EUR/Call USD | BNP Paribas SA | 1.167 | 07/31/2025 | 27963000 | 27963000 | 171316 | 250356 | (79040) |
|  Put EUR/Call USD | BNP Paribas SA | 1.165 | 08/07/2025 | 13981000 | 13981000 | 88718 | 135943 | (47225) |
|  Put EUR/Call USD | BNP Paribas SA | 1.118 | 08/15/2025 | 27345000 | 27345000 | 19810 | 340721 | (320911) |
|  Put EUR/Call USD | BNP Paribas SA | 1.137 | 08/18/2025 | 13846000 | 13846000 | 28184 | 164981 | (136797) |
|  Put EUR/Call USD | BNP Paribas SA | 1.156 | 08/18/2025 | 14057000 | 14057000 | 70042 | 152434 | (82392) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |
|  Put USD/Call CAD | BNP Paribas SA | $1.362 | 08/06/2025 | 15018000 | $15018000 | $128719 | $151012 | $(22293) |
|  Put EUR/Call USD | BofA Securities LLC | 1.150 | 07/14/2025 | 27591000 | 27591000 | 17063 | 205844 | (188781) |
|  Put NZD/Call USD | BofA Securities LLC | 0.598 | 07/03/2025 | 52656000 | 52656000 | 8762 | 278713 | (269951) |
|  Put NZD/Call USD | BofA Securities LLC | 0.601 | 07/24/2025 | 52439000 | 52439000 | 146140 | 313310 | (167170) |
|  Put USD/Call JPY | BofA Securities LLC | 144.100 | 08/01/2025 | 26673000 | 26673000 | 393907 | 308953 | 84954 |
|  Put EUR/Call USD | Citibank NA | 1.148 | 07/24/2025 | 27591000 | 27591000 | 41699 | 232677 | (190978) |
|  Put NZD/Call USD | Citibank NA | 0.592 | 07/10/2025 | 52653000 | 52653000 | 18872 | 303952 | (285080) |
|  Put NZD/Call USD | Citibank NA | 0.589 | 07/24/2025 | 26036000 | 26036000 | 23313 | 223333 | (200020) |
|  Put NZD/Call USD | Citibank NA | 0.601 | 07/28/2025 | 54525000 | 54525000 | 165945 | 325810 | (159865) |
|  Put NZD/Call USD | Citibank NA | 0.605 | 08/04/2025 | 80976000 | 80976000 | 407556 | 535371 | (127815) |
|  Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | 12913000 | 12913000 | 5204 | 27634 | (22430) |
|  Put USD/Call JPY | Citibank NA | 137.750 | 08/01/2025 | 18467000 | 18467000 | 47294 | 337761 | (290467) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.134 | 07/03/2025 | 27511000 | 27511000 | 32 | 205920 | (205888) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.128 | 07/14/2025 | 27437000 | 27437000 | 1454 | 261429 | (259975) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.135 | 07/18/2025 | 20633000 | 20633000 | 6757 | 176155 | (169398) |
|  Put AUD/Call USD | HSBC Bank PLC | 0.645 | 07/22/2025 | 50014000 | 50014000 | 97795 | 314662 | (216867) |
|  Put EUR/Call USD | HSBC Bank PLC | 1.168 | 07/24/2025 | 20972000 | 20972000 | 113935 | 178804 | (64869) |
|  Put USD/Call CNY | HSBC Bank PLC | 7.085 | 07/08/2025 | 25754000 | 25754000 | 9117 | 83564 | (74447) |
|  Put USD/Call INR | HSBC Bank PLC | 85.300 | 08/12/2025 | 7609000 | 7609000 | 33015 | 84802 | (51787) |
|  Put EUR/Call USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 1.063 | 09/17/2025 | 12787000 | 12787000 | 1823 | 118724 | (116901) |
|  Put NZD/Call USD | JPMorgan |  |  |  |  |  |  |  |
|  | Securities, Inc. | 0.603 | 07/24/2025 | 26223000 | 26223000 | 87578 | 170571 | (82993) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.111 | 07/14/2025 | 25580000 | 25580000 | 121 | 213627 | (213506) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.151 | 07/24/2025 | 20693000 | 20693000 | 38294 | 168372 | (130078) |
|  Put NZD/Call USD | Standard |  |  |  |  |  |  |  |
|  | Chartered Bank | 0.603 | 07/10/2025 | 52446000 | 52446000 | 85356 | 258007 | (172651) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.588 | 07/28/2025 | 40600000 | 40600000 | 38483 | 276835 | (238352) |
|  Put NZD/Call USD | UBS AG (London) | 0.597 | 07/31/2025 | 53388000 | 53388000 | 128674 | 388072 | (259398) |
|  |  |  |  | 1069697000 | $1069697000 | $2678891 | $7965003 | $(5286112) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 1319983000 | $1319983000 | $3733157 | $9944974 | $(6211817) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put PLN | Barclays Bank PLC | 4.260 | 07/03/2025 | (6923000) | (6923000) | (7307) | (50309) | 43002 |
|  Call USD/Put CNY | Barclays Bank PLC | 7.217 | 07/07/2025 | (22385000) | (22385000) | (4544) | (39398) | 34854 |
|  Call USD/Put CNY | Barclays Bank PLC | 7.480 | 07/10/2025 | (14435000) | (14435000) |  | (68566) | 68566 |
|  Call EUR/Put GBP | BNP Paribas SA | 0.843 | 07/09/2025 | (6923000) | (6923000) | (153435) | (38791) | (114644) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |
|  Call USD/Put CNY | BNP Paribas SA | $7.290 | 07/10/2025 | (13967500) | $(13967500) | $(754) | $(240800) | $240046 |
|  Call USD/Put INR | BNP Paribas SA | 85.300 | 08/12/2025 | (7609000) | (7609000) | (84133) | (87351) | 3218 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.078 | 07/10/2025 | (12107000) | (12107000) | (33833) | (40954) | 7121 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.079 | 07/24/2025 | (12489000) | (12489000) | (40539) | (40206) | (333) |
|  Call EUR/Put CHF | BofA Securities LLC | 0.939 | 07/09/2025 | (6878000) | (6878000) | (13101) | (52176) | 39075 |
|  Call EUR/Put PLN | BofA Securities LLC | 4.241 | 07/30/2025 | (6971000) | (6971000) | (61595) | (45928) | (15667) |
|  Call EUR/Put SEK | BofA Securities LLC | 11.130 | 07/31/2025 | (6984000) | (6984000) | (64556) | (58254) | (6302) |
|  Call USD/Put CAD | BofA Securities LLC | 1.364 | 07/30/2025 | (8162000) | (8162000) | (43650) | (55158) | 11508 |
|  Call USD/Put CNY | BofA Securities LLC | 7.208 | 07/21/2025 | (6571000) | (6571000) | (5828) | (126387) | 120559 |
|  Call USD/Put CNY | BofA Securities LLC | 7.160 | 07/24/2025 | (8104000) | (8104000) | (22756) | (35844) | 13088 |
|  Call USD/Put INR | BofA Securities LLC | 85.800 | 07/29/2025 | (8124000) | (8124000) | (49028) | (52928) | 3900 |
|  Call USD/Put JPY | BofA Securities LLC | 158.500 | 08/01/2025 | (26673000) | (26673000) | (347) | (280867) | 280520 |
|  Call USD/Put SGD | BofA Securities LLC | 1.270 | 07/29/2025 | (8124000) | (8124000) | (43731) | (54163) | 10432 |
|  Call AUD/Put NZD | Citibank NA | 1.076 | 07/03/2025 | (12177000) | (12177000) | (30166) | (38094) | 7928 |
|  Call AUD/Put NZD | Citibank NA | 1.075 | 07/17/2025 | (12299000) | (12299000) | (51360) | (41275) | (10085) |
|  Call EUR/Put GBP | Citibank NA | 0.842 | 07/01/2025 | (6939000) | (6939000) | (154526) | (46613) | (107913) |
|  Call EUR/Put GBP | Citibank NA | 0.856 | 07/17/2025 | (6987000) | (6987000) | (52831) | (42395) | (10436) |
|  Call USD/Put CNY | Citibank NA | 7.540 | 07/08/2025 | (25754000) | (25754000) |  | (97653) | 97653 |
|  Call USD/Put CNY | Citibank NA | 7.150 | 07/31/2025 | (8184000) | (8184000) | (30936) | (37421) | 6485 |
|  Call EUR/Put SEK | Deutsche Bank AG (London) | 10.970 | 07/10/2025 | (6922000) | (6922000) | (130142) | (54777) | (75365) |
|  Call USD/Put CNY | Deutsche Bank AG (London) | 7.320 | 07/08/2025 | (26421193) | (26421193) | (238) | (121273) | 121035 |
|  Call USD/Put CNY | Deutsche Bank AG (London) | 7.170 | 07/08/2025 | (7880000) | (7880000) | (9558) | (36670) | 27112 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.078 | 07/07/2025 | (12121000) | (12121000) | (22839) | (33994) | 11155 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.077 | 07/31/2025 | (12536000) | (12536000) | (51525) | (42532) | (8993) |
|  Call EUR/Put CHF | JPMorgan Securities, Inc. | 0.933 | 07/01/2025 | (6934000) | (6934000) | (17822) | (53279) | 35457 |
|  Call EUR/Put SEK | JPMorgan Securities, Inc. | 10.935 | 07/03/2025 | (6905000) | (6905000) | (152849) | (56749) | (96100) |
|  Call EUR/Put SEK | JPMorgan Securities, Inc. | 11.100 | 07/22/2025 | (7037000) | (7037000) | (67068) | (59308) | (7760) |
|  Call EUR/Put USD | JPMorgan Securities, Inc. | 1.142 | 09/17/2025 | (12787000) | (12787000) | (589138) | (106839) | (482299) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/10/2025 | (25826000) | (25826000) |  | (95918) | 95918 |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | (13967500) | (13967500) | (754) | (255186) | 254432 |
|  Call USD/Put SGD | JPMorgan Securities, Inc. | 1.272 | 08/04/2025 | (8184000) | (8184000) | (44480) | (53851) | 9371 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |
|  Call AUD/Put NZD | MS & Co. Int. PLC | $1.078 | 07/15/2025 | (12165000) | $(12165000) | $(37094) | $(42052) | $4958 |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.854 | 07/29/2025 | (6991000) | (6991000) | (75038) | (42393) | (32645) |
|  Call USD/Put SGD | MS & Co. Int. PLC | 1.285 | 07/21/2025 | (8061000) | (8061000) | (9593) | (49877) | 40284 |
|  Call USD/Put CAD | Royal Bank of Canada | 1.361 | 07/15/2025 | (15881000) | (15881000) | (76308) | (109444) | 33136 |
|  Call USD/Put CAD | Royal Bank of Canada | 1.367 | 07/22/2025 | (8070000) | (8070000) | (29714) | (54130) | 24416 |
|  Call EUR/Put USD | Standard Chartered Bank | 1.188 | 07/14/2025 | (25580000) | (25580000) | (107662) | (222076) | 114414 |
|  Call USD/Put TWD | Standard Chartered Bank | 28.850 | 07/31/2025 | (16368000) | (16368000) | (199985) | (226779) | 26794 |
|  Call AUD/Put NZD | UBS AG (London) | 1.082 | 07/22/2025 | (12503000) | (12503000) | (26546) | (42073) | 15527 |
|  Call EUR/Put PLN | UBS AG (London) | 4.280 | 07/07/2025 | (6905000) | (6905000) | (4734) | (54694) | 49960 |
|  |  |  |  | (515814193) | $(515814193) | $(2602043) | $(3485425) | $883382 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call PLN | Barclays Bank PLC | 4.260 | 07/03/2025 | (6923000) | (6923000) | (31764) | (50309) | 18545 |
|  Put USD/Call JPY | Barclays Bank PLC | 137.750 | 08/01/2025 | (18467000) | (18467000) | (47294) | (313754) | 266460 |
|  Put AUD/Call USD | BNP Paribas SA | 0.645 | 07/22/2025 | (50014000) | (50014000) | (97795) | (544945) | 447150 |
|  Put AUD/Call USD | BNP Paribas SA | 0.637 | 07/22/2025 | (49998000) | (49998000) | (46332) | (127736) | 81404 |
|  Put EUR/Call GBP | BNP Paribas SA | 0.843 | 07/09/2025 | (6923000) | (6923000) | (155) | (38791) | 38636 |
|  Put EUR/Call USD | BNP Paribas SA | 1.150 | 07/14/2025 | (27591000) | (27591000) | (17063) | (160037) | 142974 |
|  Put EUR/Call USD | BNP Paribas SA | 1.148 | 07/24/2025 | (27591000) | (27591000) | (41699) | (72997) | 31298 |
|  Put EUR/Call USD | BNP Paribas SA | 1.137 | 08/18/2025 | (13846000) | (13846000) | (28183) | (69775) | 41592 |
|  Put USD/Call CAD | BNP Paribas SA | 1.332 | 08/06/2025 | (22528000) | (22528000) | (36495) | (90553) | 54058 |
|  Put USD/Call INR | BNP Paribas SA | 85.300 | 08/12/2025 | (7609000) | (7609000) | (33015) | (87351) | 54336 |
|  Put AUD/Call NZD | BofA Securities LLC | 1.078 | 07/10/2025 | (12107000) | (12107000) | (19363) | (40926) | 21563 |
|  Put AUD/Call NZD | BofA Securities LLC | 1.079 | 07/24/2025 | (12489000) | (12489000) | (34794) | (40206) | 5412 |
|  Put EUR/Call CHF | BofA Securities LLC | 0.939 | 07/09/2025 | (6878000) | (6878000) | (51455) | (52176) | 721 |
|  Put EUR/Call PLN | BofA Securities LLC | 4.241 | 07/30/2025 | (6971000) | (6971000) | (31015) | (45928) | 14913 |
|  Put EUR/Call SEK | BofA Securities LLC | 11.130 | 07/31/2025 | (6984000) | (6984000) | (53581) | (58254) | 4673 |
|  Put EUR/Call USD | BofA Securities LLC | 1.134 | 07/03/2025 | (27511000) | (27511000) | (32) | (50261) | 50229 |
|  Put EUR/Call USD | BofA Securities LLC | 1.063 | 09/17/2025 | (12787000) | (12787000) | (1823) | (91701) | 89878 |
|  Put NZD/Call USD | BofA Securities LLC | 0.598 | 07/03/2025 | (52656000) | (52656000) | (8762) | (150405) | 141643 |
|  Put USD/Call CAD | BofA Securities LLC | 1.364 | 07/30/2025 | (8162000) | (8162000) | (68479) | (55159) | (13320) |
|  Put USD/Call CNY | BofA Securities LLC | 7.160 | 07/24/2025 | (8104000) | (8104000) | (40658) | (35844) | (4814) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |
|  Put USD/Call INR | BofA Securities LLC | $85.800 | 07/29/2025 | (8124000) | $(8124000) | $(46746) | $(52928) | $6182 |
|  Put USD/Call SGD | BofA Securities LLC | 1.270 | 07/29/2025 | (8124000) | (8124000) | (51466) | (54163) | 2697 |
|  Put AUD/Call NZD | Citibank NA | 1.076 | 07/03/2025 | (12177000) | (12177000) | (3935) | (38094) | 34159 |
|  Put AUD/Call NZD | Citibank NA | 1.075 | 07/17/2025 | (12299000) | (12299000) | (18788) | (41275) | 22487 |
|  Put EUR/Call GBP | Citibank NA | 0.842 | 07/01/2025 | (6939000) | (6939000) |  | (46613) | 46613 |
|  Put EUR/Call GBP | Citibank NA | 0.856 | 07/17/2025 | (6987000) | (6987000) | (17638) | (42395) | 24757 |
|  Put EUR/Call USD | Citibank NA | 1.128 | 07/14/2025 | (27437000) | (27437000) | (1454) | (52190) | 50736 |
|  Put NZD/Call USD | Citibank NA | 0.601 | 07/24/2025 | (78658500) | (78658500) | (219210) | (931273) | 712063 |
|  Put NZD/Call USD | Citibank NA | 0.588 | 07/28/2025 | (40600000) | (40600000) | (38483) | (92257) | 53774 |
|  Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | (25826000) | (25826000) | (10408) | (175746) | 165338 |
|  Put USD/Call CNY | Citibank NA | 7.150 | 07/31/2025 | (8184000) | (8184000) | (41886) | (37421) | (4465) |
|  Put USD/Call JPY | Citibank NA | 144.100 | 08/01/2025 | (16667967) | (16667967) | (246153) | (679253) | 433100 |
|  Put EUR/Call SEK | Deutsche Bank AG (London) | 10.970 | 07/10/2025 | (6922000) | (6922000) | (2503) | (54777) | 52274 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.111 | 07/14/2025 | (25580000) | (25580000) | (121) | (108114) | 107993 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.118 | 08/15/2025 | (27345000) | (27345000) | (19810) | (155275) | 135465 |
|  Put USD/Call CNY | Deutsche Bank AG (London) | 7.170 | 07/08/2025 | (7880000) | (7880000) | (27052) | (36670) | 9618 |
|  Put EUR/Call USD | HSBC Bank PLC | 1.151 | 07/24/2025 | (20693000) | (20693000) | (38294) | (68300) | 30006 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.078 | 07/07/2025 | (12121000) | (12121000) | (11615) | (33994) | 22379 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.077 | 07/31/2025 | (12536000) | (12536000) | (35057) | (42532) | 7475 |
|  Put EUR/Call CHF | JPMorgan Securities, Inc. | 0.933 | 07/01/2025 | (6934000) | (6934000) | (4550) | (53280) | 48730 |
|  Put EUR/Call SEK | JPMorgan Securities, Inc. | 10.935 | 07/03/2025 | (6905000) | (6905000) | (16) | (56749) | 56733 |
|  Put EUR/Call SEK | JPMorgan Securities, Inc. | 11.100 | 07/22/2025 | (7037000) | (7037000) | (33837) | (59308) | 25471 |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.589 | 07/24/2025 | (26036000) | (26036000) | (23313) | (64719) | 41406 |
|  Put USD/Call CNY | JPMorgan Securities, Inc. | 7.085 | 07/08/2025 | (25754000) | (25754000) | (9117) | (176750) | 167633 |
|  Put USD/Call SGD | JPMorgan Securities, Inc. | 1.272 | 08/04/2025 | (8184000) | (8184000) | (65480) | (53851) | (11629) |
|  Put AUD/Call NZD | MS & Co. Int. PLC | 1.078 | 07/15/2025 | (12165000) | (12165000) | (22866) | (42052) | 19186 |
|  Put EUR/Call GBP | MS & Co. Int. PLC | 0.854 | 07/29/2025 | (6991000) | (6991000) | (20505) | (42393) | 21888 |
|  Put USD/Call SGD | MS & Co. Int. PLC | 1.285 | 07/21/2025 | (8061000) | (8061000) | (107509) | (49877) | (57632) |
|  Put USD/Call CAD | Royal Bank of Canada | 1.361 | 07/15/2025 | (15881000) | (15881000) | (77880) | (109444) | 31564 |
|  Put USD/Call CAD | Royal Bank of Canada | 1.367 | 07/22/2025 | (8070000) | (8070000) | (68813) | (54130) | (14683) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.135 | 07/18/2025 | (20633000) | (20633000) | (6757) | (61989) | 55232 |
|  Put NZD/Call USD | Standard Chartered Bank | 0.592 | 07/10/2025 | (52653000) | (52653000) | (18872) | (105452) | 86580 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |
|  Put NZD/Call USD | Standard Chartered Bank | $0.597 | 07/31/2025 | (53388000) | $(53388000) | $(128674) | $(620343) | $491669 |
|  Put AUD/Call NZD | UBS AG (London) | 1.082 | 07/22/2025 | (12503000) | (12503000) | (47036) | (42073) | (4963) |
|  Put EUR/Call PLN | UBS AG (London) | 4.280 | 07/07/2025 | (6905000) | (6905000) | (65932) | (54694) | (11238) |
|  Put NZD/Call USD | UBS AG (London) | 0.603 | 07/10/2025 | (52446000) | (52446000) | (85356) | (420196) | 334840 |
|  Put USD/Call JPY | UBS AG (London) | 144.100 | 08/01/2025 | (10005033) | (10005033) | (147754) | (301652) | 153898 |
|  |  |  |  | (1091790500) | $(1091790500) | $(2454643) | $(7289330) | $4834687 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (1607604693) | $(1607604693) | $(5056686) | $(10774755) | $5718069 |
|  **TOTAL** |  |  |  | (287621693) | $(287621693) | $(1323529) | $(829781) | $(493748) |

---

---

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

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| GO | — General Obligation |
| ICE | — Inter-Continental Exchange |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PI | — Private Investment |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |
| STACR | — Structured Agency Credit Risk |
| **Abbreviations:** |  |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 2Y IRS | — 1 Year Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 39 | — CDX North America High Yield Index 39 |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| CDX.NA.IG Ind 40 | — CDX North America Investment Grade Index 40 |
| 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 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

## Schedule of Investments
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 35.6%** | **Mortgage-Backed Obligations – 35.6%** | **Mortgage-Backed Obligations – 35.6%** | **Mortgage-Backed Obligations – 35.6%** |
| **Collateralized Mortgage Obligations – 5.6%** | **Collateralized Mortgage Obligations – 5.6%** | **Collateralized Mortgage Obligations – 5.6%** | **Collateralized Mortgage Obligations – 5.6%** |
| **Interest Only – 0.1%** | **Interest Only – 0.1%** | **Interest Only – 0.1%** | **Interest Only – 0.1%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) |
| 839936 | 1.680 %<sup>(a)(b)</sup> | 07/25/50 | $106434 |
| 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%) |
| 357529 | 1.582 <sup>(a)(b)</sup> | 05/15/46 | 41268 |
| 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%) |
| 98309 | 1.632 <sup>(a)(b)</sup> | 03/15/44 | 10019 |
| 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 |
| 739602 | 4.000 <sup>(a)</sup> | 08/25/50 | 150060 |
| 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%) |
| 282272 | 1.680 <sup>(a)(b)</sup> | 05/25/47 | 35605 |
| 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%) |
| 131817 | 1.530 <sup>(a)(b)</sup> | 02/25/42 | 13676 |
| 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%) |
| 98628 | 1.668 <sup>(a)(b)(c)</sup> | 10/20/43 | 5325 |
| 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 |
| 80923 | 4.500 <sup>(a)(c)</sup> | 09/16/45 | 15369 |
| 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%) |
| 126100 | 1.618 <sup>(a)(b)(c)</sup> | 01/20/49 | 14788 |
| 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%) |
| 85920 | 1.668 <sup>(a)(b)(c)</sup> | 06/20/49 | 10027 |
| 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 |
| 497169 | 4.000 <sup>(a)(c)</sup> | 06/20/50 | 108174 |
| 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 |
| 1050398 | 2.500 <sup>(a)(c)</sup> | 10/20/50 | 156879 |
| 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%) |
| 202652 | 1.618 <sup>(a)(b)(c)</sup> | 08/20/43 | 22892 |
| 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%) |
| 123758 | 1.818 <sup>(a)(b)(c)</sup> | 09/20/45 | 15711 |
| 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 |
| 84644 | 4.000 <sup>(a)(c)</sup> | 06/20/45 | 11989 |
| 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%) |
| 256665 | 1.768 <sup>(a)(b)(c)</sup> | 09/20/48 | 32190 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| Government National Mortgage Association REMICS Series 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%) |
| 242147 | 1.818 %<sup>(a)(b)(c)</sup> | 02/20/40 | $27473 |
| 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%) |
| 91814 | 1.768 <sup>(a)(b)(c)</sup> | 01/20/46 | 11303 |
| 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 |
| 1151312 | 3.500 <sup>(a)(c)</sup> | 12/20/49 | 218449 |
| 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 |
| 215960 | 4.000 <sup>(a)(c)</sup> | 10/20/46 | 44063 |
| 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%) |
| 74413 | 1.818 <sup>(a)(b)(c)</sup> | 11/20/45 | 9175 |
|  |  |  | 1060869 |
| **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** | **Regular Floater – 0.4%** |
| 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%) |
| 1172331 | 5.305 <sup>(b)</sup> | 02/25/55 | 1160942 |
| 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%) |
| 447187 | 5.355 <sup>(b)(c)(d)</sup> | 10/25/44 | 447603 |
| 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%) |
| 1725077 | 5.305 <sup>(b)</sup> | 03/25/55 | 1714959 |
|  |  |  | 3323504 |
| **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** |
| BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 |
| 1838356 | 5.613 <sup>(c)(d)(e)</sup> | 02/25/65 | 1848799 |
| 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 |
| 1093234 | 5.908 <sup>(c)(d)(e)</sup> | 10/25/69 | 1102851 |
| 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 |
| 109857 | 5.000 | 10/25/41 | 110455 |
| 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 |
| 15577 | 7.000 | 10/25/42 | 16652 |
| 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 |
| 62545 | 7.000 | 07/25/42 | 68024 |
| 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 |
| 126046 | 5.000 | 06/25/41 | 126737 |
| 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 |
| 1773791 | 5.853 <sup>(c)(d)(e)</sup> | 11/25/64 | 1788071 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
| 1519051 | 5.562 <sup>(c)(d)(e)</sup> | 03/25/70 | 1529147 |
| 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 |
| 1075696 | 5.643 <sup>(c)(d)(e)</sup> | 01/25/65 | 1086755 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

