# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-043631
**Filing Date:** 2023-2
**Character Count:** 565264
**Document Hash:** 1d7136e0b56ff6fd9ea2cb339f06d62e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043631.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043631

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 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:** 23675963

**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 Government Income Fund (Series ID: S000009304)

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

## Nport-Ex

GOLDMAN SACHS ENHANCED INCOME FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 60.6%** | **Corporate Obligations – 60.6%** | **Corporate Obligations – 60.6%** | **Corporate Obligations – 60.6%** |
| **Aerospace & Defense<sup>(a)</sup> – 1.1%** | **Aerospace & Defense<sup>(a)</sup> – 1.1%** | **Aerospace & Defense<sup>(a)</sup> – 1.1%** | **Aerospace & Defense<sup>(a)</sup> – 1.1%** |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 821000 | 5.125% | 10/01/24 | $810524 |
| Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
| 2700000 | 0.650 | 04/01/23 | 2666061 |
| The Boeing Co. | The Boeing Co. | The Boeing Co. | The Boeing Co. |
| 1925000 | 1.167 | 02/04/23 | 1918012 |
| 2550000 | 1.950 | 02/01/24 | 2454707 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 1365000 | 8.000 <sup>(b)</sup> | 12/15/25 | 1382745 |
|  |  |  | 9232049 |
| **Airlines<sup>(a)(b)</sup> – 0.1%** | **Airlines<sup>(a)(b)</sup> – 0.1%** | **Airlines<sup>(a)(b)</sup> – 0.1%** | **Airlines<sup>(a)(b)</sup> – 0.1%** |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |
| 985000 | 8.000 | 09/20/25 | 989098 |
| **Apparel<sup>(a)</sup> – 0.1%** | **Apparel<sup>(a)</sup> – 0.1%** | **Apparel<sup>(a)</sup> – 0.1%** | **Apparel<sup>(a)</sup> – 0.1%** |
| NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. |
| 725000 | 2.400 | 03/27/25 | 692455 |
| **Automotive – 3.2%** | **Automotive – 3.2%** | **Automotive – 3.2%** | **Automotive – 3.2%** |
| BMW US Capital LLC (SOFR + 0.840%) | BMW US Capital LLC (SOFR + 0.840%) | BMW US Capital LLC (SOFR + 0.840%) | BMW US Capital LLC (SOFR + 0.840%) |
| 1389000 | 5.163 <sup>(b)(c)</sup> | 04/01/25 | 1380374 |
| Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. |
| 1405000 | 5.750 <sup>(a)(b)</sup> | 04/15/25 | 1385190 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 1429000 | 2.300 <sup>(a)</sup> | 02/10/25 | 1304506 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 3423000 | 4.875 | 10/02/23 | 3419782 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 4925000 | 1.050 | 03/08/24 | 4677223 |
| 2425000 | 1.200 | 10/15/24 | 2246326 |
| 5415000 | 3.800 | 04/07/25 | 5230673 |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 2375000 | 1.000 <sup>(b)</sup> | 09/17/24 | 2195450 |
| The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. |
| 1330000 | 9.500 <sup>(a)</sup> | 05/31/25 | 1375393 |
| Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
| 2775000 | 3.950 <sup>(b)</sup> | 06/06/25 | 2686561 |
|  |  |  | 25901478 |
| **Banks – 14.7%** | **Banks – 14.7%** | **Banks – 14.7%** | **Banks – 14.7%** |
| ANZ New Zealand International Ltd.<sup>(b)</sup> (SOFR + 0.600%) | ANZ New Zealand International Ltd.<sup>(b)</sup> (SOFR + 0.600%) | ANZ New Zealand International Ltd.<sup>(b)</sup> (SOFR + 0.600%) | ANZ New Zealand International Ltd.<sup>(b)</sup> (SOFR + 0.600%) |
| 1150000 | 4.766 <sup>(c)</sup> | 02/18/25 | 1137925 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1400000 | 2.706 | 06/27/24 | 1343888 |
| 3400000 | 5.147 | 08/18/25 | 3367190 |
| (1 year CMT + 0.450%) | (1 year CMT + 0.450%) | (1 year CMT + 0.450%) | (1 year CMT + 0.450%) |
| 5400000 | 0.701 <sup>(a)(c)</sup> | 06/30/24 | 5252742 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 2500000 | 4.000 | 01/22/25 | 2447025 |
| (3M USD LIBOR + 0.940%) | (3M USD LIBOR + 0.940%) | (3M USD LIBOR + 0.940%) | (3M USD LIBOR + 0.940%) |
| 1300000 | 3.864 <sup>(a)(c)</sup> | 07/23/24 | 1288482 |
| (SOFR + 0.670%) | (SOFR + 0.670%) | (SOFR + 0.670%) | (SOFR + 0.670%) |
| 9975000 | 1.843 <sup>(a)(c)</sup> | 02/04/25 | 9555252 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 4440000 | 4.700 <sup>(a)</sup> | 09/14/27 | 4395200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
| 950000 | 0.650 %<sup>(b)</sup> | 02/27/24 | $899517 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 649000 | 4.000 <sup>(b)</sup> | 09/12/23 | 641063 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 1175000 | 0.950 | 06/23/23 | 1153086 |
| (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) |
| 2165000 | 4.632 <sup>(c)</sup> | 04/07/25 | 2139713 |
| Citigroup, Inc.<sup>(c)</sup>  | Citigroup, Inc.<sup>(c)</sup>  | Citigroup, Inc.<sup>(c)</sup>  | Citigroup, Inc.<sup>(c)</sup>  |
| (SOFR + 0.686%) | (SOFR + 0.686%) | (SOFR + 0.686%) | (SOFR + 0.686%) |
| 1225000 | 0.776 <sup>(a)</sup> | 10/30/24 | 1175363 |
| (SOFR + 0.694%) | (SOFR + 0.694%) | (SOFR + 0.694%) | (SOFR + 0.694%) |
| 3925000 | 4.615 <sup>(a)</sup> | 01/25/26 | 3817180 |
| (SOFR + 1.372%) | (SOFR + 1.372%) | (SOFR + 1.372%) | (SOFR + 1.372%) |
| 3295000 | 4.140 <sup>(a)</sup> | 05/24/25 | 3244652 |
| (SOFR + 1.546%)<sup>(a)</sup>  | (SOFR + 1.546%)<sup>(a)</sup>  | (SOFR + 1.546%)<sup>(a)</sup>  | (SOFR + 1.546%)<sup>(a)</sup>  |
| 4460000 | 5.610 | 09/29/26 | 4472310 |
| Citizens Bank NA | Citizens Bank NA | Citizens Bank NA | Citizens Bank NA |
| 900000 | 2.250 <sup>(a)</sup> | 04/28/25 | 838161 |
| Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| 1050000 | 0.375 | 01/12/24 | 1000524 |
| Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| 4995000 | 3.700 | 02/21/25 | 4601344 |
| Danske Bank A/S | Danske Bank A/S | Danske Bank A/S | Danske Bank A/S |
| 1175000 | 1.226 <sup>(a)(b)</sup> | 06/22/24 | 1093702 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 2105000 | 4.162 | 05/13/25 | 2061174 |
| Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
| 4840000 | 4.400 <sup>(b)</sup> | 08/23/25 | 4718903 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 325000 | 1.625 <sup>(a)</sup> | 05/05/23 | 321263 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| 1000000 | 3.550 <sup>(a)</sup> | 05/26/23 | 992200 |
| ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
| 900000 | 4.100 | 10/02/23 | 892539 |
| JPMorgan Chase & Co.<sup>(a)(c)</sup>  | JPMorgan Chase & Co.<sup>(a)(c)</sup>  | JPMorgan Chase & Co.<sup>(a)(c)</sup>  | JPMorgan Chase & Co.<sup>(a)(c)</sup>  |
| (SOFR + 0.420%) | (SOFR + 0.420%) | (SOFR + 0.420%) | (SOFR + 0.420%) |
| 2750000 | 0.563 | 02/16/25 | 2593882 |
| (SOFR + 1.455%) | (SOFR + 1.455%) | (SOFR + 1.455%) | (SOFR + 1.455%) |
| 2225000 | 1.514 | 06/01/24 | 2188310 |
| (TSFR3M + 0.600%) | (TSFR3M + 0.600%) | (TSFR3M + 0.600%) | (TSFR3M + 0.600%) |
| 850000 | 0.653 | 09/16/24 | 819536 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 1550000 | 3.761 | 07/26/23 | 1537972 |
| (1 year CMT + 1.550%) | (1 year CMT + 1.550%) | (1 year CMT + 1.550%) | (1 year CMT + 1.550%) |
| 4550000 | 5.063 <sup>(a)(c)</sup> | 09/12/25 | 4521016 |
| Mizuho Financial Group, Inc. (-1x SOFR + 1.252%) | Mizuho Financial Group, Inc. (-1x SOFR + 1.252%) | Mizuho Financial Group, Inc. (-1x SOFR + 1.252%) | Mizuho Financial Group, Inc. (-1x SOFR + 1.252%) |
| 1275000 | 1.241 <sup>(a)(c)</sup> | 07/10/24 | 1243355 |
| Morgan Stanley<sup>(a)(c)</sup>  | Morgan Stanley<sup>(a)(c)</sup>  | Morgan Stanley<sup>(a)(c)</sup>  | Morgan Stanley<sup>(a)(c)</sup>  |
| (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) |
| 1125000 | 3.737 | 04/24/24 | 1118374 |
| (SOFR + 0.625%) | (SOFR + 0.625%) | (SOFR + 0.625%) | (SOFR + 0.625%) |
| 7125000 | 4.579 | 01/24/25 | 7017911 |
| (SOFR + 0.745%) | (SOFR + 0.745%) | (SOFR + 0.745%) | (SOFR + 0.745%) |
| 725000 | 0.864 | 10/21/25 | 666413 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