## Schedule of Investments (continued)
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 |
| 1218371 | 5.878 %<sup>(c)(d)(e)</sup> | 12/25/63 | $1224466 |
| Santander Mortgage Asset Receivable Trust Series 2025-NQM1, | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, |
| Class A1 |  |  |  |
| 1615473 | 5.545 <sup>(c)(d)(e)</sup> | 01/25/65 | 1621804 |
| 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 |
| 664282 | 7.079 <sup>(c)(d)(e)</sup> | 08/25/68 | 670718 |
| 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 |
| 1196401 | 5.332 <sup>(c)(d)(e)</sup> | 08/26/69 | 1198329 |
|  |  |  | 12392808 |
| **Sequential Floating Rate – 3.5%** | **Sequential Floating Rate – 3.5%** | **Sequential Floating Rate – 3.5%** | **Sequential Floating Rate – 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 |
| 609094 | 1.068 <sup>(b)(c)(d)</sup> | 05/25/66 | 520995 |
| 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>(b)(c)(d)</sup> | 11/25/59 | 962789 |
| Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 |
| 2208370 | 1.978 <sup>(b)(c)(d)</sup> | 10/25/66 | 1909802 |
| 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>(b)(c)(d)</sup> | 02/25/55 | 276238 |
| 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>(b)(c)(d)</sup> | 02/25/55 | 413950 |
| 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>(b)(c)(d)</sup> | 02/25/55 | 202654 |
| 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%) |
| 31567 | 5.899 <sup>(b)(c)</sup> | 09/25/35 | 28328 |
| 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%) |
| 77511 | 5.955 <sup>(b)(c)(d)</sup> | 01/25/34 | 77959 |
| 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%) |
| 1505980 | 5.505 <sup>(b)(c)(d)</sup> | 05/25/44 | 1507634 |
| 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%) |
| 207240 | 5.855 <sup>(b)(c)(d)</sup> | 10/25/41 | 207903 |
| 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 | 5.955 <sup>(b)(c)(d)</sup> | 12/25/41 | 286644 |
| 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%) |
| 77803 | 6.205 <sup>(b)(c)(d)</sup> | 04/25/42 | 78147 |
| 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 | 7.305 <sup>(b)(c)(d)</sup> | 04/25/42 | 233011 |
| 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 | 6.105 <sup>(b)(c)(d)</sup> | 01/25/44 | 454810 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1845000 | 6.105 %<sup>(b)(c)(d)</sup> | 02/25/44 | $1864418 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 1650000 | 5.955 <sup>(b)(c)(d)</sup> | 05/25/44 | 1658075 |
| 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 | 6.256 <sup>(b)(c)(d)</sup> | 03/25/44 | 252329 |
| 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%) |
| 324753 | 5.305 <sup>(b)(c)(d)</sup> | 07/25/44 | 324550 |
| 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%) |
| 1150000 | 6.005 <sup>(b)(c)(d)</sup> | 07/25/44 | 1154179 |
| 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 | 5.905 <sup>(b)(c)(d)</sup> | 09/25/44 | 778670 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) |
| 1094953 | 5.755 <sup>(b)(c)(d)</sup> | 03/25/45 | 1101525 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) |
| 1850000 | 5.806 <sup>(b)(c)(d)</sup> | 01/25/45 | 1851417 |
| 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 |
| 139807 | 4.874 <sup>(b)(c)</sup> | 08/19/36 | 113571 |
| 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 |
| 938918 | 2.520 <sup>(b)(c)(d)</sup> | 05/25/52 | 792125 |
| 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 |
| 313956 | 3.513 <sup>(b)(c)(d)</sup> | 07/25/52 | 277539 |
| 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 |
| 718910 | 4.625 <sup>(b)(c)(d)</sup> | 07/25/63 | 705908 |
| 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 |
| 1377088 | 5.990 <sup>(b)(c)(d)</sup> | 07/25/64 | 1387809 |
| 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 |
| 1726197 | 3.000 <sup>(b)(c)(d)</sup> | 05/25/54 | 1559750 |
| 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 |
| 741634 | 4.750 <sup>(b)(c)(d)</sup> | 01/25/63 | 726676 |
| 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>(b)(c)(d)</sup> | 10/25/54 | 706245 |
| 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>(b)(c)(d)</sup> | 02/25/64 | 760345 |
| 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 |
| 843209 | 6.000 <sup>(b)(c)(d)</sup> | 06/25/54 | 850248 |
| 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 |
| 1740598 | 5.493 <sup>(b)(c)(d)</sup> | 08/25/55 | 1751978 |
| JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 |
| 1538099 | 5.664 <sup>(b)(c)(d)</sup> | 09/25/65 | 1551543 |
| 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 |
| 108746 | 3.250 <sup>(b)(c)(d)</sup> | 07/25/59 | 105881 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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%) |
| 22815 | 5.216 %<sup>(b)(c)</sup> | 11/20/34 | $21069 |
| 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>(b)(c)(d)</sup> | 01/25/60 | 478479 |
| 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 |
| 100611 | 1.824 <sup>(b)(c)(d)</sup> | 11/25/66 | 91254 |
|  |  |  | 28026447 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | $44803628 |
| **Commercial Mortgage-Backed Securities – 10.2%** | **Commercial Mortgage-Backed Securities – 10.2%** | **Commercial Mortgage-Backed Securities – 10.2%** | **Commercial Mortgage-Backed Securities – 10.2%** |
| **Regular Floater – 0.6%** | **Regular Floater – 0.6%** | **Regular Floater – 0.6%** | **Regular Floater – 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 | 5.804 %<sup>(b)(d)</sup> | 11/15/41 | $1601125 |
| 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 | 6.444 <sup>(b)(d)</sup> | 11/15/29 | 1899528 |
| 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 | 5.804 <sup>(b)(d)</sup> | 11/15/41 | 900388 |
|  |  |  | 4401041 |
| **Sequential Fixed Rate – 4.4%** | **Sequential Fixed Rate – 4.4%** | **Sequential Fixed Rate – 4.4%** | **Sequential Fixed Rate – 4.4%** |
| 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 | 1787108 |
| 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 | 1313697 |
| 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 | 1246588 |
| 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 | 1177889 |
| 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 | 942319 |
| 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 | 600408 |
| 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 | 1561169 |
| Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 |
| 1450000 | 5.452 <sup>(c)</sup> | 06/15/30 | 1491996 |
| BBCMS Mortgage Trust Series 2025-5C34, Class A3 | BBCMS Mortgage Trust Series 2025-5C34, Class A3 | BBCMS Mortgage Trust Series 2025-5C34, Class A3 | BBCMS Mortgage Trust Series 2025-5C34, Class A3 |
| 2500000 | 5.659 <sup>(c)</sup> | 05/15/58 | 2605009 |
| 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 | 1184011 |
| 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 | 2468511 |
| 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 | 1635685 |
| BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 |
| 1500000 | 5.669 <sup>(c)</sup> | 07/15/58 | 1561829 |
| 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 |
| 1227098 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 1166736 |
| 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 | 249120 |
| 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 | 1920048 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $1329364 |
| 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 | 1113739 |
| 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 | 1205001 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
| 1600000 | 6.234 <sup>(d)</sup> | 06/05/42 | 1660051 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 3325000 | 5.388 <sup>(d)</sup> | 11/13/41 | 3397927 |
| 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 | 1824818 |
| 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 | 976399 |
| 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 | 541083 |
|  |  |  | 34960505 |
| **Sequential Floating Rate – 5.2%** | **Sequential Floating Rate – 5.2%** | **Sequential Floating Rate – 5.2%** | **Sequential Floating Rate – 5.2%** |
| 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 | 716701 |
| 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 | 969410 |
| Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 |
| 1900000 | 2.928 <sup>(b)(c)</sup> | 02/15/55 | 1697830 |
| 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 | 3.504 <sup>(b)(c)</sup> | 03/15/64 | 1054043 |
| Bank Series 2025-BNK50, Class A5 | Bank Series 2025-BNK50, Class A5 | Bank Series 2025-BNK50, Class A5 | Bank Series 2025-BNK50, Class A5 |
| 675000 | 5.652 <sup>(b)(c)</sup> | 05/15/68 | 705798 |
| Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS |
| 1250000 | 5.875 <sup>(b)(c)</sup> | 05/15/68 | 1311822 |
| 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 | 409683 |
| 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 | 1096319 |
| 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 | 5.231 <sup>(b)(d)</sup> | 03/15/37 | 1677660 |
| 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 | 5.480 <sup>(b)(d)</sup> | 03/15/37 | 437070 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 1750000 | 6.200 <sup>(b)(d)</sup> | 06/15/42 | 1752318 |
| 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%) |
| 1162314 | 5.654 <sup>(b)(d)</sup> | 03/15/41 | 1163444 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 1800000 | 5.548 <sup>(b)(d)</sup> | 06/15/44 | 1839354 |
| 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%) |
| 854789 | 5.703 <sup>(b)(d)</sup> | 03/15/41 | 855427 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| BX Commercial Mortgage Trust Series 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 | 5.591 %<sup>(b)(d)</sup> | 11/13/46 | $907555 |
| 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%) |
| 469038 | 6.763 <sup>(b)(d)</sup> | 08/15/39 | 468766 |
| 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 | 5.954 <sup>(b)(d)</sup> | 02/15/41 | 2048991 |
| 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 | 5.456 <sup>(b)(d)</sup> | 03/15/30 | 1490649 |
| BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) |
| 1550000 | 5.712 <sup>(b)(d)</sup> | 06/15/35 | 1551967 |
| 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%) |
| 612596 | 4.992 <sup>(b)(c)</sup> | 02/25/33 | 613762 |
| 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 | 5.644 <sup>(b)(d)</sup> | 02/05/45 | 999901 |
| 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 | 6.551 <sup>(b)(d)</sup> | 01/13/40 | 776442 |
| 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 | 5.649 <sup>(b)(d)</sup> | 01/13/40 | 1596695 |
| 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 | 5.471 <sup>(b)(c)(d)</sup> | 03/14/47 | 2120042 |
| 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 | 5.921 <sup>(b)(c)(d)</sup> | 03/14/47 | 663329 |
| 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 | 6.371 <sup>(b)(c)(d)</sup> | 03/14/47 | 742493 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 1000687 | 5.669 <sup>(b)(d)</sup> | 04/15/37 | 982547 |
| 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 | 5.990 <sup>(b)(d)</sup> | 10/05/39 | 561084 |
| 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 | 5.612 <sup>(b)(d)</sup> | 03/15/42 | 1695751 |
| 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 | 5.036 <sup>(b)(c)(d)</sup> | 10/13/33 | 1884272 |
| 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 |
| 1600000 | 6.014 <sup>(b)(c)</sup> | 12/15/56 | 1714474 |
| 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 | 6.004 <sup>(b)(d)</sup> | 02/15/42 | 1189353 |
| 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 | 6.454 <sup>(b)(d)</sup> | 04/15/42 | 348390 |
| 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 | 1096577 |
| 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 | 5.484 <sup>(b)(d)</sup> | 07/15/35 | 1609605 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
|  Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class 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 |
|  $ | 1000000 | 5.935 %<sup>(b)(d)</sup> | 07/15/35 | $1006742 |
|  |  |  |  | 41756266 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $81117812 |
|  **Federal Agencies – 19.8%** | **Federal Agencies – 19.8%** | **Federal Agencies – 19.8%** | **Federal Agencies – 19.8%** | **Federal Agencies – 19.8%** |
|  **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%** | **Federal Home Loan Mortgage Corp. – 0.0%** |
|  $ | 863 | 5.000% | 01/01/33 | $877 |
|  | 129 | 5.000 | 06/01/33 | 131 |
|  | 1294 | 5.000 | 07/01/33 | 1317 |
|  | 1696 | 5.000 | 08/01/33 | 1726 |
|  | 317 | 5.000 | 10/01/33 | 323 |
|  | 856 | 5.000 | 11/01/33 | 871 |
|  | 379 | 5.000 | 12/01/33 | 386 |
|  | 1198 | 5.000 | 02/01/34 | 1219 |
|  | 614 | 5.000 | 03/01/34 | 625 |
|  | 920 | 5.000 | 04/01/34 | 935 |
|  | 1358 | 5.000 | 05/01/34 | 1383 |
|  | 22398 | 5.000 | 06/01/34 | 22792 |
|  | 438 | 5.000 | 11/01/34 | 446 |
|  | 5171 | 5.000 | 04/01/35 | 5263 |
|  | 1 | 5.000 | 11/01/35 | 1 |
|  | 5814 | 5.000 | 01/01/40 | 5888 |
|  | 4617 | 4.000 | 06/01/40 | 4490 |
|  | 31075 | 4.000 | 02/01/41 | 30211 |
|  | 2842 | 4.000 | 11/01/41 | 2744 |
|  |  |  |  | 81628 |
|  **Government National Mortgage Association – 5.9%** | **Government National Mortgage Association – 5.9%** | **Government National Mortgage Association – 5.9%** | **Government National Mortgage Association – 5.9%** | **Government National Mortgage Association – 5.9%** |
|  | 141497 | 4.000 | 11/20/44 | 135300 |
|  | 13395 | 4.000 | 05/20/45 | 12798 |
|  | 304487 | 4.000 | 07/20/45 | 290647 |
|  | 211589 | 4.000 | 01/20/46 | 200641 |
|  | 71419 | 4.500 | 02/20/48 | 69839 |
|  | 24195 | 4.500 | 03/20/48 | 23660 |
|  | 85465 | 4.500 | 04/20/48 | 83521 |
|  | 193279 | 4.500 | 05/20/48 | 188761 |
|  | 774363 | 4.000 | 07/20/48 | 729699 |
|  | 267213 | 4.500 | 08/20/48 | 260634 |
|  | 150685 | 5.000 | 08/20/48 | 150628 |
|  | 781257 | 4.000 | 09/20/48 | 740014 |
|  | 1255740 | 4.500 | 09/20/48 | 1224821 |
|  | 175321 | 5.000 | 09/20/48 | 175255 |
|  | 177944 | 5.000 | 10/20/48 | 177766 |
|  | 694524 | 5.000 | 11/20/48 | 693827 |
|  | 289114 | 5.000 | 12/20/48 | 288824 |
|  | 970089 | 4.500 | 01/20/49 | 944688 |
|  | 500229 | 5.000 | 01/20/49 | 498789 |
|  | 262394 | 4.500 | 02/20/49 | 255195 |
|  | 186042 | 4.500 | 03/20/49 | 181171 |
|  | 283663 | 5.000 | 03/20/49 | 283378 |
|  | 545542 | 3.000 | 08/20/49 | 484616 |
|  | 413013 | 4.500 | 10/20/49 | 402844 |
|  | 158286 | 4.500 | 12/20/49 | 154142 |
|  | 1773665 | 3.000 | 03/20/50 | 1574810 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **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)** |
|  $ | 659524 | 3.000% | 07/20/51 | $583526 |
|  | 326540 | 2.500 | 09/20/51 | 275426 |
|  | 777991 | 2.500 | 10/20/51 | 659613 |
|  | 486840 | 2.500 | 11/20/51 | 412460 |
|  | 717682 | 3.000 | 12/20/51 | 634814 |
|  | 1510993 | 2.500 | 12/20/51 | 1281386 |
|  | 11464177 | 4.500 | 10/20/52 | 11075171 |
|  | 5000000 | 2.000 | TBA-30yr<sup>(f)</sup> | 4073705 |
|  | 13000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 13012914 |
|  | 4000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 4056010 |
|  | 1000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 1026509 |
|  |  |  |  | 47317802 |
|  **Uniform Mortgage-Backed Security – 13.9%** | **Uniform Mortgage-Backed Security – 13.9%** | **Uniform Mortgage-Backed Security – 13.9%** | **Uniform Mortgage-Backed Security – 13.9%** | **Uniform Mortgage-Backed Security – 13.9%** |
|  | 121301 | 4.500 | 07/01/36 | 120407 |
|  | 5452 | 4.500 | 12/01/36 | 5412 |
|  | 3946 | 4.500 | 05/01/38 | 3935 |
|  | 9012 | 4.500 | 05/01/39 | 8939 |
|  | 5463 | 4.500 | 06/01/39 | 5419 |
|  | 2853 | 4.500 | 08/01/39 | 2828 |
|  | 3998 | 4.500 | 09/01/39 | 3987 |
|  | 7668 | 4.500 | 10/01/39 | 7646 |
|  | 3138 | 4.500 | 03/01/40 | 3129 |
|  | 39304 | 4.500 | 04/01/40 | 39174 |
|  | 4262 | 4.500 | 12/01/40 | 4248 |
|  | 37641 | 4.500 | 01/01/41 | 37516 |
|  | 12343 | 4.500 | 04/01/41 | 12252 |
|  | 19124 | 4.500 | 06/01/41 | 18983 |
|  | 18144 | 4.500 | 07/01/41 | 18010 |
|  | 28235 | 4.500 | 08/01/41 | 27984 |
|  | 72922 | 4.500 | 09/01/41 | 72385 |
|  | 41042 | 4.500 | 10/01/41 | 40739 |
|  | 52149 | 4.500 | 11/01/41 | 51765 |
|  | 46120 | 4.500 | 12/01/41 | 45780 |
|  | 37324 | 4.500 | 01/01/42 | 37049 |
|  | 3057 | 4.500 | 03/01/42 | 3031 |
|  | 8500 | 4.500 | 04/01/42 | 8429 |
|  | 38914 | 3.000 | 12/01/42 | 35968 |
|  | 94935 | 3.000 | 01/01/43 | 87334 |
|  | 136984 | 3.000 | 04/01/43 | 125378 |
|  | 177563 | 4.500 | 06/01/45 | 175041 |
|  | 1401192 | 4.000 | 08/01/45 | 1344145 |
|  | 749982 | 4.500 | 11/01/47 | 731728 |
|  | 2271040 | 4.000 | 01/01/48 | 2154835 |
|  | 12798 | 4.500 | 08/01/48 | 12426 |
|  | 228704 | 4.500 | 09/01/48 | 223424 |
|  | 149846 | 5.000 | 11/01/48 | 149986 |
|  | 741978 | 3.000 | 02/01/49 | 664034 |
|  | 10491 | 4.500 | 03/01/49 | 10173 |
|  | 81850 | 3.500 | 07/01/49 | 75017 |
|  | 750518 | 4.000 | 07/01/49 | 710127 |
|  | 342024 | 4.500 | 10/01/50 | 331882 |
|  | 2151775 | 3.000 | 12/01/50 | 1895769 |
|  | 132542 | 2.500 | 03/01/51 | 112007 |
|  | 5427830 | 2.000 | 03/01/51 | 4345362 |
|  | 2349079 | 2.500 | 05/01/51 | 1976953 |
|  | 655216 | 2.000 | 07/01/51 | 521411 |
|  | 864051 | 2.000 | 08/01/51 | 687298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  $ | 2344831 | 2.500% | 09/01/51 | $1970946 |
|  | 653474 | 2.500 | 10/01/51 | 551004 |
|  | 686192 | 2.500 | 11/01/51 | 578592 |
|  | 1726625 | 2.000 | 01/01/52 | 1381826 |
|  | 742073 | 2.000 | 02/01/52 | 588719 |
|  | 1231127 | 2.500 | 02/01/52 | 1024461 |
|  | 408864 | 2.000 | 03/01/52 | 323954 |
|  | 702540 | 2.500 | 03/01/52 | 583221 |
|  | 915446 | 4.500 | 04/01/52 | 880942 |
|  | 985429 | 2.000 | 04/01/52 | 780784 |
|  | 796993 | 3.000 | 08/01/52 | 700428 |
|  | 792222 | 5.500 | 09/01/52 | 802367 |
|  | 341536 | 2.500 | 09/01/52 | 283833 |
|  | 1613812 | 5.500 | 11/01/52 | 1634478 |
|  | 2273378 | 6.000 | 11/01/52 | 2342124 |
|  | 1496955 | 6.000 | 12/01/52 | 1538003 |
|  | 781489 | 6.000 | 01/01/53 | 803162 |
|  | 785978 | 5.500 | 04/01/53 | 792850 |
|  | 5044232 | 4.500 | 05/01/53 | 4890330 |
|  | 431570 | 2.500 | 01/01/54 | 358655 |
|  | 28000000 | 2.500 | TBA-30yr<sup>(f)</sup> | 23212644 |
|  | 1000000 | 3.000 | TBA-30yr<sup>(f)</sup> | 864688 |
|  | 8000000 | 3.500 | TBA-30yr<sup>(f)</sup> | 7200314 |
|  | 12000000 | 5.000 | TBA-30yr<sup>(f)</sup> | 11759059 |
|  | 26000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 25989831 |
|  | 2000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 2064375 |
|  |  |  |  | 110850935 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $158250365 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $285,590,598)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $285,590,598)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $285,590,598)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $285,590,598)** | $284171805 |
| **Corporate Obligations – 23.7%** | **Corporate Obligations – 23.7%** | **Corporate Obligations – 23.7%** | **Corporate Obligations – 23.7%** | **Corporate Obligations – 23.7%** |
|  **Aerospace & Defense<sup>(c)</sup> – 0.9%** | **Aerospace & Defense<sup>(c)</sup> – 0.9%** | **Aerospace & Defense<sup>(c)</sup> – 0.9%** | **Aerospace & Defense<sup>(c)</sup> – 0.9%** | **Aerospace & Defense<sup>(c)</sup> – 0.9%** |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  $ | 4954000 | 5.150% | 05/01/30 | $5045055 |
|  | 1634000 | 6.528 | 05/01/34 | 1776910 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  | 50000 | 4.400 | 06/15/28 | 50117 |
|  |  |  |  | 6872082 |
|  **Agriculture<sup>(c)</sup> – 0.2%** | **Agriculture<sup>(c)</sup> – 0.2%** | **Agriculture<sup>(c)</sup> – 0.2%** | **Agriculture<sup>(c)</sup> – 0.2%** | **Agriculture<sup>(c)</sup> – 0.2%** |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  | 50000 | 3.557 | 08/15/27 | 49186 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  GBP | 948000 | 2.250 | 06/26/28 | 1217327 |
|  EUR | 200000 | 2.250 | 01/16/30 | 227481 |
|  |  |  |  | 1493994 |
|  **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  $ | 975000 | 5.800 | 03/05/27 | 982273 |
|  | 818000 | 5.850 | 05/17/27 | 824438 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  EUR | 195000 | 0.850 | 02/26/26 | 227387 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 249000 | 1.500% | 06/10/26 | $241704 |
| 650000 | 5.000 | 04/09/27 | 654011 |
| 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 | 908357 |
| Traton Finance Luxembourg SA | Traton Finance Luxembourg SA | Traton Finance Luxembourg SA | Traton Finance Luxembourg SA |
| 1000000 | 3.375 | 01/14/28 | 1192557 |
|  |  |  | 5030727 |
| **Banks – 10.6%** | **Banks – 10.6%** | **Banks – 10.6%** | **Banks – 10.6%** |
| 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 | 1166532 |
| 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 | 946297 |
| 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 | 749175 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1000000 | 3.800 | 02/23/28 | 982510 |
| 1200000 | 3.875 | 04/22/29 | 1463580 |
| (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 | 1016100 |
| (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 | 579798 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) |
| 2993000 | 5.819 <sup>(b)(c)</sup> | 09/15/29 | 3119903 |
| (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 <sup>(b)(c)</sup> | 04/25/29 | 2171665 |
| (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 <sup>(b)(c)</sup> | 04/29/31 | 342919 |
| 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 | 508154 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) |
| 1671000 | 4.918 <sup>(b)(c)</sup> | 08/08/30 | 2098641 |
| (5 yr. EURIBOR ICE Swap + 2.100%) | (5 yr. EURIBOR ICE Swap + 2.100%) | (5 yr. EURIBOR ICE Swap + 2.100%) | (5 yr. EURIBOR ICE Swap + 2.100%) |
| 650000 | 4.973 <sup>(b)(c)</sup> | 05/31/36 | 799947 |
| (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 <sup>(b)(c)</sup> | 02/25/31 | 1276387 |
| (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 <sup>(b)(c)</sup> | 03/12/28 | 616580 |
| (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 <sup>(b)(c)</sup> | 09/10/30 | 643697 |
| (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 <sup>(b)(c)</sup> | 03/12/30 | 592969 |
| BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) |
| 575000 | 1.323 | 01/13/27 | 565070 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 300000 | 1.750 | 04/26/27 | 349392 |
| (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 | 991850 |
| CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
| (-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 <sup>(b)(c)</sup> | 11/18/26 | 818365 |
| (-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 <sup>(b)(c)</sup> | 05/26/28 | 341883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| (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 %<sup>(b)(c)</sup> | 01/21/28 | $343674 |
| Citigroup, Inc.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.364%) | Citigroup, Inc.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.364%) | Citigroup, Inc.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.364%) | Citigroup, Inc.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.364%) |
| 1750000 | 5.174 | 02/13/30 | 1784912 |
| 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 | 694451 |
| Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) | Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) | Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) | Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) |
| 1100000 | 1.247 | 01/26/27 | 1079122 |
| Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) |
| 1275000 | 4.298 | 04/01/28 | 1270117 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| (-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 <sup>(b)(c)</sup> | 11/19/30 | 441666 |
| (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 <sup>(b)(c)</sup> | 09/05/30 | 2637480 |
| (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 <sup>(b)(c)</sup> | 11/24/26 | 272225 |
| 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 | 1103197 |
| HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) |
| 975000 | 5.130 | 11/19/28 | 987402 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| (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 <sup>(b)(c)</sup> | 01/15/31 | 768195 |
| (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) |
| 1175000 | 5.709 <sup>(b)(c)</sup> | 02/02/35 | 1200533 |
| (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 <sup>(b)(c)</sup> | 08/21/29 | 857074 |
| 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 | 397464 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| (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 <sup>(b)(c)</sup> | 04/22/30 | 1817532 |
| (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 <sup>(b)(c)</sup> | 04/26/28 | 3122875 |
| Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
| 3500000 | 3.125 <sup>(g)</sup> | 10/10/28 | 4244286 |
| 4070000 | 2.625 <sup>(g)</sup> | 04/26/29 | 4858646 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| (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 <sup>(b)(c)</sup> | 01/16/29 | 529331 |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |
| 1650000 | 5.179 <sup>(b)(c)</sup> | 07/08/31 | 1677703 |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 1200000 | 5.385 <sup>(b)(c)</sup> | 01/16/36 | 1194348 |
| (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 <sup>(b)(c)</sup> | 10/30/29 | 683588 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| (3 mo. USD Term SOFR + 1.634%) | (3 mo. USD Term SOFR + 1.634%) | (3 mo. USD Term SOFR + 1.634%) | (3 mo. USD Term SOFR + 1.634%) |
| 380000 | 3.763 <sup>(b)(c)(d)</sup> | 11/28/28 | 372966 |
| (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 <sup>(b)(c)(d)</sup> | 01/12/27 | 393288 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| 1141000 | 4.654 %<sup>(b)(c)</sup> | 10/18/30 | $1143362 |
| (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 <sup>(b)(c)</sup> | 01/16/30 | 1174230 |
| (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 <sup>(b)(c)</sup> | 04/20/29 | 3390369 |
| NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
| (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) |
| 425000 | 5.115 <sup>(b)(c)</sup> | 05/23/31 | 432187 |
| (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) |
| 1750000 | 0.670 <sup>(b)(c)</sup> | 09/14/29 | 1930906 |
| (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) |
| 2252000 | 0.780 <sup>(b)(c)</sup> | 02/26/30 | 2457927 |
| Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
| 1310000 | 4.625 | 01/19/29 | 1630363 |
| Permanent TSB Group Holdings PLC | Permanent TSB Group Holdings PLC | Permanent TSB Group Holdings PLC | Permanent TSB Group Holdings PLC |
| (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 <sup>(b)(c)</sup> | 04/25/28 | 333449 |
| 1020000 | 6.625 <sup>(b)(c)</sup> | 06/30/29 | 1320820 |
| 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 | 995350 |
| 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 | 240610 |
| 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 | 1478145 |
| 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 | 1523991 |
| 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 | 1473295 |
| Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) |
| 1575000 | 4.671 | 05/20/27 | 1577536 |
| Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) |
| 225000 | 6.047 | 06/08/27 | 228004 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| (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 <sup>(b)(c)</sup> | 01/23/30 | 746656 |
| (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 <sup>(b)(c)</sup> | 06/12/29 | 726509 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) |
| 1112000 | 5.428 <sup>(b)(c)(d)</sup> | 02/08/30 | 1141401 |
| (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%) |
| 834000 | 7.750 <sup>(b)(c)</sup> | 03/01/29 | 1106450 |
| (-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 <sup>(b)(c)</sup> | 01/14/28 | 582933 |
| (-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 <sup>(b)(c)</sup> | 06/24/27 | 870997 |
| (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>(b)(c)(d)</sup> | 01/12/29 | 2756320 |
| Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) |
| 175000 | 5.198 | 01/23/30 | 179184 |
|  |  |  | 84314483 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> – 0.3%** | **Beverages<sup>(c)</sup> – 0.3%** | **Beverages<sup>(c)</sup> – 0.3%** | **Beverages<sup>(c)</sup> – 0.3%** |
| 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 | $1204044 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 1500000 | 4.400 | 11/15/25 | 1497405 |
| 25000 | 4.650 | 11/15/28 | 25182 |
|  |  |  | 2726631 |
| **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 650000 | 5.150 | 03/02/28 | 664047 |
| **Building Materials<sup>(c)</sup> – 0.1%** | **Building Materials<sup>(c)</sup> – 0.1%** | **Building Materials<sup>(c)</sup> – 0.1%** | **Building Materials<sup>(c)</sup> – 0.1%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 145000 | 2.493 | 02/15/27 | 141130 |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 975000 | 3.500 | 02/15/30 | 931661 |
|  |  |  | 1072791 |
| **Chemicals<sup>(c)</sup> – 0.2%** | **Chemicals<sup>(c)</sup> – 0.2%** | **Chemicals<sup>(c)</sup> – 0.2%** | **Chemicals<sup>(c)</sup> – 0.2%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 600000 | 4.493 | 11/15/25 | 599148 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| 185000 | 1.230 <sup>(d)</sup> | 10/01/25 | 183224 |
| 53000 | 1.832 <sup>(d)</sup> | 10/15/27 | 49918 |
| 600000 | 2.300 <sup>(d)</sup> | 11/01/30 | 530658 |
|  |  |  | 1362948 |
| **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** |
| DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
| 200000 | 4.848 | 09/26/28 | 200062 |
| 950000 | 5.500 <sup>(d)</sup> | 05/08/35 | 955937 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 390000 | 5.625 | 09/25/48 | 363553 |
| Motability Operations Group PLC<sup>(c)</sup> | Motability Operations Group PLC<sup>(c)</sup> | Motability Operations Group PLC<sup>(c)</sup> | Motability Operations Group PLC<sup>(c)</sup> |
| 1247000 | 3.625 | 07/24/29 | 1505392 |
| 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 | 854157 |
| RELX Finance BV<sup>(c)</sup> | RELX Finance BV<sup>(c)</sup> | RELX Finance BV<sup>(c)</sup> | RELX Finance BV<sup>(c)</sup> |
| 437000 | 3.750 | 06/12/31 | 533111 |
|  |  |  | 4412212 |
| **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. |
| 893000 | 6.020 | 06/15/26 | 901564 |
| 875000 | 5.300 | 10/01/29 | 900296 |
|  |  |  | 1801860 |
| **Diversified Financial Services<sup>(c)</sup> – 0.9%** | **Diversified Financial Services<sup>(c)</sup> – 0.9%** | **Diversified Financial Services<sup>(c)</sup> – 0.9%** | **Diversified Financial Services<sup>(c)</sup> – 0.9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 1375000 | 4.875 | 04/01/28 | 1389286 |
| 244000 | 3.000 | 10/29/28 | 232495 |
| 350000 | 5.100 | 01/19/29 | 356132 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 575000 | 2.875 | 01/15/26 | 569141 |
| 1300000 | 5.300 | 02/01/28 | 1328951 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 650000 | 7.100 | 11/15/27 | 685224 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **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)** | **Diversified Financial Services<sup>(c)</sup> – (continued)** |
|  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> |
|  $ | 400000 | 1.950% | 01/30/26 | $393688 |
|  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> |
|  | 1036000 | 4.950 | 01/15/28 | 1041221 |
|  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> |
|  | 850000 | 5.200 | 03/27/28 | 859478 |
|  |  |  |  | 6855616 |
|  **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** |
|  Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> |
|  | 925000 | 4.600 | 05/15/28 | 931799 |
|  DTE Energy Co.<sup>(c)</sup> | 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 | 708316 |
|  E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
|  GBP | 417000 | 6.375 | 06/07/32 | 616452 |
|  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> | Electricite de France SA<sup>(c)(d)</sup> |
|  $ | 1450000 | 4.500 | 09/21/28 | 1448666 |
|  Enel SpA | Enel SpA | Enel SpA | Enel SpA | Enel SpA |
|  (-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%) | (-1X 5 yr. EUR Swap + 1.719%) |
|  EUR | 523000 | 1.375 <sup>(b)(c)</sup> | 06/08/27 | 593674 |
|  (5 yr. EUR Swap + 2.580%) | (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 <sup>(b)(c)</sup> | 08/24/26 | 1103939 |
|  Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> |
|  $ | 700000 | 3.400 | 02/01/28 | 683389 |
|  Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> |
|  EUR | 250000 | 1.375 | 06/23/28 | 282384 |
|  |  |  |  | 6368619 |
|  **Engineering & Construction<sup>(c)</sup> – 0.1%** | **Engineering & Construction<sup>(c)</sup> – 0.1%** | **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 | Mexico City Airport Trust |
|  $ | 540000 | 3.875 <sup>(d)</sup> | 04/30/28 | 523530 |
|  | 200000 | 5.500 <sup>(d)</sup> | 10/31/46 | 165175 |
|  | 200000 | 5.500 | 07/31/47 | 164835 |
|  |  |  |  | 853540 |
|  **Entertainment<sup>(c)</sup> – 0.0%** | **Entertainment<sup>(c)</sup> – 0.0%** | **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. | Warnermedia Holdings, Inc. |
|  | 325000 | 4.054 | 03/15/29 | 264729 |
|  **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  | 1050000 | 5.350 | 09/18/28 | 1082361 |
|  **Food & Drug Retailing<sup>(c)</sup> – 1.0%** | **Food & Drug Retailing<sup>(c)</sup> – 1.0%** | **Food & Drug Retailing<sup>(c)</sup> – 1.0%** | **Food & Drug Retailing<sup>(c)</sup> – 1.0%** | **Food & Drug Retailing<sup>(c)</sup> – 1.0%** |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  | 1000000 | 5.200 | 03/21/29 | 1023780 |
|  J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
|  | 1225000 | 5.900 | 11/15/28 | 1287401 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  | 875000 | 4.800 <sup>(d)</sup> | 03/01/30 | 886428 |
|  | 800000 | 5.000 <sup>(d)</sup> | 03/01/32 | 810696 |
|  | 3575000 | 5.200 <sup>(d)</sup> | 03/01/35 | 3617078 |
|  |  |  |  | 7625383 |
|  **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** |
|  Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. |
|  | 1025000 | 5.150 | 08/15/30 | 1041707 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **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%** |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  $ | 600000 | 5.200% | 07/01/29 | $615984 |
|  **Healthcare Providers & Services<sup>(c)</sup> – 0.4%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.4%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.4%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.4%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.4%** |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  | 250000 | 3.375 | 03/15/29 | 239902 |
|  Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
|  | 975000 | 5.400 | 03/01/29 | 1004143 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  | 1775000 | 4.250 | 01/15/29 | 1771308 |
|  |  |  |  | 3015353 |
|  **Insurance – 0.1%** | **Insurance – 0.1%** | **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%) | Aviva PLC<sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) |
|  GBP | 10000 | 6.125 | 11/14/36 | 13949 |
|  Corebridge Global Funding<sup>(d)</sup> | 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 | 947376 |
|  |  |  |  | 961325 |
|  **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** |
|  Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> |
|  EUR | 729000 | 3.500 | 03/01/29 | 880418 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  | 1800000 | 4.625 | 05/15/29 | 2264704 |
|  Prosus NV<sup>(c)(d)</sup> | 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 | 127850 |
|  |  |  |  | 3272972 |
|  **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%** | **Iron/Steel<sup>(c)</sup> – 0.2%** |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  | 1275000 | 1.650 | 10/15/27 | 1201777 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  | 350000 | 6.400 | 06/28/54 | 342128 |
|  |  |  |  | 1543905 |
|  **Lodging<sup>(c)</sup> – 0.3%** | **Lodging<sup>(c)</sup> – 0.3%** | **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. | Choice Hotels International, Inc. |
|  | 248000 | 3.700 | 01/15/31 | 230134 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  | 575000 | 5.500 | 06/30/34 | 575667 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  | 530000 | 5.625 | 06/15/28 | 540202 |
|  | 200000 | 6.000 | 06/14/30 | 206169 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  | 515000 | 5.000 | 10/15/27 | 523410 |
|  | 573000 | 4.650 | 12/01/28 | 577034 |
|  | 135000 | 4.875 | 05/15/29 | 136939 |
|  |  |  |  | 2789555 |
|  **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  | 225000 | 5.250 | 08/16/28 | 231539 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  | 700000 | 4.900 | 05/29/30 | 709373 |
|  |  |  |  | 940912 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **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 |
|  $ | 784000 | 4.908% | 07/23/25 | $783914 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 300000 | 4.150 | 10/15/28 | 299466 |
|  |  |  |  | 1083380 |
|  **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** |
|  Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. |
|  GBP | 125000 | 3.125 | 03/26/26 | 169701 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  $ | 455000 | 1.625 <sup>(d)</sup> | 04/27/26 | 444794 |
|  | 775000 | 4.875 <sup>(d)</sup> | 03/12/29 | 782487 |
|  | 1150000 | 5.371 <sup>(d)</sup> | 04/04/29 | 1178324 |
|  |  |  |  | 2575306 |
|  **Multi-National – 1.4%** | **Multi-National – 1.4%** | **Multi-National – 1.4%** | **Multi-National – 1.4%** | **Multi-National – 1.4%** |
|  European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
|  EUR | 1240000 | 0.875 | 01/14/28 | 1417263 |
|  | 3500000 | 3.000 | 11/15/28 | 4227382 |
|  | 4410000 | 2.250 | 03/15/30 | 5167905 |
|  |  |  |  | 10812550 |
|  **Oil & Gas<sup>(c)</sup> – 0.1%** | **Oil & Gas<sup>(c)</sup> – 0.1%** | **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. | Occidental Petroleum Corp. |
|  $ | 750000 | 8.500 | 07/15/27 | 794505 |
|  **Oil Field Services – 0.4%** | **Oil Field Services – 0.4%** | **Oil Field Services – 0.4%** | **Oil Field Services – 0.4%** | **Oil Field Services – 0.4%** |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  EUR | 300000 | 1.594 | 07/03/28 | 344264 |
|  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> | Petronas Capital Ltd.<sup>(c)(d)</sup> |
|  $ | 430000 | 5.340 | 04/03/35 | 440109 |
|  QatarEnergy<sup>(c)(d)</sup> | 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 | 553603 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  | 610000 | 5.700 <sup>(c)</sup> | 01/17/35 | 571112 |
|  | 580000 | 6.950 <sup>(c)(d)</sup> | 03/05/54 | 537370 |
|  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> | Saudi Arabian Oil Co.<sup>(c)(d)</sup> |
|  | 530000 | 5.750 | 07/17/54 | 493589 |
|  TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) |
|  EUR | 300000 | 3.369 | 10/06/26 | 354679 |
|  |  |  |  | 3294726 |
|  **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** |
|  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> | Bayer U.S. Finance II LLC<sup>(d)</sup> |
|  $ | 1000000 | 4.250 | 12/15/25 | 997180 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  EUR | 185000 | 0.034 | 08/13/25 | 217250 |
|  Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
|  | 900000 | 2.875 | 05/22/28 | 1064014 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group | Cigna Group |
|  $ | 300000 | 4.375 | 10/15/28 | 300396 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  | 325000 | 4.780 | 03/25/38 | 298171 |
|  McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. |
|  EUR | 125000 | 1.500 | 11/17/25 | 146745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)</sup> – (continued)** | **Pharmaceuticals<sup>(c)</sup> – (continued)** | **Pharmaceuticals<sup>(c)</sup> – (continued)** | **Pharmaceuticals<sup>(c)</sup> – (continued)** |
| Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV |
| 1031000 | 2.875% | 05/19/29 | $1223333 |
|  |  |  | 4247089 |
| **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** |
| 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 | 1126125 |
| 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 | 367602 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 750000 | 6.100 <sup>(c)</sup> | 12/01/28 | 787882 |
| 250000 | 5.250 <sup>(c)</sup> | 04/15/29 | 255988 |
| 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 | 169500 |
| 547609 | 2.940 | 09/30/40 | 448869 |
| 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 | 313649 |
|  |  |  | 3469615 |
| **Real Estate<sup>(c)</sup> – 0.4%** | **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 | 1166422 |
| 350000 | 1.750 | 03/12/29 | 389199 |
| 325000 | 3.625 | 10/29/29 | 383910 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 258000 | 5.500 | 04/01/29 | 266661 |
| Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
| 550000 | 3.250 | 11/13/28 | 647970 |
| 325000 | 1.625 | 01/17/30 | 351281 |
|  |  |  | 3205443 |
| **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** |
| 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 | 108799 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 900000 | 4.625 | 11/01/25 | 899415 |
| 300000 | 2.100 | 03/15/28 | 284109 |
|  |  |  | 1292323 |
| **Retailing<sup>(c)</sup> – 0.0%** | **Retailing<sup>(c)</sup> – 0.0%** | **Retailing<sup>(c)</sup> – 0.0%** | **Retailing<sup>(c)</sup> – 0.0%** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 200000 | 1.950 | 08/01/28 | 185512 |
| **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** |
| Broadcom, Inc.<sup>(d)</sup> | Broadcom, Inc.<sup>(d)</sup> | Broadcom, Inc.<sup>(d)</sup> | Broadcom, Inc.<sup>(d)</sup> |
| 1531000 | 3.137 | 11/15/35 | 1291414 |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 125000 | 6.750 | 11/01/29 | 135132 |
|  |  |  | 1426546 |
| **Software<sup>(c)</sup> – 0.6%** | **Software<sup>(c)</sup> – 0.6%** | **Software<sup>(c)</sup> – 0.6%** | **Software<sup>(c)</sup> – 0.6%** |
| 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 | 446322 |
| 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 | 643364 |
| 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 | 1458249 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  $ | 1100000 | 5.000% | 04/01/32 | $1114014 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  | 943000 | 5.400 | 06/12/29 | 971582 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  | 125000 | 3.700 | 04/01/29 | 122122 |
|  |  |  |  | 4755653 |
|  **Telecommunication Services – 0.4%** | **Telecommunication Services – 0.4%** | **Telecommunication Services – 0.4%** | **Telecommunication Services – 0.4%** | **Telecommunication Services – 0.4%** |
|  Deutsche Telekom International Finance BV | 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 | 295203 |
|  Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> |
|  | 1074000 | 5.000 | 02/15/29 | 1089530 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  GBP | 450000 | 5.445 | 10/08/29 | 631411 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  $ | 656000 | 3.750 <sup>(c)</sup> | 04/15/27 | 649381 |
|  | 300000 | 4.750 <sup>(c)</sup> | 02/01/28 | 300414 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  | 300000 | 4.329 | 09/21/28 | 301251 |
|  |  |  |  | 3267190 |
|  **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%** | **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 | 511985 |
|  **Water<sup>(c)</sup> – 0.2%** | **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 | 1470082 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $183,595,930)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $183,595,930)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $183,595,930)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $183,595,930)** | $189375641 |
| **Sovereign Debt Obligations – 20.9%** | **Sovereign Debt Obligations – 20.9%** | **Sovereign Debt Obligations – 20.9%** | **Sovereign Debt Obligations – 20.9%** | **Sovereign Debt Obligations – 20.9%** |
|  **British Pound – 0.6%** | **British Pound – 0.6%** | **British Pound – 0.6%** | **British Pound – 0.6%** | **British Pound – 0.6%** |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  GBP | 1990000 | 3.500% | 01/22/45 | $2178402 |
|  | 840000 | 1.500 | 07/31/53 | 523347 |
|  | 220000 | 1.750 | 07/22/57 | 141168 |
|  | 2130000 | 3.500 | 07/22/68 | 2096207 |
|  |  |  |  | 4939124 |
|  **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  CAD | 2000000 | 4.950 | 06/18/40 | 1573901 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  | 2300000 | 4.650 | 06/02/41 | 1751530 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  GBP | 2390000 | 2.250 | 09/15/26 | 3209804 |
|  |  |  |  | 6535235 |
|  **Colombia Peso – 0.1%** | **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 | 229767 |
|  | 890400000 | 9.250 | 05/28/42 | 167008 |
|  |  |  |  | 396775 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 – 7.4%** | **Euro – 7.4%** | **Euro – 7.4%** | **Euro – 7.4%** | **Euro – 7.4%** |
|  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 | $1136548 |
|  European Union | European Union | European Union | European Union | European Union |
|  | 6632868 | 1.625 | 12/04/29 | 7561372 |
|  | 820000 | 0.200 | 06/04/36 | 705807 |
|  Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds |
|  | 1190000 | 1.500 | 09/15/32 | 1289410 |
|  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 | 8913346 |
|  | 1760000 | 1.250 | 05/25/34 | 1769719 |
|  | 1030000 | 4.500 | 04/25/41 | 1332192 |
|  | 310000 | 3.250 | 05/25/45 | 337310 |
|  | 210000 | 2.000 | 05/25/48 | 177525 |
|  | 800000 | 1.750 | 05/25/66 | 508488 |
|  Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds |
|  | 430000 | 0.200 | 10/18/30 | 451106 |
|  | 920000 | 0.350 | 10/18/32 | 918296 |
|  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 | 6235559 |
|  | 3220000 | 0.900 | 04/01/31 | 3415825 |
|  | 1680000 | 6.000 | 05/01/31 | 2324048 |
|  | 1130000 | 3.250 | 03/01/38 | 1274194 |
|  | 1370000 | 4.450 | 09/01/43 | 1705407 |
|  | 1170000 | 2.150 | 09/01/52 | 932643 |
|  | 357000 | 4.500 | 10/01/53 | 436399 |
|  | 100000 | 2.800 | 03/01/67 | 85171 |
|  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 | 1687428 |
|  | 250000 | 2.150 | 06/22/66 | 184388 |
|  Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
|  | 709181 | 2.500 | 07/15/34 | 820652 |
|  | 673445 | 0.000 <sup>(h)</sup> | 01/15/38 | 546581 |
|  | 838544 | 3.750 | 01/15/42 | 1071289 |
|  | 687236 | 2.000 | 01/15/54 | 628050 |
|  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 | 1402727 |
|  Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium |
|  | 1300000 | 2.875 | 01/14/38 | 1399427 |
|  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 | 1393866 |
|  | 280000 | 2.100 <sup>(i)</sup> | 09/20/17 | 200053 |
|  | 280000 | 0.850 <sup>(j)</sup> | 06/30/20 | 105165 |
|  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 | 617346 |
|  | 400000 | 3.375 <sup>(d)</sup> | 01/28/50 | 284122 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  | 870000 | 1.250 | 10/31/30 | 958173 |
|  | 3430000 | 2.550 | 10/31/32 | 3959482 |
|  | 650000 | 0.850 | 07/30/37 | 572321 |
|  | 700000 | 2.900 | 10/31/46 | 715393 |
|  | 1110000 | 3.450 | 07/30/66 | 1139312 |
|  |  |  |  | 59196140 |
|  **Indonesia Rupiah – 0.4%** | **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 | 638440 |
|  | 7702000000 | 6.500 | 02/15/31 | 475357 |
|  | 7391000000 | 6.375 | 04/15/32 | 451631 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Indonesia Rupiah – (continued)** | **Indonesia Rupiah – (continued)** | **Indonesia Rupiah – (continued)** | **Indonesia Rupiah – (continued)** | **Indonesia Rupiah – (continued)** |
|  IDR | 18210000000 | 6.625% | 02/15/34 | $1120062 |
|  | 5281000000 | 7.125 | 06/15/38 | 332555 |
|  |  |  |  | 3018045 |
|  **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** |
|  Israel Government Bonds | Israel Government Bonds | Israel Government Bonds | Israel Government Bonds | Israel Government Bonds |
|  ILS | 2430000 | 2.000 | 03/31/27 | 697354 |
|  | 2500000 | 1.300 | 04/30/32 | 622495 |
|  |  |  |  | 1319849 |
|  **Japanese Yen – 9.2%** | **Japanese Yen – 9.2%** | **Japanese Yen – 9.2%** | **Japanese Yen – 9.2%** | **Japanese Yen – 9.2%** |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  JPY | 958350000 | 1.100 | 12/20/29 | 6696371 |
|  Japan Government Forty Year Bonds | 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 | 2760932 |
|  Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds |
|  | 245900000 | 0.200 | 06/20/32 | 1601505 |
|  | 768800000 | 1.400 | 03/20/35 | 5324343 |
|  Japan Government Thirty Year Bonds | 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 | 3719661 |
|  Japan Government Twenty Year Bonds | 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 | 5283119 |
|  | 1167350000 | 1.600 | 03/20/44 | 7244047 |
|  Japan Treasury Discount Bills | Japan Treasury Discount Bills | Japan Treasury Discount Bills | Japan Treasury Discount Bills | Japan Treasury Discount Bills |
|  | 3187550000 | 0.000 <sup>(h)</sup> | 07/28/25 | 22127912 |
|  | 1597100000 | 0.000 <sup>(h)</sup> | 08/12/25 | 11085153 |
|  | 1133700000 | 0.000 <sup>(h)</sup> | 09/01/25 | 7866975 |
|  |  |  |  | 73710018 |
|  **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  MXN | 39000000 | 7.750 | 11/23/34 | 1897988 |
|  **Peruvian Nuevo Sol – 0.1%** | **Peruvian Nuevo Sol – 0.1%** | **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 | Peru Government Bonds |
|  PEN | 1550000 | 5.940 | 02/12/29 | 458555 |
|  **Singapore Dollar – 0.1%** | **Singapore Dollar – 0.1%** | **Singapore Dollar – 0.1%** | **Singapore Dollar – 0.1%** | **Singapore Dollar – 0.1%** |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
|  SGD | 1320000 | 3.375 | 09/01/33 | 1131359 |
|  **South Korean Won – 0.5%** | **South Korean Won – 0.5%** | **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 | Korea Treasury Bonds |
|  KRW | 2598070000 | 1.875 | 06/10/29 | 1875407 |
|  | 2641660000 | 1.375 | 12/10/29 | 1855191 |
|  |  |  |  | 3730598 |
|  **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  $ | 2040000 | 6.125 | 05/22/28 | 2101853 |
|  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> | Korea Hydro & Nuclear Power Co. Ltd.<sup>(d)</sup> |
|  | 630000 | 4.250 | 07/27/27 | 629691 |
|  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> |
|  | 240000 | 3.000 | 02/27/27 | 231120 |
|  |  |  |  | 2962664 |
|  **Thailand Baht – 0.1%** | **Thailand Baht – 0.1%** | **Thailand Baht – 0.1%** | **Thailand Baht – 0.1%** | **Thailand Baht – 0.1%** |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  THB | 6350000 | 2.650 | 06/17/28 | 201861 |
|  | 6710000 | 2.875 | 12/17/28 | 216014 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Thailand Baht – (continued)** | **Thailand Baht – (continued)** | **Thailand Baht – (continued)** | **Thailand Baht – (continued)** | **Thailand Baht – (continued)** |
|  THB | 70000 | 3.390% | 06/17/37 | $2548 |
|  | 9116000 | 3.450 | 06/17/43 | 337917 |
|  |  |  |  | 758340 |
|  **Total Romania New Leu – 0.0%** | **Total Romania New Leu – 0.0%** | **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 | Romania Government Bonds |
|  RON | 1375000 | 6.700 | 02/25/32 | 306790 |
|  **United States Dollar – 0.8%** | **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> | Chile Government International Bonds<sup>(c)</sup> |
|  $ | 430000 | 3.100 | 05/07/41 | 319920 |
|  Export-Import Bank of Korea | 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 | 398151 |
|  | 330000 | 5.125 | 01/11/33 | 339893 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  | 1521000 | 3.771 <sup>(c)</sup> | 05/24/61 | 895869 |
|  | 1810000 | 3.750 <sup>(c)</sup> | 04/19/71 | 1028080 |
|  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> | Panama Government International Bonds<sup>(c)</sup> |
|  | 200000 | 6.875 | 01/31/36 | 199400 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  | 10000 | 2.780 <sup>(c)</sup> | 12/01/60 | 5370 |
|  | 100000 | 3.230 (c)(k) | 07/28/21 | 53700 |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  | 470000 | 3.700 | 03/01/41 | 381053 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  | 600000 | 5.125 <sup>(c)</sup> | 09/18/34 | 601200 |
|  | 650000 | 5.500 <sup>(c)</sup> | 03/18/54 | 601250 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  | 70000 | 6.375 | 01/30/34 | 68530 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  | 830000 | 4.875 | 07/18/33 | 829988 |
|  State of Israel | State of Israel | State of Israel | State of Israel | State of Israel |
|  | 400000 | 3.800 | 05/13/60 | 259600 |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  | 31914 | 4.375 <sup>(c)</sup> | 01/23/31 | 31882 |
|  | 57058 | 5.442 <sup>(c)</sup> | 02/14/37 | 58456 |
|  |  |  |  | 6072342 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $174,615,627)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $174,615,627)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $174,615,627)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $174,615,627)** | $166433822 |
| **Asset-Backed Securities<sup>(c)</sup> – 13.4%** | **Asset-Backed Securities<sup>(c)</sup> – 13.4%** | **Asset-Backed Securities<sup>(c)</sup> – 13.4%** | **Asset-Backed Securities<sup>(c)</sup> – 13.4%** | **Asset-Backed Securities<sup>(c)</sup> – 13.4%** |
|  **Automotive – 1.9%** | **Automotive – 1.9%** | **Automotive – 1.9%** | **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> | Bank of America Auto Trust Series 2023-2A, Class A2<sup>(d)</sup> |
|  $ | 14649 | 5.850% | 08/17/26 | $14656 |
|  BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 |
|  | 1775000 | 4.430 | 06/26/28 | 1784867 |
|  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 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
|  | 751770 | 4.700 | 09/15/27 | 751586 |
|  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 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
|  | 425000 | 4.670 | 08/15/28 | 425065 |
|  Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 |
|  | 1550000 | 4.780 | 07/16/29 | 1556042 |
|  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 | Ford Credit Auto Lease Trust Series 2024-A, Class A2A |
|  | 32634 | 5.240 | 07/15/26 | 32642 |
|  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 | Ford Credit Auto Owner Trust Series 2023-C, Class A2A |
|  | 159203 | 5.680 | 09/15/26 | 159300 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Value** |
| **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
| 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 | $1656024 |
| 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 |
| 72256 | 5.890 | 11/16/26 | 72294 |
| 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 | 1512995 |
| 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> |
| 620404 | 5.150 | 06/15/26 | 620704 |
| 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 |
| 718 | 5.920 | 11/16/26 | 718 |
| 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 |
| 1365927 | 5.110 | 10/15/26 | 1367493 |
| 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 | 428619 |
| 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 |
| 479291 | 4.760 | 08/16/27 | 479426 |
| 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 | 1530605 |
| Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> |
| 2525000 | 4.650 | 05/25/38 | 2557055 |
|  |  |  | 14950091 |
| **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** | **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** | **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** | **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** |
| 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 | 8.506 | 04/15/37 | 1589507 |
| 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 | 5.796 | 07/15/37 | 1278685 |
| 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 | 5.406 | 04/15/38 | 2096516 |
| 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 | 5.802 | 07/25/37 | 1280228 |
| 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 | 4.147 | 04/15/38 | 636371 |
| 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 | 5.519 | 04/18/33 | 2580922 |
| 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 | 6.332 | 04/25/37 | 1908731 |
| 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 | 5.470 | 01/20/35 | 1798402 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1400000 | 3.939 | 05/26/38 | 1642249 |
| Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 6000000 | 5.636 | 07/17/38 | 6021504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Value** |
| **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)** |
| 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 | $1902160 |
| Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) | Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) | Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) | Generate CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.330%) |
| 4775000 | 0.000 | 07/20/38 | 4775000 |
| 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 | 6.119 | 04/20/32 | 1651704 |
| 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%) |
| 336891 | 5.902 | 05/20/54 | 338528 |
| 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%) |
| 1793485 | 5.502 | 04/14/33 | 1795102 |
| 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 | 5.926 | 07/15/37 | 1230521 |
| 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 | 5.302 | 10/14/36 | 740726 |
| 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 | 5.606 | 01/15/38 | 5005570 |
| OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) |
| 5000000 | 0.000 | 07/19/38 | 5000000 |
| 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 | 7.656 | 01/15/38 | 1699913 |
| 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 | 4.009 | 04/15/38 | 1532803 |
| 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 | 5.670 | 10/20/37 | 1879174 |
| Polus U.S. CLO II Ltd. Series 2025-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Polus U.S. CLO II Ltd. Series 2025-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Polus U.S. CLO II Ltd. Series 2025-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Polus U.S. CLO II Ltd. Series 2025-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 1650000 | 5.804 | 07/20/38 | 1655805 |
| 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 | 6.030 | 07/17/37 | 1478267 |
| RR 40 Ltd. Series 2025-40A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | RR 40 Ltd. Series 2025-40A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | RR 40 Ltd. Series 2025-40A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | RR 40 Ltd. Series 2025-40A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 6200000 | 5.637 | 07/15/38 | 6220770 |
| 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 | 1026810 |
| Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) |
| 1130000 | 3.894 | 04/20/39 | 1324269 |
| 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 | 5.956 | 10/15/37 | 1353059 |
| 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 |
| 155788 | 5.750 | 12/20/50 | 157291 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | 8.684% | 04/20/32 | $877415 |
| 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 | 5.626 | 10/15/37 | 1152036 |
|  |  |  | 63630038 |
| **Credit Card – 1.5%** | **Credit Card – 1.5%** | **Credit Card – 1.5%** | **Credit Card – 1.5%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 2425000 | 4.510 | 04/15/32 | 2457524 |
| 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 | 1503354 |
| 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 | 5.204 | 08/15/28 | 2604454 |
| 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 | 1278723 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 1675000 | 4.490 | 06/21/32 | 1686590 |
| WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A |
| 2325000 | 4.340 | 05/15/30 | 2341936 |
|  |  |  | 11872581 |
| **Student Loan<sup>(b)(d)</sup> – 2.1%** | **Student Loan<sup>(b)(d)</sup> – 2.1%** | **Student Loan<sup>(b)(d)</sup> – 2.1%** | **Student Loan<sup>(b)(d)</sup> – 2.1%** |
| 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%) |
| 597979 | 5.541 | 04/20/31 | 598281 |
| 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 | 6.075 | 07/24/36 | 1653232 |
| 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 | 5.690 | 04/20/36 | 2975000 |
| 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%) |
| 1964722 | 5.620 | 12/27/66 | 1974662 |
| 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%) |
| 2850683 | 5.470 | 12/27/66 | 2849343 |
| 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 | 5.656 | 04/15/31 | 1500005 |
| 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%) |
| 634043 | 5.570 | 09/25/65 | 632131 |
| 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 | 5.886 | 04/15/37 | 4514103 |
|  |  |  | 16696757 |
| **TOTAL ASSET- BACKED SECURITIES<br>(Cost $106,403,572)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $106,403,572)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $106,403,572)** | $107149467 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations – 14.1%** | **U.S. Treasury Obligations – 14.1%** | **U.S. Treasury Obligations – 14.1%** | **U.S. Treasury Obligations – 14.1%** | **U.S. Treasury Obligations – 14.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 28492000 | 0.000 %<sup>(h)</sup> | 07/01/25 | $28488709 |
|  | 76315700 | 0.000 <sup>(h)</sup> | 07/03/25 | 76298034 |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  | 3560000 | 2.375 | 11/15/49 | 2290081 |
|  | 2440000 | 4.750 | 11/15/53 | 2418650 |
|  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 |
|  | 2093415 | 1.500 | 02/15/53 | 1658786 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 1574700 | 0.625 | 05/15/30 | 1354980 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $112,713,914)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $112,713,914)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $112,713,914)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $112,713,914)** | $112509240 |
|  | **Shares** | **Description** | **Description** | **Value** |
| **Exchange Traded Funds – 0.0%** | **Exchange Traded Funds – 0.0%** | **Exchange Traded Funds – 0.0%** | **Exchange Traded Funds – 0.0%** | **Exchange Traded Funds – 0.0%** |
|  | 3755 | Vanguard Intermediate-Term<br>Corporate Bond ETF | Vanguard Intermediate-Term<br>Corporate Bond ETF | $311364 |
| **(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> – 0.0%** | **Investment Company<sup>(l)</sup> – 0.0%** | **Investment Company<sup>(l)</sup> – 0.0%** | **Investment Company<sup>(l)</sup> – 0.0%** | **Investment Company<sup>(l)</sup> – 0.0%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 20725 | 4.231% | 4.231% | $20725 |
| **(Cost $20,725)** | **(Cost $20,725)** | **(Cost $20,725)** | **(Cost $20,725)** |  |
| **TOTAL INVESTMENTS – 107.7%**<br> **(Cost $863,246,568)** | **TOTAL INVESTMENTS – 107.7%**<br> **(Cost $863,246,568)** | **TOTAL INVESTMENTS – 107.7%**<br> **(Cost $863,246,568)** | **TOTAL INVESTMENTS – 107.7%**<br> **(Cost $863,246,568)** | $859972064 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (7.7)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (7.7)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (7.7)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (7.7)%** | (61583806) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $798388258 |

---

---

| | |
|:---|:---|
| 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. |
| (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 June 30, 2025. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

(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 $93,260,049 which represents approximately 11.7% of net assets as of June 30, 2025.

(g) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $10,239,480, which represents approximately 1.2% of the Fund's net assets as of June 30, 2025.

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

(h) Issued with a zero coupon. Income is recognized through the accretion of discount.

(i) Actual maturity date is September 20, 2117.

(j) Actual maturity date is June 30, 2120.

(k) Actual maturity date is July 28, 2121.

(l) Represents an affiliated issuer.

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At June 30, 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 | 1652027 | USD | 1078342 | 08/25/25 | $10199 |
|  | AUD | 12925958 | USD | 8397480 | 09/17/25 | 123586 |
|  | AUD | 3280961 | USD | 2129387 | 12/17/25 | 37569 |
|  | BRL | 954501 | USD | 172696 | 07/02/25 | 2899 |
|  | BRL | 468271 | USD | 81482 | 09/17/25 | 3032 |
|  | CAD | 2324699 | USD | 1684248 | 07/02/25 | 23067 |
|  | CAD | 10754608 | USD | 7896024 | 09/17/25 | 32827 |
|  | CHF | 6567141 | USD | 8087842 | 09/17/25 | 270724 |
|  | CLP | 363870600 | USD | 389000 | 07/28/25 | 1584 |
|  | CLP | 396315758 | USD | 417324 | 09/17/25 | 8007 |
|  | CNH | 119810913 | USD | 16786313 | 09/17/25 | 56866 |
|  | CNH | 1692217 | USD | 234137 | 09/18/25 | 3778 |
|  | COP | 704163736 | USD | 168554 | 09/17/25 | 1945 |
|  | CZK | 218421059 | USD | 10109149 | 09/17/25 | 321835 |
|  | CZK | 9291582 | USD | 429387 | 12/17/25 | 15628 |
|  | EUR | 13260233 | USD | 15249107 | 09/17/25 | 452279 |
|  | EUR | 1604201 | USD | 1827140 | 09/18/25 | 72511 |
|  | EUR | 1576021 | USD | 1842528 | 12/17/25 | 34313 |
|  | GBP | 4742241 | USD | 6420211 | 08/28/25 | 91615 |
|  | GBP | 6160081 | USD | 8333422 | 09/17/25 | 126475 |
|  | GBP | 505846 | USD | 683340 | 12/17/25 | 11624 |
|  | HUF | 555176639 | USD | 1565857 | 09/17/25 | 63813 |
|  | ILS | 13920637 | USD | 3943189 | 09/17/25 | 193812 |
|  | ILS | 1908428 | USD | 520214 | 09/18/25 | 46953 |
|  | INR | 202591363 | USD | 2350698 | 07/07/25 | 12435 |
|  | INR | 181247588 | USD | 2092612 | 07/09/25 | 21341 |
|  | INR | 91406745 | USD | 1063116 | 07/28/25 | 1966 |
|  | INR | 280409279 | USD | 3254576 | 09/17/25 | 5208 |
|  | JPY | 317283089 | USD | 2211547 | 09/17/25 | 11275 |
|  | JPY | 154011127 | USD | 1083508 | 12/17/25 | 6224 |
|  | KRW | 1152748842 | USD | 847189 | 07/02/25 | 6419 |
|  | KRW | 267414381 | USD | 195000 | 07/07/25 | 2711 |
|  | KRW | 325377779 | USD | 238685 | 07/09/25 | 1915 |
|  | KRW | 572879384 | USD | 423398 | 07/11/25 | 277 |
|  | KRW | 525102224 | USD | 386417 | 07/28/25 | 2392 |
|  | KRW | 8501039767 | USD | 6289005 | 09/17/25 | 24507 |
|  | KRW | 355246140 | USD | 257204 | 09/18/25 | 6645 |
|  | KRW | 544213827 | USD | 406037 | 12/17/25 | 321 |
|  | MXN | 13537207 | USD | 709651 | 08/29/25 | 7199 |
|  | MXN | 50007889 | USD | 2598421 | 09/17/25 | 44516 |
|  | NOK | 19966623 | USD | 1976253 | 09/17/25 | 5635 |
|  | NZD | 3566387 | AUD | 3301000 | 09/17/25 | 3537 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | NZD | 11241200 | USD | 6801658 | 09/17/25 | $68493 |
|  | PLN | 21148653 | USD | 5689316 | 09/17/25 | 167328 |
|  | SEK | 36305081 | USD | 3818215 | 09/17/25 | 39005 |
|  | SGD | 8350092 | USD | 6545682 | 09/17/25 | 59043 |
|  | TRY | 33306940 | USD | 768378 | 09/17/25 | 11742 |
|  | TWD | 22823750 | USD | 775000 | 07/25/25 | 13880 |
|  | TWD | 33022554 | USD | 1129268 | 09/17/25 | 26700 |
|  | TWD | 7183608 | USD | 249154 | 12/17/25 | 6776 |
|  | USD | 439266 | CAD | 591967 | 12/17/25 | 966 |
|  | USD | 1493528 | CNH | 10618444 | 09/17/25 | 773 |
|  | USD | 154452 | GBP | 112220 | 12/17/25 | 277 |
|  | USD | 1035302 | INR | 88561455 | 07/09/25 | 2379 |
|  | USD | 305599 | INR | 26267499 | 09/17/25 | 237 |
|  | USD | 866982 | INR | 74834418 | 12/17/25 | 1277 |
|  | USD | 22286960 | JPY | 3184668454 | 07/28/25 | 95851 |
|  | USD | 40388794 | JPY | 5749478105 | 09/11/25 | 135905 |
|  | USD | 204690 | JPY | 29203920 | 09/17/25 | 93 |
|  | USD | 280780 | JPY | 39652509 | 09/18/25 | 2952 |
|  | USD | 704362 | JPY | 99300250 | 12/17/25 | 1746 |
|  | USD | 252378 | KRW | 339642211 | 09/17/25 | 134 |
|  | USD | 804452 | KRW | 1076168332 | 12/17/25 | 890 |
|  | USD | 609130 | SEK | 5717606 | 09/17/25 | 1665 |
|  | USD | 425099 | TWD | 12223521 | 07/25/25 | 2605 |
|  | ZAR | 19570408 | USD | 1095780 | 09/17/25 | 3346 |
|  **TOTAL** |  |  |  |  |  | $2815527 |

---

**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. | CAD | 3020499 | USD | 2226879 | 07/02/25 | $(8552) |
|  | CAD | 2448138 | USD | 1812369 | 09/17/25 | (7476) |
|  | GBP | 112254 | USD | 154452 | 09/17/25 | (289) |
|  | INR | 180225629 | USD | 2104302 | 07/14/25 | (2801) |
|  | INR | 505613628 | USD | 5890044 | 09/17/25 | (12237) |
|  | JPY | 699029597 | USD | 4910164 | 09/17/25 | (12902) |
|  | JPY | 46896245 | USD | 332955 | 09/18/25 | (4373) |
|  | JPY | 28922615 | USD | 204690 | 12/17/25 | (43) |
|  | KRW | 289897398 | USD | 215000 | 07/16/25 | (530) |
|  | KRW | 1082539595 | USD | 804452 | 09/17/25 | (477) |
|  | NOK | 26908141 | USD | 2690451 | 09/17/25 | (19547) |
|  | TWD | 12223521 | USD | 422870 | 07/07/25 | (2875) |
|  | TWD | 9089185 | USD | 318249 | 07/31/25 | (3570) |
|  | TWD | 9803353 | USD | 342835 | 08/01/25 | (3346) |
|  | USD | 9613495 | AUD | 14761691 | 09/17/25 | (117727) |
|  | USD | 167603 | BRL | 954501 | 07/02/25 | (7992) |
|  | USD | 171408 | BRL | 954501 | 08/04/25 | (2745) |
|  | USD | 383128 | BRL | 2154234 | 09/17/25 | (5667) |
|  | USD | 6941069 | CAD | 9822154 | 07/02/25 | (272556) |
|  | USD | 5599134 | CAD | 7689842 | 09/17/25 | (70213) |
|  | USD | 3291367 | CAD | 4476956 | 09/25/25 | (10559) |
|  | USD | 436492 | CAD | 594191 | 12/17/25 | (3455) |
|  | USD | 8744396 | CHF | 7140738 | 09/17/25 | (344234) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 1324832 | CHF | 1059809 | 12/17/25 | $(39470) |
|  | USD | 490195 | CLP | 458839911 | 09/17/25 | (2238) |
|  | USD | 9341656 | CNH | 66716017 | 09/17/25 | (37372) |
|  | USD | 236932 | CNH | 1693110 | 09/18/25 | (1108) |
|  | USD | 2077046 | CNH | 14697741 | 12/17/25 | (2863) |
|  | USD | 185786 | COP | 774378155 | 09/17/25 | (1714) |
|  | USD | 5024876 | CZK | 108472286 | 09/17/25 | (155360) |
|  | USD | 1545668 | CZK | 33345051 | 12/17/25 | (51371) |
|  | USD | 20092361 | EUR | 17446239 | 09/17/25 | (565657) |
|  | USD | 408861 | EUR | 375496 | 09/19/25 | (35820) |
|  | USD | 126073593 | EUR | 107053413 | 09/23/25 | (737334) |
|  | USD | 1531224 | EUR | 1298832 | 12/17/25 | (15520) |
|  | USD | 18248899 | GBP | 13477181 | 08/28/25 | (257346) |
|  | USD | 8816244 | GBP | 6590978 | 09/17/25 | (235423) |
|  | USD | 104850 | GBP | 76903 | 12/17/25 | (805) |
|  | USD | 1134425 | HUF | 394486559 | 09/17/25 | (23553) |
|  | USD | 3563098 | IDR | 58363551868 | 09/10/25 | (41518) |
|  | USD | 1216113 | ILS | 4377855 | 07/30/25 | (83841) |
|  | USD | 3055209 | ILS | 10631859 | 09/17/25 | (104417) |
|  | USD | 543399 | ILS | 1908244 | 09/18/25 | (23714) |
|  | USD | 1322680 | ILS | 4693739 | 12/17/25 | (74790) |
|  | USD | 2352750 | INR | 202207099 | 07/07/25 | (5900) |
|  | USD | 1073000 | INR | 92183576 | 07/09/25 | (2169) |
|  | USD | 229289 | INR | 19668041 | 07/11/25 | (83) |
|  | USD | 5773374 | INR | 500997190 | 09/17/25 | (50764) |
|  | USD | 10998574 | JPY | 1595742465 | 08/12/25 | (138032) |
|  | USD | 4093672 | JPY | 590307616 | 09/17/25 | (41906) |
|  | USD | 664902 | JPY | 95651330 | 09/18/25 | (5287) |
|  | USD | 314866 | JPY | 44643366 | 12/17/25 | (1016) |
|  | USD | 845959 | KRW | 1152748842 | 07/02/25 | (7649) |
|  | USD | 419531 | KRW | 573705789 | 07/07/25 | (4635) |
|  | USD | 240147 | KRW | 326472792 | 07/09/25 | (1263) |
|  | USD | 422913 | KRW | 575054968 | 07/11/25 | (2371) |
|  | USD | 815583 | KRW | 1111109936 | 07/14/25 | (6316) |
|  | USD | 4174912 | KRW | 5702052867 | 09/10/25 | (58029) |
|  | USD | 3026051 | KRW | 4190555822 | 09/17/25 | (86172) |
|  | USD | 1146124 | KRW | 1618188071 | 09/18/25 | (55738) |
|  | USD | 1045429 | KRW | 1407116107 | 12/17/25 | (5248) |
|  | USD | 2603938 | MXN | 50612648 | 08/29/25 | (76207) |
|  | USD | 4126012 | MXN | 79695400 | 09/17/25 | (85922) |
|  | USD | 2023190 | NOK | 20438275 | 09/17/25 | (5514) |
|  | USD | 668209 | NOK | 6743990 | 12/17/25 | (1448) |
|  | USD | 1214009 | NZD | 2014993 | 07/31/25 | (15523) |
|  | USD | 12272744 | NZD | 20254470 | 09/17/25 | (105938) |
|  | USD | 507532 | NZD | 832125 | 12/17/25 | (2407) |
|  | USD | 7851999 | PLN | 29227923 | 09/17/25 | (242017) |
|  | USD | 4124172 | SEK | 39465554 | 09/17/25 | (68831) |
|  | USD | 2089458 | SGD | 2673785 | 08/28/25 | (22674) |
|  | USD | 595225 | SGD | 760311 | 09/17/25 | (6163) |
|  | USD | 777960 | THB | 25251644 | 09/17/25 | (3432) |
|  | USD | 677045 | TRY | 29352413 | 09/17/25 | (10450) |
|  | USD | 410530 | TWD | 12223521 | 07/07/25 | (9465) |
|  | USD | 821802 | TWD | 24068530 | 07/28/25 | (10929) |
|  | USD | 2043901 | TWD | 59629750 | 09/17/25 | (43464) |
|  | USD | 398376 | ZAR | 7166738 | 07/18/25 | (5848) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 2017464 | ZAR | 36005955 | 09/17/25 | $(4726) |
|  **TOTAL** |  |  |  |  |  | $(4598936) |

---

**FORWARD SALES CONTRACTS** — At June 30, 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 | 07/15/25 | $(2000000) | $(1767318) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 07/15/25 | (2000000) | (1858642) |
|  Government National Mortgage Association | 4.500 | TBA - 30yr | 07/15/25 | (15000000) | (14351520) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 07/15/25 | (2000000) | (1963862) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 07/15/25 | (10000000) | (7912498) |
|  Uniform Mortgage-Backed Security | 4.000 | TBA - 30yr | 07/15/25 | (4000000) | (3718294) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 07/15/25 | (8000000) | (7649374) |
|  **(PROCEEDS RECEIVED: $(38718359))** |  |  |  |  | $(39221508) |

---

(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 June 30, 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 | 101 | 09/26/25 | $12897458 | $285934 |
|  10 Year U.S. Treasury Notes | 182 | 09/19/25 | 20406750 | 103819 |
|  20 Year U.S. Treasury Bonds | 160 | 09/19/25 | 18475000 | 467272 |
|  30 Year German Euro-Buxl | 72 | 09/08/25 | 10070630 | (125644) |
|  5 Year German Euro-Bund | 155 | 09/08/25 | 23763093 | (188321) |
|  5 Year U.S. Treasury Notes | 755 | 09/30/25 | 82295000 | 815630 |
|  Australian 10 Year Government Bonds | 48 | 09/15/25 | 3620961 | 38602 |
|  Australian 3 Year Government Bonds | 120 | 09/15/25 | 8509174 | 32551 |
|  Canada 10 Year Government Bonds | 154 | 09/18/25 | 13796952 | 134237 |
|  Euro BTP | 15 | 09/08/25 | 2137980 | 4274 |
|  Euro-Bobl | 121 | 09/08/25 | 16773169 | (57217) |
|  Euro-Schatz | 231 | 09/08/25 | 29183433 | (56171) |
|  French 10 Year Government Bonds | 12 | 09/08/25 | 1750529 | (10198) |
|  ICE 3M Sonia Bonds | 205 | 03/17/26 | 67805205 | 95223 |
|  Japan 10 Year Government Bond | 10 | 09/12/25 | 9653831 | 37124 |
|  Ultra Long U.S. Treasury Bonds | 106 | 09/19/25 | 12627250 | 259681 |
|  **Total** |  |  |  | $1836796 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**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 | (234) | 09/30/25 | $(48677484) | $(130876) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $1705920 |

---

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**OVER THE COUNTER INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>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 | 3.735% | Citibank NA | 07/14/32 | MYR 1,950 | $13135 | $— | $13135 |
|  3M KLIBOR | 3.750 | Citibank NA | 12/21/32 | 3450 | 24085 | (35728) | 59813 |
|  3M KLIBOR | 3.680 | MS & Co. Int. PLC | 07/12/32 | 1940 | 11407 |  | 11407 |
|  **TOTAL** |  |  |  |  | $48627 | $(35728) | $84355 |

---

(a) Payments made quarterly.

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront**<br> **Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M EURO<sup>(a)</sup><br> 1.891%<sup>(a)</sup> | 09/17/25 | 470420 <sup>(b)</sup> | $(18065) | $(15) | $(18050) |
|  13.750%<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/04/27 | 14680 | 8868 | 2650 | 6218 |
|  12M SOFR<sup>(a)</sup><br> 3.620<sup>(a)</sup> | 06/30/27 | $52060 <sup>(b)</sup> | 206850 | (29802) | 236652 |
|  Mexico Interbank TIIE |  |  |  |  |  |
|  28 Days<sup>(d)</sup><br> 8.250<sup>(d)</sup> | 09/15/27 | 31160 <sup>(b)</sup> | 25065 | 21046 | 4019 |
|  1M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 09/17/27 | 259650 <sup>(b)</sup> | 31891 | (21670) | 53561 |
|  6M EURO<sup>(f)</sup><br> 1.500<sup>(a)</sup> | 09/17/27 | 5070 <sup>(b)</sup> | (57872) | (54380) | (3492) |
|  12M THOR<sup>(e)</sup><br> 1.750<sup>(e)</sup> | 09/17/27 | 26080 <sup>(b)</sup> | 9129 | 1954 | 7175 |
| 8.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 09/17/27 | 13054810 <sup>(b)</sup> | 3562 | (21498) | 25060 |
| 3.750<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 09/17/27 | $69340 <sup>(b)</sup> | (533676) | (171775) | (361901) |
|  6M EURO<sup>(a)</sup><br> 2.000<sup>(a)</sup> | 09/17/27 | 6110 <sup>(b)</sup> | 31706 | 32219 | (513) |
|  3M STIBOR<sup>(e)</sup><br> 2.250<sup>(a)</sup> | 09/17/27 | 457430 <sup>(b)</sup> | 350157 | 211830 | 138327 |
|  6M CDOR<sup>(f)</sup><br> 2.500<sup>(f)</sup> | 09/17/27 | 1410 <sup>(b)</sup> | 1100 | 181 | 919 |
|  6M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 09/17/27 | 68820 <sup>(b)</sup> | 297446 | 178262 | 119184 |
|  6M PRIBOR<sup>(f)</sup><br> 3.500<sup>(a)</sup> | 09/17/27 | 29850 <sup>(b)</sup> | (692) | 8377 | (9069) |
|  6M AUDOR<sup>(e)</sup><br> 3.500<sup>(e)</sup> | 09/17/27 | 9630 <sup>(b)</sup> | 49768 | 36388 | 13380 |
|  6M GBP<sup>(a)</sup><br> 3.500<sup>(a)</sup> | 09/17/27 | 1280 <sup>(b)</sup> | (1044) | (7788) | 6744 |
|  3M LIBOR<sup>(a)</sup><br> 3.500<sup>(a)</sup> | 09/17/27 | $160 <sup>(b)</sup> | 468 | (143) | 611 |
|  6M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/27 | 48110 <sup>(b)</sup> | 271344 | 34270 | 237074 |
| 7.500<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 09/17/27 | 43220 <sup>(b)</sup> | (25336) | (23808) | (1528) |
| 2.500<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 09/17/27 | 3892120 <sup>(b)</sup> | (7150) | (3034) | (4116) |
|  3M NIBOR<sup>(f)</sup><br> 4.250<sup>(a)</sup> | 09/17/27 | 441430 <sup>(b)</sup> | 424477 | 170455 | 254022 |
|  6M WIBOR<sup>(f)</sup><br> 4.750<sup>(a)</sup> | 09/17/27 | 9650 <sup>(b)</sup> | 29880 | 15806 | 14074 |
|  12M CLICP<sup>(f)</sup><br> 5.500<sup>(f)</sup> | 09/17/27 | 683000 <sup>(b)</sup> | 16347 | 15235 | 1112 |
|  12M MIBOR<sup>(f)</sup><br> 6.000<sup>(f)</sup> | 09/17/27 | 610730 <sup>(b)</sup> | 61199 | 18766 | 42433 |
|  6M BUBOR<sup>(f)</sup><br> 6.250<sup>(a)</sup> | 09/17/27 | 1449610 <sup>(b)</sup> | 20523 | 40864 | (20341) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.750%<sup>(e)</sup><br> 6M AUDOR<sup>(e)</sup> | 09/17/27 | 123660 <sup>(b)</sup> | $(1029601) | $(888557) | $(141044) |
| 0.750<sup>(a)</sup><br> 6M JYOR<sup>(a)</sup> | 09/17/27 | 3913000 <sup>(b)</sup> | 14542 | 21457 | (6915) |
| 4.250<sup>(a)</sup><br> 6M WIBOR<sup>(f)</sup> | 09/17/27 | 23480 <sup>(b)</sup> | (12146) | (4885) | (7261) |
|  6M EURO<sup>(e)</sup><br> 2.143%<sup>(c)</sup> | 11/20/27 | 210250 <sup>(b)</sup> | 253509 | (1611669) | 1865178 |
| 2.180<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 11/20/27 | 210250 <sup>(b)</sup> | (166306) | (1449992) | 1283686 |
|  6M EURO<sup>(f)</sup><br> 2.500<sup>(a)</sup> | 05/14/28 | 13291 <sup>(b)</sup> | 117476 | (209753) | 327229 |
|  12M SOFR<sup>(c)</sup><br> 3.368<sup>(c)</sup> | 06/23/28 | $67730 <sup>(b)</sup> | 105097 | 4585 | 100512 |
| 3.750<sup>(a)</sup><br> 6M GBP<sup>(a)</sup> | 09/17/28 | 440 <sup>(b)</sup> | (3518) | 180 | (3698) |
|  1M BID Average<sup>(a)</sup><br> 13.250<sup>(a)</sup> | 01/02/29 | 24810 | 19827 | (12636) | 32463 |
|  6M EURO<sup>(f)</sup><br> 2.325<sup>(a)</sup> | 02/25/29 | 12670 <sup>(b)</sup> | 9507 | (859415) | 868922 |
| 3.620<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/30/29 | $58120 <sup>(b)</sup> | (609249) | (42740) | (566509) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/30/29 | 49750 <sup>(b)</sup> | (482525) | 55933 | (538458) |
|  1M BID Average<sup>(c)</sup><br> 13.250<sup>(c)</sup> | 01/02/30 | 6200 | 6087 | (21382) | 27469 |
| 13.250<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/02/30 | 6200 | (6087) | 5304 | (11391) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/23/30 | $71370 <sup>(b)</sup> | (176049) | 2173 | (178222) |
|  Mexico Interbank TIIE |  |  |  |  |  |
|  28 Days<sup>(d)</sup><br> 8.500<sup>(d)</sup> | 09/11/30 | 45620 <sup>(b)</sup> | 81321 | 75346 | 5975 |
|  1M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 09/17/30 | 564400 <sup>(b)</sup> | 97611 | (247972) | 345583 |
| 2.000<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 09/17/30 | 68650 <sup>(b)</sup> | (73987) | (22425) | (51562) |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/30 | 14620 <sup>(b)</sup> | (231752) | (221066) | (10686) |
|  6M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 09/17/30 | 9940 <sup>(b)</sup> | 44062 | 3907 | 40155 |
|  6M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/30 | 14990 <sup>(b)</sup> | 103793 | (72646) | 176439 |
|  3M NZDOR<sup>(e)</sup><br> 3.750<sup>(f)</sup> | 09/17/30 | 22130 <sup>(b)</sup> | 87962 | 67751 | 20211 |
| 1.000<sup>(a)</sup><br> 6M JYOR<sup>(a)</sup> | 09/17/30 | 11776560 <sup>(b)</sup> | (253931) | (199945) | (53986) |
|  3M JIBAR<sup>(e)</sup><br> 8.000<sup>(e)</sup> | 09/17/30 | 42970 <sup>(b)</sup> | 62820 | 37155 | 25665 |
|  12M CPIBR<sup>(e)</sup><br> 8.750<sup>(e)</sup> | 09/17/30 | 5255320 <sup>(b)</sup> | 1906 | 26533 | (24627) |
|  12M SOFR<sup>(a)</sup><br> 3.845<sup>(a)</sup> | 05/21/32 | $11410 <sup>(b)</sup> | 156967 | (2802) | 159769 |
|  6M JYOR<sup>(a)</sup><br> 1.000<sup>(a)</sup> | 09/17/32 | 62000 <sup>(b)</sup> | (1368) | (2338) | 970 |
| 1.295<sup>(a)</sup><br> 6M JYOR<sup>(a)</sup> | 08/02/34 | 2162808 <sup>(b)</sup> | 73434 | (606984) | 680418 |
| 3.750<sup>(a)</sup><br> 6M PRIBOR<sup>(f)</sup> | 03/19/35 | 19030 | 7281 | (170) | 7451 |
|  12M SOFR<sup>(a)</sup><br> 4.098<sup>(a)</sup> | 06/24/35 | $17370 <sup>(b)</sup> | 64401 | (3168) | 67569 |
|  Mexico Interbank TIIE |  |  |  |  |  |
|  28 Days<sup>(d)</sup><br> 8.750<sup>(d)</sup> | 09/05/35 | 17690 <sup>(b)</sup> | 41523 | 14733 | 26790 |
|  6M CHFOR<sup>(a)</sup><br> 0.500<sup>(a)</sup> | 09/17/35 | 2930 <sup>(b)</sup> | (18689) | 3355 | (22044) |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/35 | 2060 <sup>(b)</sup> | (130577) | (127849) | (2728) |
|  3M STIBOR<sup>(e)</sup><br> 2.750<sup>(a)</sup> | 09/17/35 | 36290 <sup>(b)</sup> | 68425 | 26175 | 42250 |
|  6M CDOR<sup>(f)</sup><br> 3.000<sup>(f)</sup> | 09/17/35 | 1870 <sup>(b)</sup> | 1475 | (11822) | 13297 |
|  3M KWCDC<sup>(e)</sup><br> 3.750<sup>(e)</sup> | 09/17/35 | 11720770 <sup>(b)</sup> | 878636 | 825579 | 53057 |
|  6M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/35 | 1720 <sup>(b)</sup> | (46458) | (70315) | 23857 |
|  12M SOFR<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 09/17/35 | $2610 <sup>(b)</sup> | 15691 | (22551) | 38242 |
| 4.250<sup>(a)</sup><br> 3M NIBOR<sup>(f)</sup> | 09/17/35 | 60040 <sup>(b)</sup> | (243548) | (121744) | (121804) |
|  3M NZDOR<sup>(e)</sup><br> 4.250<sup>(f)</sup> | 09/17/35 | 11950 <sup>(b)</sup> | 83118 | 71928 | 11190 |
|  12M CLICP<sup>(f)</sup><br> 5.750<sup>(f)</sup> | 09/17/35 | 1010150 <sup>(b)</sup> | 53582 | 56377 | (2795) |
|  6M BUBOR<sup>(f)</sup><br> 6.750<sup>(a)</sup> | 09/17/35 | 109420 <sup>(b)</sup> | 4177 | 2520 | 1657 |
| 4.500<sup>(f)</sup><br> 6M AUDOR<sup>(f)</sup> | 09/17/35 | 1810 <sup>(b)</sup> | (42728) | (34377) | (8351) |
| 1.250<sup>(a)</sup><br> 6M JYOR<sup>(a)</sup> | 09/17/35 | 2773000 <sup>(b)</sup> | (776) | 65248 | (66024) |
|  12M CPIBR<sup>(e)</sup><br> 9.250<sup>(e)</sup> | 09/17/35 | 830100 <sup>(b)</sup> | (788) | 6766 | (7554) |
|  3M JIBAR<sup>(e)</sup><br> 9.250<sup>(e)</sup> | 09/17/35 | 16850 <sup>(b)</sup> | 50934 | 9030 | 41904 |
|  6M JYOR<sup>(a)</sup><br> 2.160<sup>(a)</sup> | 08/02/44 | 2435570 <sup>(b)</sup> | (534430) | (772681) | 238251 |
|  6M EURO<sup>(f)</sup><br> 2.000<sup>(a)</sup> | 09/17/45 | 2640 <sup>(b)</sup> | (392664) | (342348) | (50316) |
| 2.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 05/17/53 | 4761 <sup>(b)</sup> | 399288 | (47292) | 446580 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 11/10/53 | 3817 <sup>(b)</sup> | 117060 | (429814) | 546874 |
| 4.213<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/21/55 | $6580 <sup>(b)</sup> | (58084) | 43131 | (101215) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M JYOR<sup>(a)</sup><br> 1.750%<sup>(a)</sup> | 09/17/55 | JPY | 921000 <sup>(b)</sup> | $(691119) | $(686125) | $(4994) |
|  1.750%<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/55 | EUR | 3890 <sup>(b)</sup> | 948314 | 841984 | 106330 |
|  6M EURO<sup>(a)</sup><br> 2.530<sup>(a)</sup> | 03/19/56 |  | 4360 <sup>(b)</sup> | (158183) | (34274) | (123909) |
| 2.610<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/19/56 |  | 4360 <sup>(b)</sup> | 178064 | 18696 | 159368 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/17/75 |  | 1520 <sup>(b)</sup> | 86675 | 24111 | 62564 |
|  **TOTAL** |  |  |  | $65947 | $(6417390) | $6483337 |

---

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(c) Payments made at maturity.