## Schedule of Investments (continued)
*December 31, 2022 (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)** |
| (SOFR + 1.669%) | (SOFR + 1.669%) | (SOFR + 1.669%) | (SOFR + 1.669%) |
| 1590000 | 4.679% | 07/17/26 | $1564162 |
| Natwest Group PLC<sup>(a)(c)</sup>  | Natwest Group PLC<sup>(a)(c)</sup>  | Natwest Group PLC<sup>(a)(c)</sup>  | Natwest Group PLC<sup>(a)(c)</sup>  |
| (1 year CMT + 2.150%) | (1 year CMT + 2.150%) | (1 year CMT + 2.150%) | (1 year CMT + 2.150%) |
| 1200000 | 2.359 | 05/22/24 | 1182852 |
| (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) |
| 5170000 | 4.519 | 06/25/24 | 5123418 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 1475000 | 0.500 | 10/26/23 | 1422342 |
| Santander Holdings USA, Inc. (SOFR + 1.380%) | Santander Holdings USA, Inc. (SOFR + 1.380%) | Santander Holdings USA, Inc. (SOFR + 1.380%) | Santander Holdings USA, Inc. (SOFR + 1.380%) |
| 2315000 | 4.260 <sup>(a)(c)</sup> | 06/09/25 | 2243513 |
| Santander UK Group Holdings PLC (SOFR + 0.787%) | Santander UK Group Holdings PLC (SOFR + 0.787%) | Santander UK Group Holdings PLC (SOFR + 0.787%) | Santander UK Group Holdings PLC (SOFR + 0.787%) |
| 1425000 | 1.089 <sup>(a)(c)</sup> | 03/15/25 | 1333729 |
| Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
| 4885000 | 4.351 <sup>(b)</sup> | 06/13/25 | 4776553 |
| Standard Chartered PLC<sup>(a)(b)(c)</sup>  | Standard Chartered PLC<sup>(a)(b)(c)</sup>  | Standard Chartered PLC<sup>(a)(b)(c)</sup>  | Standard Chartered PLC<sup>(a)(b)(c)</sup>  |
| (1 year CMT + 0.780%) | (1 year CMT + 0.780%) | (1 year CMT + 0.780%) | (1 year CMT + 0.780%) |
| 875000 | 0.991 | 01/12/25 | 824329 |
| (3M USD LIBOR + 1.080%) | (3M USD LIBOR + 1.080%) | (3M USD LIBOR + 1.080%) | (3M USD LIBOR + 1.080%) |
| 1400000 | 3.885 | 03/15/24 | 1392804 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 325000 | 0.508 | 01/12/24 | 309228 |
| 725000 | 0.948 | 01/12/26 | 638863 |
| Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| 2250000 | 0.800 <sup>(b)</sup> | 09/12/23 | 2179890 |
| Synovus Financial Corp. | Synovus Financial Corp. | Synovus Financial Corp. | Synovus Financial Corp. |
| 2310000 | 5.200 <sup>(a)</sup> | 08/11/25 | 2287062 |
| The Bank of New York Mellon Corp. | The Bank of New York Mellon Corp. | The Bank of New York Mellon Corp. | The Bank of New York Mellon Corp. |
| 1375000 | 0.350 <sup>(a)</sup> | 12/07/23 | 1318185 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 1810000 | 4.693 | 09/15/27 | 1789348 |
| UBS AG | UBS AG | UBS AG | UBS AG |
| 1775000 | 0.450 <sup>(b)</sup> | 02/09/24 | 1682771 |
| Wells Fargo & Co.<sup>(a)</sup>  | Wells Fargo & Co.<sup>(a)</sup>  | Wells Fargo & Co.<sup>(a)</sup>  | Wells Fargo & Co.<sup>(a)</sup>  |
| 500000 | 3.750 | 01/24/24 | 493560 |
| (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) |
| 2390000 | 4.540 <sup>(c)</sup> | 08/15/26 | 2344255 |
| (SOFR + 1.600%) | (SOFR + 1.600%) | (SOFR + 1.600%) | (SOFR + 1.600%) |
| 3125000 | 1.654 <sup>(c)</sup> | 06/02/24 | 3075312 |
|  |  |  | 120539343 |
| **Beverages – 1.2%** | **Beverages – 1.2%** | **Beverages – 1.2%** | **Beverages – 1.2%** |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 7830000 | 3.600 | 05/09/24 | 7664161 |
| JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
| 2625000 | 0.800 <sup>(a)(b)</sup> | 09/24/24 | 2400142 |
|  |  |  | 10064303 |
| **Biotechnology – 0.2%** | **Biotechnology – 0.2%** | **Biotechnology – 0.2%** | **Biotechnology – 0.2%** |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 131000 | 0.750 <sup>(a)</sup> | 09/29/23 | 126905 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 1200000 | 0.750 | 09/02/23 | 1162884 |
|  |  |  | 1289789 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Building Materials<sup>(a)(b)</sup> – 0.1%** | **Building Materials<sup>(a)(b)</sup> – 0.1%** | **Building Materials<sup>(a)(b)</sup> – 0.1%** | **Building Materials<sup>(a)(b)</sup> – 0.1%** |
| JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
| 1435000 | 4.625% | 12/15/25 | $1198799 |
| **Chemicals<sup>(a)</sup> – 0.2%** | **Chemicals<sup>(a)</sup> – 0.2%** | **Chemicals<sup>(a)</sup> – 0.2%** | **Chemicals<sup>(a)</sup> – 0.2%** |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 350000 | 3.500 | 05/08/24 | 338240 |
| Westlake Corp. | Westlake Corp. | Westlake Corp. | Westlake Corp. |
| 975000 | 0.875 | 08/15/24 | 905677 |
|  |  |  | 1243917 |
| **Commercial Services<sup>(a)</sup> – 0.2%** | **Commercial Services<sup>(a)</sup> – 0.2%** | **Commercial Services<sup>(a)</sup> – 0.2%** | **Commercial Services<sup>(a)</sup> – 0.2%** |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 1150000 | 3.750 | 06/01/23 | 1140788 |
| 525000 | 1.200 | 03/01/26 | 457674 |
|  |  |  | 1598462 |
| **Computers<sup>(a)</sup> – 1.0%** | **Computers<sup>(a)</sup> – 1.0%** | **Computers<sup>(a)</sup> – 1.0%** | **Computers<sup>(a)</sup> – 1.0%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 1447000 | 5.450 | 06/15/23 | 1447130 |
| 1075000 | 5.850 | 07/15/25 | 1088405 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2175000 | 4.450 | 10/02/23 | 2161842 |
| 3625000 | 1.450 | 04/01/24 | 3461150 |
|  |  |  | 8158527 |
| **Diversified Financial Services – 5.1%** | **Diversified Financial Services – 5.1%** | **Diversified Financial Services – 5.1%** | **Diversified Financial Services – 5.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 5600000 | 4.125 <sup>(a)</sup> | 07/03/23 | 5552568 |
| 3375000 | 1.150 | 10/29/23 | 3247054 |
| AIG Global Funding<sup>(b)</sup>  | AIG Global Funding<sup>(b)</sup>  | AIG Global Funding<sup>(b)</sup>  | AIG Global Funding<sup>(b)</sup>  |
| 2100000 | 0.800 | 07/07/23 | 2056656 |
| 1525000 | 0.450 | 12/08/23 | 1460553 |
| 5075000 | 0.650 | 06/17/24 | 4739339 |
| Air Lease Corp.<sup>(a)</sup>  | Air Lease Corp.<sup>(a)</sup>  | Air Lease Corp.<sup>(a)</sup>  | Air Lease Corp.<sup>(a)</sup>  |
| 5549000 | 4.250 | 02/01/24 | 5452836 |
| 825000 | 2.300 | 02/01/25 | 769148 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 3075000 | 1.450 <sup>(a)</sup> | 10/02/23 | 2978629 |
| Aviation Capital Group LLC<sup>(a)(b)</sup>  | Aviation Capital Group LLC<sup>(a)(b)</sup>  | Aviation Capital Group LLC<sup>(a)(b)</sup>  | Aviation Capital Group LLC<sup>(a)(b)</sup>  |
| 1200000 | 5.500 | 12/15/24 | 1177272 |
| 550000 | 1.950 | 01/30/26 | 479138 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| 675000 | 2.875 <sup>(a)(b)</sup> | 02/15/25 | 623633 |
| Capital One Financial Corp.<sup>(a)</sup>  | Capital One Financial Corp.<sup>(a)</sup>  | Capital One Financial Corp.<sup>(a)</sup>  | Capital One Financial Corp.<sup>(a)</sup>  |
| 725000 | 2.600 | 05/11/23 | 718896 |
| (SOFR + 0.690%) | (SOFR + 0.690%) | (SOFR + 0.690%) | (SOFR + 0.690%) |
| 3400000 | 4.963 <sup>(c)</sup> | 12/06/24 | 3332748 |
| LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC |
| 1490000 | 6.500 <sup>(a)(b)</sup> | 11/01/25 | 1015629 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 1395000 | 5.500 | 01/25/23 | 1392433 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 1390000 | 5.099 | 07/03/25 | 1375891 |
| OneMain Finance Corp.<sup>(a)</sup>  | OneMain Finance Corp.<sup>(a)</sup>  | OneMain Finance Corp.<sup>(a)</sup>  | OneMain Finance Corp.<sup>(a)</sup>  |
| 1415000 | 6.125 | 03/15/24 | 1368687 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| 3085000 | 4.875 %<sup>(a)</sup> | 06/13/25 | $3009603 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 1460000 | 5.500 <sup>(a)(b)</sup> | 11/15/25 | 1318555 |
|  |  |  | 42069268 |
| **Electrical – 4.8%** | **Electrical – 4.8%** | **Electrical – 4.8%** | **Electrical – 4.8%** |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 1750000 | 2.031 | 03/15/24 | 1684865 |
| Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
| 650000 | 3.200 <sup>(a)</sup> | 04/15/25 | 621361 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 650000 | 4.050 <sup>(a)</sup> | 04/15/25 | 640653 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 2025000 | 1.450 <sup>(a)</sup> | 04/15/26 | 1804477 |
| DTE Energy Co.<sup>(a)</sup>  | DTE Energy Co.<sup>(a)</sup>  | DTE Energy Co.<sup>(a)</sup>  | DTE Energy Co.<sup>(a)</sup>  |
| 4810000 | 4.220 <sup>(d)</sup> | 11/01/24 | 4733184 |
| 575000 | 1.050 | 06/01/25 | 520967 |
| Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
| 2575000 | 1.375 <sup>(a)(b)</sup> | 07/12/26 | 2230877 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 2000000 | 0.950 <sup>(a)</sup> | 10/01/24 | 1863380 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 2405000 | 4.200 | 06/27/24 | 2377126 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 400000 | 2.050 <sup>(a)</sup> | 03/01/25 | 370204 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 375000 | 2.850 <sup>(a)</sup> | 04/01/25 | 359325 |
| Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| 1000000 | 2.100 | 07/30/23 | 982740 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 3510000 | 4.255 | 09/01/24 | 3467739 |
| 2370000 | 4.450 | 06/20/25 | 2343669 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 1225000 | 3.750 <sup>(a)(b)</sup> | 06/15/24 | 1179724 |
| PPL Electric Utilities Corp.<sup>(a)(c)</sup>  | PPL Electric Utilities Corp.<sup>(a)(c)</sup>  | PPL Electric Utilities Corp.<sup>(a)(c)</sup>  | PPL Electric Utilities Corp.<sup>(a)(c)</sup>  |
| (3M USD LIBOR + 0.250%) | (3M USD LIBOR + 0.250%) | (3M USD LIBOR + 0.250%) | (3M USD LIBOR + 0.250%) |
| 275000 | 4.974 | 09/28/23 | 273210 |
| (SOFR + 0.330%) | (SOFR + 0.330%) | (SOFR + 0.330%) | (SOFR + 0.330%) |
| 1930000 | 4.653 | 06/24/24 | 1904949 |
| Public Service Enterprise Group, Inc.<sup>(a)</sup>  | Public Service Enterprise Group, Inc.<sup>(a)</sup>  | Public Service Enterprise Group, Inc.<sup>(a)</sup>  | Public Service Enterprise Group, Inc.<sup>(a)</sup>  |
| 1725000 | 0.841 | 11/08/23 | 1661451 |
| 675000 | 2.875 | 06/15/24 | 652590 |
| 675000 | 0.800 | 08/15/25 | 606022 |
| Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
| 500000 | 0.900 <sup>(a)</sup> | 01/15/26 | 439510 |
| The Southern Co.<sup>(a)</sup>  | The Southern Co.<sup>(a)</sup>  | The Southern Co.<sup>(a)</sup>  | The Southern Co.<sup>(a)</sup>  |
| 1400000 | 2.950 | 07/01/23 | 1387120 |
| 3575000 | 4.475 <sup>(d)</sup> | 08/01/24 | 3530134 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 875000 | 3.550 <sup>(a)(b)</sup> | 07/15/24 | 839694 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 725000 | 0.550 | 09/15/23 | 701706 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 1948000 | 0.500 %<sup>(a)</sup> | 10/15/23 | $1875301 |
|  |  |  | 39051978 |
| **Entertainment<sup>(a)(b)</sup> – 0.6%** | **Entertainment<sup>(a)(b)</sup> – 0.6%** | **Entertainment<sup>(a)(b)</sup> – 0.6%** | **Entertainment<sup>(a)(b)</sup> – 0.6%** |
| Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU |
| 1410000 | 5.375 | 03/01/25 | 1330589 |
| Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. |
| 2600000 | 5.750 | 07/01/25 | 2548000 |
| Six Flags Theme Parks, Inc. | Six Flags Theme Parks, Inc. | Six Flags Theme Parks, Inc. | Six Flags Theme Parks, Inc. |
| 610000 | 7.000 | 07/01/25 | 615105 |
|  |  |  | 4493694 |
| **Environmental<sup>(a)</sup> – 0.2%** | **Environmental<sup>(a)</sup> – 0.2%** | **Environmental<sup>(a)</sup> – 0.2%** | **Environmental<sup>(a)</sup> – 0.2%** |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 1415000 | 3.750 <sup>(b)</sup> | 08/01/25 | 1336298 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 625000 | 0.750 | 11/15/25 | 559600 |
|  |  |  | 1895898 |
| **Food & Drug Retailing – 2.1%** | **Food & Drug Retailing – 2.1%** | **Food & Drug Retailing – 2.1%** | **Food & Drug Retailing – 2.1%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC |
| 1430000 | 3.250 <sup>(a)(b)</sup> | 03/15/26 | 1305333 |
| B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
| 1415000 | 5.250 <sup>(a)</sup> | 04/01/25 | 1246601 |
| Danone SA | Danone SA | Danone SA | Danone SA |
| 7000000 | 2.589 <sup>(a)(b)</sup> | 11/02/23 | 6848450 |
| Mondelez International Holdings Netherlands B.V.<sup>(b)</sup>  | Mondelez International Holdings Netherlands B.V.<sup>(b)</sup>  | Mondelez International Holdings Netherlands B.V.<sup>(b)</sup>  | Mondelez International Holdings Netherlands B.V.<sup>(b)</sup>  |
| 2500000 | 0.750 | 09/24/24 | 2313100 |
| 3250000 | 4.250 | 09/15/25 | 3186267 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 525000 | 1.500 <sup>(a)</sup> | 05/04/25 | 486612 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 1385000 | 6.250 <sup>(a)(b)</sup> | 04/15/25 | 1373768 |
|  |  |  | 16760131 |
| **Forest Products&Paper<sup>(b)</sup> – 0.1%** | **Forest Products&Paper<sup>(b)</sup> – 0.1%** | **Forest Products&Paper<sup>(b)</sup> – 0.1%** | **Forest Products&Paper<sup>(b)</sup> – 0.1%** |
| Georgia-Pacific LLC | Georgia-Pacific LLC | Georgia-Pacific LLC | Georgia-Pacific LLC |
| 1125000 | 0.625 | 05/15/24 | 1057387 |
| **Gaming<sup>(a)</sup> – 0.2%** | **Gaming<sup>(a)</sup> – 0.2%** | **Gaming<sup>(a)</sup> – 0.2%** | **Gaming<sup>(a)</sup> – 0.2%** |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 1375000 | 6.750 | 05/01/25 | 1385890 |
| **Gas<sup>(a)</sup> – 0.3%** | **Gas<sup>(a)</sup> – 0.3%** | **Gas<sup>(a)</sup> – 0.3%** | **Gas<sup>(a)</sup> – 0.3%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| 1290000 | 5.875 | 08/20/26 | 1227525 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 1025000 | 0.950 | 08/15/25 | 924540 |
| The East Ohio Gas Co. | The East Ohio Gas Co. | The East Ohio Gas Co. | The East Ohio Gas Co. |
| 250000 | 1.300 <sup>(b)</sup> | 06/15/25 | 226560 |
|  |  |  | 2378625 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services – 2.5%** | **Healthcare Providers & Services – 2.5%** | **Healthcare Providers & Services – 2.5%** | **Healthcare Providers & Services – 2.5%** |
| Aetna, Inc.<sup>(a)</sup>  | Aetna, Inc.<sup>(a)</sup>  | Aetna, Inc.<sup>(a)</sup>  | Aetna, Inc.<sup>(a)</sup>  |
| 975000 | 2.800% | 06/15/23 | $964948 |
| 2250000 | 3.500 | 11/15/24 | 2187630 |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| 4000000 | 0.868 | 12/01/23 | 3847160 |
| DH Europe Finance II S.a.r.l. | DH Europe Finance II S.a.r.l. | DH Europe Finance II S.a.r.l. | DH Europe Finance II S.a.r.l. |
| 3025000 | 2.200 <sup>(a)</sup> | 11/15/24 | 2880193 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 2525000 | 0.650 <sup>(a)</sup> | 08/03/23 | 2462330 |
| PerkinElmer, Inc. | PerkinElmer, Inc. | PerkinElmer, Inc. | PerkinElmer, Inc. |
| 1700000 | 0.850 <sup>(a)</sup> | 09/15/24 | 1576886 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 4050000 | 1.215 <sup>(a)</sup> | 10/18/24 | 3800965 |
| Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
| 3000000 | 1.450 <sup>(a)</sup> | 11/22/24 | 2792010 |
|  |  |  | 20512122 |
| **Home Builders<sup>(a)</sup> – 0.0%** | **Home Builders<sup>(a)</sup> – 0.0%** | **Home Builders<sup>(a)</sup> – 0.0%** | **Home Builders<sup>(a)</sup> – 0.0%** |
| D.R. Horton, Inc. | D.R. Horton, Inc. | D.R. Horton, Inc. | D.R. Horton, Inc. |
| 199000 | 4.750 | 02/15/23 | 198881 |
| **Insurance – 2.2%** | **Insurance – 2.2%** | **Insurance – 2.2%** | **Insurance – 2.2%** |
| Athene Global Funding<sup>(b)</sup>  | Athene Global Funding<sup>(b)</sup>  | Athene Global Funding<sup>(b)</sup>  | Athene Global Funding<sup>(b)</sup>  |
| 1090000 | 2.800 | 05/26/23 | 1078719 |
| 875000 | 1.200 | 10/13/23 | 844918 |
| 2225000 | 0.950 | 01/08/24 | 2117799 |
| 375000 | 2.500 | 01/14/25 | 350498 |
| 600000 | 1.450 | 01/08/26 | 526218 |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 700000 | 1.400 <sup>(b)</sup> | 07/07/25 | 635054 |
| Great-West Lifeco US Finance 2020 LP | Great-West Lifeco US Finance 2020 LP | Great-West Lifeco US Finance 2020 LP | Great-West Lifeco US Finance 2020 LP |
| 425000 | 0.904 <sup>(a)(b)</sup> | 08/12/25 | 378369 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| 2325000 | 1.125 | 11/22/23 | 2241509 |
| Pacific Life Global Funding II (SOFR + 0.800%) | Pacific Life Global Funding II (SOFR + 0.800%) | Pacific Life Global Funding II (SOFR + 0.800%) | Pacific Life Global Funding II (SOFR + 0.800%) |
| 5400000 | 5.123 <sup>(b)(c)</sup> | 03/30/25 | 5289786 |
| Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
| 2150000 | 0.500 <sup>(b)</sup> | 01/08/24 | 2050304 |
| Protective Life Global Funding<sup>(b)</sup>  | Protective Life Global Funding<sup>(b)</sup>  | Protective Life Global Funding<sup>(b)</sup>  | Protective Life Global Funding<sup>(b)</sup>  |
| 2100000 | 0.631 | 10/13/23 | 2027151 |
| 600000 | 0.473 | 01/12/24 | 571494 |
|  |  |  | 18111819 |
| **Internet<sup>(a)(b)</sup> – 0.4%** | **Internet<sup>(a)(b)</sup> – 0.4%** | **Internet<sup>(a)(b)</sup> – 0.4%** | **Internet<sup>(a)(b)</sup> – 0.4%** |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 2260000 | 3.257 | 01/19/27 | 2028350 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 1365000 | 7.500 | 05/15/25 | 1366952 |
|  |  |  | 3395302 |
| **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** |
| Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. |
| 730000 | 3.950 | 05/23/25 | 714071 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Iron/Steel – (continued)** | **Iron/Steel – (continued)** | **Iron/Steel – (continued)** | **Iron/Steel – (continued)** |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 1240000 | 2.400 %<sup>(a)</sup> | 06/15/25 | $1161632 |
|  |  |  | 1875703 |
| **Leisure Time<sup>(a)(b)</sup> – 0.3%** | **Leisure Time<sup>(a)(b)</sup> – 0.3%** | **Leisure Time<sup>(a)(b)</sup> – 0.3%** | **Leisure Time<sup>(a)(b)</sup> – 0.3%** |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 930000 | 5.875 | 02/15/27 | 804971 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 1585000 | 11.500 | 06/01/25 | 1702527 |
|  |  |  | 2507498 |
| **Media – 0.9%** | **Media – 0.9%** | **Media – 0.9%** | **Media – 0.9%** |
| 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 |
| 2700000 | 4.500 <sup>(a)</sup> | 02/01/24 | 2667438 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 1370000 | 5.250 | 06/01/24 | 1276977 |
| The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. |
| 825000 | 3.350 | 03/24/25 | 799136 |
| Time Warner Entertainment Co. LP | Time Warner Entertainment Co. LP | Time Warner Entertainment Co. LP | Time Warner Entertainment Co. LP |
| 2200000 | 8.375 | 03/15/23 | 2214652 |
|  |  |  | 6958203 |
| **Mining<sup>(a)(b)</sup> – 0.1%** | **Mining<sup>(a)(b)</sup> – 0.1%** | **Mining<sup>(a)(b)</sup> – 0.1%** | **Mining<sup>(a)(b)</sup> – 0.1%** |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 675000 | 1.625 | 09/01/25 | 611638 |
| **Miscellaneous Manufacturing – 1.5%** | **Miscellaneous Manufacturing – 1.5%** | **Miscellaneous Manufacturing – 1.5%** | **Miscellaneous Manufacturing – 1.5%** |
| Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  |
| 522000 | 5.625 <sup>(b)</sup> | 07/01/27 | 498609 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 1380000 | 5.750 <sup>(a)</sup> | 06/15/25 | 1382746 |
| Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. |
| 4745000 | 3.650 | 06/15/24 | 4642366 |
| Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV |
| 6150000 | 0.650 <sup>(b)</sup> | 03/11/24 | 5842992 |
|  |  |  | 12366713 |
| **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| 1385000 | 5.000 | 08/15/25 | 1274823 |
| **Oil Field Services<sup>(a)</sup> – 0.9%** | **Oil Field Services<sup>(a)</sup> – 0.9%** | **Oil Field Services<sup>(a)</sup> – 0.9%** | **Oil Field Services<sup>(a)</sup> – 0.9%** |
| Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| 825000 | 2.050 | 07/15/25 | 767803 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
| 900000 | 2.992 | 03/19/25 | 867573 |
| Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
| 950000 | 0.900 | 02/15/24 | 909160 |
| Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy |
| 2520000 | 1.375 <sup>(b)</sup> | 09/12/26 | 2227522 |
| SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. |
| 2520000 | 1.602 | 06/17/26 | 2244847 |
|  |  |  | 7016905 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging – 0.9%** | **Packaging – 0.9%** | **Packaging – 0.9%** | **Packaging – 0.9%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
| 557000 | 6.000 %<sup>(a)(b)</sup> | 06/15/27 | $545732 |
| 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. |
| 1395000 | 5.250 <sup>(a)(b)</sup> | 04/30/25 | 1334415 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 2065000 | 4.000 | 11/15/23 | 2029544 |
| Berry Global, Inc.<sup>(a)</sup>  | Berry Global, Inc.<sup>(a)</sup>  | Berry Global, Inc.<sup>(a)</sup>  | Berry Global, Inc.<sup>(a)</sup>  |
| 2100000 | 0.950 | 02/15/24 | 1995945 |
| 550000 | 1.570 | 01/15/26 | 491100 |
| Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
| 1160000 | 5.500 <sup>(a)(b)</sup> | 04/15/24 | 1128634 |
|  |  |  | 7525370 |
| **Pharmaceuticals<sup>(a)</sup> – 2.6%** | **Pharmaceuticals<sup>(a)</sup> – 2.6%** | **Pharmaceuticals<sup>(a)</sup> – 2.6%** | **Pharmaceuticals<sup>(a)</sup> – 2.6%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 7750000 | 2.600 | 11/21/24 | 7420005 |
| AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
| 2000000 | 3.500 | 08/17/23 | 1983560 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 1450000 | 0.537 | 11/13/23 | 1397684 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 1310000 | 3.000 | 07/15/23 | 1295472 |
| 1357000 | 3.750 | 07/15/23 | 1346999 |
| 3170000 | 0.613 | 03/15/24 | 3005160 |
| GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC |
| 875000 | 0.534 | 10/01/23 | 846703 |
| Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. |
| 2940000 | 7.875 <sup>(b)</sup> | 09/01/25 | 2610367 |
| PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
| 1435000 | 2.875 <sup>(b)</sup> | 07/15/26 | 1299349 |
|  |  |  | 21205299 |
| **Pipelines – 2.6%** | **Pipelines – 2.6%** | **Pipelines – 2.6%** | **Pipelines – 2.6%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 4000000 | 4.000 <sup>(a)</sup> | 10/01/23 | 3958920 |
| 1150000 | 0.550 | 10/04/23 | 1111636 |
| (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) |
| 600000 | 4.560 <sup>(c)</sup> | 02/17/23 | 598764 |
| (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) |
| 1950000 | 4.785 <sup>(c)</sup> | 02/16/24 | 1932528 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 649000 | 3.350 <sup>(a)</sup> | 03/15/23 | 646683 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 4850000 | 5.625 <sup>(a)(b)</sup> | 11/15/23 | 4850533 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 4874000 | 4.500 <sup>(a)</sup> | 07/15/23 | 4852944 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 1360000 | 6.000 <sup>(a)</sup> | 06/01/26 | 1313529 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 2275000 | 1.000 <sup>(a)</sup> | 10/12/24 | 2107333 |
|  |  |  | 21372870 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – 0.8%** | **Real Estate Investment Trust – 0.8%** | **Real Estate Investment Trust – 0.8%** | **Real Estate Investment Trust – 0.8%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 1675000 | 3.000% | 06/15/23 | $1657815 |
| 750000 | 0.600 | 01/15/24 | 714780 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 700000 | 1.350 <sup>(a)</sup> | 07/15/25 | 636440 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 3715000 | 4.375 | 05/15/25 | 3618001 |
|  |  |  | 6627036 |
| **Retailing<sup>(a)</sup> – 0.9%** | **Retailing<sup>(a)</sup> – 0.9%** | **Retailing<sup>(a)</sup> – 0.9%** | **Retailing<sup>(a)</sup> – 0.9%** |
| 7-Eleven, Inc.<sup>(b)</sup>  | 7-Eleven, Inc.<sup>(b)</sup>  | 7-Eleven, Inc.<sup>(b)</sup>  | 7-Eleven, Inc.<sup>(b)</sup>  |
| 4325000 | 0.800 | 02/10/24 | 4114156 |
| 400000 | 0.950 | 02/10/26 | 349972 |
| Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. |
| 1375000 | 1.750 | 02/01/25 | 1285130 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 1515000 | 3.500 | 09/01/25 | 1411253 |
|  |  |  | 7160511 |
| **Savings&Loans<sup>(a)(b)(c)</sup> – 0.1%** | **Savings&Loans<sup>(a)(b)(c)</sup> – 0.1%** | **Savings&Loans<sup>(a)(b)(c)</sup> – 0.1%** | **Savings&Loans<sup>(a)(b)(c)</sup> – 0.1%** |
| Nationwide Building Society (3M USD LIBOR + 1.064%) | Nationwide Building Society (3M USD LIBOR + 1.064%) | Nationwide Building Society (3M USD LIBOR + 1.064%) | Nationwide Building Society (3M USD LIBOR + 1.064%) |
| 1001000 | 3.766 | 03/08/24 | 995685 |
| **Semiconductors<sup>(a)</sup> – 1.1%** | **Semiconductors<sup>(a)</sup> – 1.1%** | **Semiconductors<sup>(a)</sup> – 1.1%** | **Semiconductors<sup>(a)</sup> – 1.1%** |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. |
| 3600000 | 3.625 | 01/15/24 | 3538476 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 5225000 | 3.625 | 10/15/24 | 5089046 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. |
| 275000 | 2.700 | 05/01/25 | 258552 |
|  |  |  | 8886074 |
| **Software – 3.3%** | **Software – 3.3%** | **Software – 3.3%** | **Software – 3.3%** |
| Fidelity National Information Services, Inc.<sup>(a)</sup>  | Fidelity National Information Services, Inc.<sup>(a)</sup>  | Fidelity National Information Services, Inc.<sup>(a)</sup>  | Fidelity National Information Services, Inc.<sup>(a)</sup>  |
| 1050000 | 1.150 | 03/01/26 | 921438 |
| 3950000 | 4.700 | 07/15/27 | 3857214 |
| Fiserv, Inc.<sup>(a)</sup>  | Fiserv, Inc.<sup>(a)</sup>  | Fiserv, Inc.<sup>(a)</sup>  | Fiserv, Inc.<sup>(a)</sup>  |
| 825000 | 3.800 | 10/01/23 | 816470 |
| 7950000 | 2.750 | 07/01/24 | 7667934 |
| Infor, Inc. | Infor, Inc. | Infor, Inc. | Infor, Inc. |
| 1225000 | 1.450 <sup>(a)(b)</sup> | 07/15/23 | 1191790 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| 500000 | 0.950 <sup>(a)</sup> | 07/15/25 | 455335 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1400000 | 2.500 <sup>(a)</sup> | 04/01/25 | 1320074 |
| 1900000 | 5.800 | 11/10/25 | 1940793 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 6205000 | 3.300 | 03/28/24 | 6055832 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 2600000 | 1.000 <sup>(a)</sup> | 08/15/24 | 2418572 |
|  |  |  | 26645452 |
| **Telecommunication Services – 2.8%** | **Telecommunication Services – 2.8%** | **Telecommunication Services – 2.8%** | **Telecommunication Services – 2.8%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 5400000 | 0.900 <sup>(a)</sup> | 03/25/24 | 5131404 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** |
| The Bell Telephone Co. of Canada | The Bell Telephone Co. of Canada | The Bell Telephone Co. of Canada | The Bell Telephone Co. of Canada |
| 4275000 | 0.750% | 03/17/24 | $4048767 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 8800000 | 3.500 <sup>(a)</sup> | 04/15/25 | 8471584 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 4525000 | 0.750 | 03/22/24 | 4295537 |
| 1450000 | 0.850 <sup>(a)</sup> | 11/20/25 | 1295068 |
|  |  |  | 23242360 |
| **Transportation<sup>(a)</sup> – 0.7%** | **Transportation<sup>(a)</sup> – 0.7%** | **Transportation<sup>(a)</sup> – 0.7%** | **Transportation<sup>(a)</sup> – 0.7%** |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 5375000 | 1.350 | 12/02/24 | 5015144 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 1000000 | 3.900 | 04/01/25 | 985170 |
|  |  |  | 6000314 |
| **Trucking & Leasing<sup>(a)(b)</sup> – 0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.1%** | **Trucking & Leasing<sup>(a)(b)</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. |
| 1025000 | 1.200 | 11/15/25 | 902072 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $518,103,357)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $518,103,357)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $518,103,357)** | $495393741 |
| **Asset-Backed Securities – 25.3%** | **Asset-Backed Securities – 25.3%** | **Asset-Backed Securities – 25.3%** | **Asset-Backed Securities – 25.3%** |
| **Automotive – 9.2%** | **Automotive – 9.2%** | **Automotive – 9.2%** | **Automotive – 9.2%** |
| Ford Credit Auto Owner Trust Series 2019-1, Class A | Ford Credit Auto Owner Trust Series 2019-1, Class A | Ford Credit Auto Owner Trust Series 2019-1, Class A | Ford Credit Auto Owner Trust Series 2019-1, Class A |
| 2600000 | 3.520 %<sup>(b)</sup> | 07/15/30 | $2547607 |
| Ford Credit Auto Owner Trust Series 2020-1, Class A | Ford Credit Auto Owner Trust Series 2020-1, Class A | Ford Credit Auto Owner Trust Series 2020-1, Class A | Ford Credit Auto Owner Trust Series 2020-1, Class A |
| 6835000 | 2.040 <sup>(b)</sup> | 08/15/31 | 6378458 |
| Ford Credit Auto Owner Trust Series 2022-D, Class A2A | Ford Credit Auto Owner Trust Series 2022-D, Class A2A | Ford Credit Auto Owner Trust Series 2022-D, Class A2A | Ford Credit Auto Owner Trust Series 2022-D, Class A2A |
| 2125000 | 5.370 | 08/15/25 | 2125898 |
| Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%) | Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%) | Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%) | Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%) |
| 1500000 | 4.818 <sup>(c)</sup> | 09/15/25 | 1493640 |
| Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A | Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A | Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A | Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A |
| 3200000 | 1.060 | 09/15/27 | 2872509 |
| Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A | Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A | Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A | Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A |
| 6900000 | 3.170 | 03/15/25 | 6873339 |
| Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A | Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A | Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A | Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A |
| 3625000 | 2.440 | 09/15/26 | 3466820 |
| GM Financial Consumer Automobile Receivables Trust 2021-4, Class A3 | GM Financial Consumer Automobile Receivables Trust 2021-4, Class A3 | GM Financial Consumer Automobile Receivables Trust 2021-4, Class A3 | GM Financial Consumer Automobile Receivables Trust 2021-4, Class A3 |
| 5700000 | 0.680 | 09/16/26 | 5389325 |
| GMF Floorplan Owner Revolving Trust Series 2019-2, Class A | GMF Floorplan Owner Revolving Trust Series 2019-2, Class A | GMF Floorplan Owner Revolving Trust Series 2019-2, Class A | GMF Floorplan Owner Revolving Trust Series 2019-2, Class A |
| 1500000 | 2.900 <sup>(b)</sup> | 04/15/26 | 1448168 |
| GMF Floorplan Owner Revolving Trust Series 2020-2, Class A | GMF Floorplan Owner Revolving Trust Series 2020-2, Class A | GMF Floorplan Owner Revolving Trust Series 2020-2, Class A | GMF Floorplan Owner Revolving Trust Series 2020-2, Class A |
| 1500000 | 0.690 <sup>(b)</sup> | 10/15/25 | 1444698 |
| Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3 | Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3 | Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3 | Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3 |
| 1550000 | 0.330 <sup>(b)</sup> | 06/17/24 | 1526607 |
| Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3 | Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3 | Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3 | Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3 |
| 7600000 | 0.380 <sup>(b)</sup> | 09/16/24 | 7383737 |
| Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3 | Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3 | Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3 | Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3 |
| 3600000 | 1.160 <sup>(b)</sup> | 01/15/25 | 3469889 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
| Hyundai Auto Receivables Trust Series 2021-A, Class A3 | Hyundai Auto Receivables Trust Series 2021-A, Class A3 | Hyundai Auto Receivables Trust Series 2021-A, Class A3 | Hyundai Auto Receivables Trust Series 2021-A, Class A3 |
| 840959 | 0.380% | 09/15/25 | $810919 |
| Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 |
| 2975000 | 5.390 | 06/15/27 | 3008118 |
| Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3 | Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3 | Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3 | Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3 |
| 2550000 | 0.400 | 11/15/24 | 2475285 |
| Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2 | Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2 | Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2 | Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2 |
| 900000 | 5.260 | 10/15/25 | 901371 |
| NextGear Floorplan Master Owner Trust Series 2021-1A, Class A | NextGear Floorplan Master Owner Trust Series 2021-1A, Class A | NextGear Floorplan Master Owner Trust Series 2021-1A, Class A | NextGear Floorplan Master Owner Trust Series 2021-1A, Class A |
| 5500000 | 0.850 <sup>(b)</sup> | 07/15/26 | 5107596 |
| Tesla Auto Lease Trust Series 2021-A, Class A3 | Tesla Auto Lease Trust Series 2021-A, Class A3 | Tesla Auto Lease Trust Series 2021-A, Class A3 | Tesla Auto Lease Trust Series 2021-A, Class A3 |
| 500000 | 0.560 <sup>(b)</sup> | 03/20/25 | 484332 |
| Tesla Auto Lease Trust Series 2021-A, Class A4 | Tesla Auto Lease Trust Series 2021-A, Class A4 | Tesla Auto Lease Trust Series 2021-A, Class A4 | Tesla Auto Lease Trust Series 2021-A, Class A4 |
| 1800000 | 0.660 <sup>(b)</sup> | 03/20/25 | 1725980 |
| Tesla Auto Lease Trust Series 2021-B, Class A3 | Tesla Auto Lease Trust Series 2021-B, Class A3 | Tesla Auto Lease Trust Series 2021-B, Class A3 | Tesla Auto Lease Trust Series 2021-B, Class A3 |
| 5300000 | 0.600 <sup>(b)</sup> | 09/22/25 | 4990771 |
| Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 |
| 3800000 | 0.710 | 04/15/26 | 3583393 |
| Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 |
| 2000000 | 5.300 | 09/15/27 | 2024776 |
| Toyota Lease Owner Trust Series 2021-A, Class A3 | Toyota Lease Owner Trust Series 2021-A, Class A3 | Toyota Lease Owner Trust Series 2021-A, Class A3 | Toyota Lease Owner Trust Series 2021-A, Class A3 |
| 1565511 | 0.390 <sup>(b)</sup> | 04/22/24 | 1543366 |
| Toyota Lease Owner Trust Series 2021-A, Class A4 | Toyota Lease Owner Trust Series 2021-A, Class A4 | Toyota Lease Owner Trust Series 2021-A, Class A4 | Toyota Lease Owner Trust Series 2021-A, Class A4 |
| 375000 | 0.500 <sup>(b)</sup> | 08/20/25 | 361460 |
| Toyota Lease Owner Trust Series 2021-B, Class A3 | Toyota Lease Owner Trust Series 2021-B, Class A3 | Toyota Lease Owner Trust Series 2021-B, Class A3 | Toyota Lease Owner Trust Series 2021-B, Class A3 |
| 1550000 | 0.420 <sup>(b)</sup> | 10/21/24 | 1505910 |
|  |  |  | 74943972 |
| **Collateralized Loan Obligations<sup>(b)(c)</sup> – 10.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 10.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 10.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 10.2%** |
| AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%) | AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%) | AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%) | AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%) |
| 2100000 | 5.425 | 04/22/34 | 2047225 |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) |
| 1300000 | 5.443 | 07/20/34 | 1265903 |
| Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%) |
| 4000000 | 5.229 | 04/15/34 | 3917632 |
| Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%) | Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%) | Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%) | Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%) |
| 3526267 | 5.424 | 01/28/31 | 3482971 |
| Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%) |
| 5000000 | 5.465 | 01/22/35 | 4844295 |
| BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%) | BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%) | BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%) | BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%) |
| 1000000 | 5.518 | 10/15/36 | 951631 |
| CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) | CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) | CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) | CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) |
| 2600000 | 5.423 | 07/20/34 | 2537704 |
| CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%) | CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%) | CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%) | CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%) |
| 5000000 | 5.269 | 07/17/34 | 4824760 |
| Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD LIBOR + 1.000%) | Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD LIBOR + 1.000%) | Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD LIBOR + 1.000%) | Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD LIBOR + 1.000%) |
| 3000000 | 5.243 | 01/20/31 | 2962305 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (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<sup>(b)(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – (continued)** |
| Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%) | Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%) | Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%) | Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%) |
| 5950000 | 5.164% | 04/18/31 | $5850290 |
| ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%) | ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%) | ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%) | ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%) |
| 12000000 | 5.537 | 10/26/34 | 11595072 |
| Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%) |
| 4976246 | 4.829 | 04/15/29 | 4912068 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%) |
| 1000000 | 5.149 | 07/15/33 | 980442 |
| Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) |
| 5000000 | 5.775 | 05/20/32 | 4854500 |
| OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%) | OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%) | OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%) | OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%) |
| 2600000 | 5.407 | 04/26/31 | 2560449 |
| Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%) | Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%) | Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%) | Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%) |
| 1000000 | 5.199 | 07/15/34 | 971145 |
| OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%) |
| 2500000 | 5.383 | 07/02/35 | 2438835 |
| Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%) | Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%) | Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%) | Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%) |
| 6700000 | 5.384 | 10/18/34 | 6499261 |
| Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%) | Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%) | Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%) | Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%) |
| 1400000 | 5.563 | 07/20/32 | 1364248 |
| Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%) | Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%) | Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%) | Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%) |
| 15000000 | 5.269 | 01/15/35 | 14465640 |
| Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%) |
| 475000 | 5.724 | 07/28/32 | 465915 |
|  |  |  | 83792291 |
| **Credit Card – 4.1%** | **Credit Card – 4.1%** | **Credit Card – 4.1%** | **Credit Card – 4.1%** |
| Barclays Dryrock Issuance Trust Series 2021-1, Class A | Barclays Dryrock Issuance Trust Series 2021-1, Class A | Barclays Dryrock Issuance Trust Series 2021-1, Class A | Barclays Dryrock Issuance Trust Series 2021-1, Class A |
| 6200000 | 0.630 | 07/15/27 | 5768516 |
| CARDS II Trust Series 2021-1A, Class A | CARDS II Trust Series 2021-1A, Class A | CARDS II Trust Series 2021-1A, Class A | CARDS II Trust Series 2021-1A, Class A |
| 4075000 | 0.602 <sup>(b)</sup> | 04/15/27 | 3843640 |
| Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%) | Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%) | Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%) | Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%) |
| 8100000 | 4.981 <sup>(c)</sup> | 04/22/26 | 8086241 |
| Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%) | Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%) | Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%) | Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%) |
| 960000 | 4.683 <sup>(c)</sup> | 01/20/25 | 959906 |
| Evergreen Credit Card Trust Series 2021-1, Class A | Evergreen Credit Card Trust Series 2021-1, Class A | Evergreen Credit Card Trust Series 2021-1, Class A | Evergreen Credit Card Trust Series 2021-1, Class A |
| 8275000 | 0.900 <sup>(b)</sup> | 10/15/26 | 7677820 |
| Master Credit Card Trust II Series 2020-1A, Class A | Master Credit Card Trust II Series 2020-1A, Class A | Master Credit Card Trust II Series 2020-1A, Class A | Master Credit Card Trust II Series 2020-1A, Class A |
| 3600000 | 1.990 <sup>(b)</sup> | 09/21/24 | 3577446 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Credit Card – (continued)** | **Credit Card – (continued)** | **Credit Card – (continued)** | **Credit Card – (continued)** |
| Master Credit Card Trust Series 2021-1A, Class A | Master Credit Card Trust Series 2021-1A, Class A | Master Credit Card Trust Series 2021-1A, Class A | Master Credit Card Trust Series 2021-1A, Class A |
| 3900000 | 0.530 %<sup>(b)</sup> | 11/21/25 | $3664103 |
|  |  |  | 33577672 |
| **Student Loan<sup>(c)</sup> – 1.8%** | **Student Loan<sup>(c)</sup> – 1.8%** | **Student Loan<sup>(c)</sup> – 1.8%** | **Student Loan<sup>(c)</sup> – 1.8%** |
| Access Group, Inc. Series 2013-1, Class A (1M USD LIBOR + 0.500%) | Access Group, Inc. Series 2013-1, Class A (1M USD LIBOR + 0.500%) | Access Group, Inc. Series 2013-1, Class A (1M USD LIBOR + 0.500%) | Access Group, Inc. Series 2013-1, Class A (1M USD LIBOR + 0.500%) |
| 599522 | 4.516 <sup>(b)</sup> | 02/25/36 | 588298 |
| ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) |
| 1316320 | 5.589 <sup>(b)</sup> | 12/27/66 | 1272098 |
| Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) | Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) | Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) | Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) |
| 1093902 | 5.089 <sup>(b)</sup> | 02/25/39 | 1083283 |
| Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) | Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) | Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) | Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) |
| 14575 | 5.457 <sup>(b)</sup> | 08/25/48 | 14138 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) |
| 1157338 | 5.258 | 07/25/45 | 1145328 |
| Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%) |
| 772055 | 5.169 | 03/25/51 | 746309 |
| Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%) | Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%) | Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%) | Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%) |
| 464755 | 5.707 | 02/25/42 | 459449 |
| Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%) |
| 179286 | 5.308 | 04/25/38 | 175881 |
| Navient Student Loan Trust Series 2017-2A, Class A (1M USD LIBOR + 1.050%) | Navient Student Loan Trust Series 2017-2A, Class A (1M USD LIBOR + 1.050%) | Navient Student Loan Trust Series 2017-2A, Class A (1M USD LIBOR + 1.050%) | Navient Student Loan Trust Series 2017-2A, Class A (1M USD LIBOR + 1.050%) |
| 2110148 | 5.439 <sup>(b)</sup> | 12/27/66 | 2062504 |
| Navient Student Loan Trust Series 2017-4A, Class A2 (1M USD LIBOR + 0.500%) | Navient Student Loan Trust Series 2017-4A, Class A2 (1M USD LIBOR + 0.500%) | Navient Student Loan Trust Series 2017-4A, Class A2 (1M USD LIBOR + 0.500%) | Navient Student Loan Trust Series 2017-4A, Class A2 (1M USD LIBOR + 0.500%) |
| 53346 | 4.889 <sup>(b)</sup> | 09/27/66 | 53341 |
| Nelnet Student Loan Trust Series 2012-3A, Class A (1M USD LIBOR + 0.700%) | Nelnet Student Loan Trust Series 2012-3A, Class A (1M USD LIBOR + 0.700%) | Nelnet Student Loan Trust Series 2012-3A, Class A (1M USD LIBOR + 0.700%) | Nelnet Student Loan Trust Series 2012-3A, Class A (1M USD LIBOR + 0.700%) |
| 2024495 | 5.089 <sup>(b)</sup> | 02/25/45 | 2024473 |
| PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) | PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) | PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) | PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) |
| 2802832 | 4.979 <sup>(b)</sup> | 08/25/40 | 2762362 |
| Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%) |
| 642757 | 4.668 | 07/01/31 | 642168 |
| SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%) | SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%) | SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%) | SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%) |
| 1207960 | 4.666 | 05/15/29 | 1169218 |
| SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%) | SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%) | SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%) | SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%) |
| 247002 | 5.574 | 11/25/42 | 244011 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (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>(c)</sup> – (continued)** | **Student Loan<sup>(c)</sup> – (continued)** | **Student Loan<sup>(c)</sup> – (continued)** | **Student Loan<sup>(c)</sup> – (continued)** |
| SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) | SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) | SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) | SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) |
| 160580 | 6.058% | 07/25/23 | $157839 |
|  |  |  | 14600700 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $214,939,478)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $214,939,478)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $214,939,478)** | $206914635 |
| **Sovereign Debt Obligations – 4.3%** | **Sovereign Debt Obligations – 4.3%** | **Sovereign Debt Obligations – 4.3%** | **Sovereign Debt Obligations – 4.3%** |
| **Japanese Yen<sup>(e)</sup> –3.6%** | **Japanese Yen<sup>(e)</sup> –3.6%** | **Japanese Yen<sup>(e)</sup> –3.6%** | **Japanese Yen<sup>(e)</sup> –3.6%** |
| Japan Treasury Bills | Japan Treasury Bills | Japan Treasury Bills | Japan Treasury Bills |
| 2610000000 | 0.000% | 01/06/23 | $19891406 |
| Japan Treasury Discount Bill | Japan Treasury Discount Bill | Japan Treasury Discount Bill | Japan Treasury Discount Bill |
| 1250000000 | 0.000 | 01/11/23 | 9525297 |
|  |  |  | 29416703 |
| **United States Dollar – 0.7%** | **United States Dollar – 0.7%** | **United States Dollar – 0.7%** | **United States Dollar – 0.7%** |
| Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| 2260000 | 4.325 | 05/28/25 | 2248948 |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 1745000 | 4.750 | 01/08/26 | 1743011 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| 2320000 | 3.250 | 10/26/26 | 2216760 |
|  |  |  | 6208719 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $33,600,970)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $33,600,970)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $33,600,970)** | $35625422 |
| **Mortgage-Backed Obligations – 3.3%** | **Mortgage-Backed Obligations – 3.3%** | **Mortgage-Backed Obligations – 3.3%** | **Mortgage-Backed Obligations – 3.3%** |
| **Collateralized Mortgage Obligations – 0.7%** | **Collateralized Mortgage Obligations – 0.7%** | **Collateralized Mortgage Obligations – 0.7%** | **Collateralized Mortgage Obligations – 0.7%** |
| **Regular Floater<sup>(c)</sup> – 0.1%** | **Regular Floater<sup>(c)</sup> – 0.1%** | **Regular Floater<sup>(c)</sup> – 0.1%** | **Regular Floater<sup>(c)</sup> – 0.1%** |
| FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%) | FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%) | FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%) | FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%) |
| 290127 | 4.918% | 09/15/37 | $288800 |
| FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%) | FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%) | FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%) | FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%) |
| 34378 | 4.618 | 04/15/37 | 33898 |
| FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%) | FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%) | FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%) | FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%) |
| 34051 | 5.168 | 06/15/39 | 34242 |
| FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%) | FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%) | FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%) | FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%) |
| 97874 | 4.718 | 05/15/36 | 96972 |
| FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%) | FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%) | FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%) | FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%) |
| 250 | 4.839 | 11/17/28 | 250 |
| FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%) | FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%) | FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%) | FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%) |
| 127530 | 4.889 | 08/25/36 | 126244 |
| FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%) | FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%) | FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%) | FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%) |
| 169798 | 5.229 | 04/25/48 | 169993 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Regular Floater<sup>(c)</sup> – (continued)** | **Regular Floater<sup>(c)</sup> – (continued)** | **Regular Floater<sup>(c)</sup> – (continued)** | **Regular Floater<sup>(c)</sup> – (continued)** |
| FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%) | FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%) | FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%) | FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%) |
| 288787 | 5.539% | 09/25/39 | $293069 |
| FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%) |
| 49488 | 4.789 | 09/25/43 | 48826 |
|  |  |  | 1092294 |
| **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** |
| FHLMC REMIC Series 4248, Class LM | FHLMC REMIC Series 4248, Class LM | FHLMC REMIC Series 4248, Class LM | FHLMC REMIC Series 4248, Class LM |
| 223741 | 6.500 | 05/15/41 | 236195 |
| OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 |
| 288090 | 5.110 <sup>(a)(b)(d)</sup> | 08/25/62 | 284214 |
|  |  |  | 520409 |
| **Sequential Floating Rate – 0.5%** | **Sequential Floating Rate – 0.5%** | **Sequential Floating Rate – 0.5%** | **Sequential Floating Rate – 0.5%** |
| Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (SOFR30A + 1.650%) | Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (SOFR30A + 1.650%) | Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (SOFR30A + 1.650%) | Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (SOFR30A + 1.650%) |
| 442000 | 5.578 <sup>(b)</sup> | 12/25/41 | 416677 |
| Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (SOFR30A + 1.900%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (SOFR30A + 1.900%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (SOFR30A + 1.900%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (SOFR30A + 1.900%) |
| 464881 | 5.828 <sup>(b)(c)</sup> | 04/25/42 | 461493 |
| FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (SOFR30A + 1.000%) | FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (SOFR30A + 1.000%) | FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (SOFR30A + 1.000%) | FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (SOFR30A + 1.000%) |
| 798168 | 4.928 <sup>(b)</sup> | 01/25/42 | 779089 |
| FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (SOFR30A + 2.000%) | FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (SOFR30A + 2.000%) | FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (SOFR30A + 2.000%) | FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (SOFR30A + 2.000%) |
| 392006 | 5.928 <sup>(b)</sup> | 04/25/42 | 391138 |
| FNMA REMIC Series 1997-20, Class F | FNMA REMIC Series 1997-20, Class F | FNMA REMIC Series 1997-20, Class F | FNMA REMIC Series 1997-20, Class F |
| 3929 | 1.499 <sup>(c)</sup> | 03/25/27 | 3858 |
| OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 |
| 309169 | 1.841 <sup>(b)</sup> | 10/25/66 | 259161 |
| 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 |
| 214757 | 1.824 <sup>(b)</sup> | 11/25/66 | 182692 |
| Verus Securitization Trust Series 2022-1, Class A1 | Verus Securitization Trust Series 2022-1, Class A1 | Verus Securitization Trust Series 2022-1, Class A1 | Verus Securitization Trust Series 2022-1, Class A1 |
| 1891423 | 2.724 <sup>(a)(b)(d)</sup> | 01/25/67 | 1679232 |
|  |  |  | 4173340 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 5786043 |
| **Commercial Mortgage-Backed Securities – 2.6%** | **Commercial Mortgage-Backed Securities – 2.6%** | **Commercial Mortgage-Backed Securities – 2.6%** | **Commercial Mortgage-Backed Securities – 2.6%** |
| **Sequential Fixed Rate – 0.8%** | **Sequential Fixed Rate – 0.8%** | **Sequential Fixed Rate – 0.8%** | **Sequential Fixed Rate – 0.8%** |
| BANK Series 2017-BNK6, Class A3 | BANK Series 2017-BNK6, Class A3 | BANK Series 2017-BNK6, Class A3 | BANK Series 2017-BNK6, Class A3 |
| 1659373 | 3.125% | 07/15/60 | $1599995 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 |
| 2198307 | 4.064 | 02/15/47 | 2159983 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 |
| 3000000 | 3.249 | 02/15/48 | 2860385 |
|  |  |  | 6620363 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (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<sup>(c)</sup> – 1.8%** | **Sequential Floating Rate<sup>(c)</sup> – 1.8%** | **Sequential Floating Rate<sup>(c)</sup> – 1.8%** | **Sequential Floating Rate<sup>(c)</sup> – 1.8%** |
| BX Commercial Mortgage Trust Series 2021-21M, Class A (1M USD LIBOR + 0.730%) | BX Commercial Mortgage Trust Series 2021-21M, Class A (1M USD LIBOR + 0.730%) | BX Commercial Mortgage Trust Series 2021-21M, Class A (1M USD LIBOR + 0.730%) | BX Commercial Mortgage Trust Series 2021-21M, Class A (1M USD LIBOR + 0.730%) |
| 484258 | 5.048 %<sup>(b)</sup> | 10/15/36 | $465346 |
| BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M USD LIBOR + 0.921%) | BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M USD LIBOR + 0.921%) | BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M USD LIBOR + 0.921%) | BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M USD LIBOR + 0.921%) |
| 1800000 | 5.239 <sup>(b)</sup> | 12/15/38 | 1738805 |
| BX Series 2021-MFM1, Class A (1M USD LIBOR + 0.700%) | BX Series 2021-MFM1, Class A (1M USD LIBOR + 0.700%) | BX Series 2021-MFM1, Class A (1M USD LIBOR + 0.700%) | BX Series 2021-MFM1, Class A (1M USD LIBOR + 0.700%) |
| 100000 | 5.018 <sup>(b)</sup> | 01/15/34 | 96793 |
| BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + | BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + | BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + | BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + |
| 0.899%) |  |  |  |
| 1100000 | 5.217 <sup>(b)</sup> | 10/15/36 | 1044283 |
| BX Trust Series 2021-BXMF, Class A (1M USD LIBOR + | BX Trust Series 2021-BXMF, Class A (1M USD LIBOR + | BX Trust Series 2021-BXMF, Class A (1M USD LIBOR + | BX Trust Series 2021-BXMF, Class A (1M USD LIBOR + |
| 0.636%) |  |  |  |
| 700000 | 4.954 <sup>(b)</sup> | 10/15/26 | 671022 |
| BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR + | BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR + | BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR + | BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR + |
| 0.650%) |  |  |  |
| 1550000 | 4.968 <sup>(b)</sup> | 08/15/36 | 1463070 |
| ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%) | ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%) | ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%) | ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%) |
| 3700000 | 5.019 <sup>(b)</sup> | 11/15/38 | 3552107 |
| EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%) | EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%) | EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%) | EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%) |
| 549989 | 5.073 <sup>(b)</sup> | 10/15/38 | 529550 |
| FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%) | FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%) | FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%) | FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%) |
| 611443 | 4.642 | 01/25/26 | 607685 |
| FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%) | FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%) | FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%) | FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%) |
| 482495 | 4.632 | 02/25/26 | 480093 |
| FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%) |
| 302124 | 4.592 | 06/25/23 | 301950 |
| FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%) |
| 172654 | 4.512 | 04/25/24 | 172465 |
| FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%) | FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%) |
| 276347 | 4.512 | 05/25/24 | 275799 |
| Great Wolf Trust Series 2019-WOLF, Class A (1M USD LIBOR + 1.034%) | Great Wolf Trust Series 2019-WOLF, Class A (1M USD LIBOR + 1.034%) | Great Wolf Trust Series 2019-WOLF, Class A (1M USD LIBOR + 1.034%) | Great Wolf Trust Series 2019-WOLF, Class A (1M USD LIBOR + 1.034%) |
| 600000 | 5.352 <sup>(b)</sup> | 12/15/36 | 582260 |
| KKR Industrial Portfolio Trust Series 2021-KDIP, Class A (1M USD LIBOR + 0.550%) | KKR Industrial Portfolio Trust Series 2021-KDIP, Class A (1M USD LIBOR + 0.550%) | KKR Industrial Portfolio Trust Series 2021-KDIP, Class A (1M USD LIBOR + 0.550%) | KKR Industrial Portfolio Trust Series 2021-KDIP, Class A (1M USD LIBOR + 0.550%) |
| 130657 | 4.868 <sup>(b)</sup> | 12/15/37 | 126254 |
| ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M TSFR LIBOR + 0.814%) | ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M TSFR LIBOR + 0.814%) | ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M TSFR LIBOR + 0.814%) | ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M TSFR LIBOR + 0.814%) |
| 919000 | 5.151 <sup>(b)</sup> | 03/15/36 | 877285 |
| STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%) | STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%) | STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%) | STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%) |
| 1300000 | 4.895 <sup>(b)</sup> | 07/15/36 | 1246163 |
|  |  |  | 14230930 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $20851293 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Agencies – 0.0%** | **Federal Agencies – 0.0%** | **Federal Agencies – 0.0%** | **Federal Agencies – 0.0%** | **Federal Agencies – 0.0%** |
|  **FHLMC – 0.0%** | **FHLMC – 0.0%** | **FHLMC – 0.0%** | **FHLMC – 0.0%** | **FHLMC – 0.0%** |
|  $ | 23 | 4.500% | 05/01/23 | $23 |
|  **[H]4GNMA – 0.0%** | **[H]4GNMA – 0.0%** | **[H]4GNMA – 0.0%** | **[H]4GNMA – 0.0%** | **[H]4GNMA – 0.0%** |
|  | 4228 | 7.000 | 04/15/26 | 4276 |
|  **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $4299 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $28,122,155)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $28,122,155)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $28,122,155)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $28,122,155)** | $26641635 |
| **Municipal Debt Obligations – 0.4%** | **Municipal Debt Obligations – 0.4%** | **Municipal Debt Obligations – 0.4%** | **Municipal Debt Obligations – 0.4%** | **Municipal Debt Obligations – 0.4%** |
|  **Alabama<sup>(a)</sup> – 0.1%** | **Alabama<sup>(a)</sup> – 0.1%** | **Alabama<sup>(a)</sup> – 0.1%** | **Alabama<sup>(a)</sup> – 0.1%** | **Alabama<sup>(a)</sup> – 0.1%** |
|  Alabama Federal Aid Highway Finance Authority | Alabama Federal Aid Highway Finance Authority | Alabama Federal Aid Highway Finance Authority | Alabama Federal Aid Highway Finance Authority | Alabama Federal Aid Highway Finance Authority |
|  $ | 360000 | 0.449% | 09/01/23 | $350906 |
|  **Florida – 0.1%** | **Florida – 0.1%** | **Florida – 0.1%** | **Florida – 0.1%** | **Florida – 0.1%** |
|  County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B | County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B | County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B | County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B | County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B |
|  | 635000 | 0.500 | 12/01/24 | 586125 |
|  **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
|  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 | Illinois State GO Bonds Taxable-Pension Series 2003 |
|  | 1069091 | 4.950 | 06/01/23 | 1069649 |
|  **Rhode Island<sup>(a)(c)</sup> – 0.0%** | **Rhode Island<sup>(a)(c)</sup> – 0.0%** | **Rhode Island<sup>(a)(c)</sup> – 0.0%** | **Rhode Island<sup>(a)(c)</sup> – 0.0%** | **Rhode Island<sup>(a)(c)</sup> – 0.0%** |
|  Rhode Island Student Loan Authority RB Series 2014-1 | Rhode Island Student Loan Authority RB Series 2014-1 | Rhode Island Student Loan Authority RB Series 2014-1 | Rhode Island Student Loan Authority RB Series 2014-1 | Rhode Island Student Loan Authority RB Series 2014-1 |
|  | 132385 | 4.820 | 10/02/28 | 128423 |
|  **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** |
|  State of Tennessee GO Bonds Taxable (Refunding) Series B | State of Tennessee GO Bonds Taxable (Refunding) Series B | State of Tennessee GO Bonds Taxable (Refunding) Series B | State of Tennessee GO Bonds Taxable (Refunding) Series B | State of Tennessee GO Bonds Taxable (Refunding) Series B |
|  | 1015000 | 0.386 | 11/01/23 | 982892 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,214,507)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,214,507)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,214,507)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,214,507)** | $3117995 |
|  | **Shares** | **Description** | **Description** | **Value** |
| **Exchange Traded Funds – 3.4%** | **Exchange Traded Funds – 3.4%** | **Exchange Traded Funds – 3.4%** | **Exchange Traded Funds – 3.4%** | **Exchange Traded Funds – 3.4%** |
|  | 961084 | SPDR Portfolio Short Term<br>Corporate Bond ETF | SPDR Portfolio Short Term<br>Corporate Bond ETF | $28236648 |
| **(Cost $30,180,440)** | **(Cost $30,180,440)** | **(Cost $30,180,440)** | **(Cost $30,180,440)** | **(Cost $30,180,440)** |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(f)</sup> –0.0%** | **Investment Company<sup>(f)</sup> –0.0%** | **Investment Company<sup>(f)</sup> –0.0%** | **Investment Company<sup>(f)</sup> –0.0%** | **Investment Company<sup>(f)</sup> –0.0%** |
|  Goldman Sachs Financial Square Money Market Fund - Institutional Shares | Goldman Sachs Financial Square Money Market Fund - Institutional Shares | Goldman Sachs Financial Square Money Market Fund - Institutional Shares | Goldman Sachs Financial Square Money Market Fund - Institutional Shares | Goldman Sachs Financial Square Money Market Fund - Institutional Shares |
|  | 9258 | 4.414% | 4.414% | $9262 |
| **(Cost $9,250)** | **(Cost $9,250)** | **(Cost $9,250)** | **(Cost $9,250)** | **(Cost $9,250)** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 – 0.7%** | **Certificates of Deposit – 0.7%** | **Certificates of Deposit – 0.7%** | **Certificates of Deposit – 0.7%** | **Certificates of Deposit – 0.7%** |
|  Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |  |
|  $ | 4000000 | 0.590% | 03/17/23 | $3951596 |
|  The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
|  | 1629000 | 4.070 | 07/18/23 | 1618839 |
| **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $833,799,157)** | **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $833,799,157)** | **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $833,799,157)** | **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $833,799,157)** | $801509773 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | 16529428 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $818039201 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (f) | Represents an Affiliated Issuer. |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, 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** |
|  BNP Paribas SA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360860 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611696500 | 01/06/23 | $(1555542) |
|  | USD | 8778223 | JPY | 1250918750 | 01/11/23 | (767739) |
|  **TOTAL** |  |  |  |  |  | $(2323281) |

---

**FUTURES CONTRACTS** — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | (1205) | 03/31/23 | $(247119142) | $32196 |
|  5 Year U.S. Treasury Notes | (110) | 03/31/23 | (11872266) | 24324 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $56520 |

---

**SWAP CONTRACTS** — At December 31, 2022, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received by<br>Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 03/15/24 | $503520 | $(740376) | $(724550) | $(15826) |
|  12M SOFR<sup>(c)</sup>  | 4.430 | 12/31/24 | 11940 | (3404) | (2223) | (1181) |
|  4.250%<sup>(c)</sup>  | 12M SOFR | 03/15/26 | 81880 | (617449) | (899772) | 282323 |
|  **TOTAL** |  |  |  | $(1361229) | $(1626545) | $265316 |

---

<sup>(a)</sup> Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.

<sup>(b)</sup> Payments made at maturity.

<sup>(c)</sup> Payments made annually.

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| JPY | — Japanese Yen |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| ETF | — Exchange Traded Fund |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| REMIC | — Real Estate Mortgage Investment Conduit |
| SOFR | — Secured Overnight Funding Rate |
| SPDR | — Standard and Poor's Depository Receipt |
| STACR | — Structured Agency Credit Risk |
| STRIPS | — Separate Trading of Registered Interest and Principal of Securities |
| TSFR | — Term Secured Overnight Financing Rate |
| **Abbreviations:** | **Abbreviations:** |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 61.7%** | **Mortgage-Backed Obligations – 61.7%** | **Mortgage-Backed Obligations – 61.7%** | **Mortgage-Backed Obligations – 61.7%** |
| **Collateralized Mortgage Obligations – 0.9%** | **Collateralized Mortgage Obligations – 0.9%** | **Collateralized Mortgage Obligations – 0.9%** | **Collateralized Mortgage Obligations – 0.9%** |
| **Inverse Floaters<sup>(a)</sup> – 0.0%** | **Inverse Floaters<sup>(a)</sup> – 0.0%** | **Inverse Floaters<sup>(a)</sup> – 0.0%** | **Inverse Floaters<sup>(a)</sup> – 0.0%** |
| GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%) | GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%) | GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%) | GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%) |
| 1335 | 17.377% | 02/16/32 | $1364 |
| **Regular Floater<sup>(a)</sup> –0.0%** | **Regular Floater<sup>(a)</sup> –0.0%** | **Regular Floater<sup>(a)</sup> –0.0%** | **Regular Floater<sup>(a)</sup> –0.0%** |
| FHLMC REMIC Series 1760, Class ZB (10 year CMT - 0.600%) | FHLMC REMIC Series 1760, Class ZB (10 year CMT - 0.600%) | FHLMC REMIC Series 1760, Class ZB (10 year CMT - 0.600%) | FHLMC REMIC Series 1760, Class ZB (10 year CMT - 0.600%) |
| 6635 | 3.190 | 05/15/24 | 6613 |
| **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** |
| FHLMC REMIC Series 2329, Class ZA | FHLMC REMIC Series 2329, Class ZA | FHLMC REMIC Series 2329, Class ZA | FHLMC REMIC Series 2329, Class ZA |
| 142801 | 6.500 | 06/15/31 | 145727 |
| FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT |
| 48246 | 6.500 | 02/15/36 | 50773 |
| FNMA REMIC Series 2011-52, Class GB | FNMA REMIC Series 2011-52, Class GB | FNMA REMIC Series 2011-52, Class GB | FNMA REMIC Series 2011-52, Class GB |
| 242745 | 5.000 | 06/25/41 | 244559 |
| FNMA REMIC Series 2011-99, Class DB | FNMA REMIC Series 2011-99, Class DB | FNMA REMIC Series 2011-99, Class DB | FNMA REMIC Series 2011-99, Class DB |
| 237823 | 5.000 | 10/25/41 | 239533 |
| FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B |
| 32895 | 7.000 | 10/25/42 | 34915 |
| FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B |
| 139637 | 7.000 | 07/25/42 | 149290 |
| OBX Trust Series 2022-NQM7, Class A1<sup>(b)(c)</sup> | OBX Trust Series 2022-NQM7, Class A1<sup>(b)(c)</sup> | OBX Trust Series 2022-NQM7, Class A1<sup>(b)(c)</sup> | OBX Trust Series 2022-NQM7, Class A1<sup>(b)(c)</sup> |
| 96030 | 5.110 | 08/25/62 | 94738 |
|  |  |  | 959535 |
| **Sequential Floating Rate – 0.5%** | **Sequential Floating Rate – 0.5%** | **Sequential Floating Rate – 0.5%** | **Sequential Floating Rate – 0.5%** |
| JPMorgan Mortgage Trust Series 2021-6, Class A3<sup>(b)</sup>  | JPMorgan Mortgage Trust Series 2021-6, Class A3<sup>(b)</sup>  | JPMorgan Mortgage Trust Series 2021-6, Class A3<sup>(b)</sup>  | JPMorgan Mortgage Trust Series 2021-6, Class A3<sup>(b)</sup>  |
| 366481 | 2.500 | 10/25/51 | 295332 |
| JPMorgan Mortgage Trust Series 2021-LTV2, Class A1<sup>(b)</sup> | JPMorgan Mortgage Trust Series 2021-LTV2, Class A1<sup>(b)</sup> | JPMorgan Mortgage Trust Series 2021-LTV2, Class A1<sup>(b)</sup> | JPMorgan Mortgage Trust Series 2021-LTV2, Class A1<sup>(b)</sup> |
| 575120 | 2.520 | 05/25/52 | 470686 |
| Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%) |
| 49381 | 4.903 <sup>(a)</sup> | 11/25/29 | 46425 |
| OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup> | OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup> | OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup> | OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup> |
| 103056 | 1.841 | 10/25/66 | 86387 |
| Verus Securitization Trust Series 2021-8, Class A1<sup>(b)</sup> | Verus Securitization Trust Series 2021-8, Class A1<sup>(b)</sup> | Verus Securitization Trust Series 2021-8, Class A1<sup>(b)</sup> | Verus Securitization Trust Series 2021-8, Class A1<sup>(b)</sup> |
| 82161 | 1.824 | 11/25/66 | 69894 |
|  |  |  | 968724 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 1936236 |
| **Commercial Mortgage-Backed Securities – 4.3%** | **Commercial Mortgage-Backed Securities – 4.3%** | **Commercial Mortgage-Backed Securities – 4.3%** | **Commercial Mortgage-Backed Securities – 4.3%** |
| **Sequential Fixed Rate – 2.0%** | **Sequential Fixed Rate – 2.0%** | **Sequential Fixed Rate – 2.0%** | **Sequential Fixed Rate – 2.0%** |
| BANK Series 2019-BN24, Class A3 | BANK Series 2019-BN24, Class A3 | BANK Series 2019-BN24, Class A3 | BANK Series 2019-BN24, Class A3 |
| 1400000 | 2.960% | 11/15/62 | $1214827 |
| BANK Series 2020-BN29, Class A4 | BANK Series 2020-BN29, Class A4 | BANK Series 2020-BN29, Class A4 | BANK Series 2020-BN29, Class A4 |
| 600000 | 1.997 | 11/15/53 | 474310 |
| BANK Series 2022-BNK39, Class A4 | BANK Series 2022-BNK39, Class A4 | BANK Series 2022-BNK39, Class A4 | BANK Series 2022-BNK39, Class A4 |
| 950000 | 2.928 | 02/15/55 | 799344 |
| BBCMS Mortgage Trust Series 2021-C12, Class A5 | BBCMS Mortgage Trust Series 2021-C12, Class A5 | BBCMS Mortgage Trust Series 2021-C12, Class A5 | BBCMS Mortgage Trust Series 2021-C12, Class A5 |
| 950000 | 2.689 | 11/15/54 | 785949 |
| Manhattan West Mortgage Trust Series 2020-1MW, Class A <sup>(b)</sup>  | Manhattan West Mortgage Trust Series 2020-1MW, Class A <sup>(b)</sup>  | Manhattan West Mortgage Trust Series 2020-1MW, Class A <sup>(b)</sup>  | Manhattan West Mortgage Trust Series 2020-1MW, Class A <sup>(b)</sup>  |
| 600000 | 2.130 | 09/10/39 | 512790 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 500000 | 2.626 | 04/15/54 | 411096 |
|  |  |  | 4198316 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – 2.3%** | **Sequential Floating Rate – 2.3%** | **Sequential Floating Rate – 2.3%** | **Sequential Floating Rate – 2.3%** |
| BANK Series 2021-BN31, Class AS | BANK Series 2021-BN31, Class AS | BANK Series 2021-BN31, Class AS | BANK Series 2021-BN31, Class AS |
| 250000 | 2.211 %<sup>(a)</sup> | 02/15/54 | $193944 |
| BANK Series 2021-BNK37, Class A5 | BANK Series 2021-BNK37, Class A5 | BANK Series 2021-BNK37, Class A5 | BANK Series 2021-BNK37, Class A5 |
| 600000 | 2.618 <sup>(a)</sup> | 11/15/64 | 493323 |
| BBCMS Mortgage Trust Series 2022-C16, Class AS | BBCMS Mortgage Trust Series 2022-C16, Class AS | BBCMS Mortgage Trust Series 2022-C16, Class AS | BBCMS Mortgage Trust Series 2022-C16, Class AS |
| 550000 | 4.600 | 06/15/55 | 506911 |
| BX Trust Series 2021-ARIA, Class A<sup>(b)</sup> (1M USD LIBOR + 0.899%) | BX Trust Series 2021-ARIA, Class A<sup>(b)</sup> (1M USD LIBOR + 0.899%) | BX Trust Series 2021-ARIA, Class A<sup>(b)</sup> (1M USD LIBOR + 0.899%) | BX Trust Series 2021-ARIA, Class A<sup>(b)</sup> (1M USD LIBOR + 0.899%) |
| 900000 | 5.217 <sup>(a)</sup> | 10/15/36 | 854414 |
| BXHPP Trust Series 2021-FILM, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) | BXHPP Trust Series 2021-FILM, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) | BXHPP Trust Series 2021-FILM, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) | BXHPP Trust Series 2021-FILM, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) |
| 1600000 | 4.968 <sup>(a)</sup> | 08/15/36 | 1510266 |
| Extended Stay America Trust Series 2021-ESH, Class A<sup>(b)</sup> (1M USD LIBOR + 1.080%) | Extended Stay America Trust Series 2021-ESH, Class A<sup>(b)</sup> (1M USD LIBOR + 1.080%) | Extended Stay America Trust Series 2021-ESH, Class A<sup>(b)</sup> (1M USD LIBOR + 1.080%) | Extended Stay America Trust Series 2021-ESH, Class A<sup>(b)</sup> (1M USD LIBOR + 1.080%) |
| 390477 | 5.398 <sup>(a)</sup> | 07/15/38 | 379125 |
| Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A<sup>(b)</sup> (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A<sup>(b)</sup> (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A<sup>(b)</sup> (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A<sup>(b)</sup> (1M TSFR LIBOR + 2.186%) |
| 450000 | 6.522 <sup>(a)</sup> | 05/15/37 | 436643 |
| Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 | Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 | Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 | Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 |
| 700000 | 4.000 <sup>(a)</sup> | 04/15/55 | 636983 |
|  |  |  | 5011609 |
| **TOTAL COMMERCIAL MORTGAGE-<br>BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-<br>BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-<br>BACKED SECURITIES** | $9209925 |
| **Federal Agencies – 56.5%** | **Federal Agencies – 56.5%** | **Federal Agencies – 56.5%** | **Federal Agencies – 56.5%** |
| **Adjustable Rate FHLMC<sup>(a)</sup> – 0.1%** | **Adjustable Rate FHLMC<sup>(a)</sup> – 0.1%** | **Adjustable Rate FHLMC<sup>(a)</sup> – 0.1%** | **Adjustable Rate FHLMC<sup>(a)</sup> – 0.1%** |
| (1 year CMT + 2.224%) | (1 year CMT + 2.224%) | (1 year CMT + 2.224%) | (1 year CMT + 2.224%) |
| 707 | 4.349% | 11/01/32 | $715 |
| (1 year CMT + 2.250%) | (1 year CMT + 2.250%) | (1 year CMT + 2.250%) | (1 year CMT + 2.250%) |
| 134761 | 4.211 | 09/01/33 | 136381 |
|  |  |  | 137096 |
| **Adjustable Rate FNMA<sup>(a)</sup> – 0.3%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.3%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.3%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.3%** |
| (12M USD LIBOR + 1.670%) | (12M USD LIBOR + 1.670%) | (12M USD LIBOR + 1.670%) | (12M USD LIBOR + 1.670%) |
| 14195 | 3.920 | 11/01/32 | 14177 |
| (6M USD LIBOR + 1.413%) | (6M USD LIBOR + 1.413%) | (6M USD LIBOR + 1.413%) | (6M USD LIBOR + 1.413%) |
| 201332 | 3.538 | 05/01/33 | 200322 |
| (1 year CMT + 2.181%) | (1 year CMT + 2.181%) | (1 year CMT + 2.181%) | (1 year CMT + 2.181%) |
| 4264 | 3.180 | 06/01/33 | 4318 |
| (12M USD LIBOR + 1.667%) | (12M USD LIBOR + 1.667%) | (12M USD LIBOR + 1.667%) | (12M USD LIBOR + 1.667%) |
| 149434 | 3.917 | 10/01/33 | 149529 |
| (1 year CMT + 2.195%) | (1 year CMT + 2.195%) | (1 year CMT + 2.195%) | (1 year CMT + 2.195%) |
| 97103 | 2.840 | 02/01/35 | 98658 |
| (12M USD LIBOR + 1.389%) | (12M USD LIBOR + 1.389%) | (12M USD LIBOR + 1.389%) | (12M USD LIBOR + 1.389%) |
| 75127 | 3.639 | 09/01/35 | 74865 |
|  |  |  | 541869 |
| **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** | **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** | **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** | **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** |
| 1107 | 2.875 | 06/20/23 | 1099 |
| 682 | 2.625 | 07/20/23 | 677 |
| 846 | 2.625 | 08/20/23 | 839 |
| 2224 | 2.625 | 09/20/23 | 2202 |
| 1155 | 2.625 | 03/20/24 | 1140 |
| 12244 | 2.875 | 04/20/24 | 12076 |
| 1807 | 2.875 | 05/20/24 | 1781 |
| 13098 | 2.875 | 06/20/24 | 12905 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

## Schedule of Investments (continued)
*December 31, 2022 (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)** |
|  **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** |
|  $ | 2948 | 3.000% | 06/20/24 | $2907 |
|  | 3835 | 2.625 | 07/20/24 | 3766 |
|  | 5739 | 3.000 | 07/20/24 | 5648 |
|  | 8601 | 2.625 | 08/20/24 | 8440 |
|  | 5100 | 3.000 | 08/20/24 | 5017 |
|  | 4556 | 2.625 | 09/20/24 | 4468 |
|  | 5761 | 2.000 | 11/20/24 | 5652 |
|  | 2133 | 2.000 | 12/20/24 | 2091 |
|  | 5246 | 2.500 | 12/20/24 | 5166 |
|  | 3949 | 2.625 | 01/20/25 | 3880 |
|  | 2790 | 2.625 | 02/20/25 | 2740 |
|  | 10202 | 3.000 | 05/20/25 | 10018 |
|  | 11606 | 3.000 | 07/20/25 | 11365 |
|  | 5345 | 2.625 | 02/20/26 | 5235 |
|  | 266 | 2.625 | 07/20/26 | 259 |
|  | 15278 | 2.625 | 01/20/27 | 14956 |
|  | 4506 | 2.625 | 02/20/27 | 4411 |
|  | 48545 | 2.875 | 04/20/27 | 47511 |
|  | 5140 | 2.875 | 05/20/27 | 5031 |
|  | 8376 | 2.875 | 06/20/27 | 8198 |
|  | 2608 | 1.750 | 11/20/27 | 2526 |
|  | 36 | 2.000 | 11/20/27 | 35 |
|  | 7927 | 1.750 | 12/20/27 | 7678 |
|  | 17941 | 2.625 | 01/20/28 | 17575 |
|  | 6119 | 2.625 | 02/20/28 | 5995 |
|  | 5935 | 2.625 | 03/20/28 | 5816 |
|  | 30968 | 2.625 | 07/20/29 | 30093 |
|  | 12803 | 2.625 | 08/20/29 | 12441 |
|  | 3539 | 2.625 | 09/20/29 | 3439 |
|  | 17084 | 1.750 | 10/20/29 | 16566 |
|  | 22210 | 1.750 | 11/20/29 | 21537 |
|  | 4419 | 1.750 | 12/20/29 | 4285 |
|  | 6744 | 2.625 | 01/20/30 | 6625 |
|  | 1861 | 2.625 | 02/20/30 | 1829 |
|  | 15787 | 2.625 | 03/20/30 | 15512 |
|  | 18510 | 2.875 | 04/20/30 | 18185 |
|  | 30517 | 2.875 | 05/20/30 | 29986 |
|  | 26653 | 3.000 | 05/20/30 | 26243 |
|  | 7197 | 2.875 | 06/20/30 | 7072 |
|  | 42214 | 3.000 | 07/20/30 | 41377 |
|  | 10144 | 3.000 | 09/20/30 | 9945 |
|  | 16238 | 1.750 | 10/20/30 | 15761 |
|  | 28072 | 2.625 | 03/20/32 | 27667 |
|  |  |  |  | 517666 |
|  **FHLMC – 4.7%** | **FHLMC – 4.7%** |  |  |  |
|  | 12710 | 6.500 | 07/01/28 | 13016 |
|  | 104864 | 4.500 | 03/01/29 | 103653 |
|  | 2932 | 8.000 | 07/01/30 | 3024 |
|  | 6607 | 5.000 | 08/01/33 | 6636 |
|  | 1055 | 5.000 | 09/01/33 | 1059 |
|  | 2708 | 5.000 | 10/01/33 | 2720 |
|  | 1585 | 5.000 | 11/01/34 | 1593 |
|  | 58122 | 5.000 | 12/01/34 | 58430 |
|  | 4176 | 5.000 | 07/01/35 | 4199 |
|  | 64 | 5.000 | 11/01/35 | 65 |
|  | 8922 | 5.000 | 12/01/35 | 8998 |
|  | 14059 | 5.000 | 02/01/37 | 14207 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** |
|  $ | 1063 | 5.000% | 03/01/38 | $1074 |
|  | 36673 | 5.000 | 07/01/39 | 37107 |
|  | 5934 | 4.000 | 06/01/40 | 5752 |
|  | 2186 | 5.000 | 08/01/40 | 2215 |
|  | 708 | 4.500 | 11/01/40 | 701 |
|  | 44088 | 4.000 | 02/01/41 | 42661 |
|  | 2235 | 5.000 | 06/01/41 | 2262 |
|  | 93829 | 5.000 | 07/01/41 | 95000 |
|  | 3229 | 4.000 | 11/01/41 | 3126 |
|  | 4489 | 3.000 | 05/01/42 | 4070 |
|  | 6184 | 3.000 | 08/01/42 | 5607 |
|  | 7634 | 3.000 | 01/01/43 | 6935 |
|  | 34608 | 3.000 | 02/01/43 | 31474 |
|  | 4752727 | 2.000 | 12/01/51 | 3871097 |
|  | 407356 | 2.000 | 02/01/52 | 331512 |
|  | 4967001 | 2.000 | 04/01/52 | 4042213 |
|  | 647175 | 0.000 | 11/01/52 | 667440 |
|  | 655705 | 0.000 | 12/01/52 | 676369 |
|  |  |  |  | 10044215 |
|  **FNMA – 5.3%** | **FNMA – 5.3%** | **FNMA – 5.3%** | **FNMA – 5.3%** | **FNMA – 5.3%** |
|  | 2196 | 6.500 | 11/01/28 | 2246 |
|  | 26277 | 7.000 | 07/01/31 | 27661 |
|  | 250733 | 5.500 | 07/01/33 | 254201 |
|  | 2999701 | 2.000 | 02/01/52 | 2443211 |
|  | 99138 | 2.000 | 03/01/52 | 80767 |
|  | 7279474 | 2.000 | 04/01/52 | 5924362 |
|  | 994237 | 5.500 | 09/01/52 | 1012287 |
|  | 774764 | 6.000 | 11/01/52 | 799994 |
|  | 904648 | 6.000 | 12/01/52 | 931283 |
|  |  |  |  | 11476012 |
|  **[H]4GNMA – 17.1%** | **[H]4GNMA – 17.1%** | **[H]4GNMA – 17.1%** | **[H]4GNMA – 17.1%** | **[H]4GNMA – 17.1%** |
|  | 16656 | 7.000 | 12/15/27 | 16989 |
|  | 4390 | 6.500 | 08/15/28 | 4462 |
|  | 32911 | 6.000 | 01/15/29 | 33573 |
|  | 51321 | 7.000 | 10/15/29 | 52878 |
|  | 16786 | 5.500 | 11/15/32 | 17178 |
|  | 333513 | 5.500 | 12/15/32 | 343821 |
|  | 6682 | 5.500 | 01/15/33 | 6830 |
|  | 19521 | 5.500 | 02/15/33 | 20113 |
|  | 22510 | 5.500 | 03/15/33 | 23143 |
|  | 28552 | 5.500 | 07/15/33 | 29221 |
|  | 9092 | 5.500 | 08/15/33 | 9321 |
|  | 4637 | 5.500 | 09/15/33 | 4745 |
|  | 10854 | 5.500 | 04/15/34 | 11121 |
|  | 7792 | 5.500 | 05/15/34 | 7964 |
|  | 143214 | 5.500 | 06/15/34 | 147925 |
|  | 101568 | 5.500 | 09/15/34 | 105105 |
|  | 110204 | 5.500 | 12/15/34 | 114135 |
|  | 80953 | 5.500 | 01/15/35 | 83955 |
|  | 34692 | 5.000 | 03/15/38 | 35297 |
|  | 2864 | 4.000 | 02/20/41 | 2761 |
|  | 4550 | 4.000 | 11/20/41 | 4384 |
|  | 755 | 4.000 | 01/20/42 | 727 |
|  | 2411 | 4.000 | 04/20/42 | 2323 |
|  | 1492 | 4.000 | 10/20/42 | 1437 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2022 (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)** |
|  **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** |
|  $ | 165650 | 4.000% | 08/20/43 | $160897 |
|  | 2148 | 4.000 | 03/20/44 | 2086 |
|  | 2654 | 4.000 | 05/20/44 | 2577 |
|  | 184600 | 4.000 | 11/20/44 | 179016 |
|  | 818609 | 4.000 | 06/20/45 | 793844 |
|  | 183210 | 4.000 | 01/20/46 | 177095 |
|  | 1247733 | 3.500 | 04/20/47 | 1164112 |
|  | 737242 | 3.500 | 12/20/47 | 687834 |
|  | 129207 | 4.500 | 02/20/48 | 127513 |
|  | 519959 | 4.500 | 05/20/48 | 511029 |
|  | 290722 | 4.500 | 08/20/48 | 285457 |
|  | 68609 | 5.000 | 08/20/48 | 69014 |
|  | 2374407 | 4.500 | 09/20/48 | 2331400 |
|  | 555653 | 5.000 | 10/20/48 | 558585 |
|  | 322360 | 5.000 | 11/20/48 | 324061 |
|  | 493881 | 5.000 | 12/20/48 | 496487 |
|  | 494204 | 4.500 | 01/20/49 | 485561 |
|  | 681190 | 5.000 | 01/20/49 | 684093 |
|  | 843755 | 4.000 | 02/20/49 | 806892 |
|  | 80701 | 4.500 | 03/20/49 | 79290 |
|  | 431147 | 5.000 | 03/20/49 | 432849 |
|  | 555637 | 4.500 | 10/20/49 | 543662 |
|  | 2154761 | 3.000 | 11/20/49 | 1937872 |
|  | 1395694 | 3.000 | 02/20/50 | 1254434 |
|  | 460317 | 3.000 | 03/20/50 | 413482 |
|  | 148174 | 3.500 | 01/20/51 | 137380 |
|  | 570630 | 3.500 | 02/20/51 | 530089 |
|  | 915731 | 3.000 | 12/20/51 | 818547 |
|  | 539682 | 3.000 | 02/20/52 | 481069 |
|  | 2000000 | 2.000 | 01/23/53<sup>(d)</sup> | 1677940 |
|  | 5000000 | 2.500 | 01/23/53<sup>(d)</sup> | 4331216 |
|  | 5000000 | 3.000 | TBA-30yr<sup>(d)</sup> | 4453382 |
|  | 1000000 | 3.500 | TBA-30yr<sup>(d)</sup> | 918780 |
|  | 2000000 | 4.000 | TBA-30yr<sup>(d)</sup> | 1893344 |
|  | 5000000 | 5.500 | TBA-30yr<sup>(d)</sup> | 5025328 |
|  | 1000000 | 6.000 | TBA-30yr<sup>(d)</sup> | 1015845 |
|  |  |  |  | 36871470 |
|  **UMBS – 15.5%** | **UMBS – 15.5%** | **UMBS – 15.5%** | **UMBS – 15.5%** |  |
|  | 337 | 5.500 | 02/01/23 | 337 |
|  | 7766 | 5.500 | 08/01/23 | 7734 |
|  | 685 | 4.500 | 07/01/36 | 678 |
|  | 854 | 4.500 | 04/01/39 | 846 |
|  | 4046 | 4.500 | 05/01/39 | 4004 |
|  | 1820 | 4.000 | 08/01/39 | 1762 |
|  | 8617 | 4.500 | 08/01/39 | 8530 |
|  | 149180 | 4.500 | 12/01/39 | 147674 |
|  | 7752 | 4.500 | 01/01/41 | 7675 |
|  | 7948 | 4.500 | 05/01/41 | 7867 |
|  | 43963 | 4.500 | 08/01/41 | 43560 |
|  | 67120 | 4.500 | 08/01/42 | 66769 |
|  | 6389 | 3.000 | 11/01/42 | 5778 |
|  | 98437 | 3.000 | 12/01/42 | 89644 |
|  | 246158 | 3.000 | 01/01/43 | 224488 |
|  | 43506 | 3.000 | 02/01/43 | 39680 |
|  | 311066 | 3.000 | 03/01/43 | 283709 |
|  | 521898 | 3.000 | 04/01/43 | 475997 |
|  | 335544 | 3.000 | 05/01/43 | 306007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **UMBS – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** |
|  $ | 62420 | 3.000% | 06/01/43 | $56871 |
|  | 518996 | 3.000 | 07/01/43 | 472864 |
|  | 516471 | 4.500 | 10/01/44 | 510256 |
|  | 299244 | 4.000 | 12/01/44 | 289334 |
|  | 510381 | 4.500 | 04/01/45 | 507232 |
|  | 61586 | 4.500 | 05/01/45 | 61168 |
|  | 219598 | 4.500 | 06/01/45 | 216955 |
|  | 1827668 | 3.500 | 07/01/45 | 1692704 |
|  | 598235 | 4.000 | 08/01/45 | 578423 |
|  | 204785 | 4.000 | 11/01/45 | 196772 |
|  | 1817146 | 4.000 | 01/01/46 | 1746041 |
|  | 62284 | 4.000 | 03/01/46 | 59645 |
|  | 4981 | 4.500 | 05/01/46 | 4905 |
|  | 35843 | 4.000 | 06/01/46 | 34220 |
|  | 52604 | 4.500 | 08/01/46 | 51803 |
|  | 10377 | 4.000 | 08/01/46 | 9907 |
|  | 93827 | 4.000 | 10/01/46 | 89578 |
|  | 33425 | 4.500 | 06/01/47 | 32955 |
|  | 597015 | 4.500 | 11/01/47 | 589041 |
|  | 212091 | 4.000 | 12/01/47 | 204603 |
|  | 199516 | 4.000 | 01/01/48 | 192285 |
|  | 726509 | 4.000 | 02/01/48 | 699013 |
|  | 510849 | 4.000 | 03/01/48 | 490898 |
|  | 610839 | 4.000 | 06/01/48 | 588128 |
|  | 189525 | 4.000 | 08/01/48 | 181827 |
|  | 875340 | 5.000 | 11/01/48 | 886864 |
|  | 1089948 | 4.500 | 01/01/49 | 1066959 |
|  | 302442 | 4.500 | 03/01/49 | 295968 |
|  | 680961 | 4.500 | 04/01/49 | 666053 |
|  | 556068 | 3.500 | 07/01/49 | 517095 |
|  | 361576 | 3.500 | 08/01/49 | 336235 |
|  | 1240009 | 3.000 | 09/01/49 | 1111575 |
|  | 1252379 | 3.000 | 12/01/49 | 1116011 |
|  | 1812491 | 4.000 | 03/01/50 | 1734483 |
|  | 1899152 | 4.500 | 03/01/50 | 1859423 |
|  | 2866972 | 2.500 | 09/01/50 | 2474844 |
|  | 1342710 | 3.000 | 12/01/50 | 1199863 |
|  | 6716735 | 2.500 | 05/01/51 | 5737344 |
|  | 11959 | 4.500 | 05/01/51 | 11549 |
|  | 235390 | 4.500 | 04/01/52 | 226574 |
|  | 42642 | 5.000 | 05/01/52 | 42764 |
|  | 565235 | 5.000 | 06/01/52 | 566671 |
|  | 2274746 | 5.000 | 07/01/52 | 2278083 |
|  | 30681 | 5.000 | 08/01/52 | 30725 |
|  |  |  |  | 33439250 |
|  **UMBS, 30 Year, Single Family – 13.3%** | **UMBS, 30 Year, Single Family – 13.3%** | **UMBS, 30 Year, Single Family – 13.3%** | **UMBS, 30 Year, Single Family – 13.3%** | **UMBS, 30 Year, Single Family – 13.3%** |
|  | 3000000 | 6.000 | 01/12/53<sup>(d)</sup> | 2030938 |
|  | 8000000 | 5.500 | 01/23/53<sup>(d)</sup> | 8023754 |
|  | 9000000 | 3.500 | TBA-30yr | 8185073 |
|  | 5000000 | 2.500 | TBA-30yr<sup>(d)</sup> | 4239063 |
|  | 493506 | 2.000 | 04/01/52 | 401637 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2022 (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)** |
| **UMBS, 30 Year, Single Family – (continued)** | **UMBS, 30 Year, Single Family – (continued)** | **UMBS, 30 Year, Single Family – (continued)** | **UMBS, 30 Year, Single Family – (continued)** |
| 6999699 | 2.000% | 04/01/52 | $5696668 |
|  |  |  | 28577133 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $121604711 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $139,029,935)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $139,029,935)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $139,029,935)** | $132750872 |
| **Agency Debentures – 25.2%** | **Agency Debentures – 25.2%** | **Agency Debentures – 25.2%** | **Agency Debentures – 25.2%** |
| **Sovereign – 25.2%** | **Sovereign – 25.2%** | **Sovereign – 25.2%** | **Sovereign – 25.2%** |
| FFCB | FFCB | FFCB | FFCB |
| 2180000 | 3.430% | 12/06/28 | $2066575 |
| 720000 | 5.270 | 05/01/29 | 752364 |
| FHLB | FHLB | FHLB | FHLB |
| 3620000 | 3.500 | 06/11/32 | 3266797 |
| FNMA | FNMA | FNMA | FNMA |
| 2600000 | 6.250 | 05/15/29 | 2903108 |
| 27000000 | 0.875 | 08/05/30 | 21452850 |
| 4000000 | 6.625 | 11/15/30 | 4665880 |
| Israel Government AID Bond<sup>(e)</sup>  | Israel Government AID Bond<sup>(e)</sup>  | Israel Government AID Bond<sup>(e)</sup>  | Israel Government AID Bond<sup>(e)</sup>  |
| 700000 | 5.500 | 04/26/24 | 705215 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 20150000 | 0.750 | 05/15/25 | 18457601 |
| **TOTAL AGENCY DEBENTURES<br>(Cost $60,614,275)** | **TOTAL AGENCY DEBENTURES<br>(Cost $60,614,275)** | **TOTAL AGENCY DEBENTURES<br>(Cost $60,614,275)** | $54270390 |
| **Asset-Backed Securities<sup>(a)</sup> – 2.0%** | **Asset-Backed Securities<sup>(a)</sup> – 2.0%** | **Asset-Backed Securities<sup>(a)</sup> – 2.0%** | **Asset-Backed Securities<sup>(a)</sup> – 2.0%** |
| **Collateralized Loan Obligations<sup>(b)</sup> – 0.4%** | **Collateralized Loan Obligations<sup>(b)</sup> – 0.4%** | **Collateralized Loan Obligations<sup>(b)</sup> – 0.4%** | **Collateralized Loan Obligations<sup>(b)</sup> – 0.4%** |
| Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 |
| 1030153 | 3.000% | 06/25/57 | $883034 |
| **Student Loan – 1.6%** | **Student Loan – 1.6%** | **Student Loan – 1.6%** | **Student Loan – 1.6%** |
| ECMC Group Student Loan Trust Series 2018-2A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.800%) | ECMC Group Student Loan Trust Series 2018-2A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.800%) | ECMC Group Student Loan Trust Series 2018-2A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.800%) | ECMC Group Student Loan Trust Series 2018-2A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.800%) |
| 982113 | 5.189 | 09/25/68 | 932552 |
| Higher Education Funding I Series 2014-1, Class A<sup>(b)</sup> (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A<sup>(b)</sup> (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A<sup>(b)</sup> (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A<sup>(b)</sup> (3M USD LIBOR + 1.050%) |
| 192054 | 5.807 | 05/25/34 | 191887 |
| Navient Student Loan Trust Series 2017-4A, Class A2<sup>(b)</sup> (1M USD LIBOR + 0.500%) | Navient Student Loan Trust Series 2017-4A, Class A2<sup>(b)</sup> (1M USD LIBOR + 0.500%) | Navient Student Loan Trust Series 2017-4A, Class A2<sup>(b)</sup> (1M USD LIBOR + 0.500%) | Navient Student Loan Trust Series 2017-4A, Class A2<sup>(b)</sup> (1M USD LIBOR + 0.500%) |
| 27071 | 4.889 | 09/27/66 | 27068 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1M USD LIBOR + 1.150%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1M USD LIBOR + 1.150%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1M USD LIBOR + 1.150%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1M USD LIBOR + 1.150%) |
| 606040 | 5.539 | 09/25/65 | 595939 |
| Scholar Funding Trust Series 2013-A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) | Scholar Funding Trust Series 2013-A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) | Scholar Funding Trust Series 2013-A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) | Scholar Funding Trust Series 2013-A, Class A<sup>(b)</sup> (1M USD LIBOR + 0.650%) |
| 1093096 | 5.039 | 01/30/45 | 1046802 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** |
| **Student Loan – (continued)** | **Student Loan – (continued)** | **Student Loan – (continued)** | **Student Loan – (continued)** |
| SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) | SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) | SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) | SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) |
| 491185 | 6.058% | 07/25/23 | $482803 |
|  |  |  | 3277051 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $4,455,118)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $4,455,118)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $4,455,118)** | $4160085 |
| **Municipal Debt Obligations – 1.0%** | **Municipal Debt Obligations – 1.0%** | **Municipal Debt Obligations – 1.0%** | **Municipal Debt Obligations – 1.0%** |
| **New Jersey – 1.0%** | **New Jersey – 1.0%** | **New Jersey – 1.0%** | **New Jersey – 1.0%** |
| New Jersey Economic Development Authority Series A | New Jersey Economic Development Authority Series A | New Jersey Economic Development Authority Series A | New Jersey Economic Development Authority Series A |
| 2000000 | 7.425% | 02/15/29 | $2153005 |
| **(Cost $2,000,000)** | **(Cost $2,000,000)** | **(Cost $2,000,000)** |  |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,000,000)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,000,000)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,000,000)** | $2153005 |
| **Sovereign Debt Obligations<sup>(e)</sup> – 0.2%** | **Sovereign Debt Obligations<sup>(e)</sup> – 0.2%** | **Sovereign Debt Obligations<sup>(e)</sup> – 0.2%** | **Sovereign Debt Obligations<sup>(e)</sup> – 0.2%** |
| **Sovereign – 0.2%** | **Sovereign – 0.2%** | **Sovereign – 0.2%** | **Sovereign – 0.2%** |
| Israel Government AID Bond | Israel Government AID Bond | Israel Government AID Bond | Israel Government AID Bond |
| 500000 | 5.500% | 12/04/23 | $502630 |
| **(Cost $510,675)** | **(Cost $510,675)** | **(Cost $510,675)** |  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $510,675)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $510,675)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $510,675)** | $502630 |
| **U.S. Treasury Obligations – 28.6%** | **U.S. Treasury Obligations – 28.6%** | **U.S. Treasury Obligations – 28.6%** | **U.S. Treasury Obligations – 28.6%** |
| **United States Treasury Bonds** | **United States Treasury Bonds** | **United States Treasury Bonds** | **United States Treasury Bonds** |
| 1890000 | 3.875 %<sup>(f)</sup> | 08/15/40 | $1845112 |
| 3200000 | 1.875 | 02/15/41 | 2264000 |
| 3040000 | 2.250 | 05/15/41 | 2285700 |
| 900000 | 3.125 | 11/15/41 | 777937 |
| 3500000 | 3.750 | 11/15/43 | 3285078 |
| 3830000 | 3.625 | 02/15/44 | 3520608 |
| 9390000 | 3.375 | 05/15/44 | 8291077 |
| 3320000 | 3.125 | 08/15/44 | 2810069 |
| 6400000 | 2.875 | 11/15/46 | 5147000 |
| 5080000 | 2.750 | 11/15/47 | 3985419 |
| 530000 | 2.375 | 11/15/49 | 385575 |
| 1190000 | 2.000 | 02/15/50 | 790048 |
| 2020000 | 2.375 | 05/15/51 | 1456294 |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
| 1220000 | 0.750 | 01/31/28 | 1037667 |
| 6660000 | 1.125 | 02/29/28 | 5766103 |
| 6430000 | 1.250 | 03/31/28 | 5590584 |
| 12860000 | 3.125 | 11/15/28 | 12261206 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  United States Treasury Strip Coupon<sup>(g)</sup>  | United States Treasury Strip Coupon<sup>(g)</sup>  | United States Treasury Strip Coupon<sup>(g)</sup>  | United States Treasury Strip Coupon<sup>(g)</sup>  | United States Treasury Strip Coupon<sup>(g)</sup>  |
|  $ | 4000 | 0.000% | 11/15/35 | $2348 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $74,810,525)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $74,810,525)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $74,810,525)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $74,810,525)** | $61501825 |
| **TOTAL INVESTMENTS – 118.7%<br>(Cost $281,420,528)** | **TOTAL INVESTMENTS – 118.7%<br>(Cost $281,420,528)** | **TOTAL INVESTMENTS – 118.7%<br>(Cost $281,420,528)** | **TOTAL INVESTMENTS – 118.7%<br>(Cost $281,420,528)** | $255338807 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (18.7)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (18.7)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (18.7)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (18.7)%** | (40199377) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $215139430 |

---

---

| | |
|:---|:---|
| 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 December 31, 2022. |

---

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

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

(c) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022.

(d) 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 $33,609,590 which represents approximately 15.6% of net assets as of December 31, 2022.

(e) Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,207,845, which represents approximately 1% of the Fund's net assets as of December 31, 2022

(f) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

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

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FORWARD SALES CONTRACTS** — At December 31, 2022, 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** |
|  UMBS, 30 Year, Single Family | 2.000% | TBA-30yr | 07/25/51 | $(7000000) | $(5713531) |
|  UMBS, 30 Year, Single Family | 3.000 | TBA-30yr | 01/12/53 | (1000000) | (878516) |
|  UMBS, 30 Year, Single Family | 5.000 | TBA-30yr | 01/12/53 | (1000000) | (986094) |
|  GNMA | 4.500 | TBA-30yr | 01/23/53 | (2000000) | (1940643) |
|  GNMA | 5.000 | TBA-30yr | 01/23/53 | (2000000) | (1981696) |
|  **(PROCEEDS RECEIVABLE: $(11668047))** |  |  |  |  | $(11500480) |

---

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

**FUTURES CONTRACTS** — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 21 | 03/31/23 | $4306641 | $(4794) |
|  5 Year U.S. Treasury Notes | 47 | 03/31/23 | 5072695 | (2706) |
|  **Total** |  |  |  | $(7500) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (180) | 03/22/23 | (20512657) | 248839 |
|  20 Year U.S. Treasury Bonds | (81) | 03/22/23 | (10152844) | 119213 |
|  Ultra Long U.S. Treasury Bonds | (45) | 03/22/23 | (6044062) | 92640 |
|  **Total** |  |  |  | $460692 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $453192 |

---

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund<sup>(a)</sup>** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)<sup>(b)</sup>** | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  3M LIBOR<br> &nbsp;&nbsp;&nbsp;&nbsp;4.430%<sup>(a)</sup> | 12/31/24 | $6650 | $(1896) | $9075 | $(10971) |
|  3M LIBOR<br> 2.500<sup>(a)</sup> | 06/04/29 | 3190 | (40048) | (2150) | (37898) |
|  2.570%<br> 3M LIBOR<sup>(a)</sup> | 06/04/31 | 8420 | 95133 | 8216 | 86917 |
| 2.680<br> 12M SOFR<sup>(a)</sup> | 07/28/32 | 480 | 11821 | (2399) | 14220 |
| 3.750<br> 3M LIBOR<sup>(a)</sup> | 03/15/33 | 500 | (9079) | (12346) | 3267 |
|  3M LIBOR<br> 2.730<sup>(a)</sup> | 06/04/33 | 5340 | (53662) | (4529) | (49133) |
|  3M LIBOR<br> 2.910<sup>(a)</sup> | 07/28/37 | 1140 | (21090) | 2031 | (23121) |
|  3M LIBOR<br> 2.720<sup>(a)</sup> | 08/11/37 | 6700 | (165251) | (194769) | 29518 |
| 2.080<br> 12M SOFR<sup>(a)</sup> | 07/28/47 | 780 | 9766 | (496) | 10262 |
| 2.170<br> 3M LIBOR<sup>(a)</sup> | 08/11/52 | 3240 | 132715 | 132806 | (91) |
|  **TOTAL** |  |  | $(41591) | $(64561) | $22970 |

---

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.