(d) Payments made at monthly.

(e) Payments made quarterly.

(f) Payments made semi-annually.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<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% | 5.041% | JPMorgan Securities, Inc. | 12/15/56 | $925 | $(105205) | $(114583) | $9378 |

---

(a) Payments made monthly.

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

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund** | **Credit<br>Spread at<br>June 30,<br>2025** | **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)% | 0.587% | 06/20/30 | 12382 | $(286594) | $(220016) | $(66578) |
|  Next Group PLC, 3.625%, 5/18/28 | (1.000) | 0.524 | 06/20/30 | 939 | (25237) | (16254) | (8983) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 43 | 1.000 | 0.453 | 12/20/29 | $78409 | 1789703 | 1552565 | 237138 |
|  CDX.NA.IG Index 44 | 1.000 | 0.510 | 06/20/30 | 3385 | 76002 | 48931 | 27071 |
|  ICE CD ITXEB 43 | 1.000 | 0.545 | 06/20/30 | 13893 | 354729 | 294922 | 59807 |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.538 | 06/20/30 | $1250 | 26743 | 22916 | 3827 |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.777 | 06/20/30 | 1740 | 18062 | 9445 | 8617 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.822 | 06/20/30 | 1150 | 9622 | 5727 | 3895 |
|  **TOTAL** |  |  |  |  | $1963030 | $1698236 | $264794 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At June 30, 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<br>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 | $27402 | $71878 | $(44476) |
|  2Y IRS | BNP Paribas SA | 2.050 | 05/13/2026 | 5740000 | 5740000 | 35802 | 77964 | (42162) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 5740000 | 5740000 | 42208 | 86276 | (44068) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 14390000 | 14390000 | 109859 | 97661 | 12198 |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 3060000 | 3060000 | 41036 | 48419 | (7383) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 34610000 | $34610000 | $256307 | $382198 | $(125891) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2Y IRS | BNP Paribas SA | 2.065 | 05/11/2026 | (1670000) | (1670000) | (11297) | (71743) | 60446 |
|  2Y IRS | BNP Paribas SA | 2.105 | 05/13/2026 | (1690000) | (1690000) | (12883) | (78062) | 65179 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (1690000) | (1690000) | (22525) | (86344) | 63819 |
|  2Y IRS | BNP Paribas SA | 2.347 | 03/08/2027 | (1340000) | (1340000) | (58377) | (97534) | 39157 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (1280000) | (1280000) | (38350) | (48238) | 9888 |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (3830000) | (3830000) | (16751) | (29675) | 12924 |
|  1M IRS | Citibank NA | 2.606 | 07/30/2025 | (3780000) | (3780000) | (27789) | (28052) | 263 |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (4230000) | (4230000) | (37394) | (35067) | (2327) |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (4340000) | (4340000) | (96179) | (36890) | (59289) |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (4290000) | (4290000) | (86571) | (37323) | (49248) |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (3810000) | (3810000) | (13873) | (28012) | 14139 |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (3880000) | (3880000) | (14845) | (28367) | 13522 |
|  1M IRS | MS & Co. Int. PLC | 3.768 | 07/23/2025 | (4270000) | (4270000) | (49375) | (37469) | (11906) |
|  |  |  |  | (40100000) | $(40100000) | $(486209) | $(642776) | $156567 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.582 | 07/16/2025 | (3830000) | (3830000) | (26509) | (29675) | 3166 |
|  1M IRS | Citibank NA | 2.606 | 07/30/2025 | (3780000) | (3780000) | (29403) | (28052) | (1351) |
|  1M IRS | Citibank NA | 3.692 | 07/30/2025 | (4230000) | (4230000) | (33858) | (35067) | 1209 |
|  1M IRS | Deutsche Bank AG (London) | 3.946 | 07/09/2025 | (4340000) | (4340000) | (905) | (36890) | 35985 |
|  1M IRS | Deutsche Bank AG (London) | 3.913 | 07/16/2025 | (4290000) | (4290000) | (4064) | (37323) | 33259 |
|  1M IRS | Deutsche Bank AG (London) | 2.539 | 07/23/2025 | (3810000) | (3810000) | (41378) | (28012) | (13366) |
|  1M IRS | MS & Co. Int. PLC | 2.596 | 07/09/2025 | (3880000) | (3880000) | (18326) | (28367) | 10041 |
|  1M IRS | MS & Co. Int. PLC | 3.768 | 07/23/2025 | (4270000) | (4270000) | (18887) | (37469) | 18582 |
|  |  |  |  | (32430000) | $(32430000) | $(173330) | $(260855) | $87525 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (72530000) | $(72530000) | $(659539) | $(903631) | $244092 |
|  **TOTAL** |  |  |  | (37920000) | $(37920000) | $(403232) | $(521433) | $118201 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| 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 |

---

---

| | |
|:---|:---|
| **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 |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |
| SpA | — Stand-by Purchase Agreement |
| STACR | — Structured Agency Credit Risk |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 2Y IRS | — 1 Year Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 43 | — CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 44 | — CDX North America Investment Grade Index 44 |
| CHFOR | — Swiss Franc Offered Rate |
| CLICP | — Sinacofi Chile Interbank Rate |
| 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 |
| LIBOR | — London Interbank Offered Rate |
| 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 |

---

------

GOLDMAN SACHS INCOME FUND

## Schedule of Investments
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 76.0%** | **Corporate Obligations – 76.0%** | **Corporate Obligations – 76.0%** | **Corporate Obligations – 76.0%** |
| **Advertising<sup>(a)(b)</sup> – 0.3%** | **Advertising<sup>(a)(b)</sup> – 0.3%** | **Advertising<sup>(a)(b)</sup> – 0.3%** | **Advertising<sup>(a)(b)</sup> – 0.3%** |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 40000 | 7.750% | 04/15/28 | $37853 |
| 309000 | 7.875 | 04/01/30 | 318919 |
|  |  |  | 356772 |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 858000 | 6.298 <sup>(a)</sup> | 05/01/29 | 907138 |
| 90000 | 5.150 <sup>(a)</sup> | 05/01/30 | 91654 |
| 25000 | 3.250 <sup>(a)</sup> | 02/01/35 | 21048 |
| 90000 | 5.805 <sup>(a)</sup> | 05/01/50 | 86342 |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 120000 | 7.000 <sup>(a)(b)</sup> | 06/01/32 | 125016 |
| 55000 | 6.750 <sup>(a)(b)</sup> | 06/15/33 | 56972 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 180000 | 5.950 | 02/01/37 | 191450 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 465000 | 4.625 <sup>(a)</sup> | 01/15/29 | 456146 |
| 220000 | 4.875 <sup>(a)</sup> | 05/01/29 | 215963 |
|  |  |  | 2151729 |
| **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 | 609108 |
| MHP Lux SA | MHP Lux SA | MHP Lux SA | MHP Lux SA |
| 200000 | 6.950 | 04/03/26 | 186000 |
|  |  |  | 795108 |
| **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 | 280652 |
| 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 | 260225 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
| 265000 | 7.875 <sup>(a)</sup> | 05/01/27 | 266712 |
| 115000 | 9.500 <sup>(a)</sup> | 06/01/28 | 118119 |
|  |  |  | 925708 |
| **Apparel<sup>(a)(b)</sup> – 0.5%** | **Apparel<sup>(a)(b)</sup> – 0.5%** | **Apparel<sup>(a)(b)</sup> – 0.5%** | **Apparel<sup>(a)(b)</sup> – 0.5%** |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
| 100000 | 5.250 | 07/15/32 | 118712 |
| (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) |
| 200000 | 10.000 <sup>(c)</sup> | 07/15/33 | 208020 |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 375000 | 8.375 | 12/01/31 | 399847 |
|  |  |  | 726579 |
| **Automotive<sup>(a)</sup> – 1.7%** | **Automotive<sup>(a)</sup> – 1.7%** | **Automotive<sup>(a)</sup> – 1.7%** | **Automotive<sup>(a)</sup> – 1.7%** |
| 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 | 291155 |
| 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 | 426799 |
| 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 | 201574 |
| Forvia SE | Forvia SE | Forvia SE | Forvia SE |
| 100000 | 2.375 | 06/15/29 | 108211 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 84000 | 6.125 | 10/01/25 | 84174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Automotive<sup>(a)</sup> – (continued)** | **Automotive<sup>(a)</sup> – (continued)** | **Automotive<sup>(a)</sup> – (continued)** | **Automotive<sup>(a)</sup> – (continued)** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 365000 | 5.650% | 01/17/29 | $372968 |
| 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 | 391164 |
| Phinia, Inc. | Phinia, Inc. | Phinia, Inc. | Phinia, Inc. |
| 105000 | 6.750 <sup>(b)</sup> | 04/15/29 | 108274 |
| 90000 | 6.625 <sup>(b)</sup> | 10/15/32 | 91381 |
| Schaeffler AG | Schaeffler AG | Schaeffler AG | Schaeffler AG |
| 100000 | 4.750 | 08/14/29 | 119389 |
| ZF Europe Finance BV | ZF Europe Finance BV | ZF Europe Finance BV | ZF Europe Finance BV |
| 100000 | 6.125 | 03/13/29 | 115650 |
|  |  |  | 2310739 |
| **Banks – 12.8%** | **Banks – 12.8%** | **Banks – 12.8%** | **Banks – 12.8%** |
| Banco do Brasil SA<sup>(a)(d)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA<sup>(a)(d)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA<sup>(a)(d)</sup> (10 yr. CMT + 4.398%) | Banco do Brasil SA<sup>(a)(d)</sup> (10 yr. CMT + 4.398%) |
| 200000 | 8.748 | 10/15/25 | 201470 |
| Banco Mercantil del Norte SA (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (10 yr. CMT + 4.299%) |
| 450000 | 8.750 <sup>(a)(b)(d)</sup> | 05/20/35 | 454725 |
| (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) |
| 400000 | 7.625 <sup>(a)(d)</sup> | 01/10/28 | 401600 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 600000 | 2.749 | 12/03/30 | 534444 |
| 400000 | 6.921 | 08/08/33 | 433344 |
| Bank of America Corp.<br> (3 mo. USD Term SOFR + 1.252%) | Bank of America Corp.<br> (3 mo. USD Term SOFR + 1.252%) | Bank of America Corp.<br> (3 mo. USD Term SOFR + 1.252%) | Bank of America Corp.<br> (3 mo. USD Term SOFR + 1.252%) |
| 345000 | 2.496 <sup>(a)(d)</sup> | 02/13/31 | 315175 |
| (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 <sup>(a)(d)</sup> | 03/05/29 | 281797 |
| (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 <sup>(a)(d)</sup> | 07/23/29 | 339058 |
| (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) |
| 325000 | 6.125 <sup>(a)(d)</sup> | 04/27/27 | 330437 |
| (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 <sup>(a)(d)</sup> | 03/11/32 | 372184 |
| (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 <sup>(a)(d)</sup> | 07/23/31 | 412801 |
| (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 <sup>(a)(d)</sup> | 04/25/29 | 153294 |
| (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 <sup>(a)(d)</sup> | 04/29/31 | 470942 |
| Bank of New York Mellon Corp.<br> (5 yr. CMT + 2.297%) | Bank of New York Mellon Corp.<br> (5 yr. CMT + 2.297%) | Bank of New York Mellon Corp.<br> (5 yr. CMT + 2.297%) | Bank of New York Mellon Corp.<br> (5 yr. CMT + 2.297%) |
| 125000 | 6.300 <sup>(a)(d)</sup> | 03/20/30 | 128699 |
| (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 <sup>(a)(d)</sup> | 07/26/30 | 15159 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| 250000 | 4.337 <sup>(a)</sup> | 01/10/28 | 249252 |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 205000 | 8.000 <sup>(a)(d)</sup> | 03/15/29 | 215096 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo<br>Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo<br>Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo<br>Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo<br>Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) |
| 200000 | 5.125 | 01/18/33 | 192376 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 635000 | 4.125 | 07/25/28 | 630606 |
| (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)(d)</sup> | 02/15/30 | 332290 |