**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 contract** | **Purchased option contract** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 2000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | $(55524) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (3450000) | (3450000) | (81476) | (128512) | 47037 |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (2000000) | (2000000) | (3331) | (25000) | 21668 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (2000000) | (2000000) | (6262) | (42000) | 35738 |
|  |  |  |  | (7450000) | $&nbsp;&nbsp;&nbsp;&nbsp;(7450000) | $&nbsp;&nbsp;&nbsp;&nbsp;(91069) | $&nbsp;&nbsp;&nbsp;&nbsp;(195512) | $104443 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (3450000) | (3450000) | (206594) | (128513) | (78081) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (10900000) | $(10900000) | $(297663) | $&nbsp;&nbsp;&nbsp;&nbsp;(324025) | $&nbsp;&nbsp;&nbsp;&nbsp;26362 |
|  **TOTAL** |  |  |  | (8900000) | $&nbsp;&nbsp;&nbsp;&nbsp;(8900000) | $(286187) | $&nbsp;&nbsp;&nbsp;&nbsp;(257025) | $(29162) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | — U.S. Dollar |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| FFCB | — Federal Farm Credit Bank |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| LIBOR | — London Interbank Offered Rate |
| REMIC | — Real Estate Mortgage Investment Conduit |
| TSFR | — Term Secured Overnight Financing Rate |
| UMBS | — Uniform Mortgage Backed Securities |
| **Abbreviations:** |  |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| GNMA | — Government National Mortgage Association |
| LIBOR | — London Interbank Offered Rate |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations – 97.9%** | **U.S. Treasury Obligations – 97.9%** | **U.S. Treasury Obligations – 97.9%** | **U.S. Treasury Obligations – 97.9%** | **U.S. Treasury Obligations – 97.9%** |
|  United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds |
|  $ | 15923061 | 2.125% | 02/15/40 | $16827020 |
|  | 14818163 | 1.375 | 02/15/44 | 13700372 |
|  | 12527262 | 0.750 | 02/15/45 | 10111723 |
|  | 11527564 | 1.000 | 02/15/48 | 9656589 |
|  | 2036738 | 1.000 | 02/15/49 | 1703875 |
|  | 6131110 | 0.250 | 02/15/50 | 4133680 |
|  | 8412075 | 0.125 | 02/15/51 | 5415191 |
|  United States Treasury Inflation Indexed Notes | United States Treasury Inflation Indexed Notes | United States Treasury Inflation Indexed Notes | United States Treasury Inflation Indexed Notes | United States Treasury Inflation Indexed Notes |
|  | 748734 | 0.125 <sup>(a)</sup> | 01/15/23 | 746964 |
|  | 5704443 | 0.500 | 04/15/24 | 5548220 |
|  | 34249391 | 0.125 | 10/15/24 | 32995762 |
|  | 17061596 | 0.125 | 04/15/25 | 16252339 |
|  | 16309500 | 0.375 | 07/15/25 | 15662654 |
|  | 10794866 | 0.125 | 10/15/25 | 10254668 |
|  | 4251196 | 0.625 | 01/15/26 | 4078885 |
|  | 18213607 | 0.125 | 04/15/26 | 17113886 |
|  | 12468293 | 0.125 | 07/15/26 | 11743547 |
|  | 20380510 | 0.125 | 10/15/26 | 19105341 |
|  | 11558270 | 0.375 | 01/15/27 | 10891421 |
|  | 14653863 | 0.375 | 07/15/27 | 13809105 |
|  | 22348000 | 0.500 | 01/15/28 | 21013899 |
|  | 13164606 | 0.750 | 07/15/28 | 12536737 |
|  | 55805983 | 0.875 | 01/15/29 | 53132529 |
|  | 8783346 | 0.250 | 07/15/29 | 8036693 |
|  | 18978399 | 0.125 | 07/15/30 | 16979830 |
|  | 7165572 | 0.125 | 01/15/31 | 6354578 |
|  | 30461950 | 0.125 | 07/15/31 | 26872966 |
|  | 7900735 | 0.125 | 01/15/32 | 6910836 |
|  | 11075940 | 0.625 | 07/15/32 | 10141489 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $432,957,445)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $432,957,445)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $432,957,445)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $432,957,445)** | $381730799 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(b)</sup> –0.5%** | **Investment Company<sup>(b)</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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988392 | 4.159% | $1988392 |
| **(Cost $1,988,392)** | **(Cost $1,988,392)** |  |
| **TOTAL INVESTMENTS – 98.4%<br>(Cost $434,945,837)** | **TOTAL INVESTMENTS – 98.4%<br>(Cost $434,945,837)** | $383719191 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.6%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.6%** | 6282737 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $390001928 |

---

---

| | |
|:---|:---|
| 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) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (b) | Represents an Affiliated Issuer. |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

## Schedule of Investments (continued)
*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At December 31, 2022, 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 | 19 | 03/22/23 | $2247344 | $(64126) |
|  5 Year U.S. Treasury Notes | 187 | 03/31/23 | 20182852 | (207274) |
|  Ultra Long U.S. Treasury Bonds | 11 | 03/22/23 | 1378781 | (21166) |
|  **Total** |  |  |  | $(292566) |
|  **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** |
|  10 Year U.S. Treasury Notes | (147) | 03/22/23 | (16507641) | 249312 |
|  2 Year U.S. Treasury Notes | (127) | 03/31/23 | (26044922) | 11653 |
|  Ultra Long U.S. Treasury Bonds | (29) | 03/22/23 | (3895062) | 72152 |
|  **Total** |  |  |  | $333117 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $40551 |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**SWAP CONTRACTS** — At December 31, 2022, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Payments**<br> **Received by**<br> **Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)**<br> **Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.251%<sup>(a)</sup>  | 1T CPI-U<sup>(a)</sup> | 02/20/24 | $&nbsp;&nbsp;&nbsp;&nbsp;13700 | $1230576 | $27 | $1230549 |
| 2.103<sup>(a)</sup>  | 1T CPI-U<sup>(a)</sup> | 12/14/24 | 10000 | 1022454 | 37 | 1022417 |
|  12M SOFR<sup>(b)</sup>  | 4.430%<sup>(b)</sup> | 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;25500 <sup>(c)</sup> |  | 33320 | (33320) |
| 2.007<sup>(a)</sup>  | 1T CPI-U<sup>(a)</sup> | 02/07/26 | 6300 | 690778 | 37 | 690741 |
|  12M SOFR<sup>(b)</sup>  | 4.000<sup>(b)</sup> | 03/15/28 | 20 <sup>(c)</sup> | 277 | 456 | (179) |
|  1T CPI-U<sup>(a)</sup>  | 2.103<sup>(a)</sup> | 02/07/29 | 6300 | (717980) | 59 | (718039) |
|  12M SOFR<sup>(b)</sup>  | 2.500<sup>(b)</sup> | 06/04/29 | 12390 <sup>(c)</sup> | (155548) | (8349) | (147199) |
| 3.750<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 03/15/30 | 9080 <sup>(c)</sup> | (90966) | (215971) | 125005 |
| 2.570<sup>(b)</sup>  | SOFR<sup>(b)</sup> | 06/04/31 | 32680 <sup>(c)</sup> | 369232 | 31903 | 337329 |
| 2.680<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 07/28/32 | 4760 <sup>(c)</sup> | 117232 | 84439 | 32793 |
| 3.750<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 03/15/33 | 1750 <sup>(c)</sup> | (31775) | (43207) | 11432 |
|  12M SOFR<sup>(b)</sup>  | 2.730<sup>(b)</sup> | 06/04/33 | 20740 <sup>(c)</sup> | (208418) | (17577) | (190841) |
|  12M SOFR<sup>(b)</sup>  | 2.910<sup>(b)</sup> | 07/28/37 | 11700 <sup>(c)</sup> | (216448) | (163888) | (52560) |
|  12M SOFR<sup>(b)</sup>  | 2.720<sup>(b)</sup> | 08/11/37 | 31370 <sup>(c)</sup> | (773722) | (691268) | (82454) |
| 2.080<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 07/28/47 | 8840 <sup>(c)</sup> | 110678 | 69716 | 40962 |
| 2.170<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 08/11/52 | 15150 <sup>(c)</sup> | 620567 | 480766 | 139801 |
|  **TOTAL** |  |  |  | $1966937 | $(439500) | $2406437 |

---

(a) Payments made at maturity.

(b) Payments made annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS —** At December 31, 2022, 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)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944% | 12/15/2023 | (3350000) | $(3350000) | $(79114) | $(124788) | $45674 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (3370000) | (3370000) | (82287) | (134968) | 52681 |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (3370000) | (3370000) | (85378) | (134716) | 49338 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (3370000) | (3370000) | (87106) | (130924) | 43819 |
|  |  |  |  | (13460000) | $(13460000) | $(333885) | $(525396) | $191512 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (3350000) | (3350000) | (200606) | (124788) | (75818) |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (3370000) | (3370000) | (196021) | (134968) | (61053) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (3370000) | (3370000) | (190958) | (134716) | (56242) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (3370000) | (3370000) | (188826) | (130925) | (57902) |
|  |  |  |  | (13460000) | $(13460000) | $(776411) | $(525397) | $(251015) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (26920000) | $(26920000) | $(1110296) | $(1050793) | $(59503) |
|  **TOTAL** |  |  |  | (26920000) | $(26920000) | $(1110296) | $(1050793) | $(59503) |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | — U.S. Dollar |
| **Abbreviations:** | **Abbreviations:** |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 57.3%** | **Corporate Obligations – 57.3%** | **Corporate Obligations – 57.3%** | **Corporate Obligations – 57.3%** |
| **Advertising<sup>(a)(b)</sup> – 0.3%** | **Advertising<sup>(a)(b)</sup> – 0.3%** | **Advertising<sup>(a)(b)</sup> – 0.3%** |  |
| Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. |
| 4405000 | 6.250% | 06/15/25 | $4383592 |
| **Aerospace & Defense<sup>(b)</sup> – 1.8%** | **Aerospace & Defense<sup>(b)</sup> – 1.8%** |  |  |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |  |  |
| 1491000 | 5.125 | 10/01/24 | 1471975 |
| 1265000 | 6.875 | 05/01/25 | 1299218 |
| Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |  |  |
| 9375000 | 1.600 | 04/01/26 | 8380313 |
| The Boeing Co. |  |  |  |
| 11850000 | 4.875 | 05/01/25 | 11754370 |
| 5400000 | 2.600 | 10/30/25 | 5034906 |
|  |  |  | 27940782 |
| **Agriculture<sup>(b)</sup> – 0.5%** |  |  |  |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 8000000 | 1.668 | 03/25/26 | 7083120 |
| **Airlines<sup>(b)</sup> – 0.1%** |  |  |  |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |  |
| 1960000 | 3.800 | 04/19/23 | 1943634 |
| **Automotive – 1.6%** |  |  |  |
| Ford Motor Credit Co. LLC<sup>(b)</sup>  | Ford Motor Credit Co. LLC<sup>(b)</sup>  |  |  |
| 5639000 | 2.300 | 02/10/25 | 5147730 |
| 250000 | 4.687 | 06/09/25 | 238722 |
| General Motors Financial Co., Inc.<sup>(b)</sup>  | General Motors Financial Co., Inc.<sup>(b)</sup>  | General Motors Financial Co., Inc.<sup>(b)</sup>  | General Motors Financial Co., Inc.<sup>(b)</sup>  |
| 1100000 | 3.950 | 04/13/24 | 1078341 |
| 8800000 | 1.500 | 06/10/26 | 7638664 |
| The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. |
| 3235000 | 9.500 <sup>(b)</sup> | 05/31/25 | 3345411 |
| Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |  |
| 5800000 | 3.950 <sup>(a)</sup> | 06/06/25 | 5615154 |
| ZF North America Capital, Inc. | ZF North America Capital, Inc. |  |  |
| 900000 | 4.750 <sup>(a)</sup> | 04/29/25 | 855783 |
|  |  |  | 23919805 |
| **Banks – 22.1%** |  |  |  |
| Banco do Brasil SA |  |  |  |
| 3350000 | 4.750 | 03/20/24 | 3294097 |
| Banco Santander SA |  |  |  |
| 1600000 | 2.746 | 05/28/25 | 1498016 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| 9025000 | 4.000 | 01/22/25 | 8833760 |
| 23950000 | 3.950 | 04/21/25 | 23331611 |
| (SOFR + 0.910%) |  |  |  |
| 20250000 | 0.981 <sup>(b)(c)</sup> | 09/25/25 | 18678802 |
| (SOFR + 1.110%) |  |  |  |
| 12245000 | 3.841 <sup>(b)(c)</sup> | 04/25/25 | 11952834 |
| Barclays PLC<sup>(b)(c)</sup>  |  |  |  |
| (3M USD LIBOR + 1.610%) | (3M USD LIBOR + 1.610%) |  |  |
| 1850000 | 3.932 | 05/07/25 | 1793686 |
| (SOFR + 2.714%) |  |  |  |
| 3600000 | 2.852 | 05/07/26 | 3342420 |
| BNP Paribas SA<sup>(a)</sup>  |  |  |  |
| 10000000 | 4.375 | 09/28/25 | 9737700 |
| (SOFR + 2.074%) |  |  |  |
| 3275000 | 2.219 <sup>(b)(c)</sup> | 06/09/26 | 3017389 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |  |
| BPCE SA<sup>(a)</sup>  |  |  |  |
| 850000 | 2.375% | 01/14/25 | $791860 |
| (SOFR + 1.520%) | (SOFR + 1.520%) | (SOFR + 1.520%) | (SOFR + 1.520%) |
| 3675000 | 1.652 <sup>(b)(c)</sup> | 10/06/26 | 3266781 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 1525000 | 3.875 | 03/26/25 | 1484039 |
| 1375000 | 4.400 | 06/10/25 | 1349673 |
| 1800000 | 4.600 | 03/09/26 | 1771182 |
| (SOFR + 0.686%) | (SOFR + 0.686%) | (SOFR + 0.686%) | (SOFR + 0.686%) |
| 3700000 | 0.776 <sup>(b)(c)</sup> | 10/30/24 | 3550076 |
| (SOFR + 0.694%) | (SOFR + 0.694%) | (SOFR + 0.694%) | (SOFR + 0.694%) |
| 15075000 | 2.014 <sup>(b)(c)</sup> | 01/25/26 | 13959148 |
| (SOFR + 1.372%) | (SOFR + 1.372%) | (SOFR + 1.372%) | (SOFR + 1.372%) |
| 7355000 | 4.140 <sup>(b)(c)</sup> | 05/24/25 | 7242616 |
| (SOFR + 2.842%) | (SOFR + 2.842%) | (SOFR + 2.842%) | (SOFR + 2.842%) |
| 14275000 | 3.106 <sup>(b)(c)</sup> | 04/08/26 | 13501866 |
| Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
| 5700000 | 4.375 | 03/17/25 | 5502723 |
| Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| 9400000 | 6.500 <sup>(a)</sup> | 08/08/23 | 9096662 |
| 11225000 | 3.700 | 02/21/25 | 10340358 |
| 675000 | 2.950 | 04/09/25 | 608951 |
| Credit Suisse Group AG<sup>(a)(b)(c)</sup>  | Credit Suisse Group AG<sup>(a)(b)(c)</sup>  | Credit Suisse Group AG<sup>(a)(b)(c)</sup>  | Credit Suisse Group AG<sup>(a)(b)(c)</sup>  |
| (3M USD LIBOR + 1.240%) | (3M USD LIBOR + 1.240%) | (3M USD LIBOR + 1.240%) | (3M USD LIBOR + 1.240%) |
| 2100000 | 4.207 | 06/12/24 | 2046870 |
| (SOFR + 2.044%) | (SOFR + 2.044%) | (SOFR + 2.044%) | (SOFR + 2.044%) |
| 9600000 | 2.193 | 06/05/26 | 8201376 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 13025000 | 3.700 | 05/30/24 | 12641544 |
| (SOFR + 2.159%) | (SOFR + 2.159%) | (SOFR + 2.159%) | (SOFR + 2.159%) |
| 1525000 | 2.222 <sup>(b)(c)</sup> | 09/18/24 | 1472540 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 690000 | 2.375 <sup>(b)</sup> | 01/28/25 | 654389 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| 1500000 | 4.000 <sup>(b)</sup> | 05/26/25 | 1458150 |
| First-Citizens Bank & Trust Co.<sup>(b)(c)</sup>  | First-Citizens Bank & Trust Co.<sup>(b)(c)</sup>  | First-Citizens Bank & Trust Co.<sup>(b)(c)</sup>  | First-Citizens Bank & Trust Co.<sup>(b)(c)</sup>  |
| (SOFR + 3.827%) | (SOFR + 3.827%) | (SOFR + 3.827%) | (SOFR + 3.827%) |
| 5210000 | 3.929 | 06/19/24 | 5161234 |
| (TSFR3M + 1.715%) | (TSFR3M + 1.715%) | (TSFR3M + 1.715%) | (TSFR3M + 1.715%) |
| 1050000 | 2.969 | 09/27/25 | 991095 |
| HSBC Holdings PLC (SOFR + 1.538%) | HSBC Holdings PLC (SOFR + 1.538%) | HSBC Holdings PLC (SOFR + 1.538%) | HSBC Holdings PLC (SOFR + 1.538%) |
| 8675000 | 1.645 <sup>(b)(c)</sup> | 04/18/26 | 7833178 |
| ING Groep NV<sup>(a)</sup>  | ING Groep NV<sup>(a)</sup>  | ING Groep NV<sup>(a)</sup>  | ING Groep NV<sup>(a)</sup>  |
| 5000000 | 4.625 | 01/06/26 | 4878050 |
| (1 year CMT + 1.100%) | (1 year CMT + 1.100%) | (1 year CMT + 1.100%) | (1 year CMT + 1.100%) |
| 4750000 | 1.400 <sup>(b)(c)</sup> | 07/01/26 | 4266117 |
| JPMorgan Chase & Co.<sup>(b)(c)</sup>  | JPMorgan Chase & Co.<sup>(b)(c)</sup>  | JPMorgan Chase & Co.<sup>(b)(c)</sup>  | JPMorgan Chase & Co.<sup>(b)(c)</sup>  |
| (SOFR + 0.420%) | (SOFR + 0.420%) | (SOFR + 0.420%) | (SOFR + 0.420%) |
| 5150000 | 0.563 | 02/16/25 | 4857634 |
| (SOFR + 0.605%) | (SOFR + 0.605%) | (SOFR + 0.605%) | (SOFR + 0.605%) |
| 6525000 | 1.561 | 12/10/25 | 6037387 |
| (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) |
| 9200000 | 1.045 | 11/19/26 | 8122956 |
| (SOFR + 1.850%) | (SOFR + 1.850%) | (SOFR + 1.850%) | (SOFR + 1.850%) |
| 6360000 | 2.083 | 04/22/26 | 5901635 |
| (TSFR3M + 1.585%) | (TSFR3M + 1.585%) | (TSFR3M + 1.585%) |  |
| 22175000 | 2.005 | 03/13/26 | 20523406 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

## Schedule of Investments (continued)
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |  |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC |  |  |
| 1525000 | 4.500% | 11/04/24 | $1489330 |
| Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) |  |
| 2100000 | 1.340 <sup>(a)(b)(c)</sup> | 01/12/27 | 1824732 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 3025000 | 1.412 | 07/17/25 | 2747184 |
| Morgan Stanley<sup>(b)(c)</sup>  | Morgan Stanley<sup>(b)(c)</sup>  | Morgan Stanley<sup>(b)(c)</sup>  | Morgan Stanley<sup>(b)(c)</sup>  |
| (SOFR + 0.509%) | (SOFR + 0.509%) | (SOFR + 0.509%) | (SOFR + 0.509%) |
| 11250000 | 0.791 | 01/22/25 | 10654087 |
| (SOFR + 0.525%) | (SOFR + 0.525%) | (SOFR + 0.525%) | (SOFR + 0.525%) |
| 3700000 | 0.790 | 05/30/25 | 3447549 |
| (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) |
| 4025000 | 0.985 | 12/10/26 | 3532340 |
| (SOFR + 0.745%) | (SOFR + 0.745%) | (SOFR + 0.745%) | (SOFR + 0.745%) |
| 2125000 | 0.864 | 10/21/25 | 1953279 |
| (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) |
| 20275000 | 2.188 | 04/28/26 | 18815200 |
| Natwest Group PLC<sup>(b)(c)</sup>  | Natwest Group PLC<sup>(b)(c)</sup>  | Natwest Group PLC<sup>(b)(c)</sup>  | Natwest Group PLC<sup>(b)(c)</sup>  |
| (1 year CMT + 2.150%) | (1 year CMT + 2.150%) | (1 year CMT + 2.150%) | (1 year CMT + 2.150%) |
| 1325000 | 2.359 | 05/22/24 | 1306066 |
| (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) |
| 6505000 | 4.519 | 06/25/24 | 6446390 |
| Santander Holdings USA, Inc. (SOFR + 1.380%) | Santander Holdings USA, Inc. (SOFR + 1.380%) | Santander Holdings USA, Inc. (SOFR + 1.380%) | Santander Holdings USA, Inc. (SOFR + 1.380%) |
| 4835000 | 4.260 <sup>(b)(c)</sup> | 06/09/25 | 4685695 |
| Santander UK Group Holdings PLC (SOFR + 0.787%) | Santander UK Group Holdings PLC (SOFR + 0.787%) | Santander UK Group Holdings PLC (SOFR + 0.787%) | Santander UK Group Holdings PLC (SOFR + 0.787%) |
| 9700000 | 1.089 <sup>(b)(c)</sup> | 03/15/25 | 9078715 |
| Standard Chartered PLC (1 year CMT + 0.780%) | Standard Chartered PLC (1 year CMT + 0.780%) | Standard Chartered PLC (1 year CMT + 0.780%) | Standard Chartered PLC (1 year CMT + 0.780%) |
| 2275000 | 0.991 <sup>(a)(b)(c)</sup> | 01/12/25 | 2143255 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 1925000 | 1.474 | 07/08/25 | 1754195 |
| Wells Fargo & Co.<sup>(b)(c)</sup>  | Wells Fargo & Co.<sup>(b)(c)</sup>  |  |  |
| (SOFR + 1.560%) |  |  |  |
| 9910000 | 4.540 | 08/15/26 | 9720323 |
| (SOFR + 2.000%) |  |  |  |
| 7200000 | 2.188 | 04/30/26 | 6701400 |
|  |  |  | 339293551 |
| **Building Materials<sup>(b)</sup> – 0.9%** | **Building Materials<sup>(b)</sup> – 0.9%** | **Building Materials<sup>(b)</sup> – 0.9%** |  |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 15325000 | 2.242 | 02/15/25 | 14451781 |
| JELD-WEN, Inc. |  |  |  |
| 125000 | 4.875 <sup>(a)</sup> | 12/15/27 | 94265 |
| Summit Materials LLC/Summit Materials Finance Corp. | Summit Materials LLC/Summit Materials Finance Corp. | Summit Materials LLC/Summit Materials Finance Corp. | Summit Materials LLC/Summit Materials Finance Corp. |
| 115000 | 6.500 <sup>(a)</sup> | 03/15/27 | 113274 |
|  |  |  | 14659320 |
| **Chemicals<sup>(b)</sup> – 0.8%** | **Chemicals<sup>(b)</sup> – 0.8%** | **Chemicals<sup>(b)</sup> – 0.8%** |  |
| Celanese US Holdings LLC | Celanese US Holdings LLC |  |  |
| 900000 | 3.500 | 05/08/24 | 869760 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |
| 5225000 | 1.230 <sup>(a)</sup> | 10/01/25 | 4619631 |
| Methanex Corp. |  |  |  |
| 3500000 | 4.250 | 12/01/24 | 3370360 |
| OCI NV |  |  |  |
| 1043000 | 4.625 <sup>(a)</sup> | 10/15/25 | 996889 |
| Sasol Financing USA LLC | Sasol Financing USA LLC |  |  |
| 450000 | 5.875 | 03/27/24 | 438750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** |  |  |
| SPCM SA |  |  |  |
| 1650000 | 3.125 %<sup>(a)</sup> | 03/15/27 | $1427811 |
|  |  |  | 11723201 |
| **Commercial Services – 0.8%** | **Commercial Services – 0.8%** |  |  |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |  |
| 3175000 | 1.200 <sup>(b)</sup> | 03/01/26 | 2767838 |
| Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
| 7400000 | 5.250 <sup>(a)</sup> | 04/15/24 | 7277826 |
| The ADT Security Corp. | The ADT Security Corp. |  |  |
| 2050000 | 4.125 | 06/15/23 | 2036798 |
|  |  |  | 12082462 |
| **Computers<sup>(b)</sup> – 0.8%** | **Computers<sup>(b)</sup> – 0.8%** |  |  |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 10665000 | 5.850 | 07/15/25 | 10797993 |
| NetApp, Inc. |  |  |  |
| 1300000 | 1.875 | 06/22/25 | 1198041 |
|  |  |  | 11996034 |
| **Diversified Financial Services – 3.2%** | **Diversified Financial Services – 3.2%** | **Diversified Financial Services – 3.2%** | **Diversified Financial Services – 3.2%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup>  |
| 5925000 | 3.500 | 01/15/25 | 5657486 |
| 640000 | 6.500 | 07/15/25 | 650150 |
| Air Lease Corp.<sup>(b)</sup>  |  |  |  |
| 1500000 | 2.300 | 02/01/25 | 1398450 |
| 1100000 | 3.375 | 07/01/25 | 1037388 |
| 5175000 | 1.875 | 08/15/26 | 4504734 |
| Aviation Capital Group LLC | Aviation Capital Group LLC |  |  |
| 1725000 | 1.950 <sup>(a)(b)</sup> | 01/30/26 | 1502751 |
| Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  |  |
| 1075000 | 3.950 | 07/01/24 | 1030366 |
| 2075000 | 2.875 | 02/15/25 | 1917093 |
| Capital One Financial Corp. | Capital One Financial Corp. |  |  |
| 6050000 | 3.200 <sup>(b)</sup> | 02/05/25 | 5825666 |
| LD Holdings Group LLC | LD Holdings Group LLC |  |  |
| 3610000 | 6.500 <sup>(a)(b)</sup> | 11/01/25 | 2460684 |
| Navient Corp. |  |  |  |
| 915000 | 5.500 | 01/25/23 | 913316 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |  |
| 2695000 | 5.099 | 07/03/25 | 2667646 |
| OneMain Finance Corp.<sup>(b)</sup>  | OneMain Finance Corp.<sup>(b)</sup>  |  |  |
| 4390000 | 6.125 | 03/15/24 | 4246315 |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| 2160000 | 5.375 <sup>(a)(b)</sup> | 10/15/25 | 1957046 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
| 10460000 | 2.875 <sup>(a)(b)</sup> | 10/15/26 | 9004596 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial |  |
| 4260000 | 4.875 <sup>(b)</sup> | 06/13/25 | 4155886 |
|  |  |  | 48929573 |
| **Electrical – 2.0%** |  |  |  |
| Avangrid, Inc. |  |  |  |
| 1375000 | 3.200 <sup>(b)</sup> | 04/15/25 | 1314418 |
| DTE Energy Co. |  |  |  |
| 3375000 | 1.050 <sup>(b)</sup> | 06/01/25 | 3057851 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
| Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
| 7875000 | 1.375 %<sup>(a)(b)</sup> | 07/12/26 | $6822585 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| 2800000 | 0.900 <sup>(b)</sup> | 09/15/25 | 2495080 |
| Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. |
| 3950000 | 4.250 <sup>(a)</sup> | 07/27/27 | 3779162 |
| NRG Energy, Inc.<sup>(a)(b)</sup>  | NRG Energy, Inc.<sup>(a)(b)</sup>  | NRG Energy, Inc.<sup>(a)(b)</sup>  | NRG Energy, Inc.<sup>(a)(b)</sup>  |
| 4525000 | 3.750 | 06/15/24 | 4357756 |
| 2855000 | 5.250 | 06/15/29 | 2522364 |
| Vistra Operations Co. LLC<sup>(a)(b)</sup>  | Vistra Operations Co. LLC<sup>(a)(b)</sup>  | Vistra Operations Co. LLC<sup>(a)(b)</sup>  | Vistra Operations Co. LLC<sup>(a)(b)</sup>  |
| 3325000 | 3.550 | 07/15/24 | 3190836 |
| 2965000 | 5.000 | 07/31/27 | 2759259 |
|  |  |  | 30299311 |
| **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** |
| Wesco Distribution, Inc. | Wesco Distribution, Inc. | Wesco Distribution, Inc. | Wesco Distribution, Inc. |
| 2845000 | 7.125 | 06/15/25 | 2883920 |
| **Electronics<sup>(a)</sup> – 0.2%** | **Electronics<sup>(a)</sup> – 0.2%** | **Electronics<sup>(a)</sup> – 0.2%** | **Electronics<sup>(a)</sup> – 0.2%** |
| Sensata Technologies B.V. | Sensata Technologies B.V. | Sensata Technologies B.V. | Sensata Technologies B.V. |
| 3000000 | 5.000 | 10/01/25 | 2934780 |
| **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.0%** |
| Greenko Dutch B.V. | Greenko Dutch B.V. | Greenko Dutch B.V. | Greenko Dutch B.V. |
| 191000 | 3.850 | 03/29/26 | 165693 |
| Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
| 200000 | 5.500 | 04/06/25 | 186350 |
|  |  |  | 352043 |
| **Engineering & Construction<sup>(b)</sup> – 0.2%** | **Engineering & Construction<sup>(b)</sup> – 0.2%** | **Engineering & Construction<sup>(b)</sup> – 0.2%** | **Engineering & Construction<sup>(b)</sup> – 0.2%** |
| AECOM | AECOM | AECOM | AECOM |
| 2750000 | 5.125 | 03/15/27 | 2661945 |
| **Entertainment<sup>(a)</sup> – 1.9%** | **Entertainment<sup>(a)</sup> – 1.9%** | **Entertainment<sup>(a)</sup> – 1.9%** | **Entertainment<sup>(a)</sup> – 1.9%** |
| Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU |
| 930000 | 5.375 <sup>(b)</sup> | 03/01/25 | 877622 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 1895000 | 6.250 <sup>(b)</sup> | 07/01/25 | 1843684 |
| Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. |
| 6300000 | 5.750 <sup>(b)</sup> | 07/01/25 | 6174000 |
| Six Flags Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Theme Parks, Inc.<sup>(b)</sup>  |
| 1125000 | 7.000 | 07/01/25 | 1134416 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 6900000 | 3.428 | 03/15/24 | 6696864 |
| 5500000 | 3.528 <sup>(b)</sup> | 03/15/24 | 5329445 |
| 6900000 | 3.638 | 03/15/25 | 6563004 |
|  |  |  | 28619035 |
| **Environmental<sup>(a)(b)</sup> – 0.5%** | **Environmental<sup>(a)(b)</sup> – 0.5%** | **Environmental<sup>(a)(b)</sup> – 0.5%** | **Environmental<sup>(a)(b)</sup> – 0.5%** |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 3880000 | 3.750 | 08/01/25 | 3664194 |
| 4860000 | 5.125 | 12/15/26 | 4671092 |
|  |  |  | 8335286 |
| **Food & Drug Retailing<sup>(b)</sup> – 0.6%** | **Food & Drug Retailing<sup>(b)</sup> – 0.6%** | **Food & Drug Retailing<sup>(b)</sup> – 0.6%** | **Food & Drug Retailing<sup>(b)</sup> – 0.6%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertson's LLC<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertson's LLC<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertson's LLC<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertson's LLC<sup>(a)</sup>  |
| 3630000 | 3.250 | 03/15/26 | 3313537 |
| 110000 | 7.500 | 03/15/26 | 112608 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(b)</sup> – (continued)** |
| B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
| 2050000 | 5.250% | 04/01/25 | $1806029 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 3020000 | 6.875 <sup>(a)</sup> | 05/01/25 | 3024349 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 1055000 | 6.250 <sup>(a)</sup> | 04/15/25 | 1046444 |
|  |  |  | 9302967 |
| **Gaming<sup>(b)</sup> – 0.4%** | **Gaming<sup>(b)</sup> – 0.4%** | **Gaming<sup>(b)</sup> – 0.4%** | **Gaming<sup>(b)</sup> – 0.4%** |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 2040000 | 6.750 | 05/01/25 | 2056157 |
| 3511000 | 5.750 | 06/15/25 | 3412200 |
|  |  |  | 5468357 |
| **Gas<sup>(b)</sup> – 0.6%** | **Gas<sup>(b)</sup> – 0.6%** | **Gas<sup>(b)</sup> – 0.6%** | **Gas<sup>(b)</sup> – 0.6%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 11050000 | 0.950 | 08/15/25 | 9966990 |
| **Healthcare Providers & Services – 1.5%** | **Healthcare Providers & Services – 1.5%** | **Healthcare Providers & Services – 1.5%** | **Healthcare Providers & Services – 1.5%** |
| Centene Corp.<sup>(b)</sup>  | Centene Corp.<sup>(b)</sup>  | Centene Corp.<sup>(b)</sup>  | Centene Corp.<sup>(b)</sup>  |
| 1900000 | 4.250 | 12/15/27 | 1784195 |
| 8410000 | 2.450 | 07/15/28 | 7095770 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 8810000 | 5.375 | 02/01/25 | 8800485 |
| 6000000 | 5.875 <sup>(b)</sup> | 02/15/26 | 6038340 |
|  |  |  | 23718790 |
| **Household Products<sup>(b)</sup> – 0.0%** | **Household Products<sup>(b)</sup> – 0.0%** | **Household Products<sup>(b)</sup> – 0.0%** | **Household Products<sup>(b)</sup> – 0.0%** |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| 114000 | 5.750 | 07/15/25 | 112820 |
| **Housewares<sup>(b)</sup> – 0.2%** | **Housewares<sup>(b)</sup> – 0.2%** | **Housewares<sup>(b)</sup> – 0.2%** | **Housewares<sup>(b)</sup> – 0.2%** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 2770000 | 4.875 | 06/01/25 | 2702384 |
| **Insurance – 0.4%** | **Insurance – 0.4%** | **Insurance – 0.4%** | **Insurance – 0.4%** |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 1333000 | 2.500 <sup>(b)</sup> | 06/30/25 | 1255806 |
| Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| 1725000 | 1.450 <sup>(a)</sup> | 01/08/26 | 1512877 |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 1550000 | 1.400 <sup>(a)</sup> | 07/07/25 | 1406191 |
| Great-West Lifeco US Finance 2020 LP | Great-West Lifeco US Finance 2020 LP | Great-West Lifeco US Finance 2020 LP | Great-West Lifeco US Finance 2020 LP |
| 2000000 | 0.904 <sup>(a)(b)</sup> | 08/12/25 | 1780560 |
|  |  |  | 5955434 |
| **Internet – 1.4%** | **Internet – 1.4%** | **Internet – 1.4%** | **Internet – 1.4%** |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 3265000 | 5.875 | 02/15/25 | 3306498 |
| 4000000 | 3.625 <sup>(a)(b)</sup> | 06/15/25 | 3829320 |
| NortonLifeLock, Inc. | NortonLifeLock, Inc. | NortonLifeLock, Inc. | NortonLifeLock, Inc. |
| 3110000 | 6.750 <sup>(a)(b)</sup> | 09/30/27 | 3053523 |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 7030000 | 3.257 <sup>(a)(b)</sup> | 01/19/27 | 6309425 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 4340000 | 7.500 <sup>(a)(b)</sup> | 05/15/25 | 4346206 |
|  |  |  | 20844972 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Investment Companies – 0.4%** | **Investment Companies – 0.4%** | **Investment Companies – 0.4%** |  |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |  |
| 6000000 | 4.700% | 03/24/25 | $5752680 |
| **Iron/Steel<sup>(b)</sup> – 0.3%** | **Iron/Steel<sup>(b)</sup> – 0.3%** | **Iron/Steel<sup>(b)</sup> – 0.3%** |  |
| Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |  |
| 3555000 | 8.000 <sup>(a)</sup> | 11/01/27 | 3630544 |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |  |
| 345000 | 2.400 | 06/15/25 | 323196 |
|  |  |  | 3953740 |
| **Leisure Time<sup>(a)(b)</sup> – 0.5%** | **Leisure Time<sup>(a)(b)</sup> – 0.5%** | **Leisure Time<sup>(a)(b)</sup> – 0.5%** |  |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |  |
| 2245000 | 5.875 | 02/15/27 | 1943182 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |
| 4880000 | 11.500 | 06/01/25 | 5241852 |
|  |  |  | 7185034 |
| **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** |  |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |  |
| 4918000 | 5.750 | 05/01/25 | 4970032 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.0%** |  |
| The Manitowoc Co., Inc. | The Manitowoc Co., Inc. | The Manitowoc Co., Inc. |  |
| 125000 | 9.000 | 04/01/26 | 116906 |
| **Machinery-Diversified<sup>(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(b)</sup> – 0.5%** |  |
| Husky III Holding Ltd.<sup>(d)</sup>  | Husky III Holding Ltd.<sup>(d)</sup>  | Husky III Holding Ltd.<sup>(d)</sup>  |  |
| 1104000 | 13.000 <sup>(a)</sup> | 02/15/25 | 977691 |
| Mueller Water Products, Inc. | Mueller Water Products, Inc. | Mueller Water Products, Inc. |  |
| 2985000 | 4.000 <sup>(a)</sup> | 06/15/29 | 2624233 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |  |
| 4000000 | 2.056 | 04/05/25 | 3745480 |
|  |  |  | 7347404 |
| **Media – 1.4%** | **Media – 1.4%** | **Media – 1.4%** |  |
| AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |  |
| 4486000 | 4.750 (b) | 08/01/25 | 3443274 |
| Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(b)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(b)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(b)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(b)</sup>  |
| 8925000 | 4.908 | 07/23/25 | 8752747 |
| (3M USD LIBOR + 1.650%) | (3M USD LIBOR + 1.650%) | (3M USD LIBOR + 1.650%) |  |
| 1275000 | 6.090 <sup>(c)</sup> | 02/01/24 | 1281375 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |  |
| 4120000 | 5.250 | 06/01/24 | 3840252 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |  |
| 5065000 | 5.875 | 11/15/24 | 4724126 |
| Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |  |
| 120000 | 5.875 <sup>(a)(b)</sup> | 07/15/27 | 107472 |
|  |  |  | 22149246 |
| **Mining<sup>(a)(b)</sup> – 0.2%** | **Mining<sup>(a)(b)</sup> – 0.2%** | **Mining<sup>(a)(b)</sup> – 0.2%** |  |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |  |
| 4200000 | 1.625 | 09/01/25 | 3805746 |
| **Miscellaneous Manufacturing<sup>(b)</sup> – 0.2%** | **Miscellaneous Manufacturing<sup>(b)</sup> – 0.2%** | **Miscellaneous Manufacturing<sup>(b)</sup> – 0.2%** |  |
| Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |  |
| 2754000 | 5.625 <sup>(a)</sup> | 07/01/27 | 2630593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Miscellaneous Manufacturing<sup>(b)</sup> – (continued)** | **Miscellaneous Manufacturing<sup>(b)</sup> – (continued)** | **Miscellaneous Manufacturing<sup>(b)</sup> – (continued)** | **Miscellaneous Manufacturing<sup>(b)</sup> – (continued)** |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 890000 | 5.750% | 06/15/25 | $891771 |
|  |  |  | 3522364 |
| **Multi-National<sup>(a)(b)</sup> – 0.1%** | **Multi-National<sup>(a)(b)</sup> – 0.1%** | **Multi-National<sup>(a)(b)</sup> – 0.1%** | **Multi-National<sup>(a)(b)</sup> – 0.1%** |
| The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank |
| 1050000 | 2.634 | 05/17/26 | 930846 |
| 1130000 | 3.798 | 05/17/31 | 932307 |
|  |  |  | 1863153 |
| **Office & Business Equipment<sup>(a)(b)</sup> – 0.3%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.3%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.3%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.3%** |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| 4495000 | 5.000 | 08/15/25 | 4137423 |
| **Oil Field Services<sup>(b)</sup> – 1.1%** | **Oil Field Services<sup>(b)</sup> – 1.1%** | **Oil Field Services<sup>(b)</sup> – 1.1%** | **Oil Field Services<sup>(b)</sup> – 1.1%** |
| Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| 1875000 | 2.050 | 07/15/25 | 1745006 |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 6800000 | 3.800 | 06/01/24 | 6611776 |
| Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
| 120000 | 5.250 | 09/15/24 | 120001 |
| EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
| 2625000 | 6.125 | 02/01/25 | 2632035 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 210000 | 6.875 | 10/16/25 | 204265 |
| Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy |
| 2160000 | 1.375 | 09/12/26 | 1909305 |
| Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
| 2130000 | 1.625 | 11/24/25 | 1934706 |
| Transocean Sentry Ltd. | Transocean Sentry Ltd. | Transocean Sentry Ltd. | Transocean Sentry Ltd. |
| 1256911 | 5.375 <sup>(a)</sup> | 05/15/23 | 1246931 |
| USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
| 120000 | 6.875 | 04/01/26 | 115285 |
|  |  |  | 16519310 |
| **Packaging – 1.1%** | **Packaging – 1.1%** | **Packaging – 1.1%** | **Packaging – 1.1%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
| 1165000 | 6.000 <sup>(a)(b)</sup> | 06/15/27 | 1141432 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 4663000 | 4.000 | 11/15/23 | 4582936 |
| Berry Global, Inc.<sup>(b)</sup>  | Berry Global, Inc.<sup>(b)</sup>  | Berry Global, Inc.<sup>(b)</sup>  | Berry Global, Inc.<sup>(b)</sup>  |
| 5500000 | 0.950 | 02/15/24 | 5227475 |
| 3200000 | 1.570 | 01/15/26 | 2857312 |
| Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
| 2320000 | 5.500 <sup>(a)(b)</sup> | 04/15/24 | 2257267 |
| Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. |
| 1925000 | 1.400 <sup>(a)(b)</sup> | 04/01/26 | 1698986 |
|  |  |  | 17765408 |
| **Pharmaceuticals<sup>(b)</sup> – 0.9%** | **Pharmaceuticals<sup>(b)</sup> – 0.9%** | **Pharmaceuticals<sup>(b)</sup> – 0.9%** | **Pharmaceuticals<sup>(b)</sup> – 0.9%** |
| Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
| 500000 | 5.772 | 08/28/23 | 497610 |
| Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. |
| 7435000 | 7.875 <sup>(a)</sup> | 09/01/25 | 6601388 |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 5000000 | 3.900 | 12/15/24 | 4732500 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals<sup>(b)</sup> – (continued)** | **Pharmaceuticals<sup>(b)</sup> – (continued)** | **Pharmaceuticals<sup>(b)</sup> – (continued)** | **Pharmaceuticals<sup>(b)</sup> – (continued)** |
| PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
| 3144000 | 2.875 %<sup>(a)</sup> | 07/15/26 | $2846797 |
|  |  |  | 14678295 |
| **Pipelines<sup>(b)</sup> – 1.9%** | **Pipelines<sup>(b)</sup> – 1.9%** | **Pipelines<sup>(b)</sup> – 1.9%** | **Pipelines<sup>(b)</sup> – 1.9%** |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 2835000 | 4.500 | 10/01/29 | 2551557 |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 4645000 | 5.375 | 07/15/25 | 4601244 |
| 2690000 | 5.625 | 07/15/27 | 2672569 |
| Energy Transfer LP/Regency Energy Finance Corp. | Energy Transfer LP/Regency Energy Finance Corp. | Energy Transfer LP/Regency Energy Finance Corp. | Energy Transfer LP/Regency Energy Finance Corp. |
| 150000 | 4.500 | 11/01/23 | 148701 |
| EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
| 1265000 | 4.750 | 07/15/23 | 1261015 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 1225000 | 4.875 | 12/01/24 | 1214024 |
| 8300000 | 1.750 | 03/01/26 | 7409244 |
| NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
| 410000 | 4.875 <sup>(a)</sup> | 08/15/27 | 390578 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 6820000 | 5.750 | 10/01/25 | 6588257 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| 2720000 | 6.875 | 01/15/29 | 2746792 |
|  |  |  | 29583981 |
| **Real Estate<sup>(b)</sup> – 0.0%** | **Real Estate<sup>(b)</sup> – 0.0%** | **Real Estate<sup>(b)</sup> – 0.0%** | **Real Estate<sup>(b)</sup> – 0.0%** |
| Sunac China Holdings Ltd. | Sunac China Holdings Ltd. | Sunac China Holdings Ltd. | Sunac China Holdings Ltd. |
| 200000 | 6.500 | 01/10/25 | 41000 |
| Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. |
| 200000 | 6.700 | 08/04/26 | 5000 |
|  |  |  | 46000 |
| **Real Estate Investment Trust<sup>(b)</sup> – 1.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 1.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 1.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 1.3%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 1150000 | 2.400 | 03/15/25 | 1081863 |
| 1400000 | 1.300 | 09/15/25 | 1263724 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 1750000 | 1.350 | 07/15/25 | 1591100 |
| 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. |
| 7785000 | 5.250 | 08/01/26 | 7107705 |
| National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. |
| 435000 | 3.900 | 06/15/24 | 425025 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup>  |
| 4830000 | 5.625 | 05/01/24 | 4797204 |
| 4590000 | 3.500 | 02/15/25 | 4341635 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 230000 | 4.000 | 02/01/25 | 224296 |
|  |  |  | 20832552 |
| **Retailing<sup>(b)</sup> – 0.4%** | **Retailing<sup>(b)</sup> – 0.4%** | **Retailing<sup>(b)</sup> – 0.4%** | **Retailing<sup>(b)</sup> – 0.4%** |
| Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
| 3000000 | 2.300 | 04/08/24 | 2810550 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 3310000 | 3.500 | 09/01/25 | 3083331 |
|  |  |  | 5893881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Semiconductors<sup>(b)</sup> – 0.1%** | **Semiconductors<sup>(b)</sup> – 0.1%** | **Semiconductors<sup>(b)</sup> – 0.1%** | **Semiconductors<sup>(b)</sup> – 0.1%** |
| NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. |
| 250000 | 2.700% | 05/01/25 | $235048 |
| Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
| 2425000 | 1.800 | 06/01/26 | 2134679 |
|  |  |  | 2369727 |
| **Software – 0.9%** | **Software – 0.9%** | **Software – 0.9%** | **Software – 0.9%** |
| Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
| 2705000 | 5.250 <sup>(a)(b)</sup> | 05/15/26 | 2648925 |
| Infor, Inc. | Infor, Inc. | Infor, Inc. | Infor, Inc. |
| 1075000 | 1.750 <sup>(a)(b)</sup> | 07/15/25 | 969844 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2825000 | 2.500 <sup>(b)</sup> | 04/01/25 | 2663721 |
| 3575000 | 5.800 | 11/10/25 | 3651755 |
| PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. |
| 2085000 | 3.625 <sup>(a)(b)</sup> | 02/15/25 | 1988736 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 2575000 | 1.000 <sup>(b)</sup> | 08/15/24 | 2395316 |
|  |  |  | 14318297 |
| **Telecommunication Services – 1.9%** | **Telecommunication Services – 1.9%** | **Telecommunication Services – 1.9%** | **Telecommunication Services – 1.9%** |
| CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
| 112000 | 6.000 <sup>(a)(b)</sup> | 06/15/25 | 101927 |
| Sprint Corp. | Sprint Corp. | Sprint Corp. | Sprint Corp. |
| 2840000 | 7.875 | 09/15/23 | 2882401 |
| Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA |
| 5615000 | 5.303 <sup>(a)</sup> | 05/30/24 | 5325266 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 21574000 | 3.500 <sup>(b)</sup> | 04/15/25 | 20768858 |
|  |  |  | 29078452 |
| **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2%** |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 2815000 | 5.875 | 12/15/27 | 2761234 |
| **Trucking & Leasing<sup>(a)(b)</sup> – 0.3%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.3%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.3%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.3%** |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 4950000 | 1.200 | 11/15/25 | 4356347 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $950,997,563)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $950,997,563)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $950,997,563)** | $881121320 |
| **Mortgage-Backed Obligations – 15.6%** | **Mortgage-Backed Obligations – 15.6%** | **Mortgage-Backed Obligations – 15.6%** | **Mortgage-Backed Obligations – 15.6%** |
| **FNMA Collateral<sup>(e)</sup> – 0.3%** | **FNMA Collateral<sup>(e)</sup> – 0.3%** | **FNMA Collateral<sup>(e)</sup> – 0.3%** | **FNMA Collateral<sup>(e)</sup> – 0.3%** |
| **UMBS, 30 Year, Single Family – 0.3%** | **UMBS, 30 Year, Single Family – 0.3%** | **UMBS, 30 Year, Single Family – 0.3%** | **UMBS, 30 Year, Single Family – 0.3%** |
| UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family |
| 4000000 | 4.500% | TBA-30yr | $3855625 |
| **Collateralized Mortgage Obligations – 3.0%** | **Collateralized Mortgage Obligations – 3.0%** | **Collateralized Mortgage Obligations – 3.0%** | **Collateralized Mortgage Obligations – 3.0%** |
| **Interest Only<sup>(f)</sup> – 0.6%** | **Interest Only<sup>(f)</sup> – 0.6%** | **Interest Only<sup>(f)</sup> – 0.6%** | **Interest Only<sup>(f)</sup> – 0.6%** |
| FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%) |  |  |
| 244991 | 1.682 %<sup>(c)</sup> | 05/15/41 | $20866 |
| FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) | FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) | FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) | FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) |
| 231595 | 1.732 <sup>(c)</sup> | 03/15/44 | 22213 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (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<sup>(f)</sup> – (continued)** | **Interest Only<sup>(f)</sup> – (continued)** | **Interest Only<sup>(f)</sup> – (continued)** | **Interest Only<sup>(f)</sup> – (continued)** |
| FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + | FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + | FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + | FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%) |  |  |
| 377821 | 1.782 %<sup>(c)</sup> | 05/15/45 | $40286 |
| FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%) |  |  |
| 260817 | 1.682 <sup>(c)</sup> | 05/15/46 | 27091 |
| FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI |
| 4082720 | 4.000 | 08/25/50 | 802251 |
| FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI |
| 671541 | 4.000 | 09/25/50 | 132409 |
| FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH |
| 1718684 | 3.000 | 08/25/50 | 274962 |
| FNMA REMIC Series 2010-135, Class AS (-1X 1M USD LIBOR | FNMA REMIC Series 2010-135, Class AS (-1X 1M USD LIBOR | FNMA REMIC Series 2010-135, Class AS (-1X 1M USD LIBOR | FNMA REMIC Series 2010-135, Class AS (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 5.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 5.950%) |  |  |
| 72561 | 1.561 <sup>(c)</sup> | 12/25/40 | 5485 |
| FNMA REMIC Series 2016-1, Class SJ (-1X 1M USD LIBOR + | FNMA REMIC Series 2016-1, Class SJ (-1X 1M USD LIBOR + | FNMA REMIC Series 2016-1, Class SJ (-1X 1M USD LIBOR + | FNMA REMIC Series 2016-1, Class SJ (-1X 1M USD LIBOR + |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%) |  |  |
| 360545 | 1.761 <sup>(c)</sup> | 02/25/46 | 39382 |
| FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) |  |  |
| 435059 | 1.711 <sup>(c)</sup> | 05/25/47 | 49134 |
| FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 3.450%) |  |  |
| 1717419 | 0.336 <sup>(c)(g)</sup> | 03/25/48 | 27529 |
| FNMA REMIC Series 2020-49, Class IO | FNMA REMIC Series 2020-49, Class IO | FNMA REMIC Series 2020-49, Class IO | FNMA REMIC Series 2020-49, Class IO |
| 382677 | 4.000 | 07/25/50 | 76283 |
| FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR | FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR | FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR | FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) |  |  |  |
| 2867662 | 1.711 <sup>(c)</sup> | 07/25/50 | 323443 |
| FNMA REMIC Series 2020-60, Class NI | FNMA REMIC Series 2020-60, Class NI | FNMA REMIC Series 2020-60, Class NI | FNMA REMIC Series 2020-60, Class NI |
| 623663 | 4.000 | 09/25/50 | 122969 |
| FNMA REMIC Series 2020-62, Class GI | FNMA REMIC Series 2020-62, Class GI | FNMA REMIC Series 2020-62, Class GI | FNMA REMIC Series 2020-62, Class GI |
| 3010911 | 4.000 | 06/25/48 | 581450 |
| GNMA REMEC Series 2020-55, Class PI | GNMA REMEC Series 2020-55, Class PI | GNMA REMEC Series 2020-55, Class PI | GNMA REMEC Series 2020-55, Class PI |
| 734381 | 3.500 | 04/20/50 | 119839 |
| GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%) |
| 248710 | 1.697 <sup>(c)</sup> | 08/20/43 | 25675 |
| GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) |  |  |
| 90688 | 1.747 <sup>(c)</sup> | 06/20/43 | 8176 |
| GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) |  |  |
| 183336 | 1.747 <sup>(c)</sup> | 10/20/43 | 9078 |
| GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%) | GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%) | GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%) | GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%) |
| 91782 | 1.247 <sup>(c)</sup> | 11/20/44 | 7392 |
| GNMA REMIC Series 2015-111, Class IM | GNMA REMIC Series 2015-111, Class IM | GNMA REMIC Series 2015-111, Class IM | GNMA REMIC Series 2015-111, Class IM |
| 284941 | 4.000 | 08/20/45 | 43087 |
| GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.250%) |  |  |
| 161617 | 1.897 <sup>(c)</sup> | 09/20/45 | 17277 |
| GNMA REMIC Series 2016-109, Class IH | GNMA REMIC Series 2016-109, Class IH | GNMA REMIC Series 2016-109, Class IH | GNMA REMIC Series 2016-109, Class IH |
| 758041 | 4.000 | 10/20/45 | 112743 |
| GNMA REMIC Series 2016-27, Class IA | GNMA REMIC Series 2016-27, Class IA | GNMA REMIC Series 2016-27, Class IA | GNMA REMIC Series 2016-27, Class IA |
| 94291 | 4.000 | 06/20/45 | 11747 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Value** |
| **Interest Only<sup>(f)</sup> – (continued)** | **Interest Only<sup>(f)</sup> – (continued)** |  |  |
| GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR | GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR | GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR | GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 5.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 5.660%) |  |  |
| 155504 | 1.307 %<sup>(c)</sup> | 07/20/47 | $13194 |
| GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%) |
| 356954 | 1.847 <sup>(c)</sup> | 09/20/48 | 37159 |
| GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.200%) |  |  |
| 335307 | 1.847 <sup>(c)</sup> | 09/20/48 | 33527 |
| GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%) |
| 328221 | 1.797 <sup>(c)</sup> | 10/20/48 | 31014 |
| GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%) |  |  |  |
| 353240 | 1.697 <sup>(c)</sup> | 01/20/49 | 33022 |
| GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.050%) |  |  |  |
| 3470421 | 1.697 <sup>(c)</sup> | 09/20/49 | 367494 |
| GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%) |
| 368189 | 1.747 <sup>(c)</sup> | 09/20/49 | 33237 |
| GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) |  |  |  |
| 365136 | 1.747 <sup>(c)</sup> | 09/20/49 | 36029 |
| GNMA REMIC Series 2019-111, Class AS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2019-111, Class AS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2019-111, Class AS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2019-111, Class AS (-1X 1M USD LIBOR + 6.150%) |
| 1744283 | 1.797 <sup>(c)</sup> | 01/20/49 | 157290 |
| GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI |  |
| 1342247 | 3.500 | 10/20/49 | 202163 |
| GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI |  |
| 7934251 | 4.000 | 12/20/49 | 1453586 |
| GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR |
| + 3.790%) | + 3.790%) |  |  |
| 715190 | 0.301 <sup>(c)(g)</sup> | 02/20/49 | 18266 |
| GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.100%) |  |  |
| 161044 | 1.747 <sup>(c)</sup> | 06/20/49 | 14611 |
| GNMA REMIC Series 2020-146, Class IM | GNMA REMIC Series 2020-146, Class IM | GNMA REMIC Series 2020-146, Class IM |  |
| 419694 | 2.500 | 10/20/50 | 55056 |
| GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI |  |
| 4064497 | 2.500 | 10/20/50 | 531767 |
| GNMA REMIC Series 2020-151, Class MI | GNMA REMIC Series 2020-151, Class MI | GNMA REMIC Series 2020-151, Class MI |  |
| 7177416 | 2.500 | 10/20/50 | 946949 |
| GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.050%) |  |  |  |
| 1378828 | 1.697 <sup>(c)</sup> | 02/20/50 | 145522 |
| GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR |
| + 6.050%) |  |  |  |
| 8875549 | 1.697 <sup>(c)</sup> | 04/20/50 | 917222 |
| GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI |  |
| 2082678 | 5.000 | 05/20/50 | 399386 |
| GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 6.050%) |  |  |  |
| 2157794 | 1.697 <sup>(c)</sup> | 08/20/49 | 204598 |
| GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI |  |
| 1570978 | 4.000 | 06/20/50 | 288432 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (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<sup>(f)</sup> – (continued)** | **Interest Only<sup>(f)</sup> – (continued)** | **Interest Only<sup>(f)</sup> – (continued)** | **Interest Only<sup>(f)</sup> – (continued)** |
| GNMA REMIC Series 2020-79, Class AI | GNMA REMIC Series 2020-79, Class AI | GNMA REMIC Series 2020-79, Class AI | GNMA REMIC Series 2020-79, Class AI |
| 174309 | 4.000% | 06/20/50 | $31310 |
|  |  |  | 8851601 |
| **Sequential Fixed Rate – 0.3%** | **Sequential Fixed Rate – 0.3%** | **Sequential Fixed Rate – 0.3%** | **Sequential Fixed Rate – 0.3%** |
| FHLMC REMIC Series 4649, Class ML | FHLMC REMIC Series 4649, Class ML | FHLMC REMIC Series 4649, Class ML | FHLMC REMIC Series 4649, Class ML |
| 3343942 | 4.000 | 11/15/54 | 3243753 |
| FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B |
| 10965 | 7.000 | 10/25/42 | 11638 |
| FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B |
| 36747 | 7.000 | 07/25/42 | 39287 |
| OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 |
| 528165 | 5.110 <sup>(a)(h)</sup> | 08/25/62 | 521059 |
|  |  |  | 3815737 |
| **Sequential Floating Rate<sup>(a)</sup> –2.1%** | **Sequential Floating Rate<sup>(a)</sup> –2.1%** | **Sequential Floating Rate<sup>(a)</sup> –2.1%** | **Sequential Floating Rate<sup>(a)</sup> –2.1%** |
| Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR30A + 1.500%) | Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR30A + 1.500%) | Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR30A + 1.500%) | Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR30A + 1.500%) |
| 1400000 | 5.428 <sup>(c)</sup> | 06/25/31 | 1334623 |
| Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 | Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 | Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 | Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.100%) |
| 2311000 | 7.028 <sup>(c)</sup> | 10/25/41 | 2171359 |
| Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 | Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 | Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 | Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.000%) |
| 1910000 | 6.928 <sup>(c)</sup> | 01/25/42 | 1800429 |
| FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.600%) |
| 2556307 | 6.528 <sup>(c)</sup> | 11/25/50 | 2536118 |
| FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 | FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 | FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 | FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 1.850%) |
| 860640 | 6.239 <sup>(c)</sup> | 02/25/50 | 856901 |
| FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 | FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 | FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 | FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 5.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 5.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 5.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 5.100%) |
| 482331 | 9.489 <sup>(c)</sup> | 06/25/50 | 500922 |
| FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 4.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 4.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 4.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 4.800%) |
| 3231000 | 8.728 <sup>(c)</sup> | 10/25/50 | 3307957 |
| FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.800%) |
| 749468 | 6.728 | 10/25/50 | 753087 |
| FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 3.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 3.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 3.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1M USD LIBOR + 3.150%) |
| 16999 | 7.539 <sup>(c)</sup> | 09/25/50 | 17000 |
| FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.800%) |
| 225279 | 5.728 <sup>(c)</sup> | 01/25/51 | 219940 |
| FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 | FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 | FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 | FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 3.400%) |
| 2046000 | 7.328 <sup>(c)</sup> | 10/25/41 | 1906022 |
| FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 | FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 | FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 | FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.050%) |
| 1150000 | 5.978 <sup>(c)</sup> | 12/25/33 | 1032822 |
| FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A | FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A | FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A | FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 1.000%) |
| 1951078 | 4.928 | 01/25/42 | 1904440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(a)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)</sup> – (continued)** |
| FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A | FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A | FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A | FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A + 2.000%) |
| 2159796 | 5.928% | 04/25/42 | $2155011 |
| FNMA Connecticut Avenue Securities Series 2021-R02, | FNMA Connecticut Avenue Securities Series 2021-R02, | FNMA Connecticut Avenue Securities Series 2021-R02, | FNMA Connecticut Avenue Securities Series 2021-R02, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2B1 (SOFR30A + 3.300%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2B1 (SOFR30A + 3.300%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2B1 (SOFR30A + 3.300%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2B1 (SOFR30A + 3.300%) |
| 4100000 | 7.228 <sup>(c)</sup> | 11/25/41 | 3768851 |
| GCAT Trust Series 22-NQM4, Class A1 | GCAT Trust Series 22-NQM4, Class A1 | GCAT Trust Series 22-NQM4, Class A1 | GCAT Trust Series 22-NQM4, Class A1 |
| 525744 | 5.269 <sup>(h)</sup> | 08/25/67 | 528646 |
| JPMorgan Mortgage Trust Series 2021-LTV2, Class A1 | JPMorgan Mortgage Trust Series 2021-LTV2, Class A1 | JPMorgan Mortgage Trust Series 2021-LTV2, Class A1 | JPMorgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 4859541 | 2.520 | 05/25/52 | 3977116 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 96046 | 3.750 | 05/28/52 | 87992 |
| Verus Securitization Trust Series 2022-1, Class A1 | Verus Securitization Trust Series 2022-1, Class A1 | Verus Securitization Trust Series 2022-1, Class A1 | Verus Securitization Trust Series 2022-1, Class A1 |
| 4592157 | 2.724 <sup>(h)</sup> | 01/25/67<sup>(e)</sup> | 4076982 |
|  |  |  | 32936218 |
| **TOTAL COLLATERALIZED MORTGAGE**<br> **OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE**<br> **OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE**<br> **OBLIGATIONS** | 45603556 |
| **Commercial Mortgage-Backed Securities – 0.5%** | **Commercial Mortgage-Backed Securities – 0.5%** | **Commercial Mortgage-Backed Securities – 0.5%** | **Commercial Mortgage-Backed Securities – 0.5%** |
| **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** |
| BANK Series 2017-BNK9, Class D | BANK Series 2017-BNK9, Class D | BANK Series 2017-BNK9, Class D | BANK Series 2017-BNK9, Class D |
| 700000 | 2.800 %<sup>(a)</sup> | 11/15/54 | $476222 |
| BX Trust Series 2022, Class A | BX Trust Series 2022, Class A | BX Trust Series 2022, Class A | BX Trust Series 2022, Class A |
| 3900000 | 5.760 | 10/13/27 | 3824889 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1500000 | 3.000 <sup>(a)</sup> | 09/15/50 | 1047778 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| 900000 | 3.250 <sup>(a)</sup> | 01/15/60<sup>(e)</sup> | 655606 |
|  |  |  | 6004495 |
| **Sequential Floating Rate – 0.1%** | **Sequential Floating Rate – 0.1%** | **Sequential Floating Rate – 0.1%** | **Sequential Floating Rate – 0.1%** |
| Citigroup Commercial Mortgage Trust Series 2015-P1, Class C | Citigroup Commercial Mortgage Trust Series 2015-P1, Class C | Citigroup Commercial Mortgage Trust Series 2015-P1, Class C | Citigroup Commercial Mortgage Trust Series 2015-P1, Class C |
| 1949000 | 4.368 | 09/15/48 | 1739135 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED**<br> **SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED**<br> **SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED**<br> **SECURITIES** | $7743630 |
| **Federal Agencies – 11.8%** | **Federal Agencies – 11.8%** | **Federal Agencies – 11.8%** | **Federal Agencies – 11.8%** |
| **FHLMC – 0.0%** | **FHLMC – 0.0%** | **FHLMC – 0.0%** | **FHLMC – 0.0%** |
| 76494 | 5.000% | 08/01/52 | $76664 |
| **FNMA – 0.1%** | **FNMA – 0.1%** | **FNMA – 0.1%** | **FNMA – 0.1%** |
| 1988524 | 5.500 | 12/01/52 | 2025867 |
| **[H]4GNMA – 4.3%** | **[H]4GNMA – 4.3%** | **[H]4GNMA – 4.3%** | **[H]4GNMA – 4.3%** |
| 1351959 | 4.500 | 08/20/47 | 1335921 |
| 220891 | 5.000 | 03/20/48 | 221422 |
| 758541 | 4.500 | 06/20/48 | 745276 |
| 772024 | 4.500 | 07/20/48 | 758281 |
| 137218 | 5.000 | 08/20/48 | 138028 |
| 1175458 | 4.500 | 09/20/48 | 1154167 |
| 811937 | 4.500 | 10/20/48 | 796977 |
| 453119 | 5.000 | 11/20/48 | 455510 |
| 1027812 | 4.500 | 12/20/48 | 1008874 |
| 2087909 | 5.000 | 12/20/48 | 2098927 |
| 2480863 | 4.500 | 01/20/49 | 2437478 |
| 2712250 | 5.000 | 01/20/49 | 2723807 |
| 773987 | 4.500 | 02/20/49 | 760451 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (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)** |
|  **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** |
|  $ | 1048204 | 4.500% | 03/20/49 | $1029874 |
|  | 297552 | 5.000 | 03/20/49 | 298727 |
|  | 25454 | 5.000 | 04/20/49 | 25554 |
|  | 1294383 | 3.000 | 08/20/49 | 1165534 |
|  | 41240 | 5.000 | 08/20/49 | 41390 |
|  | 555636 | 4.500 | 10/20/49 | 543662 |
|  | 1067262 | 5.000 | 12/20/49 | 1069832 |
|  | 64465 | 5.000 | 02/20/50 | 64620 |
|  | 387520 | 3.000 | 06/20/51 | 346295 |
|  | 1796954 | 3.000 | 11/20/51 | 1606949 |
|  | 4578656 | 3.000 | 12/20/51 | 4092733 |
|  | 10000000 | 4.500 | TBA-30yr <sup>(e)</sup> | 9703214 |
|  | 22000000 | 5.000 | TBA-30yr <sup>(e)</sup> | 21798652 |
|  | 10000000 | 6.000 | TBA-30yr <sup>(e)</sup> | 10158451 |
|  |  |  |  | 66580606 |
|  **UMBS – 6.7%** | **UMBS – 6.7%** |  |  |  |
|  | 1304 | 5.000 | 05/01/23 | 1299 |
|  | 5575 | 5.000 | 03/01/25 | 5522 |
|  | 5933 | 5.000 | 11/01/26 | 5882 |
|  | 5944 | 5.000 | 07/01/27 | 5898 |
|  | 12568263 | 4.000 | 12/01/44 | 12152036 |
|  | 35178982 | 4.000 | 08/01/45 | 34032799 |
|  | 87779 | 4.500 | 07/01/47 | 86250 |
|  | 494609 | 4.500 | 02/01/48 | 485066 |
|  | 3488335 | 4.500 | 05/01/48 | 3418849 |
|  | 1281405 | 4.500 | 06/01/48 | 1255079 |
|  | 809659 | 4.500 | 07/01/48 | 793008 |
|  | 184416 | 4.500 | 08/01/48 | 180627 |
|  | 6209744 | 4.500 | 09/01/48 | 6050559 |
|  | 71242 | 4.500 | 12/01/48 | 69739 |
|  | 627852 | 4.500 | 01/01/49 | 614702 |
|  | 5418410 | 4.000 | 01/01/49 | 5198329 |
|  | 251574 | 4.500 | 02/01/49 | 246190 |
|  | 6859259 | 4.500 | 03/01/49 | 6712445 |
|  | 2164402 | 4.500 | 04/01/49 | 2117044 |
|  | 130364 | 4.500 | 09/01/49 | 127466 |
|  | 344430 | 4.500 | 02/01/50 | 338457 |
|  | 52980 | 4.500 | 03/01/50 | 51820 |
|  | 810049 | 4.500 | 12/01/50 | 792315 |
|  | 208993 | 5.000 | 05/01/52 | 209590 |
|  | 5633604 | 5.000 | 06/01/52 | 5655075 |
|  | 11335829 | 5.000 | 07/01/52 | 11371748 |
|  | 200179 | 5.000 | 08/01/52 | 200583 |
|  | 10929848 | 5.500 | 11/01/52 | 11128274 |
|  |  |  |  | 103306651 |
|  **UMBS, 30 Year, Single Family<sup>(e)</sup> – 0.7%** | **UMBS, 30 Year, Single Family<sup>(e)</sup> – 0.7%** | **UMBS, 30 Year, Single Family<sup>(e)</sup> – 0.7%** | **UMBS, 30 Year, Single Family<sup>(e)</sup> – 0.7%** | **UMBS, 30 Year, Single Family<sup>(e)</sup> – 0.7%** |
|  | 9000000 | 6.000 | 01/12/53 | 9139223 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **UMBS, 30 Year, Single Family<sup>(e)</sup> – (continued)** | **UMBS, 30 Year, Single Family<sup>(e)</sup> – (continued)** | **UMBS, 30 Year, Single Family<sup>(e)</sup> – (continued)** | **UMBS, 30 Year, Single Family<sup>(e)</sup> – (continued)** |
| 1000000 | 5.500% | 01/23/53 | $1002969 |
|  |  |  | 10142192 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** |  | $182131980 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $249,833,447)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $249,833,447)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $249,833,447)** | $239334791 |
| **Asset-Backed Securities – 7.8%** | **Asset-Backed Securities – 7.8%** | **Asset-Backed Securities – 7.8%** | **Asset-Backed Securities – 7.8%** |
| **Automotive – 2.7%** |  |  |  |
| Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A | Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A | Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A | Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A |
| 3750000 | 2.440% | 09/15/26 | $3586366 |
| GMF Floorplan Owner Revolving Trust Series 2019-2, Class A | GMF Floorplan Owner Revolving Trust Series 2019-2, Class A | GMF Floorplan Owner Revolving Trust Series 2019-2, Class A | GMF Floorplan Owner Revolving Trust Series 2019-2, Class A |
| 2785000 | 2.900 <sup>(a)</sup> | 04/15/26 | 2688765 |
| Tesla Auto Lease Trust Series 2021-A, Class A3 | Tesla Auto Lease Trust Series 2021-A, Class A3 | Tesla Auto Lease Trust Series 2021-A, Class A3 |  |
| 2200000 | 0.560 <sup>(a)</sup> | 03/20/25 | 2131062 |
| Tesla Auto Lease Trust Series 2021-A, Class A4 | Tesla Auto Lease Trust Series 2021-A, Class A4 | Tesla Auto Lease Trust Series 2021-A, Class A4 |  |
| 5400000 | 0.660 <sup>(a)</sup> | 03/20/25 | 5177940 |
| Tesla Auto Lease Trust Series 2021-B, Class A3 | Tesla Auto Lease Trust Series 2021-B, Class A3 | Tesla Auto Lease Trust Series 2021-B, Class A3 |  |
| 10200000 | 0.600 <sup>(a)</sup> | 09/22/25 | 9604880 |
| Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 |
| 9600000 | 0.710 | 04/15/26 | 9052783 |
| Toyota Lease Owner Trust Series 2021-A, Class A3 | Toyota Lease Owner Trust Series 2021-A, Class A3 | Toyota Lease Owner Trust Series 2021-A, Class A3 |  |
| 5687362 | 0.390 <sup>(a)</sup> | 04/22/24 | 5606912 |
| Toyota Lease Owner Trust Series 2021-A, Class A4 | Toyota Lease Owner Trust Series 2021-A, Class A4 | Toyota Lease Owner Trust Series 2021-A, Class A4 | Toyota Lease Owner Trust Series 2021-A, Class A4 |
| 1400000 | 0.500 <sup>(a)</sup> | 08/20/25 | 1349452 |
| Toyota Lease Owner Trust Series 2021-B, Class A3 | Toyota Lease Owner Trust Series 2021-B, Class A3 | Toyota Lease Owner Trust Series 2021-B, Class A3 | Toyota Lease Owner Trust Series 2021-B, Class A3 |
| 2250000 | 0.420 <sup>(a)</sup> | 10/21/24 | 2185998 |
|  |  |  | 41384158 |
| **Collateralized Loan Obligations<sup>(a)(c)</sup> –5.0%** | **Collateralized Loan Obligations<sup>(a)(c)</sup> –5.0%** | **Collateralized Loan Obligations<sup>(a)(c)</sup> –5.0%** |  |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%) |
| 7600000 | 5.443 | 07/20/34 | 7400667 |
| Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%) | Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%) | Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%) | Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%) |
| 8200000 | 5.443 | 10/20/34 | 7883833 |
| Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%) | Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%) | Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%) | Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%) |
| 1750000 | 8.359 | 01/15/32 | 1541677 |
| Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%) | Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%) | Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%) | Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%) |
| 2500000 | 5.433 | 07/20/34 | 2418420 |
| Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%) | Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%) | Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%) | Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%) |
| 3000000 | 5.829 | 04/15/34 | 2879583 |
| HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%) | HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%) | HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%) | HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%) |
| 5775000 | 5.865 | 11/30/32 | 5697915 |
| HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%) | HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%) | HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%) | HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%) |
| 3500000 | 5.593 | 01/20/33 | 3438186 |
| ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%) | ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%) | ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%) | ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%) |
| 2000000 | 8.065 | 04/29/34 | 1651540 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (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<sup>(a)(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)(c)</sup> – (continued)** |
| Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) |
| 3000000 | 5.558% | 07/25/34 | $2924697 |
| LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%) | LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%) | LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%) | LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%) |
| 8400000 | 5.313 | 01/20/31 | 8285491 |
| LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%) | LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%) | LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%) | LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%) |
| 1703315 | 5.283 | 10/20/27 | 1690136 |
| Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%) | Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%) | Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%) | Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%) |
| 6000000 | 5.543 | 04/20/33 | 5839794 |
| MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%) | MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%) | MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%) | MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%) |
| 4171053 | 5.558 | 07/22/30 | 4057776 |
| Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%) | Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%) | Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%) | Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%) |
| 2884880 | 5.458 | 12/21/29 | 2848830 |
| Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%) |
| 10600000 | 5.775 | 05/20/32 | 10291540 |
| Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class C (3M USD LIBOR + 3.800%) | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class C (3M USD LIBOR + 3.800%) | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class C (3M USD LIBOR + 3.800%) | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class C (3M USD LIBOR + 3.800%) |
| 3000000 | 8.043 | 01/20/34 | 2706498 |
| Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%) | Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%) | Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%) | Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%) |
| 2500000 | 8.393 | 04/20/32 | 2198908 |
| Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%) |
| 3000000 | 5.569 | 07/15/32 | 2940729 |
|  |  |  | 76696220 |
| **Student Loan<sup>(c)</sup> – 0.1%** | **Student Loan<sup>(c)</sup> – 0.1%** | **Student Loan<sup>(c)</sup> – 0.1%** | **Student Loan<sup>(c)</sup> – 0.1%** |
| Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) | Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) | Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) | Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%) |
| 244323 | 5.089 <sup>(a)</sup> | 02/25/39 | 241951 |
| Educational Services of America, Inc. Series 2015-2, Class A (1M USD LIBOR + 1.000%) | Educational Services of America, Inc. Series 2015-2, Class A (1M USD LIBOR + 1.000%) | Educational Services of America, Inc. Series 2015-2, Class A (1M USD LIBOR + 1.000%) | Educational Services of America, Inc. Series 2015-2, Class A (1M USD LIBOR + 1.000%) |
| 134184 | 5.389 <sup>(a)</sup> | 12/25/56 | 134468 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) |
| 845747 | 5.258 | 07/25/45 | 836970 |
| Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1 (1M USD LIBOR + 0.550%) | Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1 (1M USD LIBOR + 0.550%) | Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1 (1M USD LIBOR + 0.550%) | Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1 (1M USD LIBOR + 0.550%) |
| 20177 | 4.939 <sup>(a)</sup> | 05/25/57 | 19809 |
| PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%) |
| 721476 | 5.539 <sup>(a)</sup> | 09/25/65 | 709451 |
|  |  |  | 1942649 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $125,025,653)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $125,025,653)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $125,025,653)** | $120023027 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** |
| **Euro<sup>(a)</sup> – 0.0%** | **Euro<sup>(a)</sup> – 0.0%** | **Euro<sup>(a)</sup> – 0.0%** | **Euro<sup>(a)</sup> – 0.0%** |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 250000 | 2.150% | 07/18/24 | $261641 |
| **United States Dollar – 2.3%** | **United States Dollar – 2.3%** | **United States Dollar – 2.3%** | **United States Dollar – 2.3%** |
| Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| 3530000 | 2.300 <sup>(a)</sup> | 06/23/25 | 3336238 |
| 4310000 | 2.300 | 06/23/25 | 4073424 |
| 7550000 | 1.500 <sup>(a)</sup> | 06/09/26 | 6795831 |
| Republic of Chile | Republic of Chile | Republic of Chile | Republic of Chile |
| 2060000 | 3.125 | 01/21/26 | 1949661 |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 8750000 | 4.150 <sup>(b)</sup> | 09/20/27 | 8575963 |
| Republic of Panama | Republic of Panama | Republic of Panama | Republic of Panama |
| 2010000 | 3.750 <sup>(b)</sup> | 03/16/25 | 1941283 |
| Republic of Peru | Republic of Peru | Republic of Peru | Republic of Peru |
| 2120000 | 2.392 <sup>(b)</sup> | 01/23/26 | 1949473 |
| Republic of Philippines | Republic of Philippines | Republic of Philippines | Republic of Philippines |
| 2000000 | 3.229 | 03/29/27 | 1887720 |
| Republic of Qatar <sup>(a)</sup> | Republic of Qatar <sup>(a)</sup> | Republic of Qatar <sup>(a)</sup> | Republic of Qatar <sup>(a)</sup> |
| 1840000 | 3.375 | 03/14/24 | 1801360 |
| 690000 | 3.400 | 04/16/25 | 666626 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 1500000 | 3.000 <sup>(a)</sup> | 02/27/27 | 1324500 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| 800000 | 2.900 <sup>(a)</sup> | 10/22/25 | 763650 |
|  |  |  | 35065729 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $37,330,334)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $37,330,334)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $37,330,334)** | $35327370 |
| **Municipal Debt Obligations – 0.2%** | **Municipal Debt Obligations – 0.2%** | **Municipal Debt Obligations – 0.2%** | **Municipal Debt Obligations – 0.2%** |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| 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 |
| 2082273 | 4.950% | 06/01/23 | $2083359 |
| **Ohio<sup>(b)(c)</sup> – 0.1%** | **Ohio<sup>(b)(c)</sup> – 0.1%** | **Ohio<sup>(b)(c)</sup> – 0.1%** | **Ohio<sup>(b)(c)</sup> – 0.1%** |
| Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%) | Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%) | Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%) | Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%) |
| 1262590 | 5.158 | 04/25/37 | 1250066 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,359,302)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,359,302)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,359,302)** | $3333425 |
| **U.S. Treasury Obligations – 10.0%** | **U.S. Treasury Obligations – 10.0%** | **U.S. Treasury Obligations – 10.0%** | **U.S. Treasury Obligations – 10.0%** |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
| 147436100 | 0.750 %<sup>(i)</sup> | 04/30/26 | $131817088 |
| 850000 | 2.875 <sup>(i)</sup> | 08/15/28 | 800394 |
| 21990000 | 3.875 <sup>(g)</sup> | 12/31/29 | 21859882 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $165,538,777)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $165,538,777)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $165,538,777)** | $154477364 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds<sup>(j)</sup> – 2.1%** | **Exchange Traded Funds<sup>(j)</sup> – 2.1%** |  |
| 754343 | Goldman Sachs Access High Yield Corporate Bond ETF | $31615797 |
| **(Cost $36,594,195)** | **(Cost $36,594,195)** |  |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(j)</sup> – 6.1%** | **Investment Company<sup>(j)</sup> – 6.1%** |  |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 94653938 | 4.159% | $94653938 |
| **(Cost $94,653,938)** | **(Cost $94,653,938)** |  |
| **TOTAL INVESTMENTS – 101.4%<br>(Cost $1,663,333,209)** | **TOTAL INVESTMENTS – 101.4%<br>(Cost $1,663,333,209)** | $1559887032 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (1.4)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (1.4)%** | (21768702) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1538118330 |

---

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

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

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

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

(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.