---

------

GOLDMAN SACHS INCOME FUND

## Schedule of Investments (continued)
*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| (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)(d)</sup> | 02/18/26 | $256612 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 370000 | 2.976 <sup>(a)(d)</sup> | 11/05/30 | 346087 |
| Citizens Financial Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 5.313%) | Citizens Financial Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 5.313%) |
| 150000 | 5.650 | 10/06/25 | 149915 |
| Commerzbank AG<sup>(a)(d)</sup> (1 yr. USD Secured Overnight Financing<br>Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(d)</sup> (1 yr. USD Secured Overnight Financing<br>Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(d)</sup> (1 yr. USD Secured Overnight Financing<br>Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(d)</sup> (1 yr. USD Secured Overnight Financing<br>Rate ICE Swap Rate + 4.322%) |
| 200000 | 7.500 | 10/09/30 | 203432 |
| Fifth Third Bancorp<sup>(a)(d)</sup> (Secured Overnight Financing<br>Rate + 2.127%) | Fifth Third Bancorp<sup>(a)(d)</sup> (Secured Overnight Financing<br>Rate + 2.127%) | Fifth Third Bancorp<sup>(a)(d)</sup> (Secured Overnight Financing<br>Rate + 2.127%) | Fifth Third Bancorp<sup>(a)(d)</sup> (Secured Overnight Financing<br>Rate + 2.127%) |
| 350000 | 4.772 | 07/28/30 | 351977 |
| JPMorgan Chase & Co. (3 mo. USD Term SOFR + 1.207%) | JPMorgan Chase & Co. (3 mo. USD Term SOFR + 1.207%) | JPMorgan Chase & Co. (3 mo. USD Term SOFR + 1.207%) | JPMorgan Chase & Co. (3 mo. USD Term SOFR + 1.207%) |
| 285000 | 3.509 <sup>(a)(d)</sup> | 01/23/29 | 279149 |
| (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 <sup>(a)(d)</sup> | 05/13/31 | 309664 |
| (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) |
| 240000 | 6.500 <sup>(a)(d)</sup> | 04/01/30 | 247622 |
| (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 <sup>(a)(d)</sup> | 04/26/33 | 757289 |
| M&T Bank Corp. (5 yr. CMT + 2.679%) | M&T Bank Corp. (5 yr. CMT + 2.679%) | M&T Bank Corp. (5 yr. CMT + 2.679%) | M&T Bank Corp. (5 yr. CMT + 2.679%) |
| 360000 | 3.500 <sup>(a)(d)</sup> | 09/01/26 | 347828 |
| (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 <sup>(a)(d)</sup> | 01/27/34 | 468336 |
| Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) |
| 635000 | 3.052 | 03/03/36 | 563074 |
| Morgan Stanley (3 mo. USD Term SOFR + 1.890%) | Morgan Stanley (3 mo. USD Term SOFR + 1.890%) | Morgan Stanley (3 mo. USD Term SOFR + 1.890%) | Morgan Stanley (3 mo. USD Term SOFR + 1.890%) |
| 280000 | 4.431 <sup>(a)(d)</sup> | 01/23/30 | 279359 |
| (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 <sup>(a)(d)</sup> | 02/13/32 | 346405 |
| (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 <sup>(a)(d)</sup> | 01/22/31 | 691245 |
| (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 <sup>(a)(d)</sup> | 04/20/29 | 127458 |
| (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 <sup>(a)(d)</sup> | 04/20/28 | 149631 |
| PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) |
| 510000 | 6.200 | 09/15/27 | 519690 |
| Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) |
| 485000 | 7.500 | 05/02/84 | 502465 |
| State Street Corp. (5 yr. CMT + 2.135%) | State Street Corp. (5 yr. CMT + 2.135%) | State Street Corp. (5 yr. CMT + 2.135%) | State Street Corp. (5 yr. CMT + 2.135%) |
| 140000 | 6.450 <sup>(a)(d)</sup> | 09/15/30 | 142115 |
| (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) |
| 245000 | 6.700 <sup>(a)(d)</sup> | 03/15/29 | 255307 |
| Truist Financial Corp. (10 yr. CMT + 4.349%) | Truist Financial Corp. (10 yr. CMT + 4.349%) | Truist Financial Corp. (10 yr. CMT + 4.349%) | Truist Financial Corp. (10 yr. CMT + 4.349%) |
| 561000 | 5.100 <sup>(a)(d)</sup> | 03/01/30 | 555362 |
| (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) |
| 255000 | 6.669 <sup>(a)(d)</sup> | 09/01/25 | 256005 |
| (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 <sup>(a)(d)</sup> | 06/08/27 | 25334 |
| U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) |
| 285000 | 3.700 | 01/15/27 | 273919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 (1 yr. CMT + 1.100%) | UBS Group AG (1 yr. CMT + 1.100%) | UBS Group AG (1 yr. CMT + 1.100%) | UBS Group AG (1 yr. CMT + 1.100%) |
| 435000 | 2.746 %<sup>(a)(b)(d)</sup> | 02/11/33 | $379620 |
| (5 yr. CMT + 4.745%) | (5 yr. CMT + 4.745%) | (5 yr. CMT + 4.745%) | (5 yr. CMT + 4.745%) |
| 200000 | 9.250 <sup>(a)(b)(d)</sup> | 11/13/28 | 218008 |
| (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 <sup>(a)(b)(d)</sup> | 08/10/34 | 238625 |
| 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 | 118497 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 95000 | 4.150 <sup>(a)</sup> | 01/24/29 | 94702 |
| (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) |
| 210000 | 6.850 <sup>(a)(d)</sup> | 09/15/29 | 220252 |
| (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) |
| 260000 | 3.900 <sup>(a)(d)</sup> | 03/15/26 | 257639 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 400000 | 7.625 <sup>(a)(d)</sup> | 09/15/28 | 430092 |
| (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>(a)(d)</sup> | 07/25/33 | 389957 |
| Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) |
| 200000 | 9.250 | 01/17/34 | 207602 |
|  |  |  | 17425023 |
| **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 | 380527 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 100000 | 3.150 | 08/01/29 | 95001 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 421000 | 3.200 | 05/01/30 | 396885 |
|  |  |  | 872413 |
| **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 | 118539 |
| 375000 | 5.250 | 03/02/33 | 384067 |
|  |  |  | 502606 |
| **Building Materials<sup>(a)</sup> – 1.5%** | **Building Materials<sup>(a)</sup> – 1.5%** | **Building Materials<sup>(a)</sup> – 1.5%** | **Building Materials<sup>(a)</sup> – 1.5%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 410000 | 2.722 | 02/15/30 | 381394 |
| 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 | 271210 |
| Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| 175000 | 6.375 <sup>(b)</sup> | 03/01/32 | 180063 |
| 195000 | 6.750 <sup>(b)</sup> | 03/01/33 | 201148 |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> |
| 472000 | 8.875 | 11/15/31 | 495180 |
| 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 | 271288 |
| 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 | 217686 |
|  |  |  | 2017969 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(a)</sup> – 1.7%** | **Chemicals<sup>(a)</sup> – 1.7%** | **Chemicals<sup>(a)</sup> – 1.7%** | **Chemicals<sup>(a)</sup> – 1.7%** |
| 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 | $185585 |
| 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 | 307430 |
| 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 | 61385 |
| 85000 | 6.750 | 04/15/33 | 85873 |
| Chemours Co. | Chemours Co. | Chemours Co. | Chemours Co. |
| 315000 | 4.625 <sup>(b)</sup> | 11/15/29 | 274567 |
| 50000 | 8.000 <sup>(b)</sup> | 01/15/33 | 46785 |
| 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 | 181053 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | International Flavors & Fragrances, Inc.<sup>(b)</sup> | International Flavors & Fragrances, Inc.<sup>(b)</sup> | International Flavors & Fragrances, Inc.<sup>(b)</sup> |
| 266000 | 2.300 | 11/01/30 | 235258 |
| 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 | 124578 |
| 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 | 319819 |
| 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 | 249971 |
| 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 | 208214 |
|  |  |  | 2280518 |
| **Commercial Services – 2.6%** | **Commercial Services – 2.6%** | **Commercial Services – 2.6%** | **Commercial Services – 2.6%** |
| 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 | 337444 |
| Alarm.com Holdings, Inc.<sup>(e)</sup> | Alarm.com Holdings, Inc.<sup>(e)</sup> | Alarm.com Holdings, Inc.<sup>(e)</sup> | Alarm.com Holdings, Inc.<sup>(e)</sup> |
| 15000 | 0.000 | 01/15/26 | 14550 |
| APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
| 365000 | 4.125 <sup>(a)(b)</sup> | 07/15/29 | 348082 |
| 50000 | 4.750 <sup>(a)(b)</sup> | 10/15/29 | 49144 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> |
| 65000 | 8.375 | 06/15/32 | 68006 |
| 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 | 206480 |
| 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 | 67728 |
| Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
| 75000 | 7.750 <sup>(a)(b)</sup> | 02/15/28 | 77589 |
| 95000 | 8.250 <sup>(a)(b)</sup> | 08/01/32 | 97628 |
| 100000 | 8.375 <sup>(a)(b)</sup> | 11/15/32 | 102738 |
| 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 | 409906 |
| Herc Holdings, Inc.<sup>(a)(b)</sup> | Herc Holdings, Inc.<sup>(a)(b)</sup> | Herc Holdings, Inc.<sup>(a)(b)</sup> | Herc Holdings, Inc.<sup>(a)(b)</sup> |
| 165000 | 7.000 | 06/15/30 | 172755 |
| 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 | 111902 |
| 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 | 56277 |
| 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 | 449801 |
| 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 | 10831 |
| 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 | 436519 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $459401 |
|  |  |  | 3476781 |
| **Computers<sup>(a)</sup> – 1.6%** | **Computers<sup>(a)</sup> – 1.6%** | **Computers<sup>(a)</sup> – 1.6%** | **Computers<sup>(a)</sup> – 1.6%** |
| 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 | 459173 |
| Atos SE<sup>(f)</sup> | Atos SE<sup>(f)</sup> | Atos SE<sup>(f)</sup> | Atos SE<sup>(f)</sup> |
| 200000 | 9.000 | 12/18/29 | 262782 |
| CACI International, Inc.<sup>(b)</sup> | CACI International, Inc.<sup>(b)</sup> | CACI International, Inc.<sup>(b)</sup> | CACI International, Inc.<sup>(b)</sup> |
| 100000 | 6.375 | 06/15/33 | 103301 |
| 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 | 71681 |
| 270000 | 5.300 | 10/01/29 | 277806 |
| 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 | 255386 |
| 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 | 105766 |
| 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 | 396484 |
| 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 | 242001 |
|  |  |  | 2174380 |
| **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. |
| 85000 | 6.125 | 09/30/32 | 85816 |
| **Diversified Financial Services<sup>(a)</sup> – 4.3%** | **Diversified Financial Services<sup>(a)</sup> – 4.3%** | **Diversified Financial Services<sup>(a)</sup> – 4.3%** | **Diversified Financial Services<sup>(a)</sup> – 4.3%** |
| 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 | 175108 |
| 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 | 350861 |
| 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 | 46624 |
| Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) |
| 295000 | 4.700 | 05/15/28 | 264889 |
| 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 | 73817 |
| Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) |
| 290000 | 5.500 | 10/30/27 | 288185 |
| Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) |
| 265000 | 5.000 | 06/01/27 | 264685 |
| 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 | 177473 |
| Focus Financial Partners LLC<sup>(b)</sup> | Focus Financial Partners LLC<sup>(b)</sup> | Focus Financial Partners LLC<sup>(b)</sup> | Focus Financial Partners LLC<sup>(b)</sup> |
| 192000 | 6.750 | 09/15/31 | 196040 |
| 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 | 353073 |
| 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 | 252210 |
| Midcap Financial Issuer Trust<sup>(b)</sup> | Midcap Financial Issuer Trust<sup>(b)</sup> | Midcap Financial Issuer Trust<sup>(b)</sup> | Midcap Financial Issuer Trust<sup>(b)</sup> |
| 463000 | 6.500 | 05/01/28 | 458754 |
| 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 | 199770 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 300000 | 5.500 | 03/15/29 | 293889 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services<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)** |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 250000 | 4.000% | 09/15/30 | $230640 |
| 445000 | 7.125 | 09/15/32 | 460655 |
| 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 | 160946 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> | PennyMac Financial Services, Inc.<sup>(b)</sup> | PennyMac Financial Services, Inc.<sup>(b)</sup> | PennyMac Financial Services, Inc.<sup>(b)</sup> |
| 190000 | 6.875 | 05/15/32 | 194459 |
| Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
| 205000 | 6.125 <sup>(b)</sup> | 08/01/30 | 208909 |
| 180000 | 6.375 <sup>(b)</sup> | 08/01/33 | 184212 |
| SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
| 105000 | 6.500 | 01/31/30 | 110026 |
| Stonex Escrow Issuer LLC<sup>(b)</sup> | Stonex Escrow Issuer LLC<sup>(b)</sup> | Stonex Escrow Issuer LLC<sup>(b)</sup> | Stonex Escrow Issuer LLC<sup>(b)</sup> |
| 110000 | 6.875 | 07/15/32 | 111154 |
| 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 | 136293 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 265000 | 5.500 <sup>(b)</sup> | 11/15/25 | 264841 |
| 210000 | 5.500 <sup>(b)</sup> | 04/15/29 | 204070 |
| 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 | 131161 |
|  |  |  | 5792744 |
| **Electrical<sup>(a)</sup> – 2.0%** | **Electrical<sup>(a)</sup> – 2.0%** | **Electrical<sup>(a)</sup> – 2.0%** | **Electrical<sup>(a)</sup> – 2.0%** |
| AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL |
| 376335 | 4.375 | 05/31/30 | 342465 |
| 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 | 293456 |
| 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 | 264958 |
| 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 | 205232 |
| NextEra Energy Capital Holdings, Inc.<br> (5 yr. CMT + 1.979%) | NextEra Energy Capital Holdings, Inc.<br> (5 yr. CMT + 1.979%) | NextEra Energy Capital Holdings, Inc.<br> (5 yr. CMT + 1.979%) | NextEra Energy Capital Holdings, Inc.<br> (5 yr. CMT + 1.979%) |
| 180000 | 6.500 <sup>(d)</sup> | 08/15/55 | 184680 |
| (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) |
| 125000 | 6.375 <sup>(d)</sup> | 08/15/55 | 127861 |
| 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 | 305387 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 25000 | 2.100 | 08/01/27 | 23688 |
| 355000 | 2.500 | 02/01/31 | 308151 |
| 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 | 444408 |
| 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 | 59155 |
| 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 | 169161 |
|  |  |  | 2728602 |
| **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. |
| 375000 | 4.750 | 05/15/29 | 362494 |
| **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> |
| 210000 | 4.000 | 08/11/41 | 158288 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>(a)</sup> – (continued)** | **Engineering & Construction<sup>(a)</sup> – (continued)** | **Engineering & Construction<sup>(a)</sup> – (continued)** | **Engineering & Construction<sup>(a)</sup> – (continued)** |
| Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
| 190000 | 4.375 %<sup>(b)</sup> | 04/15/29 | $183496 |
| 60000 | 6.875 <sup>(b)</sup> | 08/15/32 | 62186 |
| Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. |
| 280000 | 5.625 <sup>(b)</sup> | 06/01/29 | 278118 |
| 85000 | 7.500 <sup>(b)</sup> | 04/15/32 | 86554 |
| 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 | 464315 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 400000 | 5.500 | 10/31/46 | 330350 |
|  |  |  | 1563307 |
| **Entertainment<sup>(a)(b)</sup> – 1.3%** | **Entertainment<sup>(a)(b)</sup> – 1.3%** | **Entertainment<sup>(a)(b)</sup> – 1.3%** | **Entertainment<sup>(a)(b)</sup> – 1.3%** |
| AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. |
| 158000 | 7.500 | 02/15/29 | 124520 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 436000 | 4.625 | 10/15/29 | 416149 |
| 130000 | 6.000 | 10/15/32 | 127414 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 311000 | 5.250 | 07/15/28 | 309697 |
| 85000 | 7.000 | 08/01/32 | 88324 |
| 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 | 262540 |
| SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. |
| 290000 | 5.250 | 08/15/29 | 283611 |
| Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. |
| 145000 | 5.625 | 07/15/30 | 145000 |
|  |  |  | 1757255 |
| **Environmental<sup>(a)(b)</sup> – 0.9%** | **Environmental<sup>(a)(b)</sup> – 0.9%** | **Environmental<sup>(a)(b)</sup> – 0.9%** | **Environmental<sup>(a)(b)</sup> – 0.9%** |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 340000 | 4.000 | 08/01/28 | 329684 |
| Luna 2 5SARL | Luna 2 5SARL | Luna 2 5SARL | Luna 2 5SARL |
| 100000 | 5.500 | 07/01/32 | 120073 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 265000 | 4.125 | 06/30/28 | 257249 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 480000 | 7.000 | 02/01/33 | 499215 |
|  |  |  | 1206221 |
| **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)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(c)</sup> (PIK 9.500%, Cash 8.750%) |
| 41678 | 8.750 | 10/01/29 | 44691 |
| 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 | 193570 |
| 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 | 672080 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 155000 | 6.875 | 01/26/39 | 171655 |
| 351000 | 5.500 <sup>(a)</sup> | 06/01/50 | 327795 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 325000 | 4.800 <sup>(a)(b)</sup> | 03/01/30 | 329245 |
| 300000 | 5.000 <sup>(a)(b)</sup> | 03/01/32 | 304011 |
| 400000 | 5.200 <sup>(a)(b)</sup> | 03/01/35 | 404708 |
| 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 | 366412 |
| 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 | 199668 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Food & Drug Retailing – (continued)** | **Food & Drug Retailing – (continued)** | **Food & Drug Retailing – (continued)** | **Food & Drug Retailing – (continued)** |
| 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 | $177806 |
|  |  |  | 3191641 |
| **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. |
| 105000 | 6.300 | 02/15/30 | 110031 |
| **Healthcare Providers & Services<sup>(a)</sup> – 1.9%** | **Healthcare Providers & Services<sup>(a)</sup> – 1.9%** | **Healthcare Providers & Services<sup>(a)</sup> – 1.9%** | **Healthcare Providers & Services<sup>(a)</sup> – 1.9%** |
| CAB SELAS | CAB SELAS | CAB SELAS | CAB SELAS |
| 150000 | 3.375 <sup>(b)</sup> | 02/01/28 | 168210 |
| 100000 | 3.375 | 02/01/28 | 112140 |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 305000 | 3.750 <sup>(b)</sup> | 02/15/31 | 277376 |
| 205000 | 6.750 <sup>(b)</sup> | 07/15/33 | 211656 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 210000 | 5.375 <sup>(b)</sup> | 01/15/29 | 195907 |
| 140000 | 11.000 <sup>(b)</sup> | 10/15/30 | 154714 |
| Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| 400000 | 3.875 <sup>(b)</sup> | 04/01/29 | 384056 |
| 275000 | 5.250 <sup>(b)</sup> | 10/01/29 | 272882 |
| 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 | 239197 |
| 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 | 148871 |
| 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 | 326963 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 155000 | 6.125 | 06/15/30 | 157691 |
|  |  |  | 2649663 |
| **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 | 191397 |
| LGI Homes, Inc.<sup>(b)</sup> | LGI Homes, Inc.<sup>(b)</sup> | LGI Homes, Inc.<sup>(b)</sup> | LGI Homes, Inc.<sup>(b)</sup> |
| 294000 | 4.000 | 07/15/29 | 262874 |
| New Home Co., Inc.<sup>(b)</sup> | New Home Co., Inc.<sup>(b)</sup> | New Home Co., Inc.<sup>(b)</sup> | New Home Co., Inc.<sup>(b)</sup> |
| 140000 | 8.500 | 11/01/30 | 142607 |
|  |  |  | 596878 |
| **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 | 108974 |
| **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 90000 | 8.500 <sup>(b)</sup> | 06/01/28 | 94775 |
| 45000 | 6.375 | 05/15/30 | 43761 |
| 75000 | 6.625 | 05/15/32 | 71742 |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. |
| 250000 | 4.000 | 04/01/31 | 229315 |
|  |  |  | 439593 |
| **Insurance<sup>(a)</sup> – 3.0%** | **Insurance<sup>(a)</sup> – 3.0%** | **Insurance<sup>(a)</sup> – 3.0%** | **Insurance<sup>(a)</sup> – 3.0%** |
| Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| 70000 | 8.250 <sup>(b)</sup> | 02/01/29 | 72410 |
| 200000 | 4.250 <sup>(b)</sup> | 02/15/29 | 192250 |
| 445000 | 6.000 <sup>(b)</sup> | 08/01/29 | 433844 |
| 110000 | 6.750 <sup>(b)</sup> | 07/01/32 | 111550 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 |
| 345000 | 6.750 %<sup>(b)</sup> | 10/15/27 | $345579 |
| 85000 | 7.375 <sup>(b)</sup> | 10/01/32 | 87705 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 305000 | 3.400 | 06/30/30 | 290198 |
| 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 | 317133 |
| 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 | 778694 |
| 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 | 109981 |
| 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 | 504089 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| 60000 | 4.350 | 04/20/28 | 59869 |
| 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 | 353692 |
| 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 | 120303 |
| MetLife, Inc.<sup>(d)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc.<sup>(d)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc.<sup>(d)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc.<sup>(d)</sup> (5 yr. CMT + 2.078%) |
| 80000 | 6.350 | 03/15/55 | 82133 |
| 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 | 135965 |
| 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 | 94981 |
|  |  |  | 4090376 |
| **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 | 181161 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 72000 | 4.625 | 08/01/27 | 72286 |
| 326000 | 2.950 | 03/15/31 | 296973 |
| 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 | 128501 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 145000 | 5.625 <sup>(b)</sup> | 02/15/29 | 143898 |
| 110000 | 3.625 <sup>(b)</sup> | 10/01/31 | 98255 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 80000 | 5.750 | 05/15/63 | 80714 |
| 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 | 125699 |
| 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 | 82045 |
| United Group BV | United Group BV | United Group BV | United Group BV |
| 175000 | 4.625 <sup>(b)</sup> | 08/15/28 | 204068 |
| (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 | 6.393 <sup>(d)</sup> | 02/15/31 | 129574 |
|  |  |  | 1543174 |
| **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 | 143533 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Investment Companies<sup>(a)(b)</sup> – (continued)** | **Investment Companies<sup>(a)(b)</sup> – (continued)** | **Investment Companies<sup>(a)(b)</sup> – (continued)** | **Investment Companies<sup>(a)(b)</sup> – (continued)** |
| JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
| 250000 | 2.200% | 11/23/30 | $215282 |
|  |  |  | 358815 |
| **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. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| 120000 | 6.875 <sup>(b)</sup> | 11/01/29 | 118165 |
| 95000 | 7.500 <sup>(b)</sup> | 09/15/31 | 91631 |
| Metinvest BV | Metinvest BV | Metinvest BV | Metinvest BV |
| 200000 | 8.500 | 04/23/26 | 179000 |
|  |  |  | 388796 |
| **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 | 63236 |
| 240000 | 5.750 | 03/15/30 | 244190 |
| 200000 | 6.125 | 02/15/33 | 204444 |
| MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| 315000 | 6.375 | 06/01/29 | 249086 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 210000 | 6.750 | 02/01/32 | 214526 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 250000 | 5.625 | 09/30/31 | 251545 |
| 65000 | 6.250 | 03/15/32 | 66815 |
|  |  |  | 1293842 |
| **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 | 451469 |
| 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 | 336479 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 75000 | 5.000 | 10/15/27 | 76225 |
| 185000 | 4.900 | 04/15/29 | 188160 |
| 58000 | 4.875 | 05/15/29 | 58833 |
|  |  |  | 1111166 |
| **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. | Terex Corp. | Terex Corp. | Terex Corp. |
| 105000 | 6.250 | 10/15/32 | 105228 |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 255000 | 4.125 | 11/15/28 | 248543 |
|  |  |  | 353771 |
| **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 | 235208 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 245000 | 2.565 | 02/15/30 | 225971 |
| 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 | 428360 |
|  |  |  | 889539 |
| **Media – 2.6%** | **Media – 2.6%** | **Media – 2.6%** | **Media – 2.6%** |
| 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 | 82975 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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. |
| 520000 | 4.750 %<sup>(a)(b)</sup> | 03/01/30 | $504015 |
| 575000 | 4.750 <sup>(a)(b)</sup> | 02/01/32 | 545060 |
| 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 | 166699 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 200000 | 5.750 <sup>(a)(b)</sup> | 01/15/30 | 99000 |
| 210000 | 3.375 <sup>(a)(b)</sup> | 02/15/31 | 145217 |
| 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 | 468393 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 110000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 | 99852 |
| 14000 | 5.750 <sup>(a)(b)</sup> | 12/01/28 | 12131 |
| 7000 | 5.125 | 06/01/29 | 4665 |
| 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 | 175032 |
| 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 | 425533 |
| 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 | 113692 |
| 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 | 163727 |
| 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 | 564235 |
|  |  |  | 3570226 |
| **Mining<sup>(a)(b)</sup> – 0.0%** | **Mining<sup>(a)(b)</sup> – 0.0%** | **Mining<sup>(a)(b)</sup> – 0.0%** | **Mining<sup>(a)(b)</sup> – 0.0%** |
| Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 70000 | 6.875 | 01/30/30 | 72379 |
| **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 | 50797 |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 80000 | 6.125 <sup>(a)(b)</sup> | 03/15/30 | 82300 |
| 80000 | 6.250 <sup>(a)(b)</sup> | 03/15/33 | 82643 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 95000 | 5.875 | 01/14/38 | 101359 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 84000 | 6.250 <sup>(a)</sup> | 02/15/29 | 85553 |
| 235000 | 3.750 <sup>(a)</sup> | 03/01/31 | 210657 |
|  |  |  | 613309 |
| **Oil Field Services – 4.5%** | **Oil Field Services – 4.5%** | **Oil Field Services – 4.5%** | **Oil Field Services – 4.5%** |
| 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 | 99535 |
| 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 | 173288 |
| 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 | 164930 |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 11000 | 6.750 | 11/15/39 | 11794 |
| 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 | 199501 |
| Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
| 55000 | 8.375 <sup>(a)(b)</sup> | 07/01/28 | 56383 |
| 100000 | 9.625 <sup>(a)(b)</sup> | 06/15/33 | 102492 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| 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 | $181412 |
| Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
| 50000 | 7.625 <sup>(a)(b)</sup> | 04/01/32 | 48838 |
| 485000 | 7.375 <sup>(a)(b)</sup> | 01/15/33 | 464140 |
| 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 | 237120 |
| 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 | 174787 |
| 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 | 153208 |
| 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 | 49305 |
| Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
| 230000 | 6.875 <sup>(a)(b)</sup> | 04/15/28 | 234616 |
| 110000 | 6.500 <sup>(a)(b)</sup> | 04/15/32 | 109994 |
| 191000 | 6.250 <sup>(a)(b)</sup> | 04/15/33 | 189900 |
| 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 | 214740 |
| 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 | 135653 |
| 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 | 356440 |
| Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
| 83000 | 5.875 <sup>(a)(b)</sup> | 07/01/29 | 83304 |
| 79000 | 7.000 <sup>(a)(b)</sup> | 01/15/32 | 81887 |
| 115000 | 6.250 <sup>(a)(b)</sup> | 02/01/33 | 116056 |
| 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 | 451192 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 90000 | 6.750 <sup>(a)(b)</sup> | 08/01/29 | 89693 |
| 140000 | 7.000 <sup>(a)(b)</sup> | 08/01/32 | 138113 |
| Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| 190000 | 7.000 <sup>(a)(b)</sup> | 05/01/29 | 197877 |
| 145000 | 7.250 <sup>(a)(b)</sup> | 05/01/32 | 152283 |
| 35000 | 6.250 <sup>(a)(b)</sup> | 07/01/33 | 35578 |
| 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 | 374336 |
| Tidewater, Inc.<sup>(a)(b)</sup> | Tidewater, Inc.<sup>(a)(b)</sup> | Tidewater, Inc.<sup>(a)(b)</sup> | Tidewater, Inc.<sup>(a)(b)</sup> |
| 110000 | 9.125 | 07/15/30 | 113162 |
| 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 | 57846 |
| 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> |
| 63334 | 8.375 | 02/01/28 | 64781 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 100000 | 8.250 <sup>(a)(b)</sup> | 05/15/29 | 92580 |
| 24800 | 8.750 <sup>(a)(b)</sup> | 02/15/30 | 25563 |
| 105000 | 8.500 <sup>(a)(b)</sup> | 05/15/31 | 93651 |
| USA Compression Partners LP/USA Compression Finance<br>Corp.<sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance<br>Corp.<sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance<br>Corp.<sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance<br>Corp.<sup>(a)(b)</sup> |
| 165000 | 7.125 | 03/15/29 | 169132 |
| 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 | 94311 |
| 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 | 331914 |
|  |  |  | 6121335 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging<sup>(a)(b)</sup> – 0.7%** | **Packaging<sup>(a)(b)</sup> – 0.7%** | **Packaging<sup>(a)(b)</sup> – 0.7%** | **Packaging<sup>(a)(b)</sup> – 0.7%** |
| ARD Finance SA<sup>(c)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA<sup>(c)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA<sup>(c)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA<sup>(c)</sup> (PIK 7.250%, Cash 6.500%) |
| 434894 | 6.500% | 06/30/27 | $17996 |
| 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 | 89166 |
| 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 | 294469 |
| 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 | 350000 |
| LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. |
| 180000 | 8.625 | 10/01/31 | 153900 |
|  |  |  | 905531 |
| **Pharmaceuticals<sup>(a)</sup> – 1.0%** | **Pharmaceuticals<sup>(a)</sup> – 1.0%** | **Pharmaceuticals<sup>(a)</sup> – 1.0%** | **Pharmaceuticals<sup>(a)</sup> – 1.0%** |
| 1261229 BC Ltd.<sup>(b)</sup> | 1261229 BC Ltd.<sup>(b)</sup> | 1261229 BC Ltd.<sup>(b)</sup> | 1261229 BC Ltd.<sup>(b)</sup> |
| 200000 | 10.000 | 04/15/32 | 201792 |
| AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
| 220000 | 6.125 <sup>(b)</sup> | 08/01/28 | 220134 |
| 95000 | 4.625 <sup>(b)</sup> | 08/01/29 | 89571 |
| 65000 | 5.125 <sup>(b)</sup> | 03/01/30 | 61806 |
| Bausch Health Cos., Inc.<sup>(b)</sup> | Bausch Health Cos., Inc.<sup>(b)</sup> | Bausch Health Cos., Inc.<sup>(b)</sup> | Bausch Health Cos., Inc.<sup>(b)</sup> |
| 60000 | 5.000 | 01/30/28 | 48586 |
| Opal Bidco SAS<sup>(b)</sup> | Opal Bidco SAS<sup>(b)</sup> | Opal Bidco SAS<sup>(b)</sup> | Opal Bidco SAS<sup>(b)</sup> |
| 485000 | 6.500 | 03/31/32 | 494351 |
| Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
| 200000 | 5.750 | 12/01/30 | 202910 |
|  |  |  | 1319150 |
| **Pipelines<sup>(a)</sup> – 6.2%** | **Pipelines<sup>(a)</sup> – 6.2%** | **Pipelines<sup>(a)</sup> – 6.2%** | **Pipelines<sup>(a)</sup> – 6.2%** |
| 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 | 160107 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. | Blue Racer Midstream LLC/Blue Racer Finance Corp. | Blue Racer Midstream LLC/Blue Racer Finance Corp. | Blue Racer Midstream LLC/Blue Racer Finance Corp. |
| 55000 | 7.000 <sup>(b)</sup> | 07/15/29 | 57426 |
| 55000 | 7.250 <sup>(b)</sup> | 07/15/32 | 58287 |
| Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| 185000 | 6.875 <sup>(b)</sup> | 07/01/29 | 191604 |
| 85000 | 6.750 <sup>(b)</sup> | 02/01/30 | 88256 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 40000 | 5.950 | 06/30/33 | 41740 |
| 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 | 137219 |
| 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 | 362198 |
| 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 | 676520 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. | Delek Logistics Partners LP/Delek Logistics Finance Corp. | Delek Logistics Partners LP/Delek Logistics Finance Corp. | Delek Logistics Partners LP/Delek Logistics Finance Corp. |
| 140000 | 8.625 <sup>(b)</sup> | 03/15/29 | 145361 |
| 255000 | 7.375 <sup>(b)</sup> | 06/30/33 | 253870 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 385000 | 5.250 | 04/15/29 | 394221 |
| Excelerate Energy LP<sup>(b)</sup> | Excelerate Energy LP<sup>(b)</sup> | Excelerate Energy LP<sup>(b)</sup> | Excelerate Energy LP<sup>(b)</sup> |
| 190000 | 8.000 | 05/15/30 | 200233 |
| 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 | 130908 |
| 220000 | 7.875 | 05/15/32 | 228793 |
| 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 | 447792 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 120000 | 8.875 %<sup>(b)</sup> | 07/15/28 | $125950 |
| 115000 | 7.375 <sup>(b)</sup> | 07/15/32 | 120949 |
| Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
| 70000 | 6.625 <sup>(b)</sup> | 12/15/28 | 71593 |
| 265000 | 5.875 <sup>(b)</sup> | 06/15/30 | 267343 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 105000 | 4.000 | 03/15/28 | 103938 |
| 365000 | 2.650 | 08/15/30 | 330427 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 285000 | 6.375 | 10/01/30 | 295314 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 275000 | 6.350 | 01/15/31 | 293983 |
| 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 | 382352 |
| 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 | 265774 |
| 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 | 156646 |
| 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 | 413027 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
| 140000 | 7.375 <sup>(b)</sup> | 02/15/29 | 143854 |
| 75000 | 6.000 <sup>(b)</sup> | 12/31/30 | 73643 |
| 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 | 391639 |
| 197000 | 4.000 | 01/15/32 | 183340 |
| 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 | 478667 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 278000 | 8.125 <sup>(b)</sup> | 06/01/28 | 287113 |
| 30000 | 9.500 <sup>(b)</sup> | 02/01/29 | 32691 |
| 150000 | 7.000 <sup>(b)</sup> | 01/15/30 | 151801 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 145000 | 6.500 | 01/15/34 | 145000 |
| 145000 | 6.750 | 01/15/36 | 145000 |
|  |  |  | 8434579 |
| **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 | 140469 |
| **Real Estate Investment Trust<sup>(a)</sup> – 1.3%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.3%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.3%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.3%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 25000 | 2.900 | 10/01/30 | 23071 |
| 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 | 305045 |
| 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 | 10471 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 25000 | 1.750 | 07/01/30 | 21965 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 60000 | 4.000 | 07/15/29 | 59226 |
| 355000 | 2.850 | 12/15/32 | 310820 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 60000 | 2.950 | 09/15/29 | 56750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> |
| 45000 | 6.500% | 06/15/33 | $46330 |
| 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 | 222151 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 200000 | 4.869 | 01/15/30 | 189410 |
| 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 | 195894 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 60000 | 3.850 | 07/15/29 | 58408 |
| 25000 | 2.400 | 02/01/31 | 21996 |
| 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 | 268466 |
|  |  |  | 1790003 |
| **Retailing<sup>(a)</sup> – 1.9%** | **Retailing<sup>(a)</sup> – 1.9%** | **Retailing<sup>(a)</sup> – 1.9%** | **Retailing<sup>(a)</sup> – 1.9%** |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| 220000 | 4.625 <sup>(b)</sup> | 11/15/29 | 212423 |
| 55000 | 5.000 <sup>(b)</sup> | 02/15/32 | 52385 |
| 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 | 95971 |
| 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 | 247884 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
| 110000 | 4.000 <sup>(b)</sup> | 08/15/28 | 106306 |
| 45000 | 6.375 <sup>(b)</sup> | 01/15/30 | 46313 |
| 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 | 180419 |
| 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 | 286610 |
| 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 | 398651 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 290000 | 3.750 | 06/15/29 | 275367 |
| QXO Building Products, Inc.<sup>(b)</sup> | QXO Building Products, Inc.<sup>(b)</sup> | QXO Building Products, Inc.<sup>(b)</sup> | QXO Building Products, Inc.<sup>(b)</sup> |
| 125000 | 6.750 | 04/30/32 | 129054 |
| Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. |
| 185000 | 4.625 <sup>(b)</sup> | 11/15/29 | 179381 |
| 75000 | 4.875 <sup>(b)</sup> | 11/15/31 | 71248 |
| Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. |
| 50000 | 10.750 <sup>(b)</sup> | 09/01/29 | 47489 |
| 10000 | 12.750 <sup>(b)</sup> | 01/15/30 | 6757 |
| Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. |
| 75000 | 1.750 | 11/01/30 | 64993 |
| 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 | 133746 |
|  |  |  | 2534997 |
| **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. |
| 372000 | 3.469 <sup>(b)</sup> | 04/15/34 | 331820 |
| 594000 | 3.137 <sup>(b)</sup> | 11/15/35 | 501045 |
| 645000 | 3.187 <sup>(b)</sup> | 11/15/36 | 534647 |
| 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 | 340830 |
|  |  |  | 1708342 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software<sup>(a)</sup> – 3.6%** | **Software<sup>(a)</sup> – 3.6%** | **Software<sup>(a)</sup> – 3.6%** | **Software<sup>(a)</sup> – 3.6%** |
| 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 | $414218 |
| 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 | 160967 |
| 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 | 349761 |
| 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 | 316183 |
| CoreWeave, Inc.<sup>(b)</sup> | CoreWeave, Inc.<sup>(b)</sup> | CoreWeave, Inc.<sup>(b)</sup> | CoreWeave, Inc.<sup>(b)</sup> |
| 340000 | 9.250 | 06/01/30 | 347609 |
| 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 | 234149 |
| 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 | 705087 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 850000 | 2.950 | 04/01/30 | 793271 |
| 415000 | 2.875 | 03/25/31 | 378360 |
| 580000 | 6.250 | 11/09/32 | 627316 |
| 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 | 507285 |
|  |  |  | 4834206 |
| **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 365000 | 2.750 <sup>(a)</sup> | 06/01/31 | 330763 |
| 482000 | 2.550 <sup>(a)</sup> | 12/01/33 | 403482 |
| 135000 | 4.900 <sup>(a)</sup> | 08/15/37 | 129366 |
| 315000 | 5.150 <sup>(a)</sup> | 11/15/46 | 290046 |
| 395000 | 3.650 <sup>(a)</sup> | 06/01/51 | 280134 |
| 420000 | 3.500 <sup>(a)</sup> | 09/15/53 | 284340 |
| CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC |
| 63000 | 8.250 <sup>(a)(b)</sup> | 03/01/27 | 62745 |
| 133000 | 9.500 <sup>(a)(b)</sup> | 12/15/31 | 139187 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 220000 | 10.750 <sup>(a)</sup> | 11/30/29 | 226180 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| 98526 | 6.750 <sup>(a)(c)</sup> | 11/30/30 | 90124 |
| 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 | 124924 |
| Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. |
| 85000 | 6.625 | 08/01/26 | 60953 |
| Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> |
| 220000 | 6.875 | 06/30/33 | 223839 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 325000 | 8.750 | 03/15/32 | 394283 |
| 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> |
| 402000 | 3.875 | 04/15/30 | 390322 |
| 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 | 94261 |
|  |  |  | 3524949 |
| **Transportation – 0.8%** | **Transportation – 0.8%** | **Transportation – 0.8%** | **Transportation – 0.8%** |
| Beacon Mobility Corp.<sup>(a)(b)</sup> | Beacon Mobility Corp.<sup>(a)(b)</sup> | Beacon Mobility Corp.<sup>(a)(b)</sup> | Beacon Mobility Corp.<sup>(a)(b)</sup> |
| 135000 | 7.250 | 08/01/30 | 137774 |
| MV24 Capital BV | MV24 Capital BV | MV24 Capital BV | MV24 Capital BV |
| 439392 | 6.748 | 06/01/34 | 425555 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Transportation – (continued)** | **Transportation – (continued)** | **Transportation – (continued)** | **Transportation – (continued)** |
| 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 | $240785 |
| 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 | 174452 |
| 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 | 115210 |
|  |  |  | 1093776 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,738,463)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,738,463)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,738,463)** | $103302274 |
| **Mortgage-Backed Obligations – 19.1%** | **Mortgage-Backed Obligations – 19.1%** | **Mortgage-Backed Obligations – 19.1%** | **Mortgage-Backed Obligations – 19.1%** |
| **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.8%** | **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.8%** | **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.8%** | **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.8%** |
| **Interest Only – 0.2%** | **Interest Only – 0.2%** | **Interest Only – 0.2%** | **Interest Only – 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%) |
| 116772 | 1.768 %<sup>(d)(g)</sup> | 09/20/48 | $14689 |
| 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 |
| 52048 | 4.000 <sup>(g)</sup> | 01/20/50 | 10865 |
| 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%) |
| 151607 | 1.618 <sup>(d)(g)</sup> | 02/20/50 | 19620 |
| 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 |
| 525199 | 2.500 <sup>(g)</sup> | 10/20/50 | 78440 |
| 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 |
| 297438 | 4.000 <sup>(g)</sup> | 12/20/49 | 63035 |
| 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%) |
| 222282 | 1.618 <sup>(d)(g)</sup> | 04/20/50 | 28993 |
| 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 |
| 118340 | 5.000 <sup>(g)</sup> | 05/20/50 | 28405 |
|  |  |  | 244047 |
| **Sequential Fixed Rate – 0.2%** | **Sequential Fixed Rate – 0.2%** | **Sequential Fixed Rate – 0.2%** | **Sequential Fixed Rate – 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 |
| 263374 | 6.233 <sup>(b)(f)</sup> | 05/25/64 | 266359 |
| **Sequential Floating Rate – 0.4%** | **Sequential Floating Rate – 0.4%** | **Sequential Floating Rate – 0.4%** | **Sequential Floating Rate – 0.4%** |
| 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 | 8.305 <sup>(b)(d)</sup> | 07/25/42 | 105456 |
| 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%) |
| 235876 | 5.505 <sup>(b)(d)</sup> | 05/25/44 | 236135 |
| 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 | 7.905 <sup>(b)(d)</sup> | 07/25/42 | 31294 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal 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 | 7.305 %<sup>(b)(d)</sup> | 04/25/42 | $87251 |
| 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 | 5.955 <sup>(b)(d)</sup> | 05/25/44 | 100489 |
|  |  |  | 560625 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | $1071031 |
| **Commercial Mortgage-Backed Securities – 3.8%** | **Commercial Mortgage-Backed Securities – 3.8%** | **Commercial Mortgage-Backed Securities – 3.8%** | **Commercial Mortgage-Backed Securities – 3.8%** |
| **Regular Floater – 0.2%** | **Regular Floater – 0.2%** | **Regular Floater – 0.2%** | **Regular Floater – 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 | 6.444 %<sup>(b)(d)</sup> | 11/15/29 | $199950 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term<br>SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term<br>SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term<br>SOFR +2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term<br>SOFR +2.930%) |
| 100000 | 7.242 <sup>(b)(d)</sup> | 11/15/29 | 99913 |
|  |  |  | 299863 |
| **Sequential Fixed Rate – 0.9%** | **Sequential Fixed Rate – 0.9%** | **Sequential Fixed Rate – 0.9%** | **Sequential Fixed Rate – 0.9%** |
| 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 | 268345 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 250000 | 5.388 <sup>(b)</sup> | 11/13/41 | 255483 |
| 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 | 312826 |
| 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 | 438204 |
|  |  |  | 1274858 |
| **Sequential Floating Rate – 2.7%** | **Sequential Floating Rate – 2.7%** | **Sequential Floating Rate – 2.7%** | **Sequential Floating Rate – 2.7%** |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 210000 | 2.618 <sup>(a)(d)</sup> | 11/15/64 | 184094 |
| Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 |
| 400000 | 4.493 <sup>(a)(d)</sup> | 06/15/55 | 388768 |
| Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 |
| 375000 | 4.217 <sup>(a)(d)</sup> | 08/15/61 | 371104 |
| 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 | 438137 |
| 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 | 5.231 <sup>(b)(d)</sup> | 03/15/37 | 519838 |
| 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 | 5.954 <sup>(b)(d)</sup> | 02/15/41 | 399803 |
| 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 | 6.551 <sup>(b)(d)</sup> | 01/13/40 | 155289 |
| 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 | 5.471 <sup>(a)(b)(d)</sup> | 03/14/47 | 353340 |
| 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 | 6.371 <sup>(a)(b)(d)</sup> | 03/14/47 | 98999 |
| 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 | 5.036 <sup>(a)(b)(d)</sup> | 10/13/33 | 251236 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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)(d)</sup> | 12/15/56 | $198236 |
| 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 | 6.004 <sup>(b)(d)</sup> | 02/15/42 | 247782 |
|  |  |  | 3606626 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $5181347 |
| **Federal Agencies<sup>(h)</sup> – 14.5%** | **Federal Agencies<sup>(h)</sup> – 14.5%** | **Federal Agencies<sup>(h)</sup> – 14.5%** | **Federal Agencies<sup>(h)</sup> – 14.5%** |
| **Government National Mortgage Association – 4.4%** | **Government National Mortgage Association – 4.4%** | **Government National Mortgage Association – 4.4%** | **Government National Mortgage Association – 4.4%** |
| 2000000 | 4.500% | TBA-30yr | $1913536 |
| 2000000 | 5.500 | TBA-30yr | 2001987 |
| 2000000 | 6.000 | TBA-30yr | 2028005 |
|  |  |  | 5943528 |
| **Uniform Mortgage-Backed Security – 10.1%** | **Uniform Mortgage-Backed Security – 10.1%** | **Uniform Mortgage-Backed Security – 10.1%** | **Uniform Mortgage-Backed Security – 10.1%** |
| 1000000 | 2.500 | TBA-30yr | 829023 |
| 1000000 | 4.000 | TBA-30yr | 929574 |
| 11000000 | 5.500 | TBA-30yr | 11013980 |
| 1000000 | 6.000 | TBA-30yr | 1028176 |
|  |  |  | 13800753 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $19744281 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $25,682,368)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $25,682,368)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $25,682,368)** | $25996659 |
| **Bank Loans<sup>(i)</sup> – 6.0%** | **Bank Loans<sup>(i)</sup> – 6.0%** | **Bank Loans<sup>(i)</sup> – 6.0%** | **Bank Loans<sup>(i)</sup> – 6.0%** |
| **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%) |
| 99002 | 7.046% | 10/31/30 | $99188 |
| Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) |
| 447750 | 6.327 | 10/31/31 | 447813 |
| Kaman Corp.(3 mo. USD Term SOFR + 2.750%) | Kaman Corp.(3 mo. USD Term SOFR + 2.750%) | Kaman Corp.(3 mo. USD Term SOFR + 2.750%) | Kaman Corp.(3 mo. USD Term SOFR + 2.750%) |
| 365517 | 7.083 | 02/26/32 | 364947 |
|  |  |  | 911948 |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| First Brands Group LLC<br> (3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC<br> (3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC<br> (3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC<br> (3 mo. USD Term SOFR + 8.500%) |
| 250000 | 13.041 | 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%) |
| 127236 | 9.541 | 03/30/27 | 119991 |
|  |  |  | 343741 |
| **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%) |
| 397005 | 7.077 | 07/30/31 | 396759 |
| 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%) |
| 49750 | 6.827 | 11/03/31 | 49874 |
| TRC Cos. LLC(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC(1 mo. USD Term SOFR + 3.000%) |
| 235911 | 7.327 | 12/08/28 | 235145 |
|  |  |  | 681778 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 – 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%) |
| 337750 | 7.677% | 11/03/28 | $338095 |
| Icebox Holdco III, Inc.<br> (3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc.<br> (3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc.<br> (3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc.<br> (3 mo. USD Term SOFR + 3.500%) |
| 169459 | 8.057 | 12/22/28 | 169831 |
| (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 | 11.307 | 12/21/29 | 49958 |
|  |  |  | 557884 |
| **Capital Goods - Others – 0.3%** | **Capital Goods - Others – 0.3%** | **Capital Goods - Others – 0.3%** | **Capital Goods - Others – 0.3%** |
| Engineered Machinery Holdings, Inc.<br> (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc.<br> (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc.<br> (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc.<br> (3 mo. EUR EURIBOR + 3.750%) |
| 72187 | 5.730 | 05/21/28 | 85033 |
| (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%) |
| 182976 | 8.057 | 05/19/28 | 183990 |
| LSF12 Crown U.S. Commercial Bidco LLC(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC(1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC(1 mo. USD Term SOFR + 4.250%) |
| 195000 | 8.574 | 12/02/31 | 195854 |
|  |  |  | 464877 |
| **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 + 3.500%) | Ankura Consulting Group LLC(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC(3 mo. USD Term SOFR + 3.500%) |
| 472625 | 7.802 | 12/29/31 | 471798 |
| 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 | 7.046–7.077 | 05/24/30 | 147432 |
| Fugue Finance BV(3 mo. USD Term SOFR + 3.500%) | Fugue Finance BV(3 mo. USD Term SOFR + 3.500%) | Fugue Finance BV(3 mo. USD Term SOFR + 3.500%) | Fugue Finance BV(3 mo. USD Term SOFR + 3.500%) |
| 49875 | 7.583 | 01/09/32 | 50145 |
| 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%) |
| 446608 | 9.077 | 03/13/31 | 450516 |
|  |  |  | 1119891 |
| **Construction Machinery – 0.0%** | **Construction Machinery – 0.0%** | **Construction Machinery – 0.0%** | **Construction Machinery – 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%) |
| 21281 | 6.296 | 04/20/29 | 21352 |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| 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%) |
| 70137 | 9.427 | 10/30/28 | 63012 |
| **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** |
| DRW Holdings LLC(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC(1 mo. USD Term SOFR + 3.500%) |
| 360112 | 7.827 | 06/26/31 | 360563 |
| 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%) |
| 124688 | 9.260 | 11/05/31 | 102088 |
| 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%) |
| 229425 | 6.967 | 11/26/31 | 229425 |
|  |  |  | 692076 |
| **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%) |
| 91824 | 8.046 | 05/01/31 | 91796 |
| **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%) |
| 170252 | 7.077 | 11/24/28 | 170253 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** |
| 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%) |
| 248750 | 9.566% | 12/02/31 | $248439 |
|  |  |  | 418692 |
| **Food & Beverages<sup>(j)</sup> – 0.2%** | **Food & Beverages<sup>(j)</sup> – 0.2%** | **Food & Beverages<sup>(j)</sup> – 0.2%** | **Food & Beverages<sup>(j)</sup> – 0.2%** |
| Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. |
| 225000 | 0.000 | 06/26/32 | 224719 |
| **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** |
| 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%) |
| 299250 | 7.796 | 10/02/31 | 283539 |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| Audacy Capital Corp.(1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp.(1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp.(1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp.(1 mo. USD Term SOFR + 7.000%) |
| 6598 | 11.441 | 10/02/28 | 6548 |
| **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 | 9.541 | 08/02/27 | 25256 |
| **Media - Non Cable – 0.0%** | **Media - Non Cable – 0.0%** | **Media - Non Cable – 0.0%** | **Media - Non Cable – 0.0%** |
| Audacy Capital Corp.(1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp.(1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp.(1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp.(1 mo. USD Term SOFR + 6.000%) |
| 59105 | 10.441 | 10/01/29 | 48111 |
| **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%) |
| 73644 | 6.313 | 05/17/29 | 73631 |
| **Pipelines – 0.2%** | **Pipelines – 0.2%** | **Pipelines – 0.2%** | **Pipelines – 0.2%** |
| 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%) |
| 322563 | 8.577 | 08/01/29 | 324275 |
| **Retailers – 0.2%** | **Retailers – 0.2%** | **Retailers – 0.2%** | **Retailers – 0.2%** |
| Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |
| 149812 | 0.000 | 06/11/31 | 146441 |
| TruGreen LP(3 mo. USD Term SOFR + 8.500%) | TruGreen LP(3 mo. USD Term SOFR + 8.500%) | TruGreen LP(3 mo. USD Term SOFR + 8.500%) | TruGreen LP(3 mo. USD Term SOFR + 8.500%) |
| 210000 | 13.041 | 11/02/28 | 164587 |
|  |  |  | 311028 |
| **Technology – 0.7%** | **Technology – 0.7%** | **Technology – 0.7%** | **Technology – 0.7%** |
| Kaseya, Inc.(1 mo. USD Term SOFR + 3.250%) | Kaseya, Inc.(1 mo. USD Term SOFR + 3.250%) | Kaseya, Inc.(1 mo. USD Term SOFR + 3.250%) | Kaseya, Inc.(1 mo. USD Term SOFR + 3.250%) |
| 349125 | 7.577 | 03/20/32 | 350326 |
| Pitney Bowes, Inc.(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc.(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc.(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc.(1 mo. USD Term SOFR + 3.750%) |
| 349125 | 8.077 | 03/19/32 | 348106 |
| 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%) |
| 215438 | 9.094 | 12/15/27 | 215842 |
|  |  |  | 914274 |
| **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%) |
| 192545 | 7.830 | 10/12/28 | 190619 |
| **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%) |
| 173675 | 8.546 | 06/26/31 | 172807 |
| iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 52347 | 7.327 | 10/15/30 | 52494 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** |
| 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%) |
| 188949 | 7.577% | 02/15/29 | $188855 |
|  |  |  | 414156 |
| **TOTAL BANK LOANS<br>(Cost $8,358,907)** | **TOTAL BANK LOANS<br>(Cost $8,358,907)** | **TOTAL BANK LOANS<br>(Cost $8,358,907)** | $8183203 |
| **Asset-Backed Securities<sup>(a)(b)(d)</sup> – 5.8%** | **Asset-Backed Securities<sup>(a)(b)(d)</sup> – 5.8%** | **Asset-Backed Securities<sup>(a)(b)(d)</sup> – 5.8%** | **Asset-Backed Securities<sup>(a)(b)(d)</sup> – 5.8%** |
| **Collateralized Loan Obligations – 5.8%** | **Collateralized Loan Obligations – 5.8%** | **Collateralized Loan Obligations – 5.8%** | **Collateralized Loan Obligations – 5.8%** |
| 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 | 6.256% | 10/15/38 | $501281 |
| 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 | 5.796 | 07/15/37 | 501445 |
| 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 | 5.741 | 07/16/37 | 727096 |
| 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 | 7.370 | 04/19/34 | 175218 |
| 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 | 6.011 | 10/16/38 | 601601 |
| 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 | 5.782 | 07/25/37 | 726707 |
| 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 | 6.270 | 10/20/36 | 1004500 |
| 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 | 6.000 | 01/20/37 | 502029 |
| 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 | 7.768 | 10/15/32 | 600550 |
| 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 | 5.926 | 07/15/37 | 401803 |
| 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 | 5.780 | 07/20/37 | 250615 |
| 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 | 5.620 | 07/20/37 | 576223 |
| 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 | 6.940 | 01/20/37 | 352118 |
| 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 | 7.470 | 01/20/36 | 301633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(a)(b)(d)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)(b)(d)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)(b)(d)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)(b)(d)</sup> – (continued)** |
| **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| 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 | 8.251% | 04/18/36 | $601283 |
|  |  |  | 7824102 |
| **TOTAL ASSET- BACKED SECURITIES<br>(Cost $7,816,900)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $7,816,900)** | **TOTAL ASSET- BACKED SECURITIES<br>(Cost $7,816,900)** | $7824102 |
| **Sovereign Debt Obligations – 3.4%** | **Sovereign Debt Obligations – 3.4%** | **Sovereign Debt Obligations – 3.4%** | **Sovereign Debt Obligations – 3.4%** |
| **Euro – 0.9%** | **Euro – 0.9%** | **Euro – 0.9%** | **Euro – 0.9%** |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 200000 | 4.750% | 04/16/26 | $237136 |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 100000 | 1.100 | 03/12/33 | 98506 |
| 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 | 527687 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 290000 | 2.875 | 03/11/29 | 326997 |
| 30000 | 2.625 <sup>(b)</sup> | 12/02/40 | 21987 |
|  |  |  | 1212313 |
| **Sovereign<sup>(a)</sup> – 0.4%** | **Sovereign<sup>(a)</sup> – 0.4%** | **Sovereign<sup>(a)</sup> – 0.4%** | **Sovereign<sup>(a)</sup> – 0.4%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 603000 | 3.500 | 02/12/34 | 508932 |
| **United States Dollar – 2.1%** | **United States Dollar – 2.1%** | **United States Dollar – 2.1%** | **United States Dollar – 2.1%** |
| 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 | 153700 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| 12528 | 1.000 <sup>(a)</sup> | 07/09/29 | 10450 |
| 401192 | 0.750 <sup>(a)(f)</sup> | 07/09/30 | 317985 |
| Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |
| 200000 | 7.960 | 02/13/38 | 188500 |
| 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 | 221400 |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 34036 | 0.000 <sup>(b)(e)</sup> | 07/31/30 | 24710 |
| 40000 | 6.900 <sup>(b)(f)</sup> | 07/31/30 | 34680 |
| 46400 | 5.000 <sup>(b)(f)</sup> | 07/31/40 | 29151 |
| 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 | 166400 |
| 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 | 262415 |
| National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan |
| 260000 | 4.850 | 10/21/25 | 258554 |
| 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 | 177750 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 200000 | 6.125 | 10/24/28 | 201020 |
| 200000 | 7.625 | 04/26/29 | 209000 |
| 250000 | 7.125 | 07/17/32 | 249695 |
| 200000 | 6.500 | 09/20/33 | 191550 |
| Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
| 54803 | 1.750 <sup>(b)(f)</sup> | 02/01/29 | 33772 |
| 10241 | 0.000 <sup>(b)(f)</sup> | 02/01/30 | 4898 |
| 38270 | 0.000 <sup>(b)(f)</sup> | 02/01/34 | 14657 |
| 79801 | 1.750 <sup>(b)(f)</sup> | 02/01/34 | 41097 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
|  $ | 32341 | 0.000 %<sup>(b)(f)</sup> | 02/01/35 | $15155 |
|  | 33651 | 1.750 <sup>(b)(f)</sup> | 02/01/35 | 17095 |
|  | 26951 | 0.000 <sup>(b)(f)</sup> | 02/01/36 | 12600 |
|  | 19229 | 1.750 <sup>(b)(f)</sup> | 02/01/36 | 9542 |
|  |  |  |  | 2845776 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br>**(Cost $4,936,149)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br>**(Cost $4,936,149)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br>**(Cost $4,936,149)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br>**(Cost $4,936,149)** | $4567021 |
| **Shares** | **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks<sup>(k)</sup> – 0.2%** | **Common Stocks<sup>(k)</sup> – 0.2%** | **Common Stocks<sup>(k)</sup> – 0.2%** | **Common Stocks<sup>(k)</sup> – 0.2%** | **Common Stocks<sup>(k)</sup> – 0.2%** |
|  **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** |
|  | 4216 | Intelsat SA | Intelsat SA | $180234 |
|  **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
|  | 2022 | Audacy Class A | Audacy Class A | 24264 |
|  | 222 | Audacy Capital Corp. Class B | Audacy Capital Corp. Class B | 2886 |
|  | 45301 | iHeartMedia, Inc. Class A | iHeartMedia, Inc. Class A | 79730 |
|  |  |  |  | 106880 |
| **TOTAL COMMON STOCKS<br>(Cost $454,095)** | **TOTAL COMMON STOCKS<br>(Cost $454,095)** | **TOTAL COMMON STOCKS<br>(Cost $454,095)** | **TOTAL COMMON STOCKS<br>(Cost $454,095)** | $287114 |
| **Units** | **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%** | **Rights<sup>(k)</sup> – 0.0%** |
|  Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
|  | 2800 | 12/31/99 | 12/31/99 | $65201 |
| **(Cost $71,148)** | **(Cost $71,148)** | **(Cost $71,148)** | **(Cost $71,148)** |  |
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations – 1.1%** | **U.S. Treasury Obligations – 1.1%** | **U.S. Treasury Obligations – 1.1%** | **U.S. Treasury Obligations – 1.1%** | **U.S. Treasury Obligations – 1.1%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  $ | 1510000 | 4.000% | 06/30/32 | $1511179 |
| **(Cost $1,507,991)** | **(Cost $1,507,991)** | **(Cost $1,507,991)** | **(Cost $1,507,991)** |  |
|  | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(l)</sup> – 0.5%** | **Investment Company<sup>(l)</sup> – 0.5%** | **Investment Company<sup>(l)</sup> – 0.5%** | **Investment Company<sup>(l)</sup> – 0.5%** | **Investment Company<sup>(l)</sup> – 0.5%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 672624 | 4.231% | 4.231% | $672624 |
| **(Cost $672,624)** | **(Cost $672,624)** | **(Cost $672,624)** | **(Cost $672,624)** |  |
| **TOTAL INVESTMENTS – 112.1%<br>(Cost $150,238,645)** | **TOTAL INVESTMENTS – 112.1%<br>(Cost $150,238,645)** | **TOTAL INVESTMENTS – 112.1%<br>(Cost $150,238,645)** | **TOTAL INVESTMENTS – 112.1%<br>(Cost $150,238,645)** | $152409377 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (12.1)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (12.1)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (12.1)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (12.1)%** | (16451370) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $135958007 |

---

---

| | |
|:---|:---|
| 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 June 30, 2025. |
| (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (f) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (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 $19,744,281 which represents approximately 14.5% of net assets as of June 30, 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 June 30, 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. |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At June 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Kaman Corp. (NR/NR), due 02/26/32 | $34483 | $34429 | $(169) |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | USD 3,713,425 | EUR 3,153,197 | 09/23/25 | $(21718) |

---

**FORWARD SALES CONTRACTS** — At June 30, 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 | 3.000% | TBA - 30yr | 07/15/25 | $(1000000) | $(864688) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 07/15/25 | (8000000) | (7649374) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 07/15/25 | (1000000) | (979922) |
|  Uniform Mortgage-Backed Security | 6.000 | TBA - 30yr | 07/15/25 | (4000000) | (4064532) |
|  **(PROCEEDS RECEIVED: $(13396172))** | **(PROCEEDS RECEIVED: $(13396172))** | **(PROCEEDS RECEIVED: $(13396172))** |  |  | $(13558516) |

---

(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 June 30, 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 | 39 | 09/19/25 | $4372875 | $42784 |
|  2 Year U.S. Treasury Notes | 159 | 09/30/25 | 33075727 | 125472 |
|  5 Year U.S. Treasury Notes | 191 | 09/30/25 | 20819000 | 214361 |
|  **Total** |  |  |  | $382617 |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (1) | 09/19/25 | (115469) | (347) |
|  Ultra 10-Year U.S. Treasury Notes | (13) | 09/19/25 | (1485453) | (27708) |
|  Ultra Long U.S. Treasury Bonds | (19) | 09/19/25 | (2263375) | (56419) |
|  **Total** |  |  |  | $(84474) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $298143 |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **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><br> 12M CDOR<sup>(b)</sup> | 09/17/27 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $(648) | $(313) | $(335) |
| 1.750<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 09/17/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | 5517 | 5256 | 261 |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 09/17/30 |  | 740 | 11730 | 10726 | 1004 |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 09/17/32 |  | 640 | 21343 | 19218 | 2125 |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 09/17/35 |  | 410 | 26498 | 23892 | 2606 |
|  **TOTAL** |  |  |  | $64440 | $58779 | $5661 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(b) Payments made semi-annually.

(c) Payments made annually.

**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>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CDX.NA.HY Index 43 | 5.000% | 3.186% | 06/20/30 | $1200 | $91953 | $60224 | $31729 |
|  CDX.NA.IG Index 41 | 1.000 | 0.334 | 12/20/28 | 4990 | 110301 | 61612 | 48689 |
|  **TOTAL** |  |  |  |  | $202254 | $121836 | $80418 |

---

(a) Payments made quarterly.

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| USD | — U.S. Dollar |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| ICE | — Inter-Continental Exchange |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |
| STACR | — Structured Agency Credit Risk |

---

------

GOLDMAN SACHS INCOME FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CDOR | — Canadian Dollar Offered Rate |
| 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 |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM and GSAMI 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.