(d) Pay-in-kind securities.

(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 $53,330,335 which represents approximately 3.5% of net assets as of December 31, 2022.

(f) Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

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

(h) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022.

(i) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(j) Represents an Affiliated Issuer.

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 548000 | NZD | 586745 | 03/15/23 | $1423 |
|  | AUD | 5761040 | USD | 3909508 | 03/15/23 | 24891 |
|  | CAD | 1038113 | USD | 763188 | 03/15/23 | 3970 |
|  | CHF | 853325 | EUR | 864000 | 03/15/23 | 801 |
|  | CHF | 1887059 | USD | 2045102 | 03/15/23 | 12571 |
|  | CLP | 852903030 | USD | 979825 | 01/03/23 | 25360 |
|  | CLP | 622610848 | USD | 671920 | 01/10/23 | 61360 |
|  | CNH | 5834023 | USD | 843971 | 03/15/23 | 3958 |
|  | COP | 3453897667 | USD | 679982 | 01/23/23 | 29231 |
|  | CZK | 693369 | USD | 30002 | 03/15/23 | 555 |
|  | EUR | 346000 | CHF | 341132 | 03/15/23 | 326 |
|  | EUR | 425285 | GBP | 368459 | 03/15/23 | 11329 |
|  | EUR | 438023 | NZD | 730548 | 03/15/23 | 7120 |
|  | EUR | 673199 | SEK | 7428938 | 03/15/23 | 9355 |
|  | EUR | 41933 | USD | 43924 | 01/06/23 | 983 |
|  | EUR | 2978110 | USD | 3180539 | 03/15/23 | 23948 |
|  | JPY | 57302829 | USD | 435422 | 03/15/23 | 5676 |
|  | NOK | 24189155 | USD | 2433285 | 03/15/23 | 43917 |
|  | NZD | 565406 | USD | 353661 | 03/15/23 | 5604 |
|  | PLN | 1755297 | USD | 390788 | 03/15/23 | 7279 |
|  | SGD | 873167 | USD | 647365 | 03/15/23 | 5344 |
|  | TWD | 22234281 | USD | 722456 | 01/03/23 | 1457 |
|  | USD | 198641 | BRL | 1036452 | 01/04/23 | 2508 |
|  | USD | 339132 | BRL | 1763264 | 02/02/23 | 7333 |
|  | USD | 457892 | EUR | 425285 | 03/15/23 | 280 |
|  | USD | 6213266 | GBP | 5049596 | 03/15/23 | 97115 |
|  | USD | 1217186 | ILS | 4154468 | 03/15/23 | 30298 |
|  | USD | 708108 | NZD | 1110067 | 03/15/23 | 2758 |
|  | USD | 1587301 | SEK | 16215815 | 03/06/23 | 27394 |
|  | USD | 3791036 | SEK | 38982232 | 03/15/23 | 39096 |
|  | USD | 474924 | TWD | 14539803 | 01/03/23 | 1532 |
|  | ZAR | 6024528 | USD | 344291 | 03/15/23 | 8005 |
|  **TOTAL** |  |  |  |  |  | $502777 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:<br>**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:<br>**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:<br>**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:<br>**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:<br>**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:<br>**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:<br>**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 | BRL | 2080555 | USD | 400893 | 01/04/23 | $(7177) |
|  | CHF | 412917 | USD | 450650 | 03/15/23 | (400) |
|  | COP | 973236379 | USD | 200833 | 01/23/23 | (992) |
|  | EUR | 433632 | NZD | 734828 | 03/15/23 | (325) |
|  | GBP | 2714984 | USD | 3346877 | 02/23/23 | (60114) |
|  | GBP | 977062 | USD | 1205682 | 03/15/23 | (22249) |
|  | ILS | 629418 | USD | 183183 | 03/15/23 | (3365) |
|  | INR | 157411 | USD | 1904 | 02/16/23 | (6) |
|  | NZD | 1089945 | AUD | 1021287 | 03/15/23 | (4907) |
|  | NZD | 727717 | EUR | 434259 | 03/15/23 | (4870) |
|  | NZD | 1329771 | USD | 850270 | 03/15/23 | (5319) |
|  | SEK | 4663357 | EUR | 428893 | 03/15/23 | (12658) |
|  | TWD | 22234281 | USD | 728086 | 01/03/23 | (4174) |
|  | TWD | 7694478 | USD | 253985 | 03/27/23 | (1241) |
|  | USD | 192564 | BRL | 1044103 | 01/04/23 | (5018) |
|  | USD | 279652 | CHF | 258562 | 03/15/23 | (2288) |
|  | USD | 964663 | CLP | 852903030 | 01/03/23 | (40524) |
|  | USD | 1123068 | CLP | 1062303421 | 01/10/23 | (128060) |
|  | USD | 723637 | CNH | 5030071 | 03/15/23 | (7444) |
|  | USD | 1096077 | COP | 5471622502 | 01/23/23 | (27448) |
|  | USD | 5204574 | EUR | 5242847 | 01/06/23 | (410019) |
|  | USD | 4395834 | EUR | 4132564 | 03/15/23 | (50859) |
|  | USD | 3221 | MXN | 64725 | 03/15/23 | (55) |
|  | USD | 265641 | NOK | 2601744 | 03/15/23 | (802) |
|  | USD | 2314099 | NZD | 3671394 | 03/15/23 | (18746) |
|  | USD | 972828 | TWD | 29928759 | 01/03/23 | (1603) |
|  | USD | 2473963 | ZAR | 44445137 | 01/05/23 | (140726) |
|  **TOTAL** |  |  |  |  |  | $(961389) |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**FORWARD SALES CONTRACTS** — At December 31, 2022, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Settlement**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  UMBS, 30 Year, Single Family<br>(Proceeds Receivable: $(16803438)) | 5.000% | TBA-30yr | 01/12/53 | $0 | $(16763601) |

---

**FUTURES CONTRACTS** — At December 31, 2022, 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 | 12 | 03/29/23 | $1449289 | $(80534) |
|  10 Year U.S. Treasury Notes | 350 | 03/22/23 | 39303906 | (313927) |
|  2 Year U.S. Treasury Notes | 1168 | 03/31/23 | 239531251 | 316060 |
|  5 Year German Euro-Bobl | 15 | 03/08/23 | 1968910 | (75103) |
|  French 10 Year Government Bonds | 1 | 03/08/23 | 136268 | (9635) |
|  **Total** |  |  |  | $(163139) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (253) | 03/22/23 | (29925156) | 326835 |
|  20 Year U.S. Treasury Bonds | (139) | 03/22/23 | (17422781) | 150205 |
|  5 Year U.S. Treasury Notes | (1026) | 03/31/23 | (110735860) | 174471 |
|  Ultra Long U.S. Treasury Bonds | (9) | 03/22/23 | (1208812) | (4201) |
|  **Total** |  |  |  | $647310 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $484171 |

---

**SWAP CONTRACTS** — At December 31, 2022, 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 SOFR<sup>(a)</sup> <br> 4.430%<sup>(a)</sup> | 12/31/24 | $51950 <sup>(b)</sup> | $(14811) | $56691 | $(71502) |
|  3M STIBOR<sup>(c)</sup> <br> 3.000<sup>(a)</sup> | 03/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;578540 <sup>(b)</sup> | (616039) | (316180) | (299859) |
|  3.750%<sup>(a)</sup> <br> 3M NIBOR<sup>(d)</sup> | 03/15/25 | 421770 <sup>(b)</sup> | (236329) | (280422) | 44093 |
|  6M CDOR<sup>(d)</sup> <br> 4.000<sup>(d)</sup> | 03/15/25 | 27650 <sup>(b)</sup> | (156997) | 19661 | (176658) |
|  3M NZDOR<sup>(c)</sup> <br> 5.000<sup>(d)</sup> | 03/15/25 | 44750 <sup>(b)</sup> | (224493) | (123315) | (101178) |
| 4.000<sup>(c)</sup> <br> 6M AUDOR<sup>(c)</sup> | 03/15/25 | 50120 <sup>(b)</sup> | 62168 | (119981) | 182149 |
| 4.000<sup>(d)</sup> <br> 6M AUDOR<sup>(d)</sup> | 03/15/25 | 31440 <sup>(b)</sup> | 114308 | (2999) | 117307 |
| 1.730<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 02/08/26 | $147750 | 4924123 | 289721 | 4634402 |
|  12M SOFR<sup>(a)</sup> <br> 3.388<sup>(a)</sup> | 11/15/26 | 49540 <sup>(b)</sup> | 129161 | 254854 | (125693) |
| 2.350<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 09/09/27 | 10810 <sup>(b)</sup> | 242047 | 1469 | 240578 |
|  12M SOFR<sup>(a)</sup> <br> 3.350<sup>(a)</sup> | 10/06/27 | $35880 <sup>(b)</sup> | 89883 | 19529 | 70354 |
|  6M GBP<sup>(a)</sup> <br> 4.605<sup>(a)</sup> | 10/18/27 | 23780 <sup>(b)</sup> | 540501 | 525065 | 15436 |
| 4.000<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 03/15/28 | $2190 <sup>(b)</sup> | (30349) | (57252) | 26903 |
|  6M EURO<sup>(a)</sup> <br> 2.750<sup>(a)</sup> | 03/15/28 | 2480 <sup>(b)</sup> | (28841) | 46076 | (74917) |
|  6M GBP<sup>(a)</sup> <br> 3.500<sup>(a)</sup> | 03/15/28 | 7560 <sup>(b)</sup> | (235268) | (82147) | (153121) |
| 3.500<sup>(a)</sup> <br> 3M NIBOR<sup>(d)</sup> | 03/15/28 | 99600 <sup>(b)</sup> | (118680) | (114297) | (4383) |
|  3M NZDOR<sup>(c)</sup> <br> 4.500<sup>(d)</sup> | 03/15/28 | 11870 <sup>(b)</sup> | (121051) | (57538) | (63513) |
| 1.500<sup>(a)</sup> <br> 6M CHFOR<sup>(a)</sup> | 03/15/28 | 9040 <sup>(b)</sup> | 190908 | (53563) | 244471 |
| 3.000<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 03/15/28 | 3470 <sup>(b)</sup> | 46893 | (54466) | 101359 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (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)** |
|  0.250%<sup>(a)</sup> <br> 6M JYOR<sup>(a)</sup> | 03/15/28 | 4867310 <sup>(b)</sup> | $716596 | $200334 | $516262 |
|  12M SOFR<sup>(a)</sup> <br> 2.500%<sup>(a)</sup> | 06/04/29 | $29570 <sup>(b)</sup> | (371230) | (20116) | (351114) |
| 2.350<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 07/04/29 | 3250 <sup>(b)</sup> | 117842 | 40692 | 77150 |
| 2.570<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 06/04/31 | $77970 <sup>(b)</sup> | 880936 | 75646 | 805290 |
| 2.680<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 07/28/32 | 14360 <sup>(b)</sup> | 353666 | (95736) | 449402 |
|  6M EURO<sup>(d)</sup> <br> 2.650<sup>(a)</sup> | 09/09/32 | 15970 <sup>(b)</sup> | (336744) | (290239) | (46505) |
| 3.912<sup>(a)</sup> <br> 6M GBP<sup>(a)</sup> | 10/18/32 | 16340 <sup>(b)</sup> | (421692) | (465319) | 43627 |
|  6M EURO<sup>(d)</sup> <br> 2.500<sup>(a)</sup> | 12/20/32 | 13690 <sup>(b)</sup> | (374753) | (28791) | (345962) |
| 3.750<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 03/15/33 | $11040 <sup>(b)</sup> | (200452) | (364608) | 164156 |
|  6M GBP<sup>(a)</sup> <br> 3.000<sup>(a)</sup> | 03/15/33 | 1560 <sup>(b)</sup> | (113317) | (32410) | (80907) |
|  12M SOFR<sup>(a)</sup> <br> 3.750<sup>(a)</sup> | 03/15/33 | $8680 <sup>(b)</sup> | 157602 | 336232 | (178630) |
| 3.500<sup>(a)</sup> <br> 3M NIBOR<sup>(d)</sup> | 03/15/33 | 64340 <sup>(b)</sup> | (120960) | (227931) | 106971 |
| 3.000<sup>(a)</sup> <br> 3M STIBOR<sup>(c)</sup> | 03/15/33 | 19490 <sup>(b)</sup> | 22617 | (74699) | 97316 |
|  6M AUDOR<sup>(d)</sup> <br> 4.500<sup>(d)</sup> | 03/15/33 | 19380 <sup>(b)</sup> | (81661) | 421794 | (503455) |
| 3.500<sup>(d)</sup> <br> 6M CDOR<sup>(d)</sup> | 03/15/33 | 5810 <sup>(b)</sup> | 78716 | (79585) | 158301 |
| 3.000<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 03/15/33 | 4050 <sup>(b)</sup> | 79772 | (75902) | 155674 |
| 0.500<sup>(a)</sup> <br> 6M JYOR<sup>(a)</sup> | 03/15/33 | 860000 <sup>(b)</sup> | 274694 | 194631 | 80063 |
|  12M SOFR<sup>(a)</sup> <br> 2.730<sup>(a)</sup> | 06/04/33 | $49500 <sup>(b)</sup> | (497431) | (42249) | (455182) |
| 3.500<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 11/15/34 | 11080 <sup>(b)</sup> | (154036) | (268929) | 114893 |
| 3.240<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 10/06/35 | 8110 <sup>(b)</sup> | 59680 | 91 | 59589 |
|  6M EURO<sup>(d)</sup> <br> 2.855<sup>(a)</sup> | 07/04/37 | 11950 <sup>(b)</sup> | (178230) | (201871) | 23641 |
|  12M SOFR<sup>(a)</sup> <br> 2.940<sup>(a)</sup> | 07/12/37 | $8560 <sup>(b)</sup> | (274408) | (66659) | (207749) |
|  12M SOFR<sup>(a)</sup> <br> 2.910<sup>(a)</sup> | 07/28/37 | 36590 <sup>(b)</sup> | (676908) | (3903) | (673005) |
|  6M EURO<sup>(d)</sup> <br> 2.152<sup>(a)</sup> | 08/09/37 | 15480 <sup>(b)</sup> | (501959) | (195236) | (306723) |
|  12M SOFR<sup>(a)</sup> <br> 2.720<sup>(a)</sup> | 08/11/37 | $64760 <sup>(b)</sup> | (1597266) | (1261412) | (335854) |
| 2.500<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 12/20/37 | 15500 <sup>(b)</sup> | 274375 | 28 | 274347 |
| 1.451<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 08/10/42 | 35190 <sup>(b)</sup> | 801900 | 251464 | 550436 |
| 2.750<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 07/12/47 | $5330 <sup>(b)</sup> | 293248 | 80151 | 213097 |
| 2.080<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 07/28/47 | 28860 <sup>(b)</sup> | 361333 | 88765 | 272568 |
|  6M EURO<sup>(d)</sup> <br> 1.051<sup>(a)</sup> | 08/11/47 | 19430 <sup>(b)</sup> | (297056) | (68524) | (228532) |
| 1.560<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 07/06/52 | 8510 <sup>(b)</sup> | 100912 | (65796) | 166708 |
| 2.170<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 08/11/52 | $31280 <sup>(b)</sup> | 1281276 | 978842 | 302434 |
| 1.800<sup>(a)</sup> <br> 6M EURO<sup>(d)</sup> | 09/09/52 | 3390 <sup>(b)</sup> | 114071 | (33460) | 147531 |
|  **TOTAL** |  |  | $4328267 | $(1343799) | $5672066 |

---

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.

(c) Payments made quarterly.

(d) Payments made semi-annually.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread at**<br> **December 31,**<br> **2022<sup>(b)</sup>**  | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Value** | **Upfront**<br> **Premiums**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000% | 0.986% | 06/20/26 | $3475 | $2666 | $44717 | $(42051) |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000 | 0.954 | 12/20/25 | 10000 | 15860 | 63746 | (47886) |
|  CDX.NA.IG Index 32 | 1.000 | 0.537 | 06/20/24 | 225 | 1559 | 1242 | 317 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (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> **December 31,**<br> **2022<sup>(b)</sup>**  | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Value** | **Upfront**<br> **Premiums**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  General Electric Co. 2.700%, 10/09/22 | 1.000% | 0.801% | 06/20/26 | $5225 | $34962 | $49376 | $(14414) |
|  **TOTAL** |  |  |  |  | $55047 | $159081 | $(104034) |

---

(a) Payments made quarterly.

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

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2022, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |  |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 8700000 | $8700000 | $49921 | $291450 | $(241529) |
|  1Y IRS | Citibank NA | 1.977 | 12/01/2023 | 6630000 | 6630000 | 47146 | 150814 | (103668) |
|  1Y IRS | Deutsche Bank AG (London) | 2.700 | 04/28/2023 | 8790000 | 8790000 | 37955 | 326408 | (288452) |
|  1Y IRS | MS & Co. Int. PLC | 2.518 | 10/27/2023 | 7180000 | 7180000 | 107908 | 190695 | (82786) |
|  |  |  |  | 31300000 | $31300000 | $242930 | $959367 | $(716435) |
|  **Puts** | **Puts** | **Puts** | **Puts** |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 3.000 | 05/05/2023 | 8750000 | 8750000 | 445537 | 306108 | 139429 |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 8730000 | 8730000 | 496234 | 339859 | 156375 |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800 | 08/23/2023 | 8730000 | 8730000 | 575729 | 315192 | 260536 |
|  |  |  |  | 26210000 | $26210000 | $1517500 | $961159 | $556340 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 57510000 | $57510000 | $1760430 | $1920526 | $(160095) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (9700000) | (9700000) | (229076) | (361325) | 132249 |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (8700000) | (8700000) | (14492) | (108750) | 94258 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (8700000) | (8700000) | (27241) | (182700) | 155459 |
|  1Y IRS | Citibank NA | 1.484 | 12/01/2023 | (2670000) | (2670000) | (61712) | (150696) | 88985 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (6570000) | (6570000) | (160424) | (263128) | 102705 |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (6570000) | (6570000) | (166450) | (262636) | 96186 |
|  1Y IRS | Deutsche Bank AG (London) | 2.013 | 04/28/2023 | (8790000) | (8790000) | (5999) | (124346) | 118347 |
|  1Y IRS | Deutsche Bank AG (London) | 2.356 | 04/28/2023 | (8790000) | (8790000) | (15594) | (202062) | 186467 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (16430000) | (16430000) | (412423) | (629925) | 217501 |
|  1Y IRS | MS & Co. Int. PLC | 1.945 | 10/27/2023 | (3020000) | (3020000) | (124735) | (190844) | 66108 |
|  |  |  |  | (79940000) | $(79940000) | $(1218146) | $(2476412) | $1258265 |
|  **Puts** | **Puts** | **Puts** | **Puts** |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (9700000) | (9700000) | (580857) | (361325) | (219532) |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (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)** |
|  1Y IRS | Citibank NA | 2.977% | 12/13/2023 | (6570000) | $(6570000) | $(382154) | $(263128) | $(119025) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (6570000) | (6570000) | (372283) | (262636) | (109647) |
|  1Y IRS | Deutsche Bank AG (London) | 3.891 | 05/05/2023 | (8750000) | (8750000) | (114328) | (112448) | (1881) |
|  1Y IRS | Deutsche Bank AG (London) | 3.446 | 05/05/2023 | (8750000) | (8750000) | (240640) | (193660) | (46980) |
|  1Y IRS | Deutsche Bank AG (London) | 3.405 | 09/05/2023 | (8730000) | (8730000) | (310722) | (208301) | (102421) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (8730000) | (8730000) | (183982) | (131558) | (52424) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (8730000) | (8730000) | (226853) | (120595) | (106258) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (8730000) | (8730000) | (373354) | (194597) | (178757) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (16430000) | (16430000) | (930898) | (629925) | (300973) |
|  |  |  |  | (91690000) | $(91690000) | $(3716071) | $(2478173) | $(1237898) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (171630000) | $(171630000) | $(4934217) | $(4954585) | $20367 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | (114120000) | $(114120000) | $(3173787) | $(3034059) | $(139728) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| ETF | — Exchange Traded Fund |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| IO | — Interest Only Stripped Security |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PI | — Private Investment |
| PLC | — Public Limited Company |
| REMIC | — Real Estate Mortgage Investment Conduit |
| SOFR | — Secured Overnight Funding Rate |
| STACR | — Structured Agency Credit Risk |
| UMBS | — Uniform Mortgage Backed Securities |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CHFOR | — Swiss Franc Offered Rate |
| EURO | — Euro Offered Rate |
| JYOR | — Japanese Yen Offered Rate |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| SOFR | — Secured Overnight Funding Rate |
| STIBOR | — Stockholm Interbank Offered Rate |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – 50.5%** | **Mortgage-Backed Obligations – 50.5%** | **Mortgage-Backed Obligations – 50.5%** | **Mortgage-Backed Obligations – 50.5%** |
| **Collateralized Mortgage Obligations – 0.3%** | **Collateralized Mortgage Obligations – 0.3%** | **Collateralized Mortgage Obligations – 0.3%** | **Collateralized Mortgage Obligations – 0.3%** |
| **Sequential Fixed Rate – 0.3%** | **Sequential Fixed Rate – 0.3%** | **Sequential Fixed Rate – 0.3%** | **Sequential Fixed Rate – 0.3%** |
| FHLMC REMIC Series 1980, Class Z | FHLMC REMIC Series 1980, Class Z | FHLMC REMIC Series 1980, Class Z | FHLMC REMIC Series 1980, Class Z |
| 92409 | 7.000% | 07/15/27 | $94364 |
| FHLMC REMIC Series 2019, Class Z | FHLMC REMIC Series 2019, Class Z | FHLMC REMIC Series 2019, Class Z | FHLMC REMIC Series 2019, Class Z |
| 88122 | 6.500 | 12/15/27 | 89534 |
| FHLMC REMIC Series 2755, Class ZA | FHLMC REMIC Series 2755, Class ZA | FHLMC REMIC Series 2755, Class ZA | FHLMC REMIC Series 2755, Class ZA |
| 282466 | 5.000 | 02/15/34 | 285541 |
| FHLMC REMIC Series 3530, Class DB | FHLMC REMIC Series 3530, Class DB | FHLMC REMIC Series 3530, Class DB | FHLMC REMIC Series 3530, Class DB |
| 225720 | 4.000 | 05/15/24 | 223905 |
| FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT |
| 48246 | 6.500 | 02/15/36 | 50773 |
| FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B |
| 167216 | 7.000 | 10/25/42 | 177486 |
| FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B |
| 591621 | 7.000 | 07/25/42 | 632520 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 1554123 |
| **Federal Agencies – 50.2%** | **Federal Agencies – 50.2%** | **Federal Agencies – 50.2%** | **Federal Agencies – 50.2%** |
| **Adjustable Rate FHLMC<sup>(a)</sup> – 0.2%** | **Adjustable Rate FHLMC<sup>(a)</sup> – 0.2%** | **Adjustable Rate FHLMC<sup>(a)</sup> – 0.2%** | **Adjustable Rate FHLMC<sup>(a)</sup> – 0.2%** |
| (12M USD LIBOR + 1.840%) | (12M USD LIBOR + 1.840%) | (12M USD LIBOR + 1.840%) | (12M USD LIBOR + 1.840%) |
| 177860 | 3.764% | 11/01/34 | $178015 |
| (1 year CMT + 2.250%) | (1 year CMT + 2.250%) | (1 year CMT + 2.250%) | (1 year CMT + 2.250%) |
| 294753 | 3.504 | 06/01/35 | 298266 |
| (12M USD LIBOR + 2.330%) | (12M USD LIBOR + 2.330%) | (12M USD LIBOR + 2.330%) | (12M USD LIBOR + 2.330%) |
| 26898 | 3.516 | 05/01/36 | 27249 |
| (6M USD LIBOR + 2.057%) | (6M USD LIBOR + 2.057%) | (6M USD LIBOR + 2.057%) | (6M USD LIBOR + 2.057%) |
| 12262 | 4.431 | 10/01/36 | 12512 |
| (12M USD LIBOR + 1.777%) | (12M USD LIBOR + 1.777%) | (12M USD LIBOR + 1.777%) | (12M USD LIBOR + 1.777%) |
| 94375 | 3.664 | 06/01/42 | 94815 |
| (12M USD LIBOR + 1.618%) | (12M USD LIBOR + 1.618%) | (12M USD LIBOR + 1.618%) | (12M USD LIBOR + 1.618%) |
| 698378 | 3.840 | 11/01/44 | 696791 |
|  |  |  | 1307648 |
| **Adjustable Rate FNMA<sup>(a)</sup> – 0.5%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.5%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.5%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.5%** |
| (COF + 1.695%) | (COF + 1.695%) | (COF + 1.695%) | (COF + 1.695%) |
| 4964 | 3.042 | 08/01/29 | 4861 |
| (12M USD LIBOR + 1.755%) | (12M USD LIBOR + 1.755%) | (12M USD LIBOR + 1.755%) | (12M USD LIBOR + 1.755%) |
| 23602 | 4.005 | 07/01/32 | 23704 |
| (12M USD LIBOR + 1.800%) | (12M USD LIBOR + 1.800%) | (12M USD LIBOR + 1.800%) | (12M USD LIBOR + 1.800%) |
| 240991 | 3.394 | 05/01/33 | 242563 |
| (6M USD LIBOR + 2.250%) | (6M USD LIBOR + 2.250%) | (6M USD LIBOR + 2.250%) | (6M USD LIBOR + 2.250%) |
| 36801 | 3.625 | 08/01/33 | 37090 |
| (COF + 1.254%) | (COF + 1.254%) | (COF + 1.254%) | (COF + 1.254%) |
| 252118 | 4.591 | 08/01/33 | 255199 |
| (1 year CMT + 2.288%) | (1 year CMT + 2.288%) | (1 year CMT + 2.288%) | (1 year CMT + 2.288%) |
| 134941 | 2.436 | 02/01/34 | 136918 |
| (12M USD LIBOR + 1.695%) | (12M USD LIBOR + 1.695%) | (12M USD LIBOR + 1.695%) | (12M USD LIBOR + 1.695%) |
| 25755 | 3.445 | 05/01/34 | 25940 |
| 280107 | 2.792 | 05/01/34 | 280759 |
| 27530 | 2.220 | 03/01/35 | 27534 |
| 39004 | 3.095 | 04/01/35 | 39320 |
| (1 year CMT + 2.220%) | (1 year CMT + 2.220%) | (1 year CMT + 2.220%) | (1 year CMT + 2.220%) |
| 219196 | 3.990 | 06/01/34 | 222929 |
| (12M USD LIBOR + 1.685%) | (12M USD LIBOR + 1.685%) | (12M USD LIBOR + 1.685%) | (12M USD LIBOR + 1.685%) |
| 35005 | 3.935 | 10/01/34 | 35109 |
| (12M USD LIBOR + 1.627%) | (12M USD LIBOR + 1.627%) | (12M USD LIBOR + 1.627%) | (12M USD LIBOR + 1.627%) |
| 69063 | 3.877 | 10/01/34 | 69215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Adjustable Rate FNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate FNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate FNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate FNMA<sup>(a)</sup> – (continued)** |
| (12M USD LIBOR + 1.598%) | (12M USD LIBOR + 1.598%) | (12M USD LIBOR + 1.598%) | (12M USD LIBOR + 1.598%) |
| 73703 | 2.318% | 03/01/35 | $73493 |
| (12M USD LIBOR + 1.325%) | (12M USD LIBOR + 1.325%) | (12M USD LIBOR + 1.325%) | (12M USD LIBOR + 1.325%) |
| 85646 | 2.075 | 04/01/35 | 84633 |
| (12M USD LIBOR + 1.412%) | (12M USD LIBOR + 1.412%) | (12M USD LIBOR + 1.412%) | (12M USD LIBOR + 1.412%) |
| 67605 | 2.225 | 05/01/35 | 67089 |
| (1 year CMT + 2.095%) | (1 year CMT + 2.095%) | (1 year CMT + 2.095%) | (1 year CMT + 2.095%) |
| 50675 | 4.143 | 10/01/35 | 51424 |
| (12M USD LIBOR + 1.723%) | (12M USD LIBOR + 1.723%) | (12M USD LIBOR + 1.723%) | (12M USD LIBOR + 1.723%) |
| 185239 | 2.241 | 03/01/36 | 185161 |
| (12M USD LIBOR + 1.958%) | (12M USD LIBOR + 1.958%) | (12M USD LIBOR + 1.958%) | (12M USD LIBOR + 1.958%) |
| 441300 | 2.958 | 04/01/36 | 446778 |
| (12M USD LIBOR + 1.909%) | (12M USD LIBOR + 1.909%) | (12M USD LIBOR + 1.909%) | (12M USD LIBOR + 1.909%) |
| 166550 | 4.159 | 06/01/36 | 168607 |
| (12M MTA + 2.187%) | (12M MTA + 2.187%) | (12M MTA + 2.187%) | (12M MTA + 2.187%) |
| 284504 | 3.892 | 07/01/36 | 289366 |
| 66301 | 4.185 | 11/01/36 | 67052 |
| (12M USD LIBOR + 1.713%) | (12M USD LIBOR + 1.713%) | (12M USD LIBOR + 1.713%) | (12M USD LIBOR + 1.713%) |
| 290754 | 3.296 | 07/01/37 | 293384 |
| (12M USD LIBOR + 1.820%) | (12M USD LIBOR + 1.820%) | (12M USD LIBOR + 1.820%) | (12M USD LIBOR + 1.820%) |
| 3606 | 4.070 | 12/01/46 | 3649 |
|  |  |  | 3131777 |
| **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** | **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** | **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** | **Adjustable Rate GNMA<sup>(a)</sup> – 0.2%** |
| 60146 | 2.875 | 05/20/34 | 59417 |
| 145078 | 2.625 | 07/20/34 | 141732 |
| 148315 | 2.625 | 08/20/34 | 144918 |
| 870757 | 2.625 | 09/20/34 | 850837 |
| 126389 | 1.750 | 10/20/34 | 123198 |
| 131440 | 1.750 | 12/20/34 | 128145 |
|  |  |  | 1448247 |
| **FHLMC – 5.7%** | **FHLMC – 5.7%** | **FHLMC – 5.7%** | **FHLMC – 5.7%** |
| 23 | 4.500 | 05/01/23 | 23 |
| 3983 | 7.500 | 01/01/31 | 4241 |
| 16930 | 4.500 | 07/01/33 | 16703 |
| 391374 | 4.500 | 08/01/33 | 386111 |
| 823508 | 4.500 | 09/01/33 | 812440 |
| 75354 | 4.500 | 10/01/33 | 74340 |
| 1928 | 4.500 | 04/01/34 | 1902 |
| 1660 | 4.500 | 04/01/35 | 1638 |
| 1178 | 4.500 | 07/01/35 | 1163 |
| 2917 | 4.500 | 08/01/35 | 2880 |
| 16551 | 4.500 | 09/01/35 | 16335 |
| 4051 | 4.500 | 10/01/35 | 3999 |
| 705 | 4.500 | 12/01/35 | 696 |
| 549 | 4.500 | 05/01/36 | 542 |
| 50444 | 4.500 | 01/01/38 | 49798 |
| 625 | 4.500 | 04/01/38 | 619 |
| 332 | 4.500 | 05/01/38 | 329 |
| 3151 | 4.500 | 06/01/38 | 3110 |
| 79726 | 4.500 | 09/01/38 | 79008 |
| 1723 | 4.500 | 01/01/39 | 1707 |
| 41793 | 4.500 | 02/01/39 | 41429 |
| 20319 | 4.500 | 03/01/39 | 20141 |
| 3930 | 4.500 | 04/01/39 | 3896 |
| 111136 | 4.500 | 05/01/39 | 110164 |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

## Schedule of Investments (continued)
*December 31, 2022 (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)** |
|  **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** |
|  $ | 354556 | 4.500% | 06/01/39 | $351458 |
|  | 12207 | 4.500 | 07/01/39 | 12100 |
|  | 15447 | 4.500 | 08/01/39 | 15313 |
|  | 21159 | 4.500 | 09/01/39 | 20975 |
|  | 4049 | 4.500 | 10/01/39 | 4014 |
|  | 7531 | 4.500 | 11/01/39 | 7466 |
|  | 8066 | 4.500 | 12/01/39 | 7995 |
|  | 14016 | 4.500 | 01/01/40 | 13893 |
|  | 3642 | 4.500 | 02/01/40 | 3610 |
|  | 10217 | 4.500 | 04/01/40 | 10126 |
|  | 15055 | 4.500 | 05/01/40 | 14921 |
|  | 19735 | 4.500 | 06/01/40 | 19559 |
|  | 12145 | 4.500 | 07/01/40 | 12037 |
|  | 14139 | 4.500 | 08/01/40 | 14013 |
|  | 8900 | 4.500 | 09/01/40 | 8821 |
|  | 3841 | 4.500 | 10/01/40 | 3807 |
|  | 4298 | 4.500 | 02/01/41 | 4259 |
|  | 13459 | 4.500 | 03/01/41 | 13335 |
|  | 24262 | 4.500 | 04/01/41 | 24038 |
|  | 27390 | 4.500 | 05/01/41 | 27138 |
|  | 52008 | 4.500 | 06/01/41 | 51528 |
|  | 4373 | 4.500 | 07/01/41 | 4333 |
|  | 146233 | 4.500 | 08/01/41 | 144885 |
|  | 148972 | 4.500 | 09/01/41 | 147642 |
|  | 8581 | 4.500 | 12/01/41 | 8502 |
|  | 108789 | 4.500 | 03/01/42 | 107785 |
|  | 38421044 | 2.000 | 04/01/52 | 31267568 |
|  |  |  |  | 33954335 |
|  **FNMA – 0.7%** | **FNMA – 0.7%** | **FNMA – 0.7%** | **FNMA – 0.7%** | **FNMA – 0.7%** |
|  | 86198 | 7.500 | 10/01/37 | 92044 |
|  | 3976948 | 5.500 | 09/01/52 | 4049148 |
|  |  |  |  | 4141192 |
|  **[H]4GNMA – 14.6%** | **[H]4GNMA – 14.6%** | **[H]4GNMA – 14.6%** | **[H]4GNMA – 14.6%** | **[H]4GNMA – 14.6%** |
|  | 1035 | 6.500 | 01/15/32 | 1062 |
|  | 3508 | 6.500 | 02/15/32 | 3631 |
|  | 2891 | 6.500 | 08/15/34 | 3031 |
|  | 8632 | 6.500 | 05/15/35 | 9077 |
|  | 2345 | 6.500 | 06/15/35 | 2454 |
|  | 6723 | 6.500 | 07/15/35 | 7073 |
|  | 2569 | 6.500 | 08/15/35 | 2706 |
|  | 5230 | 6.500 | 09/15/35 | 5502 |
|  | 854 | 6.500 | 10/15/35 | 901 |
|  | 8554 | 6.500 | 11/15/35 | 9017 |
|  | 5632 | 6.500 | 12/15/35 | 5930 |
|  | 16682 | 6.500 | 01/15/36 | 17533 |
|  | 22219 | 6.500 | 02/15/36 | 23428 |
|  | 10309 | 6.500 | 03/15/36 | 10834 |
|  | 34687 | 6.500 | 04/15/36 | 36507 |
|  | 45442 | 6.500 | 05/15/36 | 47856 |
|  | 39234 | 6.500 | 06/15/36 | 41294 |
|  | 114906 | 6.500 | 07/15/36 | 121219 |
|  | 126128 | 6.500 | 08/15/36 | 133182 |
|  | 264836 | 6.500 | 09/15/36 | 279847 |
|  | 93931 | 6.500 | 10/15/36 | 99065 |
|  | 133571 | 6.500 | 11/15/36 | 141569 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** | **GNMA – (continued)** |
|  $ | 55995 | 6.500% | 12/15/36 | $59146 |
|  | 23583 | 6.500 | 01/15/37 | 24889 |
|  | 13844 | 6.500 | 02/15/37 | 14654 |
|  | 9075 | 6.500 | 03/15/37 | 9574 |
|  | 19575 | 6.500 | 04/15/37 | 20692 |
|  | 4819 | 6.500 | 05/15/37 | 5076 |
|  | 5133 | 6.500 | 08/15/37 | 5429 |
|  | 32621 | 6.500 | 09/15/37 | 34467 |
|  | 40183 | 6.500 | 10/15/37 | 43020 |
|  | 16179 | 6.500 | 11/15/37 | 17063 |
|  | 12918 | 6.500 | 05/15/38 | 13597 |
|  | 32805 | 6.000 | 11/15/38 | 34280 |
|  | 2425 | 6.500 | 01/15/39 | 2526 |
|  | 3839 | 6.500 | 02/15/39 | 4028 |
|  | 2447635 | 4.500 | 08/20/47 | 2418599 |
|  | 54636 | 4.500 | 02/20/48 | 53920 |
|  | 130512 | 4.500 | 05/20/48 | 128270 |
|  | 666315 | 4.500 | 09/20/48 | 654246 |
|  | 4957516 | 5.000 | 09/20/48 | 4986774 |
|  | 182052 | 5.000 | 10/20/48 | 183013 |
|  | 3928 | 5.000 | 11/20/48 | 3949 |
|  | 1832332 | 4.500 | 12/20/48 | 1798571 |
|  | 4235410 | 5.000 | 12/20/48 | 4257759 |
|  | 364118 | 4.500 | 01/20/49 | 357750 |
|  | 2169800 | 5.000 | 01/20/49 | 2179046 |
|  | 31717 | 5.000 | 03/20/49 | 31842 |
|  | 1115910 | 4.000 | 04/20/49 | 1066545 |
|  | 14074 | 5.000 | 05/20/49 | 14129 |
|  | 534583 | 5.000 | 06/20/49 | 536526 |
|  | 75968 | 5.000 | 11/20/49 | 76197 |
|  | 839187 | 5.000 | 12/20/49 | 841207 |
|  | 219539 | 5.000 | 07/20/50 | 220696 |
|  | 594167 | 4.000 | 01/20/51 | 565237 |
|  | 4492385 | 3.000 | 11/20/51 | 4017373 |
|  | 6410119 | 3.000 | 12/20/51 | 5729826 |
|  | 2984899 | 4.500 | 09/20/52 | 2892420 |
|  | 11000000 | 4.000 | TBA-30yr<sup>(b)</sup> | 10413391 |
|  | 23000000 | 5.000 | TBA-30yr<sup>(b)</sup> | 22789499 |
|  | 11000000 | 5.500 | TBA-30yr<sup>(b)</sup> | 11055723 |
|  | 9000000 | 6.000 | TBA-30yr<sup>(b)</sup> | 9142606 |
|  |  |  |  | 87706273 |
|  **Malaysian Ringgit – 3.9%** | **Malaysian Ringgit – 3.9%** | **Malaysian Ringgit – 3.9%** | **Malaysian Ringgit – 3.9%** | **Malaysian Ringgit – 3.9%** |
|  | 23893582 | 4.500 | 10/20/52 | 23153308 |
|  **UMBS – 11.0%** | **UMBS – 11.0%** | **UMBS – 11.0%** | **UMBS – 11.0%** | **UMBS – 11.0%** |
|  | 471786 | 2.000 | 08/01/52 | 383946 |
|  | 3951 | 5.500 | 09/01/23 | 3942 |
|  | 1296 | 5.500 | 10/01/23 | 1293 |
|  | 151575 | 4.500 | 11/01/36 | 150029 |
|  | 46860 | 4.500 | 02/01/39 | 46406 |
|  | 58029 | 4.500 | 04/01/39 | 57466 |
|  | 3932 | 4.500 | 08/01/39 | 3896 |
|  | 175854 | 4.500 | 08/01/41 | 174238 |
|  | 101020 | 4.500 | 10/01/41 | 99990 |
|  | 3291688 | 4.000 | 12/01/44 | 3182676 |
|  | 13707510 | 3.500 | 07/01/45 | 12695277 |
|  | 10236261 | 4.000 | 08/01/45 | 9904119 |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2022 (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)** |
| **UMBS – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** |
| 454286 | 4.000% | 01/01/46 | $436510 |
| 375509 | 4.500 | 06/01/48 | 367794 |
| 2554740 | 4.500 | 07/01/48 | 2502254 |
| 670365 | 4.500 | 08/01/48 | 656593 |
| 263293 | 4.500 | 09/01/48 | 257802 |
| 2998901 | 4.500 | 10/01/48 | 2963916 |
| 1325717 | 4.500 | 01/01/49 | 1298012 |
| 1806137 | 4.000 | 01/01/49 | 1732776 |
| 297047 | 4.500 | 03/01/49 | 290689 |
| 211489 | 5.000 | 07/01/49 | 212108 |
| 453123 | 4.000 | 03/01/50 | 433621 |
| 579273 | 4.500 | 05/01/50 | 564071 |
| 16462490 | 4.500 | 06/01/52 | 16072541 |
| 1948646 | 5.000 | 07/01/52 | 1948725 |
| 3881794 | 4.500 | 08/01/52 | 3784152 |
| 5847162 | 5.000 | 08/01/52 | 5845573 |
|  |  |  | 66070415 |
| **UMBS, 30 Year, Single Family – 13.4%** | **UMBS, 30 Year, Single Family – 13.4%** | **UMBS, 30 Year, Single Family – 13.4%** | **UMBS, 30 Year, Single Family – 13.4%** |
| 34000000 | 6.000 | 01/12/53<sup>(b)</sup> | 34525953 |
| 7000000 | 5.500 | 01/23/53<sup>(b)</sup> | 7020784 |
| 2000000 | 4.000 | 12/01/53<sup>(b)</sup> | 1877499 |
| 5000000 | 2.500 | TBA-30yr<sup>(b)</sup> | 4239062 |
| 21010351 | 2.000 | 03/01/52 | 17099163 |
| 90957 | 2.000 | 04/01/52 | 74025 |
| 18998506 | 2.000 | 04/01/52 | 15461834 |
|  |  |  | 80298320 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $301211515 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $311,883,602)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $311,883,602)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $311,883,602)** | $302765638 |
| **Agency Debentures – 15.3%** | **Agency Debentures – 15.3%** | **Agency Debentures – 15.3%** | **Agency Debentures – 15.3%** |
| **Sovereign – 15.3%** | **Sovereign – 15.3%** | **Sovereign – 15.3%** | **Sovereign – 15.3%** |
| FHLB | FHLB | FHLB | FHLB |
| 1630000 | 4.660% | 11/14/23 | $1624002 |
| 700000 | 4.660 | 11/15/23 | 697998 |
| 700000 | 4.670 | 11/17/23 | 697977 |
| 5800000 | 4.680 | 11/17/23 | 5788864 |
| 13950000 | 3.500 | 06/11/32 | 12588899 |
| FNMA | FNMA | FNMA | FNMA |
| 5200000 | 6.250 | 05/15/29 | 5806216 |
| 16080000 | 7.125 | 01/15/30 | 19001736 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 49850000 | 0.750 | 05/15/25 | 45663098 |
| **TOTAL AGENCY DEBENTURES<br>(Cost $99,361,106)** | **TOTAL AGENCY DEBENTURES<br>(Cost $99,361,106)** | **TOTAL AGENCY DEBENTURES<br>(Cost $99,361,106)** | $91868790 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations – 50.4%** | **U.S. Treasury Obligations – 50.4%** | **U.S. Treasury Obligations – 50.4%** | **U.S. Treasury Obligations – 50.4%** | **U.S. Treasury Obligations – 50.4%** |
|  United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds |
|  $ | 7370000 | 3.750% | 11/15/43 | $6917436 |
|  | 410000 | 3.375 | 05/15/44 | 362017 |
|  | 10000 | 3.000 | 11/15/45 | 8250 |
|  | 200000 | 2.875 | 11/15/46 | 160844 |
|  | 380000 | 3.375 | 11/15/48 | 336834 |
|  | 780000 | 2.000 | 02/15/50 | 517847 |
|  United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
|  | 812000 | 0.750 | 03/31/26 | 728009 |
|  | 227340000 | 0.750 | 04/30/26 | 203256169 |
|  | 47120000 | 0.625 | 07/31/26 | 41627575 |
|  | 630000 | 1.375 | 08/31/26 | 571134 |
|  | 12630000 | 2.250 <sup>(c)</sup> | 11/15/27 | 11637361 |
|  | 11010000 | 1.125 | 02/29/28 | 9532252 |
|  | 11340000 | 1.250 | 03/31/28 | 9859598 |
|  | 11090000 | 1.250 | 04/30/28 | 9624041 |
|  | 7220000 | 3.875 <sup>(d)</sup> | 12/31/29 | 7177278 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $326,261,806)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $326,261,806)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $326,261,806)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $326,261,806)** | $302316645 |
| **TOTAL INVESTMENTS – 116.2%<br>(Cost $737,506,514)** | **TOTAL INVESTMENTS – 116.2%<br>(Cost $737,506,514)** | **TOTAL INVESTMENTS – 116.2%<br>(Cost $737,506,514)** | **TOTAL INVESTMENTS – 116.2%<br>(Cost $737,506,514)** | $696951073 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (16.2)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (16.2)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (16.2)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (16.2)%** | (97129579) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $599821494 |

---

---

| | |
|:---|:---|
| 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 December 31, 2022. |
| (b) | 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 $32,468,979 which represents approximately 5.5% of net assets as of December 31, 2022. |
| (c) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (d) | Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future. |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FORWARD SALES CONTRACTS** — At December 31, 2022, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  UMBS, 30 Year, Single Family | 2.000% | TBA-30yr | 01/12/53 | $(78000000) | $(63665067) |
|  UMBS, 30 Year, Single Family | 3.500 | TBA-30yr | 02/25/49 | (12000000) | (10913431) |
|  UMBS, 30 Year, Single Family | 5.000 | TBA-30yr | 01/12/53 | (5000000) | (4930471) |
|  GNMA | 4.500 | TBA-30yr | 01/23/53 | (6000000) | (5821928) |
|  **(PROCEEDS RECEIVABLE: $(86417109))** |  |  |  |  | $(85330897) |

---

**FUTURES CONTRACTS** — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 1481 | 03/31/23 | $303720705 | $271721 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (669) | 03/22/23 | (76814203) | 776555 |
|  20 Year U.S. Treasury Bonds | (99) | 03/22/23 | (12409031) | 51915 |
|  5 Year U.S. Treasury Notes | (698) | 03/31/23 | (75334922) | 166474 |
|  Ultra Long U.S. Treasury Bonds | (119) | 03/22/23 | (15983188) | 209411 |
|  **Total** |  |  |  | $1204355 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $1476076 |

---

**SWAP CONTRACTS** — At December 31, 2022, 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 SOFR<sup>(a)</sup> 4.430%<sup>(a)</sup> | 12/31/24 | $17670<sup>(b)</sup> | $(5038) | $30435 | $(35473) |
| 1.730%<sup>(a)</sup> 12M SOFR<sup>(a)</sup> | 02/08/26 | 325620 | 10852069 | 2495918 | 8356151 |
| 12M SOFR<sup>(a)</sup> 2.500<sup>(a)</sup> | 06/04/29 | 6310<sup>(b)</sup> | (79218) | (4259) | (74959) |
| 2.570<sup>(a)</sup> 12M SOFR<sup>(a)</sup> | 06/04/31 | 16640<sup>(b)</sup> | 188006 | 16225 | 171781 |
| 2.680<sup>(a)</sup> 12M SOFR<sup>(a)</sup> | 07/28/32 | 2490<sup>(b)</sup> | 61325 | 45861 | 15464 |
| 3.750<sup>(a)</sup> 12M SOFR<sup>(a)</sup> | 03/15/33 | 1070<sup>(b)</sup> | (19428) | (26418) | 6990 |
| 12M SOFR<sup>(a)</sup> 2.730<sup>(a)</sup> | 06/04/33 | 10560<sup>(b)</sup> | (106119) | (8945) | (97174) |
| 12M SOFR<sup>(a)</sup> 2.910<sup>(a)</sup> | 07/28/37 | 6080<sup>(b)</sup> | (112479) | (88619) | (23860) |
| 12M SOFR<sup>(a)</sup> 2.720<sup>(a)</sup> | 08/11/37 | 19240<sup>(b)</sup> | (474543) | (445803) | (28740) |
| 2.080<sup>(a)</sup> 12M SOFR<sup>(a)</sup> | 07/28/47 | 4610<sup>(b)</sup> | 57718 | 37666 | 20052 |
| 2.170<sup>(a)</sup> 12M SOFR<sup>(a)</sup> | 08/11/52 | 9290<sup>(b)</sup> | 380532 | 293470 | 87062 |
|  **TOTAL** |  |  | $10742825 | $2345531 | $8397294 |

---

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2022, 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)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944% | 12/15/2023 | (1910000) | $(1910000) | $(45107) | $(71148) | $26041 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (2130000) | (2130000) | (52009) | (85306) | 33297 |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (2130000) | (2130000) | (53963) | (85147) | 31184 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (2130000) | (2130000) | (55055) | (82750) | 27696 |
|  |  |  |  | (8300000) | $(8300000) | $(206134) | $(324351) | $118218 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (1910000) | (1910000) | (114375) | (71148) | (43228) |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (2130000) | (2130000) | (123895) | (85306) | (38588) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (2130000) | (2130000) | (120694) | (85147) | (35548) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (2130000) | (2130000) | (119347) | (82751) | (36597) |
|  |  |  |  | (8300000) | $(8300000) | $(478311) | $(324352) | $(153961) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (16600000) | $(16600000) | $(684445) | $(648703) | $(35743) |
|  **TOTAL** |  |  |  | (16600000) | $(16600000) | $(684445) | $(648703) | $(35743) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| COF | — Cost of Funds Index |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| LIBOR | — London Interbank Offered Rate |
| MTA | — Monthly Treasury Average |
| REMIC | — Real Estate Mortgage Investment Conduit |
| UMBS | — Uniform Mortgage Backed Securities |
| **Abbreviations:** | **Abbreviations:** |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| GNMA | — Government National Mortgage Association |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 47.8%** | **Corporate Obligations – 47.8%** | **Corporate Obligations – 47.8%** | **Corporate Obligations – 47.8%** |
| **Agriculture – 0.3%** | **Agriculture – 0.3%** | **Agriculture – 0.3%** | **Agriculture – 0.3%** |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 5429000 | 5.125% | 11/15/24 | $5433615 |
| **Automotive<sup>(a)</sup> –0.8%** | **Automotive<sup>(a)</sup> –0.8%** | **Automotive<sup>(a)</sup> –0.8%** | **Automotive<sup>(a)</sup> –0.8%** |
| Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
| 13121000 | 0.875 | 11/22/23 | 12598391 |
| (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) |
| 5000000 | 5.206 <sup>(b)</sup> | 06/07/24 | 4972600 |
|  |  |  | 17570991 |
| **Banks – 29.2%** | **Banks – 29.2%** | **Banks – 29.2%** | **Banks – 29.2%** |
| Banco Santander SA<sup>(b)</sup>  | Banco Santander SA<sup>(b)</sup>  | Banco Santander SA<sup>(b)</sup>  | Banco Santander SA<sup>(b)</sup>  |
| (1 year CMT + 0.450%) | (1 year CMT + 0.450%) | (1 year CMT + 0.450%) | (1 year CMT + 0.450%) |
| 12000000 | 0.701 <sup>(c)</sup> | 06/30/24 | 11672760 |
| (SOFR + 1.240%) | (SOFR + 1.240%) | (SOFR + 1.240%) | (SOFR + 1.240%) |
| 16400000 | 5.409 | 05/24/24 | 16359328 |
| Bank of America Corp.<sup>(b)(c)</sup>  | Bank of America Corp.<sup>(b)(c)</sup>  | Bank of America Corp.<sup>(b)(c)</sup>  | Bank of America Corp.<sup>(b)(c)</sup>  |
| (3M USD LIBOR + 0.780%) | (3M USD LIBOR + 0.780%) | (3M USD LIBOR + 0.780%) | (3M USD LIBOR + 0.780%) |
| 9849000 | 3.550 | 03/05/24 | 9812263 |
| (SOFR + 0.660%) | (SOFR + 0.660%) | (SOFR + 0.660%) | (SOFR + 0.660%) |
| 20000000 | 4.763 | 02/04/25 | 19709800 |
| (SOFR + 1.100%) | (SOFR + 1.100%) | (SOFR + 1.100%) | (SOFR + 1.100%) |
| 15483000 | 5.068 | 04/25/25 | 15386386 |
| Bank of Montreal<sup>(b)</sup>  | Bank of Montreal<sup>(b)</sup>  | Bank of Montreal<sup>(b)</sup>  | Bank of Montreal<sup>(b)</sup>  |
| (SOFR + 0.270%) | (SOFR + 0.270%) | (SOFR + 0.270%) | (SOFR + 0.270%) |
| 2652000 | 4.058 | 04/14/23 | 2649083 |
| (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) |
| 19393000 | 4.964 | 03/10/23 | 19397266 |
| Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  |
| 7375000 | 3.750 | 07/20/23 | 7318286 |
| (SOFR + 0.410%) | (SOFR + 0.410%) | (SOFR + 0.410%) | (SOFR + 0.410%) |
| 11105000 | 4.489 <sup>(b)</sup> | 02/04/25 | 10855471 |
| BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  |
| 5773000 | 2.750 | 01/11/23 | 5771326 |
| (SOFR + 0.570%) | (SOFR + 0.570%) | (SOFR + 0.570%) | (SOFR + 0.570%) |
| 10800000 | 4.358 <sup>(b)</sup> | 01/14/25 | 10564236 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 7388000 | 0.450 | 06/22/23 | 7229971 |
| (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) |
| 10020000 | 5.122 <sup>(b)</sup> | 03/17/23 | 10024309 |
| (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) |
| 13927000 | 4.632 <sup>(b)</sup> | 04/07/25 | 13764333 |
| Citigroup, Inc. (SOFR + 1.372%) | Citigroup, Inc. (SOFR + 1.372%) | Citigroup, Inc. (SOFR + 1.372%) | Citigroup, Inc. (SOFR + 1.372%) |
| 20000000 | 5.586 <sup>(b)(c)</sup> | 05/24/25 | 19961000 |
| Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA |
| 26500000 | 0.400 <sup>(c)</sup> | 01/15/23 | 26454950 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 3086000 | 0.962 | 11/08/23 | 2963918 |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 29504000 | 4.603 <sup>(b)</sup> | 11/08/23 | 29263837 |
| Federation des Caisses Desjardins du Quebec (SOFR + 0.430%) | Federation des Caisses Desjardins du Quebec (SOFR + 0.430%) | Federation des Caisses Desjardins du Quebec (SOFR + 0.430%) | Federation des Caisses Desjardins du Quebec (SOFR + 0.430%) |
| 30000000 | 4.618 <sup>(a)(b)</sup> | 05/21/24 | 29626500 |
| First Republic Bank (SOFR + 0.620%) | First Republic Bank (SOFR + 0.620%) | First Republic Bank (SOFR + 0.620%) | First Republic Bank (SOFR + 0.620%) |
| 10687000 | 1.912 <sup>(b)(c)</sup> | 02/12/24 | 10640298 |
| HSBC Holdings PLC<sup>(b)(c)</sup>  | HSBC Holdings PLC<sup>(b)(c)</sup>  | HSBC Holdings PLC<sup>(b)(c)</sup>  | HSBC Holdings PLC<sup>(b)(c)</sup>  |
| (3M USD LIBOR + 0.987%) | (3M USD LIBOR + 0.987%) | (3M USD LIBOR + 0.987%) | (3M USD LIBOR + 0.987%) |
| 5000000 | 3.950 | 05/18/24 | 4957200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) |
| 30425000 | 4.749% | 11/22/24 | $29698147 |
| JPMorgan Chase & Co.<sup>(b)(c)</sup>  | JPMorgan Chase & Co.<sup>(b)(c)</sup>  | JPMorgan Chase & Co.<sup>(b)(c)</sup>  | JPMorgan Chase & Co.<sup>(b)(c)</sup>  |
| (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) |
| 27875000 | 3.559 | 04/23/24 | 27696042 |
| (SOFR + 0.970%) | (SOFR + 0.970%) | (SOFR + 0.970%) | (SOFR + 0.970%) |
| 29000000 | 5.276 | 06/14/25 | 28720730 |
| KeyBank NA<sup>(b)(c)</sup>  | KeyBank NA<sup>(b)(c)</sup>  | KeyBank NA<sup>(b)(c)</sup>  | KeyBank NA<sup>(b)(c)</sup>  |
| (SOFR + 0.320%) | (SOFR + 0.320%) | (SOFR + 0.320%) | (SOFR + 0.320%) |
| 5690000 | 4.626 | 06/14/24 | 5640554 |
| (SOFR + 0.340%) | (SOFR + 0.340%) | (SOFR + 0.340%) | (SOFR + 0.340%) |
| 7625000 | 0.423 | 01/03/24 | 7575666 |
| (SOFR + 0.340%) | (SOFR + 0.340%) | (SOFR + 0.340%) | (SOFR + 0.340%) |
| 16839000 | 4.663 | 01/03/24 | 16745712 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| 10520000 | 4.050 | 08/16/23 | 10447517 |
| (1 year CMT + 0.550%) | (1 year CMT + 0.550%) | (1 year CMT + 0.550%) | (1 year CMT + 0.550%) |
| 9808000 | 0.695 <sup>(b)(c)</sup> | 05/11/24 | 9616646 |
| Mitsubishi UFJ Financial Group, Inc. (SOFR + 1.385%) | Mitsubishi UFJ Financial Group, Inc. (SOFR + 1.385%) | Mitsubishi UFJ Financial Group, Inc. (SOFR + 1.385%) | Mitsubishi UFJ Financial Group, Inc. (SOFR + 1.385%) |
| 8471000 | 5.653 <sup>(b)(c)</sup> | 09/12/25 | 8454312 |
| Mizuho Financial Group, Inc.<sup>(b)</sup>  | Mizuho Financial Group, Inc.<sup>(b)</sup>  | Mizuho Financial Group, Inc.<sup>(b)</sup>  | Mizuho Financial Group, Inc.<sup>(b)</sup>  |
| (-1x SOFR + 0.872%) | (-1x SOFR + 0.872%) | (-1x SOFR + 0.872%) | (-1x SOFR + 0.872%) |
| 9467000 | 0.849 <sup>(c)</sup> | 09/08/24 | 9132720 |
| (-1x SOFR + 1.252%) | (-1x SOFR + 1.252%) | (-1x SOFR + 1.252%) | (-1x SOFR + 1.252%) |
| 6922000 | 1.241 <sup>(c)</sup> | 07/10/24 | 6750196 |
| (3M USD LIBOR + 0.790%) | (3M USD LIBOR + 0.790%) | (3M USD LIBOR + 0.790%) | (3M USD LIBOR + 0.790%) |
| 6439000 | 5.555 | 03/05/23 | 6443443 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 14247000 | 3.750 | 02/25/23 | 14220216 |
| (SOFR + 0.466%) | (SOFR + 0.466%) | (SOFR + 0.466%) | (SOFR + 0.466%) |
| 8747000 | 4.598 <sup>(b)(c)</sup> | 11/10/23 | 8712887 |
| (SOFR + 0.616%) | (SOFR + 0.616%) | (SOFR + 0.616%) | (SOFR + 0.616%) |
| 19282000 | 0.731 <sup>(b)(c)</sup> | 04/05/24 | 19001640 |
| (SOFR + 0.625%) | (SOFR + 0.625%) | (SOFR + 0.625%) | (SOFR + 0.625%) |
| 6998000 | 4.579 <sup>(b)(c)</sup> | 01/24/25 | 6892820 |
| National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
| 14178000 | 2.100 | 02/01/23 | 14144682 |
| (SOFRRATE + 0.490%) | (SOFRRATE + 0.490%) | (SOFRRATE + 0.490%) | (SOFRRATE + 0.490%) |
| 5375000 | 4.580 <sup>(b)</sup> | 08/06/24 | 5304802 |
| Natwest Group PLC (1 year CMT + 2.150%) | Natwest Group PLC (1 year CMT + 2.150%) | Natwest Group PLC (1 year CMT + 2.150%) | Natwest Group PLC (1 year CMT + 2.150%) |
| 9374000 | 2.359 <sup>(b)(c)</sup> | 05/22/24 | 9240046 |
| Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
| 4172000 | 4.250 <sup>(a)</sup> | 09/14/23 | 4136788 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 2355000 | 0.625 <sup>(a)</sup> | 06/30/23 | 2305003 |
| The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia |
| 6150000 | 5.250 | 12/06/24 | 6156334 |
| (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) |
| 10550000 | 5.245 <sup>(b)</sup> | 03/11/24 | 10529216 |
| The Toronto-Dominion Bank<sup>(b)</sup>  | The Toronto-Dominion Bank<sup>(b)</sup>  | The Toronto-Dominion Bank<sup>(b)</sup>  | The Toronto-Dominion Bank<sup>(b)</sup>  |
| (SOFR + 0.220%) | (SOFR + 0.220%) | (SOFR + 0.220%) | (SOFR + 0.220%) |
| 2938000 | 4.460 | 06/02/23 | 2932065 |
| (SOFR + 0.355%) | (SOFR + 0.355%) | (SOFR + 0.355%) | (SOFR + 0.355%) |
| 2072000 | 4.602 | 03/04/24 | 2056025 |
| (SOFR + 0.910%) | (SOFR + 0.910%) | (SOFR + 0.910%) | (SOFR + 0.910%) |
| 12978000 | 5.183 | 03/08/24 | 12953472 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2022 (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)** |
| UBS AG<sup>(a)(b)</sup>  | UBS AG<sup>(a)(b)</sup>  | UBS AG<sup>(a)(b)</sup>  | UBS AG<sup>(a)(b)</sup>  |
| (SOFR + 0.360%) | (SOFR + 0.360%) | (SOFR + 0.360%) | (SOFR + 0.360%) |
| 17463000 | 4.475% | 02/09/24 | $17369748 |
| (SOFR + 0.470%) | (SOFR + 0.470%) | (SOFR + 0.470%) | (SOFR + 0.470%) |
| 6993000 | 4.244 <sup>(c)</sup> | 01/13/25 | 6923000 |
| Wells Fargo & Co. (SOFR + 1.600%) | Wells Fargo & Co. (SOFR + 1.600%) | Wells Fargo & Co. (SOFR + 1.600%) | Wells Fargo & Co. (SOFR + 1.600%) |
| 22367000 | 1.654 <sup>(b)(c)</sup> | 06/02/24 | 22011365 |
| Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| 10000000 | 5.350 | 10/18/24 | 10069400 |
|  |  |  | 626263715 |
| **Chemical – 0.3%** | **Chemical – 0.3%** | **Chemical – 0.3%** | **Chemical – 0.3%** |
| Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. |
| 6656000 | 1.900 | 05/13/23 | 6575063 |
| **Cosmetics & Personal Care – 0.4%** | **Cosmetics & Personal Care – 0.4%** | **Cosmetics & Personal Care – 0.4%** | **Cosmetics & Personal Care – 0.4%** |
| GSK Consumer Healthcare Capital U.S. LLC | GSK Consumer Healthcare Capital U.S. LLC | GSK Consumer Healthcare Capital U.S. LLC | GSK Consumer Healthcare Capital U.S. LLC |
| 8326000 | 3.024 | 03/24/24 | 8077968 |
| **Diversified Financial Services – 3.4%** | **Diversified Financial Services – 3.4%** | **Diversified Financial Services – 3.4%** | **Diversified Financial Services – 3.4%** |
| AIG Global Funding (SOFR + 0.380%) | AIG Global Funding (SOFR + 0.380%) | AIG Global Funding (SOFR + 0.380%) | AIG Global Funding (SOFR + 0.380%) |
| 22042000 | 4.692 <sup>(a)(b)</sup> | 12/15/23 | 21976315 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 4185000 | 2.250 | 01/15/23 | 4179434 |
| 6000000 | 2.750 <sup>(c)</sup> | 01/15/23 | 5994660 |
| 2500000 | 3.000 <sup>(c)</sup> | 09/15/23 | 2454425 |
| American Express Co. (SOFR + 0.930%) | American Express Co. (SOFR + 0.930%) | American Express Co. (SOFR + 0.930%) | American Express Co. (SOFR + 0.930%) |
| 11243000 | 5.177 <sup>(b)(c)</sup> | 03/04/25 | 11203425 |
| Capital One Financial Corp. (SOFR + 0.690%) | Capital One Financial Corp. (SOFR + 0.690%) | Capital One Financial Corp. (SOFR + 0.690%) | Capital One Financial Corp. (SOFR + 0.690%) |
| 26957000 | 4.963 <sup>(b)(c)</sup> | 12/06/24 | 26423790 |
|  |  |  | 72232049 |
| **Electrical<sup>(c)</sup> –3.8%** | **Electrical<sup>(c)</sup> –3.8%** | **Electrical<sup>(c)</sup> –3.8%** | **Electrical<sup>(c)</sup> –3.8%** |
| American Electric Power Co., Inc. (3M USD LIBOR + 0.480%) | American Electric Power Co., Inc. (3M USD LIBOR + 0.480%) | American Electric Power Co., Inc. (3M USD LIBOR + 0.480%) | American Electric Power Co., Inc. (3M USD LIBOR + 0.480%) |
| 9375000 | 4.920 <sup>(b)</sup> | 11/01/23 | 9366375 |
| CenterPoint Energy, Inc. (SOFR + 0.650%) | CenterPoint Energy, Inc. (SOFR + 0.650%) | CenterPoint Energy, Inc. (SOFR + 0.650%) | CenterPoint Energy, Inc. (SOFR + 0.650%) |
| 26549000 | 4.776 <sup>(b)</sup> | 05/13/24 | 26224571 |
| Dominion Energy, Inc. (3M USD LIBOR + 0.530%) | Dominion Energy, Inc. (3M USD LIBOR + 0.530%) | Dominion Energy, Inc. (3M USD LIBOR + 0.530%) | Dominion Energy, Inc. (3M USD LIBOR + 0.530%) |
| 8608000 | 5.299 <sup>(b)</sup> | 09/15/23 | 8592334 |
| OGE Energy Corp. | OGE Energy Corp. | OGE Energy Corp. | OGE Energy Corp. |
| 5619000 | 0.703 | 05/26/23 | 5518701 |
| Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. |
| 14754000 | 0.553 | 05/26/23 | 14469395 |
| The Southern Co. (SOFR + 0.370%) | The Southern Co. (SOFR + 0.370%) | The Southern Co. (SOFR + 0.370%) | The Southern Co. (SOFR + 0.370%) |
| 17194000 | 4.490 <sup>(b)</sup> | 05/10/23 | 17136744 |
|  |  |  | 81308120 |
| **Gas<sup>(b)(c)</sup> –0.7%** | **Gas<sup>(b)(c)</sup> –0.7%** | **Gas<sup>(b)(c)</sup> –0.7%** | **Gas<sup>(b)(c)</sup> –0.7%** |
| Atmos Energy Corp. (3M USD LIBOR + 0.380%) | Atmos Energy Corp. (3M USD LIBOR + 0.380%) | Atmos Energy Corp. (3M USD LIBOR + 0.380%) | Atmos Energy Corp. (3M USD LIBOR + 0.380%) |
| 10776000 | 5.103 | 03/09/23 | 10768672 |
| CenterPoint Energy Resources Corp. (3M USD LIBOR + 0.500%) | CenterPoint Energy Resources Corp. (3M USD LIBOR + 0.500%) | CenterPoint Energy Resources Corp. (3M USD LIBOR + 0.500%) | CenterPoint Energy Resources Corp. (3M USD LIBOR + 0.500%) |
| 4254000 | 5.279 | 03/02/23 | 4252043 |
|  |  |  | 15020715 |
| **Healthcare Providers & Services – 1.1%** | **Healthcare Providers & Services – 1.1%** | **Healthcare Providers & Services – 1.1%** | **Healthcare Providers & Services – 1.1%** |
| Baxter International, Inc. (SOFR + 0.440%) | Baxter International, Inc. (SOFR + 0.440%) | Baxter International, Inc. (SOFR + 0.440%) | Baxter International, Inc. (SOFR + 0.440%) |
| 14300000 | 4.654 <sup>(b)</sup> | 11/29/24 | 14021007 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 10000000 | 5.550 %<sup>(a)</sup> | 11/15/24 | $10032100 |
|  |  |  | 24053107 |
| **Insurance – 3.8%** | **Insurance – 3.8%** | **Insurance – 3.8%** | **Insurance – 3.8%** |
| Athene Global Funding (3M USD LIBOR + 0.730%) | Athene Global Funding (3M USD LIBOR + 0.730%) | Athene Global Funding (3M USD LIBOR + 0.730%) | Athene Global Funding (3M USD LIBOR + 0.730%) |
| 13626000 | 4.556 <sup>(a)(b)</sup> | 01/08/24 | 13511406 |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 5038000 | 0.500 <sup>(a)</sup> | 04/06/23 | 4977040 |
| MassMutual Global Funding II (SOFR + 0.270%) | MassMutual Global Funding II (SOFR + 0.270%) | MassMutual Global Funding II (SOFR + 0.270%) | MassMutual Global Funding II (SOFR + 0.270%) |
| 14808000 | 4.154 <sup>(a)(b)</sup> | 10/21/24 | 14615940 |
| Pacific Life Global Funding II (SOFR + 0.400%) | Pacific Life Global Funding II (SOFR + 0.400%) | Pacific Life Global Funding II (SOFR + 0.400%) | Pacific Life Global Funding II (SOFR + 0.400%) |
| 4325000 | 4.368 <sup>(a)(b)</sup> | 01/27/25 | 4212031 |
| Principal Life Global Funding II (SOFR + 0.450%) | Principal Life Global Funding II (SOFR + 0.450%) | Principal Life Global Funding II (SOFR + 0.450%) | Principal Life Global Funding II (SOFR + 0.450%) |
| 9397000 | 4.189 <sup>(a)(b)</sup> | 04/12/24 | 9320790 |
| Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
| 6848000 | 0.502 <sup>(a)</sup> | 04/12/23 | 6764934 |
| (SOFR + 0.980%) | (SOFR + 0.980%) | (SOFR + 0.980%) | (SOFR + 0.980%) |
| 16164000 | 5.303 <sup>(a)(b)</sup> | 03/28/25 | 15999127 |
| (SOFR + 1.050%) | (SOFR + 1.050%) | (SOFR + 1.050%) | (SOFR + 1.050%) |
| 11308000 | 5.335 <sup>(b)</sup> | 12/11/24 | 11270684 |
|  |  |  | 80671952 |
| **Pharmaceuticals<sup>(c)</sup> –0.4%** | **Pharmaceuticals<sup>(c)</sup> –0.4%** | **Pharmaceuticals<sup>(c)</sup> –0.4%** | **Pharmaceuticals<sup>(c)</sup> –0.4%** |
| AmerisourceBergen Corp. | AmerisourceBergen Corp. | AmerisourceBergen Corp. | AmerisourceBergen Corp. |
| 9469000 | 0.737 | 03/15/23 | 9391259 |
| **Pipelines – 1.0%** | **Pipelines – 1.0%** | **Pipelines – 1.0%** | **Pipelines – 1.0%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 13806000 | 0.550 | 10/04/23 | 13345432 |
| (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) |
| 1916000 | 4.560 <sup>(b)</sup> | 02/17/23 | 1912053 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 6032000 | 3.450 <sup>(c)</sup> | 02/15/23 | 6018488 |
|  |  |  | 21275973 |
| **Real Estate Investment Trust<sup>(b)(c)</sup> –0.4%** | **Real Estate Investment Trust<sup>(b)(c)</sup> –0.4%** | **Real Estate Investment Trust<sup>(b)(c)</sup> –0.4%** | **Real Estate Investment Trust<sup>(b)(c)</sup> –0.4%** |
| Public Storage (SOFR + 0.470%) | Public Storage (SOFR + 0.470%) | Public Storage (SOFR + 0.470%) | Public Storage (SOFR + 0.470%) |
| 8101000 | 4.363 | 04/23/24 | 8041458 |
| **Retailing<sup>(a)(c)</sup> –0.8%** | **Retailing<sup>(a)(c)</sup> –0.8%** | **Retailing<sup>(a)(c)</sup> –0.8%** | **Retailing<sup>(a)(c)</sup> –0.8%** |
| 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
| 18409000 | 0.625 | 02/10/23 | 18305357 |
| **Savings&Loans<sup>(a)</sup> –0.9%** | **Savings&Loans<sup>(a)</sup> –0.9%** | **Savings&Loans<sup>(a)</sup> –0.9%** | **Savings&Loans<sup>(a)</sup> –0.9%** |
| Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
| 10000000 | 2.000 | 01/27/23 | 9972800 |
| (3M USD LIBOR + 1.392%) | (3M USD LIBOR + 1.392%) | (3M USD LIBOR + 1.392%) | (3M USD LIBOR + 1.392%) |
| 10000000 | 4.363 <sup>(b)(c)</sup> | 08/01/24 | 9871200 |
|  |  |  | 19844000 |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 4834000 | 3.300 | 03/28/24 | 4717791 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services<sup>(a)</sup> – 0.3%** | **Telecommunication Services<sup>(a)</sup> – 0.3%** | **Telecommunication Services<sup>(a)</sup> – 0.3%** | **Telecommunication Services<sup>(a)</sup> – 0.3%** |
| NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |  |
| 6450000 | 0.373% | 03/03/23 | $6401689 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,032,499,813)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,032,499,813)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,032,499,813)** | $1025184822 |
| **Agency Debentures<sup>(b)</sup> – 0.3%** | **Agency Debentures<sup>(b)</sup> – 0.3%** | **Agency Debentures<sup>(b)</sup> – 0.3%** | **Agency Debentures<sup>(b)</sup> – 0.3%** |
| **Sovereign – 0.3%** | **Sovereign – 0.3%** | **Sovereign – 0.3%** | **Sovereign – 0.3%** |
| FFCB (SOFR + 0.180%) | FFCB (SOFR + 0.180%) | FFCB (SOFR + 0.180%) |  |
| 5600000 | 4.480% | 10/16/24 | $5598208 |
| **(Cost $5,600,000)** | **(Cost $5,600,000)** | **(Cost $5,600,000)** |  |
| **TOTAL AGENCY DEBENTURES<br>(Cost $5,600,000)** | **TOTAL AGENCY DEBENTURES<br>(Cost $5,600,000)** | **TOTAL AGENCY DEBENTURES<br>(Cost $5,600,000)** | $5598208 |
| **Municipal Debt Obligations – 0.2%** | **Municipal Debt Obligations – 0.2%** | **Municipal Debt Obligations – 0.2%** | **Municipal Debt Obligations – 0.2%** |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| 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 |
| 1448182 | 4.950% | 06/01/23 | $1448937 |
| **New York<sup>(c)</sup> – 0.1%** | **New York<sup>(c)</sup> – 0.1%** | **New York<sup>(c)</sup> – 0.1%** |  |
| Long Island Power Authority Electric System Taxable (Refunding) Series C | Long Island Power Authority Electric System Taxable (Refunding) Series C | Long Island Power Authority Electric System Taxable (Refunding) Series C |  |
| 3070000 | 0.359 | 03/01/23 | 3048247 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,523,148)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,523,148)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,523,148)** | $4497184 |
| **U.S. Treasury Obligations – 14.0%** | **U.S. Treasury Obligations – 14.0%** | **U.S. Treasury Obligations – 14.0%** | **U.S. Treasury Obligations – 14.0%** |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |  |
| (3MTreasury money market yield + 0.035%) | (3MTreasury money market yield + 0.035%) | (3MTreasury money market yield + 0.035%) |  |
| 119740800 | 4.433 %<sup>(b)</sup> | 10/31/23 | $119806518 |
| 40635300 | 0.375 | 09/15/24 | 37865433 |
| 13201000 | 1.500 | 09/30/24 | 12535278 |
| (3MTreasury money market yield + 0.140%) | (3MTreasury money market yield + 0.140%) | (3MTreasury money market yield + 0.140%) |  |
| 75244000 | 0.000 <sup>(d)</sup> | 10/31/24 | 75151390 |
| 44934700 | 4.375 | 10/31/24 | 44804811 |
| 10000000 | 4.500 | 11/30/24 | 10000781 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $300,148,510)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $300,148,510)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $300,148,510)** | $300164211 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.1%** | **Investment Company – 1.1%** | **Investment Company – 1.1%** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 24777257 | 4.159% | $24777257 |
| **(Cost $24,777,257)** | **(Cost $24,777,257)** | **(Cost $24,777,257)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments – 36.5%** | **Short-term Investments – 36.5%** | **Short-term Investments – 36.5%** | **Short-term Investments – 36.5%** |
| **Certificates of Deposit – 24.4%** | **Certificates of Deposit – 24.4%** | **Certificates of Deposit – 24.4%** | **Certificates of Deposit – 24.4%** |
| Australia & New Zealand Banking Group Ltd. (SOFR + 0.670%) | Australia & New Zealand Banking Group Ltd. (SOFR + 0.670%) | Australia & New Zealand Banking Group Ltd. (SOFR + 0.670%) | Australia & New Zealand Banking Group Ltd. (SOFR + 0.670%) |
| 8000000 | 4.970 %<sup>(a)(b)</sup> | 05/02/23 | $8007676 |
| Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank |
| 18340000 | 0.900 | 06/27/23 | 17963861 |
| (3M USD LIBOR + 0.160%) | (3M USD LIBOR + 0.160%) | (3M USD LIBOR + 0.160%) | (3M USD LIBOR + 0.160%) |
| 12000000 | 4.518 <sup>(b)</sup> | 01/27/23 | 11998505 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| 12043000 | 5.550 | 10/23/23 | 12065897 |
| Brighthouse Financial Short Term Funding LLC (SOFR + 0.730%) | Brighthouse Financial Short Term Funding LLC (SOFR + 0.730%) | Brighthouse Financial Short Term Funding LLC (SOFR + 0.730%) | Brighthouse Financial Short Term Funding LLC (SOFR + 0.730%) |
| 10014000 | 5.030 <sup>(a)(b)</sup> | 12/22/23 | 10015903 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 5484000 | 5.540 | 10/20/23 | 5491939 |
| Citibank N.A. | Citibank N.A. | Citibank N.A. | Citibank N.A. |
| 17000000 | 3.800 | 08/01/23 | 16853159 |
| 5900000 | 4.060 | 08/01/23 | 5857749 |
| Citigroup Global Markets, Inc. (SOFR + 0.650%) | Citigroup Global Markets, Inc. (SOFR + 0.650%) | Citigroup Global Markets, Inc. (SOFR + 0.650%) | Citigroup Global Markets, Inc. (SOFR + 0.650%) |
| 5866000 | 2.920 <sup>(a)(b)</sup> | 09/21/23 | 5862678 |
| Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
| 11325000 | 5.530 | 11/22/23 | 11330753 |
| Cooperatieve Rabobank UA<sup>(b)</sup>  | Cooperatieve Rabobank UA<sup>(b)</sup>  | Cooperatieve Rabobank UA<sup>(b)</sup>  | Cooperatieve Rabobank UA<sup>(b)</sup>  |
| (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) |
| 5655000 | 4.930 | 05/24/23 | 5660730 |
| (SOFR + 0.660%) | (SOFR + 0.660%) | (SOFR + 0.660%) | (SOFR + 0.660%) |
| 8000000 | 4.960 | 05/03/23 | 8008329 |
| (SOFR + 0.670%) | (SOFR + 0.670%) | (SOFR + 0.670%) | (SOFR + 0.670%) |
| 5097000 | 4.970 | 11/07/23 | 5101881 |
| Credit Industriel et Commercial (FEDL01 + 0.450%) | Credit Industriel et Commercial (FEDL01 + 0.450%) | Credit Industriel et Commercial (FEDL01 + 0.450%) | Credit Industriel et Commercial (FEDL01 + 0.450%) |
| 16450000 | 4.780 <sup>(b)</sup> | 03/13/23 | 16457424 |
| Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| 28000000 | 0.590 | 03/17/23 | 27661171 |
| DNB Bank ASA<sup>(a)(b)</sup>  | DNB Bank ASA<sup>(a)(b)</sup>  | DNB Bank ASA<sup>(a)(b)</sup>  | DNB Bank ASA<sup>(a)(b)</sup>  |
| (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) |
| 5679000 | 4.820 | 02/06/23 | 5680907 |
| (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) |
| 23525000 | 4.880 | 03/23/23 | 23540982 |
| Fairway Finance Co. LLC<sup>(a)(b)</sup>  | Fairway Finance Co. LLC<sup>(a)(b)</sup>  | Fairway Finance Co. LLC<sup>(a)(b)</sup>  | Fairway Finance Co. LLC<sup>(a)(b)</sup>  |
| (SOFR + 0.540%) | (SOFR + 0.540%) | (SOFR + 0.540%) | (SOFR + 0.540%) |
| 3904000 | 4.840 | 01/23/23 | 3904640 |
| (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) |
| 5419000 | 4.880 | 02/02/23 | 5421047 |
| Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale |
| 12345000 | 4.120 | 01/11/23 | 12343993 |
| Lloyds Bank Corporate Markets PLC (SOFR + 0.540%) | Lloyds Bank Corporate Markets PLC (SOFR + 0.540%) | Lloyds Bank Corporate Markets PLC (SOFR + 0.540%) | Lloyds Bank Corporate Markets PLC (SOFR + 0.540%) |
| 23765000 | 4.840 <sup>(b)</sup> | 01/31/24 | 23744133 |
| Macquarie Bank Ltd. (SOFR + 0.750%) | Macquarie Bank Ltd. (SOFR + 0.750%) | Macquarie Bank Ltd. (SOFR + 0.750%) | Macquarie Bank Ltd. (SOFR + 0.750%) |
| 20800000 | 5.050 <sup>(a)(b)</sup> | 04/24/23 | 20830551 |
| Matchpoint Finance PLC (SOFR + 0.710%) | Matchpoint Finance PLC (SOFR + 0.710%) | Matchpoint Finance PLC (SOFR + 0.710%) | Matchpoint Finance PLC (SOFR + 0.710%) |
| 3440000 | 5.010 <sup>(a)(b)</sup> | 04/25/23 | 3441724 |
| Mizuho Bank Ltd. (SOFR + 0.280%) | Mizuho Bank Ltd. (SOFR + 0.280%) | Mizuho Bank Ltd. (SOFR + 0.280%) | Mizuho Bank Ltd. (SOFR + 0.280%) |
| 12639000 | 4.580 <sup>(b)</sup> | 02/10/23 | 12640749 |
| National Australia Bank Ltd. (SOFR + 0.500%) | National Australia Bank Ltd. (SOFR + 0.500%) | National Australia Bank Ltd. (SOFR + 0.500%) | National Australia Bank Ltd. (SOFR + 0.500%) |
| 14915000 | 4.800 <sup>(a)(b)</sup> | 03/08/23 | 14919908 |
| National Bank Of Kuwait SAKP | National Bank Of Kuwait SAKP | National Bank Of Kuwait SAKP | National Bank Of Kuwait SAKP |
| 5946000 | 4.600 | 01/17/23 | 5946459 |
| 8000000 | 5.030 | 02/17/23 | 8004935 |
| Natixis SA | Natixis SA | Natixis SA | Natixis SA |
| 6331000 | 4.450 | 01/31/23 | 6331397 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** |
| Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
| 24927000 | 0.300% | 01/27/23 | $24849215 |
| (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) |
| 6070000 | 5.070 <sup>(b)</sup> | 10/23/23 | 6081412 |
| Royal Bank of Canada (SOFR + 0.430%) | Royal Bank of Canada (SOFR + 0.430%) | Royal Bank of Canada (SOFR + 0.430%) | Royal Bank of Canada (SOFR + 0.430%) |
| 29018000 | 4.730 <sup>(a)(b)</sup> | 03/01/23 | 29022498 |
| Skandinaviska Enskilda Banken AB<sup>(b)</sup>  | Skandinaviska Enskilda Banken AB<sup>(b)</sup>  | Skandinaviska Enskilda Banken AB<sup>(b)</sup>  | Skandinaviska Enskilda Banken AB<sup>(b)</sup>  |
| (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) |
| 3000000 | 4.860 | 09/13/23 | 2999546 |
| (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) |
| 10000000 | 4.980 <sup>(a)</sup> | 08/18/23 | 10009543 |
| Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
| 5582000 | 5.600 | 12/01/23 | 5587562 |
| (SOFR + 0.420%) | (SOFR + 0.420%) | (SOFR + 0.420%) | (SOFR + 0.420%) |
| 20233000 | 4.720 <sup>(b)</sup> | 07/28/23 | 20230124 |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 20500000 | 2.700 | 04/27/23 | 20357494 |
| 5000000 | 5.000 | 10/06/23 | 4988419 |
| (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) |
| 19914000 | 5.220 <sup>(b)</sup> | 11/30/23 | 19966962 |
| (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) |
| 3794000 | 5.250 <sup>(b)</sup> | 10/25/23 | 3804498 |
| Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.500%) | Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.500%) | Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.500%) | Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.500%) |
| 4796000 | 4.800 <sup>(b)</sup> | 02/14/23 | 4797689 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 8910000 | 2.000 | 03/22/23 | 8859046 |
| 17239000 | 2.795 | 05/25/23 | 17098211 |
| (SOFR + 0.510%) | (SOFR + 0.510%) | (SOFR + 0.510%) | (SOFR + 0.510%) |
| 2500000 | 4.810 <sup>(b)</sup> | 03/28/23 | 2501095 |
| (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) |
| 9752000 | 4.860 <sup>(b)</sup> | 09/08/23 | 9749415 |
| The Bank Of Nova Scotia (SOFR + 0.740%) | The Bank Of Nova Scotia (SOFR + 0.740%) | The Bank Of Nova Scotia (SOFR + 0.740%) | The Bank Of Nova Scotia (SOFR + 0.740%) |
| 5159000 | 4.550 <sup>(a)(b)</sup> | 12/06/23 | 5164596 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 4539000 | 4.070 | 07/18/23 | 4510690 |
| Thunder Bay Funding LLC (SOFR + 0.600%) | Thunder Bay Funding LLC (SOFR + 0.600%) | Thunder Bay Funding LLC (SOFR + 0.600%) | Thunder Bay Funding LLC (SOFR + 0.600%) |
| 8710000 | 4.900 <sup>(a)(b)</sup> | 04/25/23 | 8715373 |
|  |  |  | 524382468 |
| **Commercial Paper<sup>(d)</sup> – 12.1%** | **Commercial Paper<sup>(d)</sup> – 12.1%** | **Commercial Paper<sup>(d)</sup> – 12.1%** | **Commercial Paper<sup>(d)</sup> – 12.1%** |
| Albion Capital Corp. | Albion Capital Corp. | Albion Capital Corp. | Albion Capital Corp. |
| 4883000 | 0.000 | 03/20/23 | 4832759 |
| Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
| 5015000 | 0.000 | 01/19/23 | 5001886 |
| ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
| 13586000 | 0.000 | 05/25/23 | 13331995 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 5734000 | 0.000 | 07/12/23 | 5582065 |
| CDP Financial, Inc. | CDP Financial, Inc. | CDP Financial, Inc. | CDP Financial, Inc. |
| 3331000 | 0.000 | 06/16/23 | 3255577 |
| 13000000 | 0.000 | 06/27/23 | 12684110 |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| 10421000 | 0.000 | 04/21/23 | 10266644 |
| DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
| 8964000 | 0.000 | 11/22/23 | 8558921 |
| Enbridge U.S., Inc | Enbridge U.S., Inc | Enbridge U.S., Inc | Enbridge U.S., Inc |
| 8000000 | 0.000 | 01/19/23 | 7978658 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper<sup>(d)</sup> – (continued)** | **Commercial Paper<sup>(d)</sup> – (continued)** | **Commercial Paper<sup>(d)</sup> – (continued)** | **Commercial Paper<sup>(d)</sup> – (continued)** |
| Gotham Funding Corp. | Gotham Funding Corp. | Gotham Funding Corp. | Gotham Funding Corp. |
| 3438000 | 0.000% | 03/03/23 | $3410156 |
| ING U.S. Funding LLC | ING U.S. Funding LLC | ING U.S. Funding LLC | ING U.S. Funding LLC |
| 14433000 | 0.000 | 09/21/23 | 13902317 |
| LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC |
| 3307000 | 0.000 | 02/13/23 | 3288522 |
| 2971000 | 0.000 | 04/17/23 | 2928057 |
| 10440000 | 0.000 | 04/17/23 | 10289100 |
| 2481000 | 0.000 | 04/28/23 | 2440593 |
| Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
| 5481000 | 0.000 | 01/30/23 | 5458746 |
| MetLife Short Term Funding LLC | MetLife Short Term Funding LLC | MetLife Short Term Funding LLC | MetLife Short Term Funding LLC |
| 14208000 | 0.000 | 09/01/23 | 13720182 |
| Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC |
| 10685000 | 0.000 | 03/15/23 | 10582046 |
| 4378000 | 0.000 | 04/25/23 | 4310202 |
| Pure Grove Funding | Pure Grove Funding | Pure Grove Funding | Pure Grove Funding |
| 26216000 | 0.000 | 03/14/23 | 25968652 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 5200000 | 0.000 | 02/06/23 | 5173944 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 4025000 | 0.000 | 07/14/23 | 3917490 |
| Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
| 12812000 | 0.000 | 11/15/23 | 12235403 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 24000000 | 0.000 | 08/01/23 | 23293657 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 12600000 | 0.000 | 06/02/23 | 12338801 |
| Thomson Reuters Corp. | Thomson Reuters Corp. | Thomson Reuters Corp. | Thomson Reuters Corp. |
| 9288000 | 0.000 | 01/18/23 | 9266015 |
| Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| 3749000 | 0.000 | 04/25/23 | 3691607 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 3192000 | 0.000 | 02/07/23 | 3175568 |
| Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| 1911000 | 0.000 | 02/13/23 | 1900418 |
| 3771000 | 0.000 | 03/03/23 | 3740855 |
| 3882000 | 0.000 | 04/05/23 | 3833087 |
| 5873000 | 0.000 | 04/10/23 | 5795195 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 2856000 | 0.000 | 02/21/23 | 2835881 |
|  |  |  | 258989109 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $785,069,703)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $785,069,703)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $785,069,703)** | $783371577 |
| **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $2,152,618,431)** | **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $2,152,618,431)** | **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $2,152,618,431)** | $2143593259 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.1%** | 2975271 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2146568530 |