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

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

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

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

**Underlying Funds (including Money Market Funds)** — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Fund's shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's 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;**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;**ii. Commercial Paper** — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. 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;**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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&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;**vi. Structured Notes** — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

&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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

&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;**ii. Futures Contracts** — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Options** — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

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

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A *total return swap* is an agreement that gives a Fund the right to receive 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.

**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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **BOND FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $219247083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 113469088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 37259553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 21307659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3508978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 3355838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 2904866 |  |
|  Investment Company | 21451283 |  |  |
|  Short-term Investments |  | 2231088 |  |
| **Total** | $42758942 | $381976494 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(58711452) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $3104811 | $— |
|  Futures Contracts<sup>(a)</sup>  | 1968376 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 3904891 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 105759 |  |
|  Purchased Option Contracts |  | 708872 |  |
| **Total** | $1968376 | $7824333 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(3253086) | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (1164469) |  |
|  Written Option Contracts |  | (1072740) |  |
| **Total** | $— | $(5490295) | $— |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **CORE FIXED INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $1075350051 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 547771633 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 515728016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 267164942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 11731776 | 17888119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 23223360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 11412590 |  |
|  Investment Company | 249294957 |  |  |
|  Short-term Investments |  | 15583621 |  |
| **Total** | $808798366 | $1926350699 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(242676691) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $8442753 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 11441080 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 1319831 |  |
|  Purchased Option Contracts |  | 367820 |  |
| **Total** | $8442753 | $13128731 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(62795) | $— |
|  Futures Contracts<sup>(a)</sup>  | (204598) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (3283959) |  |
|  Written Option Contracts |  | (871256) |  |
| **Total** | $(204598) | $(4218010) | $&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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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **DYNAMIC BOND FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $628067401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 242320842 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 173598837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 143655295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 50962897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 7500838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 6976646 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 426298 |  |  |
|  Rights |  | 391205 |  |
|  Investment Company | 66935101 |  |  |
|  Short-term Investments |  | 47078049 |  |
| **Total** | $309682241 | $1058231168 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(256889635) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $18345806 | $— |
|  Futures Contracts<sup>(a)</sup>  | 2597930 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 32524967 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 2716394 |  |
|  Purchased Option Contracts |  | 4729006 |  |
| **Total** | $2597930 | $58316173 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(19049260) | $— |
|  Futures Contracts<sup>(a)</sup>  | (555117) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (11329731) |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | (2328611) |  |
|  Written Option Contracts |  | (7713286) |  |
| **Total** | $(555117) | $(40420888) | $— |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL CORE FIXED INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $284171805 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 189375641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 114632203 | 51801619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 112509240 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 107149467 |  |
|  Exchange Traded Funds | 311364 |  |  |
|  Investment Company | 20725 |  |  |
| **Total** | $227473532 | $632498532 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(39221508) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $2815527 | $— |
|  Futures Contracts<sup>(a)</sup>  | 2274347 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 9092795 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 349733 |  |
|  Purchased Option Contracts |  | 256307 |  |
| **Total** | $2274347 | $12514362 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(4598936) | $— |
|  Futures Contracts<sup>(a)</sup>  | (568427) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (2525103) |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | (75561) |  |
|  Written Option Contracts |  | (659539) |  |
| **Total** | $(568427) | $(7859139) | $&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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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $103302274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 25996659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 8183203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 7824102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 4567021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1511179 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 180234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 79730 | 27150 |  |
|  Rights |  | 65201 |  |
|  Investment Company | 672624 |  |  |
| **Total** | $2263533 | $150145844 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment<sup>(a)</sup>  | $— | $(169) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts |  | (13558516) |  |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $382617 | $— | $— |
|  Interest Rate Swap Contracts |  | 5996 |  |
|  Credit Default Swap Contracts |  | 80418 |  |
| **Total** | $382617 | $86414 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(21718) | $— |
|  Futures Contracts | (84474) |  |  |
|  Interest Rate Swap Contracts |  | (335) |  |
| **Total** | $(84474) | $(22053) | $— |

---

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

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

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

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

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 obligation, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

**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 the 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

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

**Large Shareholder Transactions Risk** — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in 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.

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

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

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

**Market and Credit Risks** — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

**Mortgage-Backed and Other Asset-Backed Securities Risk** — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

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

**Portfolio Turnover Rate Risk** — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

**Short Position Risk** — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund's NAV.

**U.S. Government Securities Risk** — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by 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

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

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.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

- **a. Name of Series:** Goldman Sachs Global Core Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000009308

- **c. LEI of Series:** S7AVHSYYPK5PCOCQSV77

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $944158152.34

**Total Liabilities:** $149947438.65

**Net Assets:** $794210713.69

**Delayed Delivery Securities:** $11271552.57

**Cash Not Reported:** $33604971.37

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1307.91000000 | **1-Year:** -29816.26000000 | **5-Year:** -80273.25000000 | **10-Year:** -37679.17000000 | **30-Year:** -9545.55000000

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

- **3-Month:** -28.63000000 | **1-Year:** -4805.19000000 | **5-Year:** -32300.63000000 | **10-Year:** -3868.46000000 | **30-Year:** -1290.60000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025415 | 0.78%                | -0.29%               | 0.97%                |
| Class ID C000025418 | 0.65%                | -0.34%               | 0.92%                |
| Class ID C000090762 | 0.73%                | -0.25%               | 1.00%                |
| Class ID C000025416 | 0.79%                | -0.36%               | 0.98%                |
| Class ID C000025414 | 0.82%                | -0.33%               | 1.00%                |
| Class ID C000161291 | 0.82%                | -0.24%               | 0.92%                |
| Class ID C000202039 | 0.82%                | -0.33%               | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2141048.90              | $9996229.66                                |
| Month 2  | $2113723.96              | $-3898530.60                               |
| Month 3  | $802573.28               | $8609619.36                                |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays Global Aggregate Bond Index

- **Index Identifier:** LMGLRETWTY

### Schedule of Portfolio Investments

| Name                                               | Title                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2007.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138W7WP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       14498 | PA      | $13254.15     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $66031.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234088  IRS NZD R F  3.75000 2 CCPVANILLA / Short: SR234088  IRS NZD P V 03MNZDBB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    22130000 | OU      | $87962.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $2438.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7974.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                               | Indonesia Treasury Bond                                                                                                                | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 10285000000 | PA      | $638439.46    | 0.08%             | 2030-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                           | Mars Inc                                                                                                                               | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     3575000 | PA      | $3617077.75   | 0.46%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MKQH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       22314 | PA      | $20526.05     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      717682 | PA      | $634813.85    | 0.08%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $18226.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                                     | Pikes Peak CLO 5                                                                                                                       | CUSIP: 72133PAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1875000 | PA      | $1879173.75   | 0.24%             | 2037-10-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                       | Comcast Corp                                                                                                                           | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      300000 | PA      | $299466.00    | 0.04%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR233972  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233972  IRS EUR P F  1.75000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3890000 | OU      | $948314.08    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                                | Korea Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  2641660000 | PA      | $1855191.27   | 0.23%             | 2029-12-10      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                             | Sempra                                                                                                                                 | CUSIP: 816851BG3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      700000 | PA      | $683389.00    | 0.09%             | 2028-02-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232875  IRS KRW R F  3.75000 2 CCPNDF / Short: SR232875  IRS KRW P V 03MKSDA 1 CCPNDF                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 11720770000 | OU      | $878635.68    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                           | Thailand Government Bond                                                                                                               | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |       70000 | PA      | $2548.07      | 0.00%             | 2037-06-17      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232876  IRS PLN R F  4.75000 2 CCPVANILLA / Short: SR232876  IRS PLN P V 06MWIBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     9650000 | OU      | $29879.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138NXRK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        7306 | PA      | $6790.04      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5128.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                             | Blackstone Property Partners Europe Holdings Sarl                                                                                      | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |      325000 | PA      | $383909.72    | 0.05%             | 2029-10-29      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                               | BAT International Finance PLC                                                                                                          | CUSIP: 000000000<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |      948000 | PA      | $1217326.85   | 0.15%             | 2028-06-26      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H052678<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    13000000 | PA      | $13012914.20  | 1.64%             | 2054-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DNK77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      750518 | PA      | $710126.75    | 0.09%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1593.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | OPS09143A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | DE        |    -3810000 | NC      | $-41378.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                           | Thailand Government Bond                                                                                                               | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     6710000 | PA      | $216014.17    | 0.03%             | 2028-12-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                 | Chase Home Lending Mortgage Trust Series 2024-3                                                                                        | CUSIP: 16159HAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      425000 | PA      | $413949.70    | 0.05%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                      | 1988 CLO 4 Ltd                                                                                                                         | CUSIP: 68252EAJ0<br>LEI: 2549000NTXDB3VOXDV92 | Long             | ABS-CBDO         | CORP              | KY        |     1575000 | PA      | $1589507.33   | 0.20%             | 2037-04-15      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR228525  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR228525  IRS JPY P F  1.29500 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  2162807589 | OU      | $73433.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1713.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                           | OPS09105A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | DE        |    -3880000 | NC      | $-14844.82    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCC Trust                                         | ROCK Trust 2024-CNTR                                                                                                                   | CUSIP: 74970WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1750000 | PA      | $1824817.75   | 0.23%             | 2041-11-13      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MJGD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       10704 | PA      | $9832.68      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds             | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     2040000 | PA      | $2101852.80   | 0.26%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F032674<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     8000000 | PA      | $7200313.60   | 0.91%             | 2054-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EUROPEAN UNION                                     | European Union                                                                                                                         | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |     6632868 | PA      | $7561372.01   | 0.95%             | 2029-12-04      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $1847.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                            | Mexican Bonos                                                                                                                          | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    39000000 | PA      | $1897988.22   | 0.24%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Penta CLO                                          | Penta CLO 2021-2 DAC                                                                                                                   | CUSIP: 000000000<br>LEI: 635400GBGDCFEEAL3O62 | Long             | ABS-CBDO         | CORP              | IE        |     1300000 | PA      | $1532802.86   | 0.19%             | 2038-04-15      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                               | Glencore Funding LLC                                                                                                                   | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      455000 | PA      | $444794.35    | 0.06%             | 2026-04-27      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                                            | HCA Inc                                                                                                                                | CUSIP: 404119CJ6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      250000 | PA      | $239902.50    | 0.03%             | 2029-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RELX Finance BV                                    | RELX Finance BV                                                                                                                        | CUSIP: 000000000<br>LEI: 54930086P8MBY4IN4E29 | Long             | DBT              | CORP              | NL        |      437000 | PA      | $533110.64    | 0.07%             | 2031-06-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | OPS09114A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -4340000 | NC      | $-96178.74    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2546.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4021.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179QT50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      141497 | PA      | $135299.45    | 0.02%             | 2044-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                        | Workday Inc                                                                                                                            | CUSIP: 98138HAH4<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |      125000 | PA      | $122122.50    | 0.02%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                                                                                      | CUSIP: 31397S7M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      126046 | PA      | $126737.30    | 0.02%             | 2041-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KQK62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      781489 | PA      | $803162.27    | 0.10%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7563.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-BTP FUTURE SEP25                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          15 | NC      | $4627.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38378WUZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      202652 | PA      | $22892.34     | 0.00%             | 2043-08-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| ABU DHABI CRUDE OIL                                | Abu Dhabi Crude Oil Pipeline LLC                                                                                                       | CUSIP: 00401MAB2<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |     1260000 | PA      | $1126125.00   | 0.14%             | 2047-11-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                                      | Owens Corning                                                                                                                          | CUSIP: 690742AM3<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |      975000 | PA      | $931661.25    | 0.12%             | 2030-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232890  IRS HUF R F  6.25000 2 CCPVANILLA / Short: SR232890  IRS HUF P V 06MBUBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |  1449610000 | OU      | $20522.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-10928.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $25389.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                             | Constellation Software Inc/Canada                                                                                                      | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |      438000 | PA      | $446322.00    | 0.06%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| BOOKING HOLDINGS INC                               | Booking Holdings Inc                                                                                                                   | CUSIP: 000000000<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |      729000 | PA      | $880417.44    | 0.11%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2406.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                 | Banco Santander SA                                                                                                                     | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      600000 | PA      | $579798.00    | 0.07%             | 2026-11-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-9201.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust                | Citibank Credit Card Issuance Trust                                                                                                    | CUSIP: 17305EHB4<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |     1675000 | PA      | $1686589.58   | 0.21%             | 2032-06-21      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT               | French Republic Government Bonds OAT                                                                                                   | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     7350000 | PA      | $8913346.42   | 1.12%             | 2033-11-25      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| Bank                                               | BANK 2025-BNK50                                                                                                                        | CUSIP: 064908AN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1250000 | PA      | $1311821.90   | 0.17%             | 2068-05-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR222559  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR222559  IRS EUR P F  2.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     4761426 | OU      | $399287.92    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12657.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234635  IRS USD R F  4.09811 2 CCPOIS / Short: SR234635  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    17370000 | OU      | $64401.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-16600.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2022-PSB                                                                                                                      | CUSIP: 05606DAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      469038 | PA      | $468765.55    | 0.06%             | 2039-08-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234001  IRS GBP R F  3.75000 2 CCPOIS / Short: SR234001  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1720000 | OU      | $-46457.74    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38379FEG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       74413 | PA      | $9175.31      | 0.00%             | 2045-11-20      | Floating      | 1.82%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                      | Netflix, Inc.                                                                                                                          | CUSIP: 000000000<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     1800000 | PA      | $2264704.36   | 0.29%             | 2029-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $277.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $3704.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234012  IRS CAD R F  2.75000 2 CCPOIS / Short: SR234012  IRS CAD P V 00MCORRA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    68820000 | OU      | $297445.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234067  IRS SEK R F  2.75000 2 CCPVANILLA / Short: SR234067  IRS SEK P V 03MSTIBO 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    36290000 | OU      | $68424.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                 | OPS09127A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |    -3830000 | NC      | $-16751.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                     | Palmer Square Loan Funding 2022-3 Ltd                                                                                                  | CUSIP: 69690CAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1500004.50   | 0.19%             | 2031-04-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 2024-5YR7                                                                                                                        | CUSIP: 06211UBL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1200000 | PA      | $1246588.43   | 0.16%             | 2057-06-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $8157.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sound Point EURO CLO Funding DAC                   | Sound Point Euro CLO 14 Funding DAC                                                                                                    | CUSIP: 000000000<br>LEI: 635400MRPPDDKPZD8B91 | Long             | ABS-CBDO         | CORP              | IE        |     1130000 | PA      | $1324269.08   | 0.17%             | 2039-04-20      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-9292.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                           | Angel Oak Mortgage Trust 2019-6                                                                                                        | CUSIP: 03464VAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1025000 | PA      | $962788.55    | 0.12%             | 2059-11-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                | Quanta Services Inc                                                                                                                    | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |      847000 | PA      | $854157.15    | 0.11%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KL2H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1562154 | PA      | $1312193.90   | 0.17%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                | Macquarie Group Ltd                                                                                                                    | CUSIP: 55608JAK4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |      380000 | PA      | $372966.20    | 0.05%             | 2028-11-28      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296XPM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         605 | PA      | $615.47       | 0.00%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABKB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      447778 | PA      | $377685.85    | 0.05%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136A9EA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       15577 | PA      | $16652.48     | 0.00%             | 2042-10-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6897.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M6UY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1358 | PA      | $1382.56      | 0.00%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Long: IR219081  IRS MYR R F  3.75000 NDF / Short: IR219081  IRS MYR P V 03MKLIB NDF                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | MY        |     3450000 | OU      | $24042.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD SGD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-22674.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F062671<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     2000000 | PA      | $2064375.20   | 0.26%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-26443.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $10281.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-368.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-183046.47   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140XDRN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      301959 | PA      | $254609.70    | 0.03%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vanguard Intermediate-Term Corporate Bond ETF      | Vanguard Intermediate-Term Corporate Bond ETF                                                                                          | CUSIP: 92206C870<br>LEI: VKDXEYNPEMWGHJ22MR31 | Long             | EC               | RF                | US        |        3755 | NS      | $311364.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $-689.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust                      | ECMC Group Student Loan Trust                                                                                                          | CUSIP: 26828WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1964722 | PA      | $1974662.19   | 0.25%             | 2066-12-27      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-35819.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Panama Government International Bonds              | Panama Government International Bonds                                                                                                  | CUSIP: 698299BW3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      200000 | PA      | $199400.00    | 0.03%             | 2036-01-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                | Peru Government International Bonds                                                                                                    | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      100000 | PA      | $53700.00     | 0.01%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $4660.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |           1 | NC      | $13514.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234024  IRS AUD R V 03MBBSW 1 CCPVANILLA / Short: BR234024  IRS AUD P F  3.75000 2 CCPVANILLA                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   123660000 | OU      | $-1029600.67  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                                                                                   | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      375000 | PA      | $342918.75    | 0.04%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3347.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                  | NatWest Group PLC                                                                                                                      | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      425000 | PA      | $432186.75    | 0.05%             | 2031-05-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ARZ31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       63048 | PA      | $62583.62     | 0.01%             | 2041-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234277  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR234277  IRS USD P F  3.60000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    72080000 | OU      | $-699103.92   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD SGD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6162.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-35692.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3133B5LS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1726625 | PA      | $1381826.13   | 0.17%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7731.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DS6E7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      431570 | PA      | $358654.71    | 0.05%             | 2054-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                   | T-Mobile USA Inc                                                                                                                       | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      656000 | PA      | $649380.96    | 0.08%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $2776.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRUIST BANK                                        | Truist Bank                                                                                                                            | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |     1575000 | PA      | $1577535.75   | 0.20%             | 2027-05-20      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179RD89<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       13395 | PA      | $12798.33     | 0.00%             | 2045-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $10198.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 312938XT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        5814 | PA      | $5888.09      | 0.00%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                  | CBRE Services Inc                                                                                                                      | CUSIP: 12505BAH3<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |      258000 | PA      | $266661.06    | 0.03%             | 2029-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                      | AIB Group PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      805000 | PA      | $946296.88    | 0.12%             | 2031-05-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                                 | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      240000 | PA      | $231120.00    | 0.03%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138AGL89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       19124 | PA      | $18982.70     | 0.00%             | 2041-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust Series 2025-DSC1                                                                                              | CUSIP: 46593TAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1538099 | PA      | $1551543.23   | 0.20%             | 2065-09-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                               | Las Vegas Sands Corp                                                                                                                   | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      200000 | PA      | $206168.60    | 0.03%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                       | Broadcom Inc                                                                                                                           | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     1531000 | PA      | $1291413.81   | 0.16%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233978  IRS EUR R F  2.00000 2 CCPOIS / Short: SR233978  IRS EUR P V 00MESTR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     6110000 | OU      | $31705.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-BUXL 30Y BND SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          72 | NC      | $-122251.21   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Auto Loan Extended Note Trust               | Toyota Auto Loan Extended Note Trust 2025-1                                                                                            | CUSIP: 891950AA5<br>LEI: 254900QVX5SBHB37FT67 | Long             | ABS-O            | CORP              | US        |     2525000 | PA      | $2557054.70   | 0.32%             | 2038-05-25      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $21778.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $5114.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-51370.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $1286.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT               | French Republic Government Bonds OAT                                                                                                   | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     1760000 | PA      | $1769719.13   | 0.22%             | 2034-05-25      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: SX003288  CDS EUR R F  1.00000 2 CCPCDX / Short: SX003288  CDS EUR P V 03MEVENT 1 CCPCDX                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |    13892584 | OU      | $349728.40    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                   | Bain Capital Credit CLO 2020-1 Ltd                                                                                                     | CUSIP: 05684DAN3<br>LEI: 2549007DKQFBF2N6NR86 | Long             | ABS-CBDO         | CORP              | KY        |     2575000 | PA      | $2580922.50   | 0.32%             | 2033-04-18      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $573.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NISOURCE INC                                       | NiSource Inc                                                                                                                           | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      600000 | PA      | $615984.00    | 0.08%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                                                                                   | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     2125000 | PA      | $2171665.00   | 0.27%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-2483.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179TV77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       85465 | PA      | $83521.28     | 0.01%             | 2048-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234040  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR234040  IRS JPY P F  1.00000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        | 11776560000 | OU      | $-253931.44   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                     | HarborView Mortgage Loan Trust 2006-6                                                                                                  | CUSIP: 41161UAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      139807 | PA      | $113571.25    | 0.01%             | 2036-08-19      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | J.P. Morgan Mortgage Trust 2022-DSC1                                                                                                   | CUSIP: 46656AAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      741634 | PA      | $726676.19    | 0.09%             | 2063-01-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $-8552.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: BR230955  IRS BRL R V 00MBRCDI IR230955_FLO CCPNDFPREDISWAP / Short: BR230955  IRS BRL P F 13.75000 IR230955_FIX CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    14680000 | OU      | $8867.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31419LZL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        4262 | PA      | $4247.90      | 0.00%             | 2040-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                           | Export-Import Bank of Korea                                                                                                            | CUSIP: 302154DV8<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |      390000 | PA      | $398151.00    | 0.05%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-62343.07    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $3778.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LOGICOR FINANCING SARL                             | Logicor Financing Sarl                                                                                                                 | CUSIP: 000000000<br>LEI: 254900IS16Q1A2TQFN22 | Long             | DBT              | CORP              | LU        |      325000 | PA      | $351280.79    | 0.04%             | 2030-01-17      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $3465.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140M2PZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      179953 | PA      | $149744.66    | 0.02%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OTIS WORLDWIDE CORP                                | Otis Worldwide Corp                                                                                                                    | CUSIP: 68902VAP2<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |      225000 | PA      | $231538.50    | 0.03%             | 2028-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                            | Nissan Auto Lease Trust 2024-A                                                                                                         | CUSIP: 65481CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1365927 | PA      | $1367493.00   | 0.17%             | 2026-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31417MFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        2853 | PA      | $2828.22      | 0.00%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08452A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |     5740000 | NC      | $35802.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5387.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2024-BIO                                                                                                                      | CUSIP: 05612AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2050000 | PA      | $2048990.66   | 0.26%             | 2041-02-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $2768.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                    | Cigna Group/The                                                                                                                        | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |      300000 | PA      | $300396.00    | 0.04%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                           | Thailand Government Bond                                                                                                               | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     9116000 | PA      | $337916.28    | 0.04%             | 2043-06-17      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-57880.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVMC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      796993 | PA      | $700428.06    | 0.09%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                              | American Homes 4 Rent LP                                                                                                               | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |      125000 | PA      | $108798.75    | 0.01%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $4631.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $23610.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                              | DP World Crescent Ltd                                                                                                                  | CUSIP: 260979AA7<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |      950000 | PA      | $955937.50    | 0.12%             | 2035-05-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4525.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                             | Westinghouse Air Brake Technologies Corp                                                                                               | CUSIP: 960386AS9<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |      700000 | PA      | $709373.00    | 0.09%             | 2030-05-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                           | Warnermedia Holdings Inc                                                                                                               | CUSIP: 55903VBB8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      325000 | PA      | $264728.75    | 0.03%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18022.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-35767.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136A1MA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      109857 | PA      | $110455.02    | 0.01%             | 2041-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234041  IRS JPY R F  1.00000 2 CCPOIS / Short: SR234041  IRS JPY P V 00MTONAR 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    62000000 | OU      | $-1368.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRV Trust                                          | IRV Trust 2025-200P                                                                                                                    | CUSIP: 45006HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      675000 | PA      | $663329.47    | 0.08%             | 2047-03-14      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT               | French Republic Government Bonds OAT                                                                                                   | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |      210000 | PA      | $177524.82    | 0.02%             | 2048-05-25      | Fixed         | 2.00%                 | No            |                  1 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      100000 | PA      | $85170.54     | 0.01%             | 2067-03-01      | Fixed         | 2.80%                 | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                                 | Ally Financial Inc                                                                                                                     | CUSIP: 02005NBR0<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      650000 | PA      | $685223.50    | 0.09%             | 2027-11-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38376VHU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      242147 | PA      | $27472.46     | 0.00%             | 2040-02-20      | Floating      | 1.82%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                   | Deutsche Bank AG                                                                                                                       | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     2100000 | PA      | $2637479.80   | 0.33%             | 2030-09-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MRK75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       35291 | PA      | $32529.44     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Bonds                                                                                                                    | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2440000 | PA      | $2418650.00   | 0.30%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                            | Romania Government Bond                                                                                                                | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1375000 | PA      | $306789.90    | 0.04%             | 2032-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234047  IRS JPY R F  1.75000 2 CCPOIS / Short: SR234047  IRS JPY P V 00MTONAR 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   921000000 | OU      | $-691119.34   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138AWRQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       52149 | PA      | $51765.08     | 0.01%             | 2041-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds         | Philippines Government International Bonds                                                                                             | CUSIP: 718286CA3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      470000 | PA      | $381052.50    | 0.05%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234073  IRS NOK R F  4.25000 2 CCPVANILLA / Short: SR234073  IRS NOK P V 06MNIBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   441430000 | OU      | $424476.85    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                           | International Flavors & Fragrances Inc                                                                                                 | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |       53000 | PA      | $49917.52     | 0.01%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234033  IRS AUD R V 06MBBSW 1 CCPVANILLA / Short: BR234033  IRS AUD P F  4.50000 2 CCPVANILLA                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1810000 | OU      | $-42727.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                       | Netherlands Government Bonds                                                                                                           | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |      687236 | PA      | $628049.63    | 0.08%             | 2054-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3204.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                 | Chase Home Lending Mortgage Trust Series 2024-3                                                                                        | CUSIP: 16159HAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      200000 | PA      | $202654.36    | 0.03%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ASU83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        9874 | PA      | $9800.92      | 0.00%             | 2041-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179WJS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      659524 | PA      | $583526.10    | 0.07%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179VBJ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      158286 | PA      | $154141.83    | 0.02%             | 2049-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $-42.98       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F030678<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1000000 | PA      | $864688.00    | 0.11%             | 2054-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179TUC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       24195 | PA      | $23659.93     | 0.00%             | 2048-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $6675.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | Energy Transfer LP                                                                                                                     | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      250000 | PA      | $255987.50    | 0.03%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $871.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2021.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CLP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $8007.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US ULTRA BOND CBT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         150 | NC      | $362815.07    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                            | Corebridge Global Funding                                                                                                              | CUSIP: 00138CBA5<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      925000 | PA      | $947375.75    | 0.12%             | 2029-06-24      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                             | Mexico City Airport Trust                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      200000 | PA      | $164835.00    | 0.02%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Bills                                                                                                                    | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    76315700 | PA      | $76298033.68  | 9.61%             | 2025-07-03      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                | Citigroup Commercial Mortgage Trust 2017-P8                                                                                            | CUSIP: 17326DAM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      400000 | PA      | $249119.63    | 0.03%             | 2050-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | OPS09078A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |    -3860000 | NC      | $-0.46        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | Barclays PLC                                                                                                                           | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     1250000 | PA      | $1276387.50   | 0.16%             | 2031-02-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KMQE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1450504 | PA      | $1219428.38   | 0.15%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                         | Verus Securitization Trust 2021-8                                                                                                      | CUSIP: 92538GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      100611 | PA      | $91253.65     | 0.01%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2025-1                                                                                          | CUSIP: 80288DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      479291 | PA      | $479426.50    | 0.06%             | 2027-08-16      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138AK6U8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       18144 | PA      | $18010.10     | 0.00%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOF                           | Take-Two Interactive Software Inc                                                                                                      | CUSIP: 874054AM1<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |      943000 | PA      | $971582.33    | 0.12%             | 2029-06-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                          | Prosus NV                                                                                                                              | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $127850.00    | 0.02%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                           | Deutsche Telekom International Finance BV                                                                                              | CUSIP: 25156PAC7<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |      250000 | PA      | $295202.50    | 0.04%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F022675<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    28000000 | PA      | $23212644.00  | 2.92%             | 2055-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $9960.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO RECEIVABLES TRUST               | Mercedes-Benz Auto Receivables Trust 2023-2                                                                                            | CUSIP: 58769FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         717 | PA      | $717.77       | 0.00%             | 2026-11-16      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABJ86<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      780461 | PA      | $664146.38    | 0.08%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-24932.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F052672<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    25000000 | PA      | $24990222.50  | 3.15%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232880  IRS ZAR R F  9.25000 2 CCPVANILLA / Short: SR232880  IRS ZAR P V 03MJIBAR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    16850000 | OU      | $50934.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                  | Mountain View CLO 2016-1 LLC                                                                                                           | CUSIP: 62432FAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1793485 | PA      | $1795102.49   | 0.23%             | 2033-04-14      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-19116.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                             | Spain Government Bonds                                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      650000 | PA      | $572321.46    | 0.07%             | 2037-07-30      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $91615.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KRE Commercial Mortgage Trust 2025-AIP4            | KRE Commercial Mortgage Trust 2025-AIP4                                                                                                | CUSIP: 50077KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1700000 | PA      | $1695750.73   | 0.21%             | 2042-03-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $813.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-36460.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $19913.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-20576.35    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232867  IRS CNY R F  1.50000 CCPNDF / Short: SR232867  IRS CNY P V 01MCNRR CCPNDF                                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CN        |   259650000 | OU      | $31891.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $21026.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Twenty Year Bonds                 | Japan Government Twenty Year Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  1167350000 | PA      | $7244046.95   | 0.91%             | 2044-03-20      | Fixed         | 1.60%                 | No            |                  1 | On Loan: No      |
| Uruguay Government International Bonds             | Uruguay Government International Bonds                                                                                                 | CUSIP: 917288BK7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |       31914 | PA      | $31882.09     | 0.00%             | 2031-01-23      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                           | Ireland Government Bonds                                                                                                               | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |      430000 | PA      | $451105.62    | 0.06%             | 2030-10-18      | Fixed         | 0.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11514.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                | Fifth Third Bancorp                                                                                                                    | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     1091000 | PA      | $1103197.38   | 0.14%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ANNR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      121301 | PA      | $120406.62    | 0.02%             | 2036-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR232871  IRS MXN R F  8.25000 2 CCPOIS / Short: SR232871  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    31160000 | OU      | $25065.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BFLD Trust                                         | BFLD Trust 2025-EWEST                                                                                                                  | CUSIP: 05494JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1750000 | PA      | $1752318.16   | 0.22%             | 2042-06-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Cordatus CLO PLC                                   | CVC Cordatus Loan Fund III DAC                                                                                                         | CUSIP: 000000000<br>LEI: 213800XV458LVR3TU384 | Long             | ABS-CBDO         | CORP              | IE        |     1400000 | PA      | $1642249.08   | 0.21%             | 2038-05-26      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Card issuance Trust                    | WF Card Issuance Trust                                                                                                                 | CUSIP: 92970QAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2325000 | PA      | $2341936.21   | 0.29%             | 2030-05-15      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3132L5TH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       10451 | PA      | $10160.42     | 0.00%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128KRY73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        2669 | PA      | $2714.97      | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WMWQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       50204 | PA      | $45919.76     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H020675<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     5000000 | PA      | $4073704.50   | 0.51%             | 2054-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: SX003290  CDS USD R F  1.00000 2 CCPCDX / Short: SX003290  CDS USD P V 03MEVENT 1 CCPCDX                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     3385079 | OU      | $74967.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-74363.15    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7712.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12446.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $12662.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6316.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERALTO CORP                                       | Veralto Corp                                                                                                                           | CUSIP: 92338CAD5<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1082361.00   | 0.14%             | 2028-09-18      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                         | Sodexo Inc                                                                                                                             | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |     1025000 | PA      | $1041707.50   | 0.13%             | 2030-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $1575.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                           | Constellation Brands Inc                                                                                                               | CUSIP: 21036PBB3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1497405.00   | 0.19%             | 2025-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11561.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31418ECP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      985429 | PA      | $780783.61    | 0.10%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18651.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140L5BW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      132542 | PA      | $112006.94    | 0.01%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2593.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $12901.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-115207.52   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KPAD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      915446 | PA      | $880942.49    | 0.11%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38379M4U5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       80923 | PA      | $15368.47     | 0.00%             | 2045-09-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                       | Synopsys Inc                                                                                                                           | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1114014.00   | 0.14%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6574.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | OPS09084A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -4310000 | NC      | $-85678.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $4546.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                    | State of Israel                                                                                                                        | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      400000 | PA      | $259600.00    | 0.03%             | 2060-05-13      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OHA Credit Funding 7 Ltd                                                                                                               | CUSIP: 67098WAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     5000000 | PA      | $5000000.00   | 0.63%             | 2038-07-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-54872.30    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                       | UBS Group AG                                                                                                                           | CUSIP: 225401AF5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     2800000 | PA      | $2756320.00   | 0.35%             | 2029-01-12      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $1944.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UCB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      781257 | PA      | $740014.13    | 0.09%             | 2048-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31416NFG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        2521 | PA      | $2500.19      | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                               | M&T Bank Corp                                                                                                                          | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |      630000 | PA      | $683587.80    | 0.09%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6154.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $24055.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                             | Aviation Capital Group LLC                                                                                                             | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      400000 | PA      | $393688.00    | 0.05%             | 2026-01-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division   | ICE 3MTH SONIA FU DEC25                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         205 | NC      | $102257.73    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust 2023-C                                                                                                    | CUSIP: 344940AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      159203 | PA      | $159299.61    | 0.02%             | 2026-09-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1412.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      207240 | PA      | $207903.49    | 0.03%             | 2041-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $9530.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $203.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UMM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      262394 | PA      | $255195.21    | 0.03%             | 2049-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QQUM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1613812 | PA      | $1634478.47   | 0.21%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $2999.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OZLM Ltd                                           | OZLM XIV Ltd                                                                                                                           | CUSIP: 67110HCG1<br>LEI: 549300Y1XB6AVMQY8652 | Long             | ABS-CBDO         | CORP              | KY        |     1700000 | PA      | $1699913.30   | 0.21%             | 2038-01-15      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                           | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                                          | CUSIP: 709599CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $511985.00    | 0.06%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $-1977.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                    | Danske Bank A/S                                                                                                                        | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |     1275000 | PA      | $1270116.75   | 0.16%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2048.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5404.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIM Trust                                          | CIM Trust 2025-I1                                                                                                                      | CUSIP: 12571DAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1093234 | PA      | $1102851.33   | 0.14%             | 2069-10-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                      | DTE Energy Co                                                                                                                          | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |      700000 | PA      | $708316.00    | 0.09%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $34512.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2168.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                          | Towd Point Mortgage Trust 2020-1                                                                                                       | CUSIP: 89178WBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      530000 | PA      | $478478.97    | 0.06%             | 2060-01-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-467.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-BOBL FUTURE SEP25                                                                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         121 | NC      | $-54365.99    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.   | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H9Y94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      612596 | PA      | $613762.26    | 0.08%             | 2033-02-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234015  IRS CAD R F  2.75000 2 CCPOIS / Short: SR234015  IRS CAD P V 00MCORRA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     9940000 | OU      | $44061.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                             | Blackstone Property Partners Europe Holdings Sarl                                                                                      | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |      350000 | PA      | $389199.02    | 0.05%             | 2029-03-12      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233950  IRS USD R F  3.75000 2 CCPOIS / Short: SR233950  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     7640000 | OU      | $45930.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR233944  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR233944  IRS USD P F  3.75000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    69340000 | OU      | $-533675.31   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                               | Petronas Capital Ltd                                                                                                                   | CUSIP: 716743AW9<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      430000 | PA      | $440109.30    | 0.06%             | 2035-04-03      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234371  IRS CAD R F  2.50000 2 CCPOIS / Short: SR234371  IRS CAD P V 00MCORRA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1410000 | OU      | $1099.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $14639.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18181.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234544  IRS PLN R V 06MWIBOR 1 CCPVANILLA / Short: BR234544  IRS PLN P F  4.25000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    23480000 | OU      | $-12146.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                                                                                   | CUSIP: 378272AV0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      775000 | PA      | $782486.50    | 0.10%             | 2029-03-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                         | Verus Securitization Trust 2024-INV2                                                                                                   | CUSIP: 92540NAA1<br>LEI: 2138002Y4WGHSN8NFF24 | Long             | ABS-MBS          | CORP              | US        |     1196401 | PA      | $1198328.76   | 0.15%             | 2069-08-26      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18557.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust                   | LEX 2024-BBG Mortgage Trust                                                                                                            | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1875000 | PA      | $1884272.14   | 0.24%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $999.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $4922.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                   | ABN AMRO Bank NV                                                                                                                       | CUSIP: 00084DAU4<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |     1200000 | PA      | $1166532.00   | 0.15%             | 2027-06-16      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| NYKREDIT REALKREDIT AS                             | Nykredit Realkredit AS                                                                                                                 | CUSIP: 000000000<br>LEI: LIU16F6VZJSD6UKHD557 | Long             | DBT              | CORP              | DK        |     1310000 | PA      | $1630363.09   | 0.21%             | 2029-01-19      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $3961.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38379QCY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      123758 | PA      | $15711.36     | 0.00%             | 2045-09-20      | Floating      | 1.82%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Inflation-Indexed Bonds                                                                                                  | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2093415 | PA      | $1658786.22   | 0.21%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31412MRD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3946 | PA      | $3934.78      | 0.00%             | 2038-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18004.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-21308.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                               | BANK 2022-BNK40                                                                                                                        | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1150000 | PA      | $1054043.44   | 0.13%             | 2064-03-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $35034.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | OPS09133A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -4290000 | NC      | $-86571.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1411.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MARS INC                                           | Mars Inc                                                                                                                               | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      875000 | PA      | $886427.50    | 0.11%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ECUR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3057 | PA      | $3030.68      | 0.00%             | 2042-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5673.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $10715.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds              | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1810000 | PA      | $1028080.00   | 0.13%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138W4AP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        8853 | PA      | $8078.39      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $-98.62       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296XES0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         315 | PA      | $320.23       | 0.00%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $9248.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $12359.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $10371.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                            | Hyundai Capital America                                                                                                                | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      941000 | PA      | $908356.71    | 0.11%             | 2026-09-17      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6520.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $575.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |           1 | NC      | $6815.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | OPS09083A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -4310000 | NC      | $-0.43        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Polus Capital Management                           | Polus US CLO II Ltd                                                                                                                    | CUSIP: 73163VAC5<br>LEI: 254900AGAA5TXFLBCL85 | Long             | ABS-CBDO         | CORP              | KY        |     1650000 | PA      | $1655804.70   | 0.21%             | 2038-07-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F020679<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -10000000 | PA      | $-7912498.00  | -1.00%            | 2054-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MQHG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        9610 | PA      | $8957.36      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC        | BBCMS 2018-TALL Mortgage Trust                                                                                                         | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1775000 | PA      | $1677659.87   | 0.21%             | 2037-03-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                               | Saudi Arabian Oil Co                                                                                                                   | CUSIP: 80414L2P9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |      530000 | PA      | $493589.00    | 0.06%             | 2054-07-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QQWC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1161025 | PA      | $1196489.43   | 0.15%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                           | Santander UK Group Holdings PLC                                                                                                        | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     1000000 | PA      | $995350.00    | 0.13%             | 2026-08-21      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31297CWV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       19403 | PA      | $19747.29     | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                 | Banco Santander SA                                                                                                                     | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1200000 | PA      | $1463580.12   | 0.18%             | 2029-04-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                           | OPS09152A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |    -4270000 | NC      | $-49375.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $134.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-46883.57    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179VHS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1773665 | PA      | $1574810.29   | 0.20%             | 2050-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8316.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $35236.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                                      | J M Smucker Co/The                                                                                                                     | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1287401.50   | 0.16%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $694.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $16032.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TPG Trust                                          | TPG Trust 2024-WLSC                                                                                                                    | CUSIP: 872973AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1900000 | PA      | $1899528.15   | 0.24%             | 2029-11-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $722.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust      | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB                                                                        | CUSIP: 46651EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1300000 | PA      | $1205001.24   | 0.15%             | 2039-06-05      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H040673<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -2000000 | PA      | $-1858641.60  | -0.23%            | 2054-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-631.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $-359.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                         | U.K. Gilts                                                                                                                             | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     2130000 | PA      | $2096207.37   | 0.26%             | 2068-07-22      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $77.38        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $3961.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TR        |           1 | NC      | $5767.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4292.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $584.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                     | BSTN Commercial Mortgage Trust 2025-1C                                                                                                 | CUSIP: 05615EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1800000 | PA      | $1839354.28   | 0.23%             | 2044-06-15      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $93.16        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                         | U.K. Gilts                                                                                                                             | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     1990000 | PA      | $2178402.04   | 0.27%             | 2045-01-22      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| JAPAN TREASURY DISC BILL                           | Japan Treasury Discount Bill                                                                                                           | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | STIV             | NUSS              | JP        |  1133700000 | PA      | $7866975.01   | 0.99%             | 2025-09-01      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-13881.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                 | Chase Home Lending Mortgage Trust Series 2024-3                                                                                        | CUSIP: 16159HAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      275000 | PA      | $276237.53    | 0.03%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-13117.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds  | Republic of Poland Government International Bonds                                                                                      | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      650000 | PA      | $601250.00    | 0.08%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DWBY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      655216 | PA      | $521411.33    | 0.07%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 2025-5YR14                                                                                                                       | CUSIP: 06604MAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1561169.03   | 0.20%             | 2058-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3133B53A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      459304 | PA      | $381080.94    | 0.05%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                            | Fidelity National Information Services Inc                                                                                             | CUSIP: 31620MBL9<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |      550000 | PA      | $643363.66    | 0.08%             | 2025-12-03      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-20675.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                              | Huntington Bancshares Inc/OH                                                                                                           | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     1175000 | PA      | $1200532.75   | 0.15%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     1130000 | PA      | $1274193.69   | 0.16%             | 2038-03-01      | Fixed         | 3.25%                 | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                           | Ford Motor Credit Co LLC                                                                                                               | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      975000 | PA      | $982273.50    | 0.12%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Ares Euro CLO                                      | Ares European CLO XXI DAC                                                                                                              | CUSIP: 000000000<br>LEI: 254900REPQKNP1XRDH75 | Long             | ABS-CBDO         | CORP              | IE        |      540000 | PA      | $636371.32    | 0.08%             | 2038-04-15      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MRXV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       10386 | PA      | $9516.82      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust 2024-A                                                                                                    | CUSIP: 345290AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       32634 | PA      | $32642.05     | 0.00%             | 2026-07-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234043  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR234043  IRS JPY P F  1.25000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  2773000000 | OU      | $-776.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR227722  IRS EUR R F  2.50000 2 CCPVANILLA / Short: SR227722  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    13290812 | OU      | $117475.77    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                           | Charter Communications Operating LLC / Charter Communications Operating Capital                                                        | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      784000 | PA      | $783913.76    | 0.10%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $38145.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                       | Barclays PLC                                                                                                                           | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     1671000 | PA      | $2098640.99   | 0.26%             | 2030-08-08      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT               | French Republic Government Bonds OAT                                                                                                   | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |      800000 | PA      | $508488.31    | 0.06%             | 2066-05-25      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                     | OPS09172A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |     3060000 | NC      | $41036.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QMHX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      384233 | PA      | $323982.27    | 0.04%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                             | Williams Cos Inc/The                                                                                                                   | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      350000 | PA      | $313649.00    | 0.04%             | 2031-03-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                                                                                   | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     2993000 | PA      | $3119903.20   | 0.39%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT               | French Republic Government Bonds OAT                                                                                                   | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     1030000 | PA      | $1332191.51   | 0.17%             | 2041-04-25      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WN5M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       41115 | PA      | $37599.98     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $23066.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile USA Inc                                   | T-Mobile USA Inc                                                                                                                       | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      300000 | PA      | $300414.00    | 0.04%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $2899.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136BUZ45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1725077 | PA      | $1714958.80   | 0.22%             | 2055-03-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                | AUST 10Y BOND FUT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |          48 | NC      | $41383.85     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MEXICO CITY ARPT TRUST                             | Mexico City Airport Trust                                                                                                              | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      540000 | PA      | $523530.00    | 0.07%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $11246.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $3461.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-27715.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $5617.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                     | MSWF Commercial Mortgage Trust 2023-2                                                                                                  | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1600000 | PA      | $1714474.13   | 0.22%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR232878  IRS KRW R V 03MKSDA 1 CCPNDF / Short: BR232878  IRS KRW P F  2.50000 2 CCPNDF                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  3892120000 | OU      | $-7149.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234370  IRS GBP R F  3.50000 2 CCPOIS / Short: SR234370  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1280000 | OU      | $-1043.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $112624.82    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds               | Republic of Austria Government Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |      280000 | PA      | $105165.08    | 0.01%             | 2120-06-30      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| KFW                                                | Kreditanstalt fuer Wiederaufbau                                                                                                        | CUSIP: 000000000<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |     3500000 | PA      | $4244285.76   | 0.53%             | 2028-10-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-905.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1612.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $890.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                | Exeter Automobile Receivables Trust 2025-1                                                                                             | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      751770 | PA      | $751586.52    | 0.09%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M7LA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |           1 | PA      | $1.47         | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVLL7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2151775 | PA      | $1895769.19   | 0.24%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                   | BAT Capital Corp                                                                                                                       | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49186.50     | 0.01%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $7557.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 Trust 2025-5YR13                                                                                                                 | CUSIP: 06650CAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1050000 | PA      | $1096319.42   | 0.14%             | 2058-01-15      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                              | Becton Dickinson & Co                                                                                                                  | CUSIP: 075887CN7<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |      185000 | PA      | $217249.67    | 0.03%             | 2025-08-13      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABJH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      486840 | PA      | $412459.46    | 0.05%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                          | IRV Trust 2025-200P                                                                                                                    | CUSIP: 45006HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      750000 | PA      | $742493.43    | 0.09%             | 2047-03-14      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $3031.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DMKG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      741978 | PA      | $664033.84    | 0.08%             | 2049-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $1404.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $1745.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1447.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $67256.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CQS US CLO Ltd                                     | CQS US CLO 2021-1 Ltd                                                                                                                  | CUSIP: 12659UAL6<br>LEI: 549300GF7PVRIKZNMY06 | Long             | ABS-CBDO         | CORP              | KY        |     1800000 | PA      | $1798401.60   | 0.23%             | 2035-01-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                       | UBS Group AG                                                                                                                           | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      750000 | PA      | $870997.32    | 0.11%             | 2027-06-24      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-109.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                              | CUSIP: 00774MBJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      350000 | PA      | $356132.00    | 0.04%             | 2029-01-19      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                          | IRV Trust 2025-200P                                                                                                                    | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2100000 | PA      | $2120041.88   | 0.27%             | 2047-03-14      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-63485.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EUROPEAN UNION                                     | European Union                                                                                                                         | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |      820000 | PA      | $705807.06    | 0.09%             | 2036-06-04      | Fixed         | 0.20%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trust                    | Barclays Dryrock Issuance Trust                                                                                                        | CUSIP: 06742LAX1<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |     1500000 | PA      | $1503354.17   | 0.19%             | 2029-02-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Aviva PLC                                          | Aviva PLC                                                                                                                              | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | DBT              | CORP              | GB        |       10000 | PA      | $13949.42     | 0.00%             | 2036-11-14      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8221.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232911  IRS EUR R F  2.32500 2 CCPVANILLA / Short: SR232911  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    12669764 | OU      | $9506.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $-3346.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $709.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234091  IRS NZD R F  4.25000 2 CCPVANILLA / Short: SR234091  IRS NZD P V 03MNZDBB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    11950000 | OU      | $83117.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $2439.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                  | Mountain View Clo XV Ltd                                                                                                               | CUSIP: 62432PAS1<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-CBDO         | CORP              | KY        |     1225000 | PA      | $1230521.08   | 0.15%             | 2037-07-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-15503.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $4173.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                        | Houston Galleria Mall Trust 2025-HGLR                                                                                                  | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      975000 | PA      | $999901.21    | 0.13%             | 2045-02-05      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-1915.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7516.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $47719.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Twenty Year Bonds                 | Japan Government Twenty Year Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   903000000 | PA      | $5283119.06   | 0.67%             | 2042-09-20      | Fixed         | 1.10%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-39116.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-39548.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $69682.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-14196.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                       | Netherlands Government Bonds                                                                                                           | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |      673445 | PA      | $546581.28    | 0.07%             | 2038-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38379TYF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       91814 | PA      | $11302.44     | 0.00%             | 2046-01-20      | Floating      | 1.77%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | J.P. Morgan Mortgage Trust 2023-DSC1                                                                                                   | CUSIP: 46656NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      718910 | PA      | $705907.61    | 0.09%             | 2063-07-25      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234055  IRS CHF R F   .50000 2 CCPOIS / Short: SR234055  IRS CHF P V 00MSARON 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     2930000 | OU      | $-18689.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296UXF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         259 | PA      | $263.92       | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                               | Las Vegas Sands Corp                                                                                                                   | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      530000 | PA      | $540202.39    | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $321.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                             | Mexico City Airport Trust                                                                                                              | CUSIP: 59284MAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      200000 | PA      | $165175.00    | 0.02%             | 2046-10-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust Series 2024-3                                                                                                 | CUSIP: 46657QAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1726197 | PA      | $1559749.97   | 0.20%             | 2054-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                      | Boeing Co/The                                                                                                                          | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     1634000 | PA      | $1776909.64   | 0.22%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                      | BLP Commercial Mortgage Trust 2024-IND2                                                                                                | CUSIP: 05625AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1162314 | PA      | $1163443.89   | 0.15%             | 2041-03-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR224706  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR224706  IRS EUR P F  2.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3817494 | OU      | $117059.86    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137FVA93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      739602 | PA      | $150059.83    | 0.02%             | 2050-08-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FINANCE EUROPE                            | Glencore Finance Europe Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 213800WHKNIC1JQQG433 | Long             | DBT              | CORP              | JE        |      125000 | PA      | $169700.68    | 0.02%             | 2026-03-26      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                    | Venture 36 Clo Ltd                                                                                                                     | CUSIP: 92332LAF6<br>LEI: 549300AZL7IWJJ04HD37 | Long             | ABS-CBDO         | CORP              | KY        |      900000 | PA      | $877414.50    | 0.11%             | 2032-04-20      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31418AFG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        2645 | PA      | $2622.92      | 0.00%             | 2042-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                             | Spain Government Bonds                                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     1110000 | PA      | $1139312.10   | 0.14%             | 2066-07-30      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 2024-5YR11                                                                                                                       | CUSIP: 06644WBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $942318.54    | 0.12%             | 2057-11-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $16365.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179XHY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    11464177 | PA      | $11075171.00  | 1.39%             | 2052-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $62234.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7789.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                       | Netherlands Government Bonds                                                                                                           | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |      709181 | PA      | $820652.47    | 0.10%             | 2034-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| E.ON INTL FINANCE BV                               | E.ON International Finance BV                                                                                                          | CUSIP: 000000000<br>LEI: 549300TG53AWJ719M814 | Long             | DBT              | CORP              | NL        |      417000 | PA      | $616452.15    | 0.08%             | 2032-06-07      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                              | Micron Technology Inc                                                                                                                  | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      125000 | PA      | $135132.50    | 0.02%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Japan Government Ten Year Bonds                    | Japan Government Ten Year Bonds                                                                                                        | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   768800000 | PA      | $5324342.40   | 0.67%             | 2035-03-20      | Fixed         | 1.40%                 | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                   | OPS09113A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -4340000 | NC      | $-905.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | Barclays PLC                                                                                                                           | CUSIP: 06738ECR4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      573000 | PA      | $592969.05    | 0.07%             | 2030-03-12      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $-4372.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QLN44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      864051 | PA      | $687298.05    | 0.09%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds             | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       70000 | PA      | $68530.00     | 0.01%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $2711.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | J.P. Morgan Mortgage Trust 2021-LTV2                                                                                                   | CUSIP: 46654VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      938918 | PA      | $792124.76    | 0.10%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $13588.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CLP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $1583.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-25588.37    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Elmwood CLO 41 Ltd                                 | Elmwood CLO 41 Ltd                                                                                                                     | CUSIP: 29005BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     6000000 | PA      | $6021504.00   | 0.76%             | 2038-07-17      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT               | French Republic Government Bonds OAT                                                                                                   | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |      310000 | PA      | $337309.94    | 0.04%             | 2045-05-25      | Fixed         | 3.25%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31418EJN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      341536 | PA      | $283832.81    | 0.04%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CLP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1455.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1108.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $2605.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UH62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      289114 | PA      | $288823.45    | 0.04%             | 2048-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust          | Banc of America Commercial Mortgage Trust 2015-UBS7                                                                                    | CUSIP: 06054ABB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      975000 | PA      | $969410.06    | 0.12%             | 2048-09-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust      | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                                                                        | CUSIP: 466317AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000687 | PA      | $982546.96    | 0.12%             | 2037-04-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust 2024-A                                                                                         | CUSIP: 448988AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      620404 | PA      | $620704.28    | 0.08%             | 2026-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $63224.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TR        |           1 | NC      | $2840.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20755RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      775000 | PA      | $778670.01    | 0.10%             | 2044-09-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232865  IRS CNY R F  1.50000 CCPNDF / Short: SR232865  IRS CNY P V 01MCNRR CCPNDF                                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CN        |   564400000 | OU      | $97611.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6452.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1101.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Connecticut Avenue Securities Trust 2024-R05                                                                                           | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      324753 | PA      | $324550.43    | 0.04%             | 2044-07-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      786925 | PA      | $664759.29    | 0.08%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $33542.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $4210.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      177944 | PA      | $177765.76    | 0.02%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $6850.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179T7L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      267213 | PA      | $260633.99    | 0.03%             | 2048-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-13221.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-34617.82    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31288EK97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         863 | PA      | $876.47       | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UKZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      500229 | PA      | $498789.24    | 0.06%             | 2049-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179RXE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      211589 | PA      | $200641.19    | 0.03%             | 2046-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR232862  IRS CLP R F  5.75000 2 CCPNDFCAMARAPROMEDIO / Short: SR232862  IRS CLP P V 00MCLICP 1 CCPNDFCAMARAPROMEDIO             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  1010150000 | OU      | $53581.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3512.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRATON FINANCE LUX SA                              | Traton Finance Luxembourg SA                                                                                                           | CUSIP: 000000000<br>LEI: 529900BRKIE6LKIEXD84 | Long             | DBT              | CORP              | LU        |     1000000 | PA      | $1192557.24   | 0.15%             | 2028-01-14      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-23713.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                           | Angel Oak Mortgage Trust 2021-3                                                                                                        | CUSIP: 03465EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      609094 | PA      | $520994.68    | 0.07%             | 2066-05-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $6553.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                                 | Province of Quebec Canada                                                                                                              | CUSIP: 000000000<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     2390000 | PA      | $3209803.88   | 0.40%             | 2026-09-15      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-891.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                             | UnitedHealth Group Inc                                                                                                                 | CUSIP: 91324PEU2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     1775000 | PA      | $1771308.00   | 0.22%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust 2025-VIS1                                                                                                     | CUSIP: 46659BAC6<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |     1740598 | PA      | $1751978.29   | 0.22%             | 2055-08-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division   | LONG GILT FUTURE SEP25                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         101 | NC      | $295638.12    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QASP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       10491 | PA      | $10173.38     | 0.00%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-16884.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $19462.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                       | Netherlands Government Bonds                                                                                                           | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |      838544 | PA      | $1071288.73   | 0.13%             | 2042-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trust                    | Barclays Dryrock Issuance Trust                                                                                                        | CUSIP: 06742LBB8<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |     2600000 | PA      | $2604453.96   | 0.33%             | 2028-08-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR230956  IRS BRL R F 13.25000 2 CCPNDFPREDISWAP / Short: SR230956  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |     6200000 | OU      | $6086.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Connecticut Avenue Securities Series 2025-R01                                                                                          | CUSIP: 20755JAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1850000 | PA      | $1851417.47   | 0.23%             | 2045-01-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $7294.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                 | Realty Income Corp                                                                                                                     | CUSIP: 756109BE3<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |      900000 | PA      | $899415.00    | 0.11%             | 2025-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                | Exeter Automobile Receivables Trust 2025-1                                                                                             | CUSIP: 30167MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      425000 | PA      | $425065.07    | 0.05%             | 2028-08-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 2025-5YR15                                                                                                                       | CUSIP: 065924AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1450000 | PA      | $1491995.92   | 0.19%             | 2030-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234447  IRS EUR R F  1.89170 2 CCPOIS / Short: SR234447  IRS EUR P V 00MESTR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   470420000 | OU      | $-18064.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $-529.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SG        |           1 | NC      | $22987.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                           | Cooperatieve Rabobank UA                                                                                                               | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |      600000 | PA      | $694451.38    | 0.09%             | 2026-12-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                                                                                    | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     3125000 | PA      | $3122875.00   | 0.39%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| KFW                                                | Kreditanstalt fuer Wiederaufbau                                                                                                        | CUSIP: 000000000<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |     4070000 | PA      | $4858646.04   | 0.61%             | 2029-04-26      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                       | CaixaBank SA                                                                                                                           | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      300000 | PA      | $343674.17    | 0.04%             | 2028-01-21      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABD33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      326540 | PA      | $275425.85    | 0.03%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234079  IRS NOK R V 06MNIBOR 1 CCPVANILLA / Short: BR234079  IRS NOK P F  4.25000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    60040000 | OU      | $-243547.58   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2745.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234278  IRS USD R F  3.62000 2 CCPOIS / Short: SR234278  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    75630000 | OU      | $300500.68    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                           | Angel Oak Mortgage Trust 2021-7                                                                                                        | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2208370 | PA      | $1909801.60   | 0.24%             | 2066-10-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust 2023-4                                                                              | CUSIP: 379930AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       72256 | PA      | $72294.14     | 0.01%             | 2026-11-16      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138AXT92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5452 | PA      | $5411.69      | 0.00%             | 2036-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                     | JPN 10Y BOND(OSE) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |          10 | NC      | $40596.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INDONESIA GOVERNMENT                               | Indonesia Treasury Bond                                                                                                                | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  7702000000 | PA      | $475357.34    | 0.06%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 312930J43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         438 | PA      | $445.99       | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-257346.01   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                        | Balboa Bay Loan Funding 2023-1 Ltd                                                                                                     | CUSIP: 05765DAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2975000 | PA      | $2975000.00   | 0.37%             | 2036-04-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1352.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds  | Republic of Poland Government International Bonds                                                                                      | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      600000 | PA      | $601200.00    | 0.08%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust 2025-1                                                                                                         | CUSIP: 096912AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1775000 | PA      | $1784866.76   | 0.22%             | 2028-06-26      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-317.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | Neuberger Berman Loan Advisers CLO 45 Ltd                                                                                              | CUSIP: 64134MAJ5<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |      740000 | PA      | $740725.94    | 0.09%             | 2036-10-14      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| JAPAN TREASURY DISC BILL                           | Japan Treasury Discount Bill                                                                                                           | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | STIV             | NUSS              | JP        |  1597100000 | PA      | $11085152.74  | 1.40%             | 2025-08-12      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Japan Government Five Year Bonds                   | Japan Government Five Year Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   958350000 | PA      | $6696371.22   | 0.84%             | 2029-12-20      | Fixed         | 1.10%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $54108.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dupont De Nemours Inc                              | DuPont de Nemours Inc                                                                                                                  | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |      600000 | PA      | $599148.00    | 0.08%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: BR230956  IRS BRL R V 00MBRCDI IR230956_FLO CCPNDFPREDISWAP / Short: BR230956  IRS BRL P F 13.25000 IR230956_FIX CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |     6200000 | OU      | $-6086.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $1915.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $21341.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11523.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-92191.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                              | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     1375000 | PA      | $1389286.25   | 0.17%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Logicor Financing Sarl                             | Logicor Financing Sarl                                                                                                                 | CUSIP: 000000000<br>LEI: 254900IS16Q1A2TQFN22 | Long             | DBT              | CORP              | LU        |      550000 | PA      | $647970.04    | 0.08%             | 2028-11-13      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $2951.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08787A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -1340000 | NC      | $-58377.22    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                | Apex Credit CLO 2024-II Ltd                                                                                                            | CUSIP: 03753EAA0<br>LEI: 213800V47GF24QSFBA63 | Long             | ABS-CBDO         | CORP              | KY        |     1275000 | PA      | $1280227.50   | 0.16%             | 2037-07-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140JAEL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      149846 | PA      | $149985.55    | 0.02%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18191.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $-990.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8506.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                   | DP World Ltd/United Arab Emirates                                                                                                      | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |      390000 | PA      | $363553.13    | 0.05%             | 2048-09-25      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $14658.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 2024-5YR10                                                                                                                       | CUSIP: 06604AAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      400000 | PA      | $409682.61    | 0.05%             | 2057-10-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4135.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3455.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H030674<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -2000000 | PA      | $-1767318.40  | -0.22%            | 2054-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179TXW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      193279 | PA      | $188761.40    | 0.02%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179U4E9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      413013 | PA      | $402844.44    | 0.05%             | 2049-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust      | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                                                                       | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      550000 | PA      | $561084.03    | 0.07%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR233404  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233404  IRS EUR P F  2.61000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     4360000 | OU      | $178064.03    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $965.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1508.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QQWD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1112353 | PA      | $1145635.31   | 0.14%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds               | Republic of Austria Government Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     1270000 | PA      | $1393865.59   | 0.18%             | 2028-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABJ94<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      282754 | PA      | $239554.00    | 0.03%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $5742.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                                                                         | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     3325000 | PA      | $3390369.50   | 0.43%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                  | NatWest Group PLC                                                                                                                      | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     2252000 | PA      | $2457927.28   | 0.31%             | 2030-02-26      | Fixed         | 0.78%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $31650.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-24687.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $4437.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                 | Peru Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1550000 | PA      | $458554.98    | 0.06%             | 2029-02-12      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                | Exeter Automobile Receivables Trust                                                                                                    | CUSIP: 30166XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1550000 | PA      | $1556042.43   | 0.20%             | 2029-07-16      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $7427.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M9UC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       20624 | PA      | $20051.30     | 0.00%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     1370000 | PA      | $1705407.38   | 0.21%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  1 | On Loan: No      |
| U.K. Gilts                                         | U.K. Gilts                                                                                                                             | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      840000 | PA      | $523346.85    | 0.07%             | 2053-07-31      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                       | Barclays PLC                                                                                                                           | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      605000 | PA      | $616579.70    | 0.08%             | 2028-03-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234061  IRS SEK R F  2.25000 2 CCPVANILLA / Short: SR234061  IRS SEK P V 03MSTIBO 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   457430000 | OU      | $350156.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH COLUMBIA PROV OF                           | Province of British Columbia Canada                                                                                                    | CUSIP: 110709FY3<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | NUSS              | CA        |     2000000 | PA      | $1573901.23   | 0.20%             | 2040-06-18      | Fixed         | 4.95%                 | No            |                  1 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     3220000 | PA      | $3415825.06   | 0.43%             | 2031-04-01      | Fixed         | 0.90%                 | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                                 | Banco Santander SA                                                                                                                     | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1000000 | PA      | $1016100.00   | 0.13%             | 2028-03-14      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PERMANENT TSB GROUP                                | Permanent TSB Group Holdings PLC                                                                                                       | CUSIP: 000000000<br>LEI: 635400DTNHVYGZODKQ93 | Long             | DBT              | CORP              | IE        |      265000 | PA      | $333449.15    | 0.04%             | 2028-04-25      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       77803 | PA      | $78147.29     | 0.01%             | 2042-04-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                               | Colombian TES                                                                                                                          | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   897700000 | PA      | $229767.47    | 0.03%             | 2033-02-09      | Fixed         | 13.25%                | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 2024-5YR11                                                                                                                       | CUSIP: 06644WBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      575000 | PA      | $600407.88    | 0.08%             | 2057-11-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $2378.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2025-ROIC                                                                                                                     | CUSIP: 05593VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1490648.78   | 0.19%             | 2030-03-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia I Issuer, LLC                       | Sunnova Hestia I Issuer LLC                                                                                                            | CUSIP: 86746BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      155788 | PA      | $157291.22    | 0.02%             | 2050-12-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4812.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-75866.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                               | BAT International Finance PLC                                                                                                          | CUSIP: 000000000<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $227481.12    | 0.03%             | 2030-01-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31292HXN9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1294 | PA      | $1317.07      | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $3890.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232895  IRS CZK R F  3.50000 2 CCPVANILLA / Short: SR232895  IRS CZK P V 06MPRIBO 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    29850000 | OU      | $-691.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $1961.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08786A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    14390000 | NC      | $109859.25    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-83840.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                | Carrier Global Corp                                                                                                                    | CUSIP: 14448CAP9<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |      145000 | PA      | $141129.95    | 0.02%             | 2027-02-15      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $12434.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 31334XD48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       81850 | PA      | $75017.43     | 0.01%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                           | Mill City Mortgage Loan Trust 2017-2                                                                                                   | CUSIP: 59980AAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      108746 | PA      | $105880.71    | 0.01%             | 2059-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38381WVB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       85920 | PA      | $10027.12     | 0.00%             | 2049-06-20      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2235.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust              | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                                                                        | CUSIP: 95003PAC5<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $1006741.85   | 0.13%             | 2035-07-15      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner Trust                | Nissan Auto Receivables 2023-B Owner Trust                                                                                             | CUSIP: 65480MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      425000 | PA      | $428619.01    | 0.05%             | 2028-03-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit           | Ford Credit Auto Owner Trust 2024-REV1                                                                                                 | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1625000 | PA      | $1656024.03   | 0.21%             | 2036-08-15      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1572.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                      | 1988 CLO 5 Ltd                                                                                                                         | CUSIP: 68252PAA4<br>LEI: 254900KAQBAF5XV8IU66 | Long             | ABS-CBDO         | CORP              | KY        |     1275000 | PA      | $1278684.75   | 0.16%             | 2037-07-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD IDR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-41518.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                  | NatWest Group PLC                                                                                                                      | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     1750000 | PA      | $1930905.54   | 0.24%             | 2029-09-14      | Fixed         | 0.67%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5847.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                              | Truist Financial Corp                                                                                                                  | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      225000 | PA      | $228003.75    | 0.03%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                                   | TotalEnergies SE                                                                                                                       | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $354678.58    | 0.04%             | 2026-10-06      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $6671.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CLP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-783.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20753GAC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1650000 | PA      | $1658074.61   | 0.21%             | 2044-05-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MN5G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       17494 | PA      | $16144.95     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-82.89       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Auto Trust                         | Bank of America Auto Trust 2023-2                                                                                                      | CUSIP: 06054YAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       14649 | PA      | $14655.63     | 0.00%             | 2026-08-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust              | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                                                                        | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1600000 | PA      | $1609604.54   | 0.20%             | 2035-07-15      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-14664.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds               | Republic of Austria Government Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |      280000 | PA      | $200052.77    | 0.03%             | 2117-09-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                | Peru Government International Bonds                                                                                                    | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |       10000 | PA      | $5370.00      | 0.00%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                     | Air Lease Corp                                                                                                                         | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1328951.00   | 0.17%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08400A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -1690000 | NC      | $-22524.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Bonds                                                                                                                    | CUSIP: 912810SK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     3560000 | PA      | $2290081.25   | 0.29%             | 2049-11-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-272557.38   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234368  IRS USD R F  3.50000 2 CCPOIS / Short: SR234368  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      160000 | OU      | $468.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232893  IRS INR R F  6.00000 2 CCPNDFOIS / Short: SR232893  IRS INR P V 00MMIBOR 1 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   610730000 | OU      | $61199.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                | New Residential Mortgage Loan Trust 2025-NQM1                                                                                          | CUSIP: 64832DAC5<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     1075696 | PA      | $1086754.81   | 0.14%             | 2065-01-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                   | Deutsche Bank AG/New York NY                                                                                                           | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      275000 | PA      | $272225.25    | 0.03%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136A3B75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      131817 | PA      | $13675.99     | 0.00%             | 2042-02-25      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H050672<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -2000000 | PA      | $-1963861.60  | -0.25%            | 2054-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                   | Bain Capital Credit CLO 2023-3 Ltd                                                                                                     | CUSIP: 05682CAA5<br>LEI: 254900QJNS3TYDIDQH27 | Long             | ABS-CBDO         | CORP              | JE        |     1650000 | PA      | $1653232.35   | 0.21%             | 2036-07-24      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| THE CAMPBELLS COMPANY                              | The Campbell's Company                                                                                                                 | CUSIP: 134429BN8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1023780.00   | 0.13%             | 2029-03-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140MA2S2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      243236 | PA      | $202140.32    | 0.03%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust Series 2024-NQM1                                                                                              | CUSIP: 465983AD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      750000 | PA      | $760345.28    | 0.10%             | 2064-02-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co                                                                                                                       | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      175000 | PA      | $179184.25    | 0.02%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds              | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1521000 | PA      | $895869.00    | 0.11%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                              | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      244000 | PA      | $232495.40    | 0.03%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     1170000 | PA      | $932643.25    | 0.12%             | 2052-09-01      | Fixed         | 2.15%                 | No            |                  1 | On Loan: No      |
| AUTONATION INC                                     | AutoNation Inc                                                                                                                         | CUSIP: 05329WAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $185512.00    | 0.02%             | 2028-08-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                | Freddie Mac STACR REMIC Trust 2024-DNA2                                                                                                | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | USGSE             | US        |     1505980 | PA      | $1507634.07   | 0.19%             | 2044-05-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Japan Government Ten Year Bonds                    | Japan Government Ten Year Bonds                                                                                                        | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   245900000 | PA      | $1601504.75   | 0.20%             | 2032-06-20      | Fixed         | 0.20%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $2019.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232896  IRS HUF R F  6.75000 2 CCPVANILLA / Short: SR232896  IRS HUF P V 06MBUBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   109420000 | OU      | $4177.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138E22U8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       16035 | PA      | $15916.53     | 0.00%             | 2042-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4250.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCC Trust                                         | ROCK Trust 2024-CNTR                                                                                                                   | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3325000 | PA      | $3397926.76   | 0.43%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-755.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $5881.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38381BZG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      126100 | PA      | $14788.07     | 0.00%             | 2049-01-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UPC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      283663 | PA      | $283378.32    | 0.04%             | 2049-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140J7UE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      749982 | PA      | $731728.43    | 0.09%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $9171.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: SS006915  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006915  CDS USD P V 03MEVENT 1 CCPCORPORATE                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1250000 | OU      | $26360.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | Citigroup Inc                                                                                                                          | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1750000 | PA      | $1784912.50   | 0.22%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR228526  IRS JPY R F  2.16000 2 CCPOIS / Short: SR228526  IRS JPY P V 00MTONAR 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  2435570000 | OU      | $-534430.07   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H060671<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     4000000 | PA      | $4056009.60   | 0.51%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                           | Constellation Brands Inc                                                                                                               | CUSIP: 21036PBC1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |       25000 | PA      | $25182.50     | 0.00%             | 2028-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                            | Long: CX003142  CDS USD R F  3.00000 2 CMBX / Short: CX003142  CDS USD P V 01MEVENT 1 CMBX                                             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCR              |  | US        |      925000 | OU      | $-105667.10   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                                    | CVS Health Corp                                                                                                                        | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      325000 | PA      | $298171.25    | 0.04%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138A2JK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       37641 | PA      | $37515.89     | 0.00%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR232868  IRS CLP R F  5.50000 2 CCPNDFCAMARAPROMEDIO / Short: SR232868  IRS CLP P V 00MCLICP 1 CCPNDFCAMARAPROMEDIO             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   683000000 | OU      | $16346.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                               | Sagard-Halseypoint Clo 8 Ltd                                                                                                           | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |     1025000 | PA      | $1026810.15   | 0.13%             | 2038-01-30      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR232881  IRS THB R V 00MTHOR 1 CCPNDFOIS / Short: BR232881  IRS THB P F  2.00000 2 CCPNDFOIS                                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    68650000 | OU      | $-73986.26    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                               | BANK 2025-BNK50                                                                                                                        | CUSIP: 064908AH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      675000 | PA      | $705798.02    | 0.09%             | 2068-05-15      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | Barclays PLC                                                                                                                           | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      650000 | PA      | $799946.87    | 0.10%             | 2036-05-31      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                           | Occidental Petroleum Corp                                                                                                              | CUSIP: 674599DZ5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      750000 | PA      | $794505.00    | 0.10%             | 2027-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                       | UBS Group AG                                                                                                                           | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      509000 | PA      | $582932.63    | 0.07%             | 2028-01-14      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $14233.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $15627.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7992.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                  | Portugal Obrigacoes do Tesouro OT                                                                                                      | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     1200000 | PA      | $1402727.19   | 0.18%             | 2029-06-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $6775.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234372  IRS AUD R F  3.50000 2 CCPVANILLA / Short: SR234372  IRS AUD P V 03MBBSW 1 CCPVANILLA                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     9630000 | OU      | $49767.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5666.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                             | Standard Chartered PLC                                                                                                                 | CUSIP: 853254BZ2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     1550000 | PA      | $1523991.00   | 0.19%             | 2027-01-14      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1255740 | PA      | $1224821.34   | 0.15%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-10558.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                       | CaixaBank SA                                                                                                                           | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      700000 | PA      | $818364.72    | 0.10%             | 2026-11-18      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                                 | Steel Dynamics Inc                                                                                                                     | CUSIP: 858119BN9<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     1275000 | PA      | $1201776.75   | 0.15%             | 2027-10-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR233929  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR233929  IRS USD P F  4.21304 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     6580000 | OU      | $-58084.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                            | Australia & New Zealand Banking Group Ltd                                                                                              | CUSIP: 052528AL0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |      750000 | PA      | $749175.00    | 0.09%             | 2030-07-22      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                             | Galaxy Pipeline Assets Bidco Ltd                                                                                                       | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      200000 | PA      | $169500.00    | 0.02%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31283HZN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1037 | PA      | $1055.32      | 0.00%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                 | Alternative Loan Trust 2005-38                                                                                                         | CUSIP: 12667GY98<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       31567 | PA      | $28328.30     | 0.00%             | 2035-09-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-68548.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                           | Ford Motor Credit Co LLC                                                                                                               | CUSIP: 345397E74<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      818000 | PA      | $824437.66    | 0.10%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR233976  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233976  IRS EUR P F  2.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1520000 | OU      | $86675.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12344.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-56783.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR233967  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233967  IRS EUR P F  2.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     2810000 | OU      | $181604.10    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1738.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                              | Silver Point Clo 4 Ltd                                                                                                                 | CUSIP: 82809EAA8<br>LEI: 254900DVAEEJOXQ8PL85 | Long             | ABS-CBDO         | CORP              | JE        |     4500000 | PA      | $4514103.00   | 0.57%             | 2037-04-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR230360  IRS EUR R F  2.14300 2 CCPZERO / Short: SR230360  IRS EUR P V 03MEURIB 1 CCPZERO                                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   210250000 | OU      | $253509.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1733.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $51104.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC Holdings PLC                                                                                                                      | CUSIP: 404280EM7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      975000 | PA      | $987402.00    | 0.12%             | 2028-11-19      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Bills                                                                                                                    | CUSIP: 912797PU5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    28492000 | PA      | $28488708.32  | 3.59%             | 2025-07-01      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                           | International Flavors & Fragrances Inc                                                                                                 | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |      185000 | PA      | $183224.00    | 0.02%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3152.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $36360.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds                | Kingdom of Belgium Government Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     1690000 | PA      | $1687427.97   | 0.21%             | 2032-06-22      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $1593.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REGION WALLONNE                                    | Region Wallonne Belgium                                                                                                                | CUSIP: 000000000<br>LEI: 529900HPQFHMCG25MZ72 | Long             | DBT              | NUSS              | BE        |     1300000 | PA      | $1399426.57   | 0.18%             | 2038-01-14      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KMNS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      727702 | PA      | $610864.24    | 0.08%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-19849.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                                           | Enel SpA                                                                                                                               | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |      935000 | PA      | $1103939.07   | 0.14%             | 2026-08-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-15101.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                             | Choice Hotels International Inc                                                                                                        | CUSIP: 169905AG1<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |      248000 | PA      | $230134.08    | 0.03%             | 2031-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5900.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-10240.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SAU                           | Telefonica Emisiones SA                                                                                                                | CUSIP: 000000000<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |      450000 | PA      | $631411.30    | 0.08%             | 2029-10-08      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | Energy Transfer LP                                                                                                                     | CUSIP: 29273VAS9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      750000 | PA      | $787882.50    | 0.10%             | 2028-12-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      285000 | PA      | $286644.05    | 0.04%             | 2041-12-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | OPS09132A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -4290000 | NC      | $-4064.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31297BBH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         325 | PA      | $330.17       | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                           | OPS09153A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |    -4270000 | NC      | $-18886.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                                                                                     | CUSIP: 05964HAF2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1000000 | PA      | $982510.00    | 0.12%             | 2028-02-23      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                       | Hudson Yards 2025-SPRL Mortgage Trust                                                                                                  | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1550000 | PA      | $1596694.76   | 0.20%             | 2040-01-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS09173A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -1280000 | NC      | $-38350.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11925.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 10YR NOTE (CBT)SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         321 | NC      | $318526.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3986.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                      | NYC Commercial Mortgage Trust 2025-3BP                                                                                                 | CUSIP: 67120UAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1200000 | PA      | $1189353.10   | 0.15%             | 2042-02-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1307.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                      | McKesson Corp                                                                                                                          | CUSIP: 581557BG9<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |      125000 | PA      | $146744.67    | 0.02%             | 2025-11-17      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| KOREA HYDRO & NUCLEAR PO                           | Korea Hydro & Nuclear Power Co Ltd                                                                                                     | CUSIP: 50064YAQ6<br>LEI: 9884008CRY5MLCN8OQ43 | Long             | DBT              | NUSS              | KR        |      630000 | PA      | $629691.30    | 0.08%             | 2027-07-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                                                                                | CUSIP: 000000000<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $349391.94    | 0.04%             | 2027-04-26      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MOTABILITY OPERATIONS GR                           | Motability Operations Group PLC                                                                                                        | CUSIP: 000000000<br>LEI: AZ3NL8JCZDCNUXFWI720 | Long             | DBT              | CORP              | GB        |     1247000 | PA      | $1505392.05   | 0.19%             | 2029-07-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31418ACX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       21289 | PA      | $21131.90     | 0.00%             | 2042-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-9908.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC        | BBCMS 2018-TALL Mortgage Trust                                                                                                         | CUSIP: 05548WAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      475000 | PA      | $437069.78    | 0.06%             | 2037-03-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $-6771.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank5                                              | BANK5 2024-5YR10                                                                                                                       | CUSIP: 06604AAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1150000 | PA      | $1177888.82   | 0.15%             | 2057-10-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $-3569.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $2413.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $-4608.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $50699.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $135904.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                                | Macquarie Group Ltd                                                                                                                    | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |      400000 | PA      | $393288.00    | 0.05%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                             | Spain Government Bonds                                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      870000 | PA      | $958173.21    | 0.12%             | 2030-10-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $1277.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MQTN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       12243 | PA      | $11290.06     | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233998  IRS GBP R F  3.75000 2 CCPOIS / Short: SR233998  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    14990000 | OU      | $103793.68    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-58028.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1262.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2370.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                           | European Investment Bank                                                                                                               | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     3500000 | PA      | $4227382.17   | 0.53%             | 2028-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                           | Thailand Government Bond                                                                                                               | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     6350000 | PA      | $201861.00    | 0.03%             | 2028-06-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140XCXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      166625 | PA      | $140653.51    | 0.02%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DQGL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5427830 | PA      | $4345361.75   | 0.55%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                                | Korea Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  2598070000 | PA      | $1875406.90   | 0.24%             | 2029-06-10      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-37087.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UXS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      545542 | PA      | $484616.15    | 0.06%             | 2049-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08399A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |     5680000 | NC      | $27402.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-9550.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-BUND FUTURE SEP25                                                                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         155 | NC      | $-173714.33   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $2457.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $95850.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2662.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal         | CAN 10YR BOND FUT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |         154 | NC      | $144414.51    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECH INC                                  | L3Harris Technologies Inc                                                                                                              | CUSIP: 413875AW5<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |       50000 | PA      | $50117.50     | 0.01%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $16093.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-SCHATZ FUT SEP25                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         231 | NC      | $-57531.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $25226.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H062677<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1000000 | PA      | $1026509.40   | 0.13%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $-5271.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-16620.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $-2875.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $11903.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BFLD Trust                                         | BFLD Commercial Mortgage Trust 2024-UNIV                                                                                               | CUSIP: 08861RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1600000 | PA      | $1601124.69   | 0.20%             | 2041-11-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: SS006908  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006908  CDS USD P V 03MEVENT 1 CCPCORPORATE                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1740000 | OU      | $17530.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $26970.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      653474 | PA      | $551004.20    | 0.07%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                           | Sumitomo Mitsui Financial Group Inc                                                                                                    | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     1375000 | PA      | $1473295.27   | 0.19%             | 2029-10-23      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                         | US Bancorp                                                                                                                             | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      725000 | PA      | $746655.75    | 0.09%             | 2030-01-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MPDQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       13244 | PA      | $12097.70     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-13650.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31419CQT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3138 | PA      | $3129.43      | 0.00%             | 2040-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296USS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         355 | PA      | $360.87       | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                         | Navient Student Loan Trust 2017-2                                                                                                      | CUSIP: 63939RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2850683 | PA      | $2849343.38   | 0.36%             | 2066-12-27      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $6644.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      694524 | PA      | $693826.98    | 0.09%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6292.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| European Investment Bank                           | European Investment Bank                                                                                                               | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     1240000 | PA      | $1417262.63   | 0.18%             | 2028-01-14      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                    | BRAVO Residential Funding Trust 2025-NQM4                                                                                              | CUSIP: 10570QAE1<br>LEI: 25490082TY9NA9XBGW19 | Long             | ABS-MBS          | CORP              | US        |     1838356 | PA      | $1848798.61   | 0.23%             | 2065-02-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                           | Macquarie Airfinance Holdings Ltd                                                                                                      | CUSIP: 55609NAF5<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      850000 | PA      | $859477.50    | 0.11%             | 2028-03-27      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $6772.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31418QJK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        1843 | PA      | $1836.91      | 0.00%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5044232 | PA      | $4890329.51   | 0.62%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140XBJV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      342024 | PA      | $331882.20    | 0.04%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Singapore Government Bonds                         | Singapore Government Bonds                                                                                                             | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     1320000 | PA      | $1131358.87   | 0.14%             | 2033-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-16424.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296TGJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         161 | PA      | $163.62       | 0.00%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3377.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5286.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31417NTY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3998 | PA      | $3986.73      | 0.00%             | 2039-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234637  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR234637  IRS USD P F  3.59995 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    71370000 | OU      | $-176048.38   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38382BBF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1151312 | PA      | $218448.85    | 0.03%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                               | M&T Bank Corp                                                                                                                          | CUSIP: 55261FAU8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |      525000 | PA      | $529331.25    | 0.07%             | 2029-01-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                               | Indonesia Treasury Bond                                                                                                                | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  5281000000 | PA      | $332555.29    | 0.04%             | 2038-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                | Dominion Energy Inc                                                                                                                    | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      925000 | PA      | $931798.75    | 0.12%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| EFSF                                               | European Financial Stability Facility                                                                                                  | CUSIP: 000000000<br>LEI: 222100OW6UHQXNHKN143 | Long             | DBT              | NUSS              | LU        |     1170000 | PA      | $1136548.27   | 0.14%             | 2035-04-10      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31292HX33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1259 | PA      | $1281.39      | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust      | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO                                                                        | CUSIP: 46655AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1223000 | PA      | $1113738.84   | 0.14%             | 2039-01-05      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust     | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                                                                               | CUSIP: 61790VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1519051 | PA      | $1529147.00   | 0.19%             | 2070-03-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                  | Jamestown CLO XII Ltd                                                                                                                  | CUSIP: 47047JAN4<br>LEI: 254900TDIR3OOT3N8P57 | Long             | ABS-CBDO         | CORP              | KY        |     1650000 | PA      | $1651704.45   | 0.21%             | 2032-04-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138APHA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       13558 | PA      | $13458.58     | 0.00%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | Barclays PLC                                                                                                                           | CUSIP: 06738ECU7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      639000 | PA      | $643696.65    | 0.08%             | 2030-09-10      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12616.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31417L5D3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        7668 | PA      | $7645.93      | 0.00%             | 2039-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QQGB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      792222 | PA      | $802367.31    | 0.10%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31416RH63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        4665 | PA      | $4626.32      | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31418AER5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5855 | PA      | $5805.62      | 0.00%             | 2042-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $2691.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $3999.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                            | Dell International LLC / EMC Corp                                                                                                      | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      875000 | PA      | $900296.25    | 0.11%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-OAT FUTURE SEP25                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          12 | NC      | $-9915.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $3283.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6658.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $71833.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38382FV84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      497169 | PA      | $108173.62    | 0.01%             | 2050-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-14753.06    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4207.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC             | Long: IR218405  IRS MYR R F  3.68000 2 NDF / Short: IR218405  IRS MYR P V 03MKLIBO 1 NDF                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | GB        |     1940000 | OU      | $11367.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                             | Galaxy Pipeline Assets Bidco Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      547609 | PA      | $448869.46    | 0.06%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $632.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                             | Verizon Communications Inc                                                                                                             | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      300000 | PA      | $301251.00    | 0.04%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                       | UBS Group AG                                                                                                                           | CUSIP: 902613BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1112000 | PA      | $1141401.28   | 0.14%             | 2030-02-08      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                         | Verus Securitization Trust 2023-INV2                                                                                                   | CUSIP: 92540BAC3<br>LEI: 213800D3C9UXVQ7TZF09 | Long             | ABS-MBS          | CORP              | US        |      664282 | PA      | $670717.83    | 0.08%             | 2068-08-25      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                     | Air Lease Corp                                                                                                                         | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |      575000 | PA      | $569140.75    | 0.07%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                                                                        | CUSIP: 000000000<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      195000 | PA      | $227387.29    | 0.03%             | 2026-02-26      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6027.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8181.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP                                         | US Bancorp                                                                                                                             | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      700000 | PA      | $726509.00    | 0.09%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                                                                                    | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     1750000 | PA      | $1817532.50   | 0.23%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds                 | Japan Government Thirty Year Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   721900000 | PA      | $3719661.12   | 0.47%             | 2052-09-20      | Fixed         | 1.40%                 | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust Series 2024-VIS2                                                                                              | CUSIP: 46658DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1773791 | PA      | $1788071.35   | 0.23%             | 2064-11-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140XJZE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1496955 | PA      | $1538002.65   | 0.19%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                                                                        | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      249000 | PA      | $241704.30    | 0.03%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $208609.69    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency    | PHEAA Student Loan Trust 2016-1                                                                                                        | CUSIP: 69343FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      634043 | PA      | $632131.07    | 0.08%             | 2065-09-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $16626.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1150000 | PA      | $1154179.22   | 0.15%             | 2044-07-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $-288.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $8101.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $46687.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $2866.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8583.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $4214.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                           | Ireland Government Bonds                                                                                                               | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |      920000 | PA      | $918296.40    | 0.12%             | 2032-10-18      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                             | Marriott International Inc/MD                                                                                                          | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      515000 | PA      | $523409.95    | 0.07%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                        | Bacardi Ltd                                                                                                                            | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |     1200000 | PA      | $1204044.00   | 0.15%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Storm King Park CLO, Ltd                           | Storm King Park CLO LTD                                                                                                                | CUSIP: 86217RAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1350000 | PA      | $1353059.10   | 0.17%             | 2037-10-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR232874  IRS MXN R F  8.50000 2 CCPOIS / Short: SR232874  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    45620000 | OU      | $81321.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-6265.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140MHEB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      742073 | PA      | $588718.99    | 0.07%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1156.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae                                                                                                                             | CUSIP: 21H042679<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -15000000 | PA      | $-14351520.00 | -1.81%            | 2054-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ABYE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        4811 | PA      | $4775.19      | 0.00%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                           | Mars Inc                                                                                                                               | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      800000 | PA      | $810696.00    | 0.10%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31292MA78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        2842 | PA      | $2743.67      | 0.00%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR230359  IRS EUR R V 06MEURIB 1 CCPZERO / Short: BR230359  IRS EUR P F  2.18000 2 CCPZERO                                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   210250000 | OU      | $-166306.47   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-360.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-216.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     5400000 | PA      | $6235559.50   | 0.79%             | 2026-08-01      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $2731.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-804.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ET6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      177563 | PA      | $175040.92    | 0.02%             | 2045-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $1665.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                                                                         | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1141000 | PA      | $1143361.87   | 0.14%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                             | Spain Government Bonds                                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     3430000 | PA      | $3959482.50   | 0.50%             | 2032-10-31      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179T4P7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      774363 | PA      | $729698.95    | 0.09%             | 2048-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-25449.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138E23U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       46120 | PA      | $45780.15     | 0.01%             | 2041-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2025-1                                                                                          | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1525000 | PA      | $1530604.76   | 0.19%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138AUP76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       41042 | PA      | $40739.40     | 0.01%             | 2041-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179TSJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       71419 | PA      | $69838.87     | 0.01%             | 2048-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                               | M&T Bank Corp                                                                                                                          | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     1650000 | PA      | $1677703.50   | 0.21%             | 2031-07-08      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                                                                         | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1174230.50   | 0.15%             | 2030-01-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Bank                                               | BANK 2024-BNK47                                                                                                                        | CUSIP: 06540GAV0<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |     1250000 | PA      | $1313697.50   | 0.17%             | 2057-06-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                           | OPS09106A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | DE        |    -3880000 | NC      | $-18325.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | OPS09142A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | DE        |    -3810000 | NC      | $-13873.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                             | Marriott International Inc/MD                                                                                                          | CUSIP: 571903BB8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      573000 | PA      | $577033.92    | 0.07%             | 2028-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138W02X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3830 | PA      | $3501.17      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140GYG29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2271040 | PA      | $2154834.89   | 0.27%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18136.09    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Long: IR218410  IRS MYR R F  3.73500 2 NDF / Short: IR218410  IRS MYR P V 03MKLIBO 1 NDF                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     1950000 | OU      | $13040.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232879  IRS ZAR R F  8.00000 2 CCPVANILLA / Short: SR232879  IRS ZAR P V 03MJIBAR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    42970000 | OU      | $62820.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                 | BMO 2023-C7 Mortgage Trust                                                                                                             | CUSIP: 05593FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2300000 | PA      | $2468511.46   | 0.31%             | 2056-12-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                       | QatarEnergy                                                                                                                            | CUSIP: 74730DAD5<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |      820000 | PA      | $553602.50    | 0.07%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                          | Boeing Co/The                                                                                                                          | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     4954000 | PA      | $5045054.52   | 0.64%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PERMANENT TSB GROUP                                | Permanent TSB Group Holdings PLC                                                                                                       | CUSIP: 000000000<br>LEI: 635400DTNHVYGZODKQ93 | Long             | DBT              | CORP              | IE        |     1020000 | PA      | $1320819.57   | 0.17%             | 2029-06-30      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $3985.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-48879.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: SX003205  CDS USD R F  1.00000 2 CCPCDX / Short: SX003205  CDS USD P V 03MEVENT 1 CCPCDX                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    78409235 | OU      | $1765744.61   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| TEXAS Commercial Mortgage Trust                    | TEXAS Commercial Mortgage Trust 2025-TWR                                                                                               | CUSIP: 88231WAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      350000 | PA      | $348389.88    | 0.04%             | 2042-04-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                  | Hyatt Hotels Corp                                                                                                                      | CUSIP: 448579AS1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |      575000 | PA      | $575667.00    | 0.07%             | 2034-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                               | M&T Bank Corp                                                                                                                          | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1194348.00   | 0.15%             | 2036-01-16      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank                                               | BANK 2023-BNK46                                                                                                                        | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1700000 | PA      | $1787107.93   | 0.23%             | 2056-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234275  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR234275  IRS USD P F  3.62000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    58120000 | OU      | $-609248.71   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust              | Wells Fargo Commercial Mortgage Trust 2021-C59                                                                                         | CUSIP: 95003CAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1100000 | PA      | $976399.13    | 0.12%             | 2054-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| SHINHAN BANK                                       | Shinhan Bank Co Ltd                                                                                                                    | CUSIP: 82460CBF0<br>LEI: 5493003P813VL21KG928 | Long             | DBT              | CORP              | KR        |      240000 | PA      | $240609.60    | 0.03%             | 2028-04-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1599.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                           | International Flavors & Fragrances Inc                                                                                                 | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |      600000 | PA      | $530658.00    | 0.07%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QRXJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      785978 | PA      | $792849.77    | 0.10%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-34944.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMGEN INC                                          | Amgen Inc                                                                                                                              | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      650000 | PA      | $664046.50    | 0.08%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12957.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                              | Huntington Bancshares Inc/OH                                                                                                           | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |      750000 | PA      | $768195.00    | 0.10%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $4457.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-384.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1052.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $-332.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $7942.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD THB                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3431.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                              | Vale Overseas Ltd                                                                                                                      | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      350000 | PA      | $342128.50    | 0.04%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $-476.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179RJF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      304487 | PA      | $290646.76    | 0.04%             | 2045-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR232883  IRS ZAR R V 03MJIBAR 1 CCPVANILLA / Short: BR232883  IRS ZAR P F  7.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    43220000 | OU      | $-25335.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hudson Yards                                       | Hudson Yards 2025-SPRL Mortgage Trust                                                                                                  | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      750000 | PA      | $776442.53    | 0.10%             | 2040-01-13      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                 | BMO 2025-5C11 Mortgage Trust                                                                                                           | CUSIP: 096941AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1561829.16   | 0.20%             | 2058-07-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08451A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -1690000 | NC      | $-12882.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140Q9NZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       12798 | PA      | $12426.18     | 0.00%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18125.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                | BWAY 2013-1515 Mortgage Trust                                                                                                          | CUSIP: 05604FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1227099 | PA      | $1166735.51   | 0.15%             | 2033-03-10      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137BPDJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      357529 | PA      | $41268.07     | 0.01%             | 2046-05-15      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                           | Avolon Holdings Funding Ltd                                                                                                            | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     1036000 | PA      | $1041221.44   | 0.13%             | 2028-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SG        |           1 | NC      | $27980.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-15523.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust 2022-LTV1                                                                                                     | CUSIP: 465976AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      313956 | PA      | $277539.23    | 0.03%             | 2052-07-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABGK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      777991 | PA      | $659612.95    | 0.08%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                             | RR 40 LTD                                                                                                                              | CUSIP: 749762AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     6200000 | PA      | $6220770.00   | 0.78%             | 2038-07-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                 | BMO 2024-5C6 Mortgage Trust                                                                                                            | CUSIP: 05593QAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1600000 | PA      | $1635685.07   | 0.21%             | 2057-09-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                             | Marriott International Inc/MD                                                                                                          | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      135000 | PA      | $136938.60    | 0.02%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                       | UBS Group AG                                                                                                                           | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      834000 | PA      | $1106450.03   | 0.14%             | 2029-03-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SG        |           1 | NC      | $8074.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                             | Spain Government Bonds                                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      700000 | PA      | $715392.99    | 0.09%             | 2046-10-31      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                            | Dell International LLC / EMC Corp                                                                                                      | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      893000 | PA      | $901563.87    | 0.11%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-29527.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138NYHT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        7384 | PA      | $6753.89      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234369  IRS EUR R F  1.50000 2 CCPVANILLA / Short: SR234369  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5070000 | OU      | $-57871.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-46031.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6607.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR234037  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR234037  IRS JPY P F   .75000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  3913000000 | OU      | $14542.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                               | Raizen Fuels Finance SA                                                                                                                | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      610000 | PA      | $571112.50    | 0.07%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1912.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                       | Voya CLO 2019-1 Ltd                                                                                                                    | CUSIP: 92917NAW8<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |     1150000 | PA      | $1152035.50   | 0.15%             | 2037-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                               | Indonesia Treasury Bond                                                                                                                | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 18210000000 | PA      | $1120062.16   | 0.14%             | 2034-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | J.P. Morgan Mortgage Trust 2024-1                                                                                                      | CUSIP: 46657PAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      843209 | PA      | $850247.89    | 0.11%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2997.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296PBX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         634 | PA      | $645.18       | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233964  IRS EUR R F  2.00000 2 CCPVANILLA / Short: SR233964  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    14620000 | OU      | $-231751.59   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| TEOLLISUUDEN VOIMA OYJ                             | Teollisuuden Voima Oyj                                                                                                                 | CUSIP: 000000000<br>LEI: 743700LQ48IZBTZN4S52 | Long             | DBT              | CORP              | FI        |      250000 | PA      | $282384.22    | 0.04%             | 2028-06-23      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust      | JP Morgan Chase Commercial Mortgage Securities Trust 2025-NSLB                                                                         | CUSIP: 46659JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1600000 | PA      | $1660051.31   | 0.21%             | 2042-06-05      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ABMY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        7532 | PA      | $7476.74      | 0.00%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $4323.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      400000 | PA      | $284121.70    | 0.04%             | 2050-01-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                           | Enel SpA                                                                                                                               | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |      523000 | PA      | $593674.11    | 0.07%             | 2027-06-08      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $46953.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1094953 | PA      | $1101524.49   | 0.14%             | 2045-03-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| JAPAN TREASURY DISC BILL                           | Japan Treasury Discount Bill                                                                                                           | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | STIV             | NUSS              | JP        |  3187550000 | PA      | $22127912.11  | 2.79%             | 2025-07-28      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust              | Wells Fargo Commercial Mortgage Trust 2024-C63                                                                                         | CUSIP: 94990FAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      530000 | PA      | $541082.80    | 0.07%             | 2057-08-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $1965.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $270.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                   | Deutsche Bank AG                                                                                                                       | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      400000 | PA      | $441665.53    | 0.06%             | 2030-11-19      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC        | BBCMS Mortgage Trust 2025-5C34                                                                                                         | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2500000 | PA      | $2605009.10   | 0.33%             | 2058-05-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                              | Huntington Bancshares Inc/OH                                                                                                           | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |      817000 | PA      | $857073.85    | 0.11%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233928  IRS USD R F  3.84519 2 CCPOIS / Short: SR233928  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    11410000 | OU      | $156966.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234018  IRS CAD R F  3.00000 2 CCPOIS / Short: SR234018  IRS CAD P V 00MCORRA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1870000 | OU      | $1475.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      357000 | PA      | $436399.12    | 0.05%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| Oaktree CLO Ltd                                    | Oaktree CLO 2021-1 Ltd                                                                                                                 | CUSIP: 67402JAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     5000000 | PA      | $5005570.00   | 0.63%             | 2038-01-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                 | Credit Agricole SA                                                                                                                     | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     1100000 | PA      | $1079122.00   | 0.14%             | 2027-01-26      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31416QBF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        1826 | PA      | $1812.56      | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296LK75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         437 | PA      | $444.69       | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2790.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                              | Province of Ontario Canada                                                                                                             | CUSIP: 683234B98<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     2300000 | PA      | $1751530.02   | 0.22%             | 2041-06-02      | Fixed         | 4.65%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-9464.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR230025  IRS CZK R V 06MPRIBO 1 CCPVANILLA / Short: BR230025  IRS CZK P F  3.75000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    19030000 | OU      | $7673.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140MJEF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      408864 | PA      | $323954.42    | 0.04%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $2391.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $27126.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      630000 | PA      | $617345.56    | 0.08%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US LONG BOND(CBT) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         190 | NC      | $526350.73    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                                        | Cencora Inc                                                                                                                            | CUSIP: 000000000<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      900000 | PA      | $1064014.55   | 0.13%             | 2028-05-22      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38382KVX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1050398 | PA      | $156879.00    | 0.02%             | 2050-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Japan Government Forty Year Bonds                  | Japan Government Forty Year Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   712600000 | PA      | $2760932.22   | 0.35%             | 2062-03-20      | Fixed         | 1.00%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $36677.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 312930J76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         222 | PA      | $225.89       | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $236.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-991.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38379VUJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       84644 | PA      | $11989.19     | 0.00%             | 2045-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233970  IRS EUR R F  2.00000 2 CCPVANILLA / Short: SR233970  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     2640000 | OU      | $-392663.51   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR234636  IRS USD R F  3.36762 2 CCPOIS / Short: SR234636  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    67730000 | OU      | $105096.64    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6040.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WCORE Commercial Mortgage Trust                    | WCORE Commercial Mortgage Trust 2024-CORE                                                                                              | CUSIP: 951913AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $900387.84    | 0.11%             | 2041-11-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-1778.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                              | Bank of Ireland Group PLC                                                                                                              | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |      400000 | PA      | $508153.77    | 0.06%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137FUAM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      839936 | PA      | $106434.22    | 0.01%             | 2050-07-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds               | Chile Government International Bonds                                                                                                   | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      430000 | PA      | $319920.00    | 0.04%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                 | OPS09126A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |    -3830000 | NC      | $-26508.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31416SFG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5463 | PA      | $5418.50      | 0.00%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds               | Saudi Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      830000 | PA      | $829987.55    | 0.10%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $3631.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                     | Solventum Corp                                                                                                                         | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |      975000 | PA      | $1004142.75   | 0.13%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-21923.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38380YR23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      256665 | PA      | $32189.97     | 0.00%             | 2048-09-20      | Floating      | 1.77%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $8776.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                         | U.K. Gilts                                                                                                                             | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      220000 | PA      | $141167.96    | 0.02%             | 2057-07-22      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                            | Veolia Environnement SA                                                                                                                | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |     1300000 | PA      | $1470082.41   | 0.19%             | 2030-01-07      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      227000 | PA      | $233011.30    | 0.03%             | 2042-04-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                       | CaixaBank SA                                                                                                                           | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      300000 | PA      | $341882.51    | 0.04%             | 2028-05-26      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $-3820.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOLP Trust                                         | DOLP Trust 2021-NYC                                                                                                                    | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1329364.19   | 0.17%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08398A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -1670000 | NC      | $-11296.91    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $-1214.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3663.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                                                                                    | CUSIP: 912828ZQ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     1574700 | PA      | $1354980.14   | 0.17%             | 2030-05-15      | Fixed         | 0.62%                 | No            |                  1 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                           | Export-Import Bank of Korea                                                                                                            | CUSIP: 302154DW6<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |      330000 | PA      | $339893.40    | 0.04%             | 2033-01-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                           | MSCI Inc                                                                                                                               | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     1547000 | PA      | $1458248.61   | 0.18%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: BX003289  CDS EUR R V 03MEVENT 1 CCPCDX / Short: BX003289  CDS EUR P F  1.00000 2 CCPCDX                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    12382396 | OU      | $-282137.04   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                            | Bayer US Finance II LLC                                                                                                                | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $997180.00    | 0.13%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                | COMM 2024-277P Mortgage Trust                                                                                                          | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1825000 | PA      | $1920047.59   | 0.24%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296JQB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         129 | PA      | $131.10       | 0.00%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38379EW73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       98628 | PA      | $5325.29      | 0.00%             | 2043-10-20      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| Regatta Funding                                    | Regatta XI Funding Ltd                                                                                                                 | CUSIP: 75887XAQ0<br>LEI: 254900TUAAER6MTE4E64 | Long             | ABS-CBDO         | CORP              | KY        |     1475000 | PA      | $1478267.13   | 0.19%             | 2037-07-17      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Finland Government Bonds                           | Finland Government Bonds                                                                                                               | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     1190000 | PA      | $1289410.11   | 0.16%             | 2032-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                   | Societe Generale SA                                                                                                                    | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1500000 | PA      | $1478145.00   | 0.19%             | 2026-12-14      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136ABDT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       62545 | PA      | $68023.82     | 0.01%             | 2042-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140X6JR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1401192 | PA      | $1344145.10   | 0.17%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                               | Glencore Funding LLC                                                                                                                   | CUSIP: 378272BS6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1178324.50   | 0.15%             | 2029-04-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                             | BP Capital Markets PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |      300000 | PA      | $344264.32    | 0.04%             | 2028-07-03      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: BS006911  CDS EUR R V 03MEVENT 1 CCPCORPORATE / Short: BS006911  CDS EUR P F  1.00000 2 CCPCORPORATE                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |      939223 | OU      | $-24899.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust Series 2024-4                                                                                                 | CUSIP: 46657WAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      700000 | PA      | $706245.40    | 0.09%             | 2054-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-19996.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                | Freddie Mac STACR REMIC Trust 2021-DNA5                                                                                                | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | USGSE             | US        |       77511 | PA      | $77958.65     | 0.01%             | 2034-01-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $29875.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR232869  IRS COP R F  8.75000 2 CCPNDFOIS / Short: SR232869  IRS COP P V 00MCPIBR 1 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  5255320000 | OU      | $1906.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds             | Uruguay Government International Bonds                                                                                                 | CUSIP: 760942BH4<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |       57058 | PA      | $58455.92     | 0.01%             | 2037-02-14      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31292H4H4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         379 | PA      | $386.06       | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296NV61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         317 | PA      | $322.91       | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: BR232866  IRS COP R V 00MCPIBR 1 CCPNDFOIS / Short: BR232866  IRS COP P F  8.25000 2 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        | 13054810000 | OU      | $3561.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-9539.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140Q9TW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      228704 | PA      | $223423.67    | 0.03%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F042673<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -8000000 | PA      | $-7649374.40  | -0.96%            | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-20144.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust                                                                                           | CUSIP: 02582JKR0<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |     2425000 | PA      | $2457524.29   | 0.31%             | 2032-04-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M5CH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        5171 | PA      | $5262.70      | 0.00%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      250000 | PA      | $252328.90    | 0.03%             | 2044-03-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                    | 3650R 2021-PF1 Commercial Mortgage Trust                                                                                               | CUSIP: 88581EAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      850000 | PA      | $716700.91    | 0.09%             | 2054-11-15      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $4611.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust                | Citibank Credit Card Issuance Trust                                                                                                    | CUSIP: 17305EGW9<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |     1275000 | PA      | $1278722.45   | 0.16%             | 2027-12-08      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-737335.15   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $796.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                       | Enbridge Inc                                                                                                                           | CUSIP: 29250NBX2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      350000 | PA      | $367601.50    | 0.05%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 5YR NOTE (CBT) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        1121 | NC      | $1191865.56   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR232872  IRS MXN R F  8.75000 2 CCPOIS / Short: SR232872  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    17690000 | OU      | $41522.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust          | Santander Mortgage Asset Receivable Trust 2025-NQM1                                                                                    | CUSIP: 80262BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1615472 | PA      | $1621803.83   | 0.20%             | 2065-01-25      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $28288.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TR        |           1 | NC      | $3133.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust Series 2024-VIS1                                                                                              | CUSIP: 465970AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1377088 | PA      | $1387808.75   | 0.17%             | 2064-07-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                 | Realty Income Corp                                                                                                                     | CUSIP: 756109CA0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |      300000 | PA      | $284109.00    | 0.04%             | 2028-03-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | OPS09077A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |    -3860000 | NC      | $-31548.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-138031.73   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                        | BNP Paribas SA                                                                                                                         | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      575000 | PA      | $565069.75    | 0.07%             | 2027-01-13      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Commercial Mortgage Trust 2024-XL5                                                                                                  | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      854789 | PA      | $855427.08    | 0.11%             | 2041-03-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ANZG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       14677 | PA      | $14525.05     | 0.00%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $2901.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR232864  IRS COP R F  9.25000 2 CCPNDFOIS / Short: SR232864  IRS COP P V 00MCPIBR 1 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |   830100000 | OU      | $-787.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233995  IRS GBP R F  3.75000 2 CCPOIS / Short: SR233995  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    48110000 | OU      | $271344.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Long: SS006916  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006916  CDS USD P V 03MEVENT 1 CCPCORPORATE                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |     1150000 | OU      | $9271.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 2YR NOTE (CBT) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -348 | NC      | $-223855.15   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| TITULOS DE TESORERIA                               | Colombian TES                                                                                                                          | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   890400000 | PA      | $167007.89    | 0.02%             | 2042-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds                | Kingdom of Belgium Government Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |      250000 | PA      | $184387.56    | 0.02%             | 2066-06-22      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137B9HA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       98309 | PA      | $10019.15     | 0.00%             | 2044-03-15      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1057.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-76207.19    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F050676<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    12000000 | PA      | $11759059.20  | 1.48%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                      | UBS Commercial Mortgage Trust 2017-C2                                                                                                  | CUSIP: 90276CAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1125000 | PA      | $1096576.74   | 0.14%             | 2050-08-15      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Long: SR233890  IRS BRL R F 13.25000 2 CCPNDFPREDISWAP / Short: SR233890  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    24810000 | OU      | $19827.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1250.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                | AUST 3YR BOND FUT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         120 | NC      | $34894.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $63.76        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 31418RGD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       37462 | PA      | $37337.38     | 0.00%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank                                               | BANK 2022-BNK39                                                                                                                        | CUSIP: 06539VAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1900000 | PA      | $1697830.23   | 0.21%             | 2055-02-15      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                               | Raizen Fuels Finance SA                                                                                                                | CUSIP: 75102XAC0<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      580000 | PA      | $537370.00    | 0.07%             | 2054-03-05      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| AGL CLO 3 Ltd.                                     | AGL CLO 3 LTD                                                                                                                          | CUSIP: 00119MAN9<br>LEI: 549300LS0REDUXQSHW18 | Long             | ABS-CBDO         | CORP              | KY        |     2100000 | PA      | $2096516.10   | 0.26%             | 2038-04-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8035.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Israel Government Bonds - Fixed                    | Israel Government Bonds - Fixed                                                                                                        | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     2430000 | PA      | $697354.38    | 0.09%             | 2027-03-31      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $12755.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PFIZER NETHERLANDS INTL                            | Pfizer Netherlands International Finance BV                                                                                            | CUSIP: 000000000<br>LEI: 254900YI79T8NMNA4349 | Long             | DBT              | CORP              | NL        |     1031000 | PA      | $1223332.73   | 0.15%             | 2029-05-19      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                                                                                | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $991850.00    | 0.12%             | 2026-10-06      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1845000 | PA      | $1864418.07   | 0.23%             | 2044-02-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                           | Benchmark 2023-B39 Mortgage Trust                                                                                                      | CUSIP: 081925AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1125000 | PA      | $1184011.31   | 0.15%             | 2056-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                                                                        | CUSIP: 37045XDW3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      650000 | PA      | $654010.50    | 0.08%             | 2027-04-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                   | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      450000 | PA      | $454809.92    | 0.06%             | 2044-01-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2025-TAIL                                                                                                                     | CUSIP: 123912AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1550000 | PA      | $1551966.93   | 0.20%             | 2035-06-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |           1 | NC      | $11669.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $277.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR232882  IRS THB R F  1.75000 2 CCPNDFOIS / Short: SR232882  IRS THB P V 00MTHOR 1 CCPNDFOIS                                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    26080000 | OU      | $9128.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179T7M1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      150685 | PA      | $150627.67    | 0.02%             | 2048-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: SR233405  IRS EUR R F  2.53000 2 CCPOIS / Short: SR233405  IRS EUR P V 00MESTR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     4360000 | OU      | $-158183.10   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1481.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                                                                               | CUSIP: 38376MCG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      215960 | PA      | $44062.80     | 0.01%             | 2046-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3140MGSE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1051174 | PA      | $874715.82    | 0.11%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3132L5TJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        4617 | PA      | $4489.49      | 0.00%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                  | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     1680000 | PA      | $2324047.63   | 0.29%             | 2031-05-01      | Fixed         | 6.00%                 | No            |                  1 | On Loan: No      |
| General Motors                                     | GMF Floorplan Owner Revolving Trust                                                                                                    | CUSIP: 361886CR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1500000 | PA      | $1512994.80   | 0.19%             | 2028-06-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $834.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                     | Apidos CLO XV                                                                                                                          | CUSIP: 03764QBC5<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |      597979 | PA      | $598280.92    | 0.08%             | 2031-04-20      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4634.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UCD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      175321 | PA      | $175254.87    | 0.02%             | 2048-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1534.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                  | Generate CLO 20 Ltd                                                                                                                    | CUSIP: 370912AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1900000 | PA      | $1902160.30   | 0.24%             | 2038-01-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8865.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DP World Crescent Ltd.                             | DP World Crescent Ltd.                                                                                                                 | CUSIP: 000000000<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $200062.00    | 0.03%             | 2028-09-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-29325.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                          | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F040677<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -4000000 | PA      | $-3718294.00  | -0.47%            | 2054-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $3536.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $3573.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $1424.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Long: BR233996  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR233996  IRS GBP P F  3.75000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      440000 | OU      | $-3518.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                                       | ING Groep NV                                                                                                                           | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      400000 | PA      | $397464.00    | 0.05%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-28890.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $7199.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $20485.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                             | Blackstone Property Partners Europe Holdings Sarl                                                                                      | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |     1050000 | PA      | $1166422.05   | 0.15%             | 2028-05-04      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                                                                        | CUSIP: 3138LSR85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        6356 | PA      | $5888.49      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                           | Electricite de France SA                                                                                                               | CUSIP: 268317AU8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     1450000 | PA      | $1448666.00   | 0.18%             | 2028-09-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      282272 | PA      | $35605.14     | 0.00%             | 2047-05-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11112.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                   | Carlyle US CLO 2024-2 Ltd                                                                                                              | CUSIP: 14318VAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1900000 | PA      | $1908730.50   | 0.24%             | 2037-04-25      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                               | Indonesia Treasury Bond                                                                                                                | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  7391000000 | PA      | $451630.71    | 0.06%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UKY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      970089 | PA      | $944687.86    | 0.12%             | 2049-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                             | Sequoia Mortgage Trust 2004-10                                                                                                         | CUSIP: 81744FEW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       22815 | PA      | $21068.89     | 0.00%             | 2034-11-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | OPS08401A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |     5740000 | NC      | $42207.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137HJSY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1172331 | PA      | $1160941.96   | 0.15%             | 2055-02-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2586.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      186042 | PA      | $181171.08    | 0.02%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-10126.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $-13792.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $32264.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust 2023-HE3                                                                                                      | CUSIP: 465985AA7<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-O            | CORP              | US        |      336891 | PA      | $338527.53    | 0.04%             | 2054-05-20      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $11399.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $5418.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $4020.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4267.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Commercial Mortgage Trust 2024-VLT5                                                                                                 | CUSIP: 05614JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $907554.76    | 0.11%             | 2046-11-13      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                           | OBX 2024-NQM2 Trust                                                                                                                    | CUSIP: 67118HAA8<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-MBS          | CORP              | US        |     1218371 | PA      | $1224466.40   | 0.15%             | 2063-12-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                           | Rogers Communications Inc                                                                                                              | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     1074000 | PA      | $1089530.04   | 0.14%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                | Freddie Mac STACR REMIC Trust 2024-DNA3                                                                                                | CUSIP: 35564NEY5<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | USGSE             | US        |      447188 | PA      | $447603.18    | 0.06%             | 2044-10-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $13880.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-17129.37    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                           | European Investment Bank                                                                                                               | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     4410000 | PA      | $5167905.44   | 0.65%             | 2030-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Israel Government Bonds - Fixed                    | Israel Government Bonds - Fixed                                                                                                        | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     2500000 | PA      | $622495.03    | 0.08%             | 2032-04-30      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                  | Generate CLO 22 Ltd                                                                                                                    | CUSIP: 37150AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4775000 | PA      | $4775000.00   | 0.60%             | 2038-07-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President