---

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

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2022 (Unaudited)* 

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

(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.

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

(d) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| FFCB | — Federal Farm Credit Bank |
| GO | — General Obligation |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

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

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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 has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

**Debt Securities** — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Commercial Paper** — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Inverse Floaters** — The interest rate on inverse floating rate securities ("inverse floaters") resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Mortgage-Backed and Asset-Backed Securities** — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. 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;**v. Treasury Inflation Protected Securities** — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi. 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.

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii. Repurchase Agreements** — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements. An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

**Derivative Contracts** — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

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, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

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

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

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

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

**Level 3 Fair Value Investments** — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $495393741 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 206914635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 29416703 | 6208719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 26641635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3117995 |  |
|  Exchange Traded Funds | 28236648 |  |  |
|  Investment Company | 9262 |  |  |
|  Short-term Investments |  | 5570435 |  |
| **Total** | $57662613 | $743847160 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $56520 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 282323 |  |
| **Total** | $56520 | $282323 | $— |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(2323281) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (17007) |  |
| **Total** | $— | $(2340288) | $— |
| (a) Amount shown represents unrealized gain (loss) at period end. | (a) Amount shown represents unrealized gain (loss) at period end. | (a) Amount shown represents unrealized gain (loss) at period end. | (a) Amount shown represents unrealized gain (loss) at period end. |
| **GOVERNMENT INCOME** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $132750872 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 61501825 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 4160085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 2153005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 502630 |  |
|  Agency Debentures |  | 54270390 |  |
| **Total** | $61501825 | $193836982 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(11500480) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $460692 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 144184 |  |
|  Purchased Option Contracts |  | 11476 |  |
| **Total** | $460692 | $155660 | $— |
| **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(7500) | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (121214) |  |
|  Written Option Contracts |  | (297663) |  |
| **Total** | $(7500) | $(418877) | $— |

---

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

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **INFLATION PROTECTED SECURITIES**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $381730799 | $— | $— |
|  Investment Company | 1988392 |  |  |
| **Total** | $383719191 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $333117 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 3631029 |  |
| **Total** | $333117 | $3631029 | $— |
| **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(292566) | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (1224592) |  |
|  Written Option Contracts |  | (1110296) |  |
| **Total** | $(292566) | $(2334888) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (a) Amount shown represents unrealized gain (loss) at period end. | (a) Amount shown represents unrealized gain (loss) at period end. | (a) Amount shown represents unrealized gain (loss) at period end. | (a) Amount shown represents unrealized gain (loss) at period end. |
| **SHORT DURATION BOND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $881121320 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 239334791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 154477364 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 120023027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 35327370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3333425 |  |
|  Exchange Traded Funds | 31615797 |  |  |
|  Investment Company | 94653938 |  |  |
| **Total** | $280747099 | $1279139933 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(16763601) | $— |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **SHORT DURATION BOND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $502777 | $— |
|  Futures Contracts<sup>(a)</sup>  | 967571 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 10456508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 317 |  |
|  Purchased Option Contracts |  | 1760430 |  |
| **Total** | $967571 | $12720032 | $— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(104351) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (961389) |  |
|  Futures Contracts<sup>(a)</sup>  | (483400) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (4784442) |  |
|  Written Option Contracts |  | (4934217) |  |
| **Total** | $(483400) | $(10784399) | $— |
| (a) Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **SHORT DURATION GOVERNMENT** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $302765638 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 302316645 |  |  |
|  Agency Debentures |  | 91868790 |  |
| **Total** | $302316645 | $394634428 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(85330897) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $1476076 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 8657500 |  |
| **Total** | $1476076 | $8657500 | $— |
| **Liabilities** |  |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  | $— | $(260206) | $— |
|  Written Option Contracts |  | (684445) |  |
| **Total** | $— | $(944651) | $— |

---

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

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM CONSERVATIVE INCOME**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1025184822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 290163430 | 10000781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 4497184 |  |
|  Agency Debentures |  | 5598208 |  |
|  Investment Company | 24777257 |  |  |
|  Short-term Investments |  | 783371577 |  |
| **Total** | $314940687 | $1828652572 | $— |

---

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

**Derivatives Risk** — The Funds' use of derivatives and other similar instruments (collectively, referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

**Floating and Variable Rate Obligations Risk** — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate ("LIBOR"), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund's investments resulting from a substitute reference rate may also adversely affect a Fund's performance and/or NAV.

**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

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**Interest Rate Risk** — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. 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 the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

**Liquidity Risk** — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2022 (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, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

**State/Territory Specific Risk** — A Fund's investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state's or territory's political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund's income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

## 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 Government Income Fund

- **b. EDGAR series identifier (if any):** S000009304

- **c. LEI of Series:** LY03WWZZ885PZ7XM7X15

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $300217618.99

**Total Liabilities:** $77591225.57

**Net Assets:** $222626393.42

**Delayed Delivery Securities:** $991328.13

**Cash Not Reported:** $1890197.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4.79000000 | **1-Year:** 2928.89000000 | **5-Year:** 13513.32000000 | **10-Year:** 21363.22000000 | **30-Year:** 61798.35000000

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

- **3-Month:** 39.64000000 | **1-Year:** 28.99000000 | **5-Year:** 5.20000000 | **10-Year:** 3.20000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161287 | -1.54%               | 3.39%                | -0.58%               |
| Class ID C000058954 | -1.62%               | 3.46%                | -0.58%               |
| Class ID C000025395 | -1.59%               | 3.43%                | -0.62%               |
| Class ID C000025396 | -1.57%               | 3.44%                | -0.68%               |
| Class ID C000025398 | -1.63%               | 3.37%                | -0.74%               |
| Class ID C000058953 | -1.59%               | 3.42%                | -0.62%               |
| Class ID C000202035 | -1.62%               | 3.47%                | -0.58%               |
| Class ID C000025394 | -1.54%               | 3.47%                | -0.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2120059.01             | $-2889080.21                               |
| Month 2  | $-253899.48              | $9095829.38                                |
| Month 3  | $-508608.34              | $-1669564.03                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138W7WP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26116 | PA      | $23818.96     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36290NBS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4637 | PA      | $4744.87      | 0.00%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31401DNK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    201332 | PA      | $200321.91    | 0.09%             | 2033-05-01      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MKQH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40753 | PA      | $37168.38     | 0.02%             | 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        |    915731 | PA      | $818546.63    | 0.37%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CLK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10055 | PA      | $9749.85      | 0.00%             | 2029-10-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KKV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3838 | PA      | $3785.25      | 0.00%             | 2024-04-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36208CFB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4390 | PA      | $4461.81      | 0.00%             | 2028-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H032613<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $918780.00    | 0.41%             | 2053-01-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138NXRK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12593 | PA      | $11485.77     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CB62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25299 | PA      | $24760.43     | 0.01%             | 2027-04-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36201SQC6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19521 | PA      | $20112.60     | 0.01%             | 2033-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KGR83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1240009 | PA      | $1111575.12   | 0.50%             | 2049-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MJGD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18012 | PA      | $16336.11     | 0.01%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CNY8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2474 | PA      | $2431.33      | 0.00%             | 2030-05-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36291GXG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10854 | PA      | $11121.03     | 0.00%             | 2034-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31296LVE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6219 | PA      | $6246.64      | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179QT50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    184600 | PA      | $179015.89    | 0.08%             | 2044-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179N5W4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2148 | PA      | $2086.08      | 0.00%             | 2044-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31371LA90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7766 | PA      | $7734.10      | 0.00%             | 2023-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                             | CUSIP: 31397S7M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242745 | PA      | $244559.13    | 0.11%             | 2041-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Federal National Mortgage Association                                                         | CUSIP: 31359MGK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   4000000 | PA      | $4665880.00   | 2.10%             | 2030-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138ERH60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81000 | PA      | $77331.64     | 0.03%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CBN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4506 | PA      | $4410.89      | 0.00%             | 2027-02-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31418BZY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29413 | PA      | $28261.80     | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WRNS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31569 | PA      | $28792.26     | 0.01%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417G4E3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    498735 | PA      | $454403.95    | 0.20%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179VFP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1395694 | PA      | $1254434.26   | 0.56%             | 2050-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36210AT31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80953 | PA      | $83955.49     | 0.04%             | 2035-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3132AD6P8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    302442 | PA      | $295968.17    | 0.13%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140GYKA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152830 | PA      | $147243.47    | 0.07%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31371KA50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26276 | PA      | $27661.11     | 0.01%             | 2031-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3132GVL67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6184 | PA      | $5607.11      | 0.00%             | 2042-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128M4EM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1585 | PA      | $1593.02      | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KL2H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3830899 | PA      | $3256586.69   | 1.46%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust           | Wells Fargo Commercial Mortgage Trust 2022-C62                                                | CUSIP: 95003MBS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $636983.27    | 0.29%             | 2055-04-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31418EEQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    235390 | PA      | $226573.77    | 0.10%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                             | CUSIP: 3136A9EA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32895 | PA      | $34915.28     | 0.02%             | 2042-10-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36213X3S1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12526 | PA      | $12842.84     | 0.01%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H042612<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -2000000 | PA      | $-1940642.80  | -0.87%            | 2053-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UML3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    843755 | PA      | $806891.54    | 0.36%             | 2049-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31283Y5M6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12710 | PA      | $13016.14     | 0.01%             | 2028-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KE84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       846 | PA      | $838.53       | 0.00%             | 2023-08-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36209Q3H6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51321 | PA      | $52878.31     | 0.02%             | 2029-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WHT44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52604 | PA      | $51802.58     | 0.02%             | 2046-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KNT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1660 | PA      | $1628.21      | 0.00%             | 2024-09-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31418CCW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12827 | PA      | $12246.38     | 0.01%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CME3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       706 | PA      | $684.47       | 0.00%             | 2029-12-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CEF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2607 | PA      | $2525.70      | 0.00%             | 2027-11-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140HBH76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    321675 | PA      | $309715.25    | 0.14%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $2264000.00   | 1.02%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138W1LY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9143 | PA      | $8339.28      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179MQQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1492 | PA      | $1436.87      | 0.00%             | 2042-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                     | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-E                                     | CUSIP: 59020UJR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49381 | PA      | $46425.60     | 0.02%             | 2029-11-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CL20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8295 | PA      | $8043.69      | 0.00%             | 2029-11-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417MFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8617 | PA      | $8529.63      | 0.00%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F020612<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -7000000 | PA      | $-5713531.60  | -2.57%            | 2053-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140X6J77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    299244 | PA      | $289334.10    | 0.13%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                             | CUSIP: 3136A1MA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    237823 | PA      | $239532.69    | 0.11%             | 2041-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810RU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6400000 | PA      | $5147000.00   | 2.31%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  1 | On Loan: No      |
| LCH Limited                                     | Long: SR217947  IRS USD R F  2.50000 2 CCPOIS / Short: SR217947  IRS USD P V 00MSOFR 1 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3190000 | OU      | $-40048.22    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MRK75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64771 | PA      | $59074.28     | 0.03%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36200NTT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    143214 | PA      | $147924.50    | 0.07%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WVN49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36197 | PA      | $32979.25     | 0.01%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CFJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6119 | PA      | $5995.42      | 0.00%             | 2028-02-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138NYAR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17631 | PA      | $16080.27     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31410GDN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4264 | PA      | $4317.94      | 0.00%             | 2033-06-01      | Floating      | 3.18%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 91282CBT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3396800 | PA      | $3045443.50   | 1.37%             | 2026-03-31      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WPGT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33753 | PA      | $30784.16     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36201SSU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11122 | PA      | $11465.26     | 0.01%             | 2033-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CCG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5140 | PA      | $5030.90      | 0.00%             | 2027-05-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QCJA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1252379 | PA      | $1116011.07   | 0.50%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810SL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1190000 | PA      | $790048.44    | 0.35%             | 2050-02-15      | Fixed         | 2.00%                 | No            |                  1 | On Loan: No      |
| LCH Limited                                     | Long: SR219251  IRS USD R F  4.43000 2 CCPOIS / Short: SR219251  IRS USD P V 00MSOFR 1 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6650000 | OU      | $-1895.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36200N3F6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     82877 | PA      | $85835.58     | 0.04%             | 2034-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CB54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     23246 | PA      | $22751.30     | 0.01%             | 2027-04-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                      | Verus Securitization Trust 2021-8                                                             | CUSIP: 92538GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82161 | PA      | $69893.66     | 0.03%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138EPK94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    510381 | PA      | $507232.48    | 0.23%             | 2045-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US LONG BOND(CBT) MAR23                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -71 | NC      | $173457.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36295PZ70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34692 | PA      | $35297.36     | 0.02%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140X6J69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    598235 | PA      | $578423.14    | 0.26%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140Q8G58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    429524 | PA      | $412749.16    | 0.19%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CQH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10144 | PA      | $9945.13      | 0.00%             | 2030-09-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140MJGA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    493506 | PA      | $401637.03    | 0.18%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                           | Tennessee Valley Authority                                                                    | CUSIP: 880591EW8<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |  20150000 | PA      | $18457601.50  | 8.29%             | 2025-05-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31407KRF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75127 | PA      | $74865.39     | 0.03%             | 2035-09-01      | Floating      | 3.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3132L5TH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16355 | PA      | $15825.61     | 0.01%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WMWQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90078 | PA      | $82155.90     | 0.04%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179MAY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2411 | PA      | $2322.57      | 0.00%             | 2042-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KQU2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5246 | PA      | $5166.09      | 0.00%             | 2024-12-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31418ECP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6999699 | PA      | $5696668.32   | 2.56%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CEP7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7927 | PA      | $7678.42      | 0.00%             | 2027-12-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                        | Federal Farm Credit Banks Funding Corp                                                        | CUSIP: 31331YK90<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    720000 | PA      | $752364.00    | 0.34%             | 2029-05-01      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31403BAF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149434 | PA      | $149529.13    | 0.07%             | 2033-10-01      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KPHT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     42642 | PA      | $42763.96     | 0.02%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                     | Long: BR219265  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR219265  IRS USD P F  3.75000 2 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    500000 | OU      | $-9078.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                   | OPS05186A SWAPTION SOFRRATE                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -2000000 | NC      | $-6262.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31416NFG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4046 | PA      | $4003.82      | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WWKV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26222 | PA      | $23891.63     | 0.01%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC     | BBCMS Mortgage Trust 2022-C16                                                                 | CUSIP: 05552YAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $506910.75    | 0.23%             | 2055-06-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H052611<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $5025328.50   | 2.26%             | 2053-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KKL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8406 | PA      | $8291.45      | 0.00%             | 2024-04-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F042616<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -3000000 | PA      | $-2891718.60  | -1.30%            | 2053-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US 10YR ULTRA FUT MAR23                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -50 | NC      | $102742.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac REMICS                                                                            | CUSIP: 3133T5WZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6635 | PA      | $6613.22      | 0.00%             | 2024-05-15      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138W4AP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18143 | PA      | $16547.76     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KPR42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1274794 | PA      | $1278032.65   | 0.57%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scholar Funding Trust                           | Scholar Funding Trust 2013-A                                                                  | CUSIP: 80705XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1093096 | PA      | $1046801.64   | 0.47%             | 2045-01-30      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140XDPA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1827668 | PA      | $1692703.60   | 0.76%             | 2045-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417KUM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1820 | PA      | $1762.27      | 0.00%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MQHG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17529 | PA      | $15987.06     | 0.01%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810QK7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1890000 | PA      | $1845112.50   | 0.83%             | 2040-08-15      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140JS3X5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    680961 | PA      | $666052.84    | 0.30%             | 2049-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H022614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $4331216.00   | 1.95%             | 2053-01-23      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138NXMW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6546 | PA      | $5970.27      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US 10YR NOTE (CBT)MAR23                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -82 | NC      | $189594.96    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QEXS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2866972 | PA      | $2474844.34   | 1.11%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WVH46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25819 | PA      | $23523.74     | 0.01%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179VHS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    460317 | PA      | $413482.34    | 0.19%             | 2050-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 91282CBJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1220000 | PA      | $1037667.19   | 0.47%             | 2028-01-31      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36200KFF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7792 | PA      | $7964.10      | 0.00%             | 2034-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CN28<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28043 | PA      | $27554.76     | 0.01%             | 2030-05-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417GFQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120364 | PA      | $109778.45    | 0.05%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179U6U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2154761 | PA      | $1937872.20   | 0.87%             | 2049-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KD93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       682 | PA      | $676.97       | 0.00%             | 2023-07-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36200AGF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4260 | PA      | $4334.88      | 0.00%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                     | Long: BR218471  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR218471  IRS USD P F  2.68000 2 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    480000 | OU      | $11821.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CEL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        36 | PA      | $34.96        | 0.00%             | 2027-11-20      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KMP7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5739 | PA      | $5648.18      | 0.00%             | 2024-07-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138M6P76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9669 | PA      | $8818.82      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3132DWDH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4967001 | PA      | $4042213.13   | 1.82%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                     | Extended Stay America Trust 2021-ESH                                                          | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390477 | PA      | $379124.81    | 0.17%             | 2038-07-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MRXV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20046 | PA      | $18282.86     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QQ3Q6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    351800 | PA      | $362156.99    | 0.16%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank                                            | BANK 2019-BNK24                                                                               | CUSIP: 06540VBB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1214827.64   | 0.55%             | 2062-11-15      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140XHV38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    974323 | PA      | $974362.66    | 0.44%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac REMICS                                                                            | CUSIP: 3137B4PT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48246 | PA      | $50772.72     | 0.02%             | 2036-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CNB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     15787 | PA      | $15511.84     | 0.01%             | 2030-03-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WN5M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74190 | PA      | $67665.22     | 0.03%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2021-6                                                               | CUSIP: 46653PAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    366481 | PA      | $295331.80    | 0.13%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WQQ39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12600 | PA      | $11491.67     | 0.01%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KL29<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3906 | PA      | $3848.35      | 0.00%             | 2024-06-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                     | Long: BR218473  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR218473  IRS USD P F  2.08000 2 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    780000 | OU      | $9765.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2020000 | PA      | $1456293.75   | 0.65%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128KLSB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14059 | PA      | $14207.29     | 0.01%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128M7LA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        64 | PA      | $64.47        | 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        |   1342710 | PA      | $1199863.07   | 0.54%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31297KFM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38524 | PA      | $38728.03     | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CMN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6744 | PA      | $6624.72      | 0.00%             | 2030-01-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mortgage Trust       | Taubman Centers Commercial Mortgage Trust 2022-DPM                                            | CUSIP: 87666YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $436642.90    | 0.20%             | 2037-05-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3132GTYG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4489 | PA      | $4069.96      | 0.00%             | 2042-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WMKE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26248 | PA      | $23939.69     | 0.01%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KDX0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1107 | PA      | $1099.40      | 0.00%             | 2023-06-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810QT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $777937.50    | 0.35%             | 2041-11-15      | Fixed         | 3.12%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CCU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8376 | PA      | $8198.15      | 0.00%             | 2027-06-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133B5EK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    407356 | PA      | $331511.54    | 0.15%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417GAX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    238865 | PA      | $217856.97    | 0.10%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F030611<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -1000000 | PA      | $-878515.60   | -0.39%            | 2053-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138Y16W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    516471 | PA      | $510256.19    | 0.23%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 312943UP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       708 | PA      | $701.24       | 0.00%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F032617<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9000000 | PA      | $8185073.40   | 3.68%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QQUQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    778482 | PA      | $803833.85    | 0.36%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31391NCY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14195 | PA      | $14176.99     | 0.01%             | 2032-11-01      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6430000 | PA      | $5590583.63   | 2.51%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CA97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9044 | PA      | $8853.32      | 0.00%             | 2027-01-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179RGA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    818609 | PA      | $793844.38    | 0.36%             | 2045-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AID-ISRAEL                                      | Israel Government AID Bond                                                                    | CUSIP: 46513EGV8<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    500000 | PA      | $502630.00    | 0.23%             | 2023-12-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MR5R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5379 | PA      | $4905.85      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128P7LU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    104864 | PA      | $103653.26    | 0.05%             | 2029-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                          | SLM Student Loan Trust 2008-5                                                                 | CUSIP: 78444YAD7<br>LEI: 549300SRMXHPGI3BJ386 | Long             | ABS-O            | CORP              | US        |    491185 | PA      | $482802.93    | 0.22%             | 2023-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CL46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     13915 | PA      | $13493.36     | 0.01%             | 2029-11-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202FY67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4550 | PA      | $4383.59      | 0.00%             | 2041-11-20      | Fixed         | 4.00%                 | 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        |    575120 | PA      | $470686.17    | 0.21%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3132GEV56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2236 | PA      | $2261.94      | 0.00%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202FP67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2864 | PA      | $2760.69      | 0.00%             | 2041-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KSU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10202 | PA      | $10017.78     | 0.00%             | 2025-05-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128M7EX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1063 | PA      | $1074.24      | 0.00%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MHKP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7082 | PA      | $6414.95      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UH62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    493881 | PA      | $496486.86    | 0.22%             | 2048-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3132DVLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2885836 | PA      | $2480757.43   | 1.11%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                        | Federal Farm Credit Banks Funding Corp                                                        | CUSIP: 3133EJ2D0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   2180000 | PA      | $2066574.60   | 0.93%             | 2028-12-06      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    555653 | PA      | $558584.78    | 0.25%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36202SBG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6682 | PA      | $6830.36      | 0.00%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179T7L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    290722 | PA      | $285456.53    | 0.13%             | 2048-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UKZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    681190 | PA      | $684093.12    | 0.31%             | 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        |    183210 | PA      | $177095.36    | 0.08%             | 2046-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                     | Long: SR218472  IRS USD R F  2.91000 2 CCPOIS / Short: SR218472  IRS USD P V 00MSOFR 1 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   1140000 | OU      | $-21089.77    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138AMBC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       685 | PA      | $678.02       | 0.00%             | 2036-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QNCA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2999701 | PA      | $2443211.30   | 1.10%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KMD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3835 | PA      | $3765.84      | 0.00%             | 2024-07-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KTU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11606 | PA      | $11364.72     | 0.01%             | 2025-07-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                   | OPS05185A SWAPTION SOFRRATE                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   2000000 | NC      | $11476.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                     | Long: SR218553  IRS USD R F  2.72000 2 CCPOIS / Short: SR218553  IRS USD P V 00MSOFR 1 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   6700000 | OU      | $-165251.48   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KYL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5345 | PA      | $5234.97      | 0.00%             | 2026-02-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140MHJP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99138 | PA      | $80767.39     | 0.04%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MP2W4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5520 | PA      | $5034.50      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CBA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6234 | PA      | $6102.59      | 0.00%             | 2027-01-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12860000 | PA      | $12261206.25  | 5.51%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  1 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F040610<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -7000000 | PA      | $-6571246.50  | -2.95%            | 2053-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CNK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4028 | PA      | $3957.08      | 0.00%             | 2030-04-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36201SSM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11388 | PA      | $11677.98     | 0.01%             | 2033-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31297XEA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2932 | PA      | $3023.99      | 0.00%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3040000 | PA      | $2285700.00   | 1.03%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36291NPZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18691 | PA      | $19269.06     | 0.01%             | 2034-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2021-NQM8                                                                                | CUSIP: 12659FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103056 | PA      | $86386.97     | 0.04%             | 2066-10-25      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KPMY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    565235 | PA      | $566670.96    | 0.25%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179TNR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    737242 | PA      | $687833.67    | 0.31%             | 2047-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31416CCH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       854 | PA      | $846.06       | 0.00%             | 2039-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31297KC91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19598 | PA      | $19701.96     | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust 2021-ARIA                                                                            | CUSIP: 05608RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $854413.74    | 0.38%             | 2036-10-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KP82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5761 | PA      | $5652.47      | 0.00%             | 2024-11-20      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138AFC24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7948 | PA      | $7866.80      | 0.00%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31418MUL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149179 | PA      | $147674.32    | 0.07%             | 2039-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MFW52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6388 | PA      | $5778.39      | 0.00%             | 2042-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                     | Long: SR217949  IRS USD R F  2.73000 2 CCPOIS / Short: SR217949  IRS USD P V 00MSOFR 1 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5340000 | OU      | $-53662.19    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138A46M2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7752 | PA      | $7675.11      | 0.00%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140MJE84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4247272 | PA      | $3456619.62   | 1.55%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128M9NX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9066 | PA      | $8236.40      | 0.00%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QBJF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    502958 | PA      | $467707.38    | 0.21%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417GL20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    133187 | PA      | $121473.18    | 0.05%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140JAEL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    875340 | PA      | $886864.06    | 0.40%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36200NXX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    110204 | PA      | $114134.77    | 0.05%             | 2034-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179TXW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    519959 | PA      | $511029.00    | 0.23%             | 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        |    555637 | PA      | $543662.38    | 0.24%             | 2049-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140Q8DN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199516 | PA      | $192284.72    | 0.09%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138W3FS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43506 | PA      | $39680.04     | 0.02%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128M9UC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27733 | PA      | $26834.91     | 0.01%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3132DMKF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1899152 | PA      | $1859422.85   | 0.84%             | 2050-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US 5YR NOTE (CBT) MAR23                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        70 | NC      | $-29484.93    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MRD24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7914 | PA      | $7217.86      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 31334XD48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53110 | PA      | $49387.60     | 0.02%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank                                            | BANK 2020-BNK29                                                                               | CUSIP: 06541TBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $474309.95    | 0.21%             | 2053-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F050619<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1972188.40   | 0.89%             | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                     | Long: BR217948  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR217948  IRS USD P F  2.57000 2 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8420000 | OU      | $95132.53     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KL45<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9192 | PA      | $9056.92      | 0.00%             | 2024-06-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MN5G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34839 | PA      | $31775.25     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179WXK9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    539682 | PA      | $481068.55    | 0.22%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810SK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $385575.00    | 0.17%             | 2049-11-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CE44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17941 | PA      | $17575.41     | 0.01%             | 2028-01-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WXWH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20261 | PA      | $18460.19     | 0.01%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KM77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8601 | PA      | $8439.66      | 0.00%             | 2024-08-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140Q9CT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    289164 | PA      | $278413.14    | 0.13%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H040616<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2000000 | PA      | $1893343.80   | 0.85%             | 2053-01-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 91282CBP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6660000 | PA      | $5766103.13   | 2.59%             | 2028-02-29      | Fixed         | 1.12%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WMZQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16838 | PA      | $15357.06     | 0.01%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810RD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3285078.13   | 1.48%             | 2043-11-15      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140XGX46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3032202 | PA      | $2467741.89   | 1.11%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                      | Navient Student Loan Trust 2017-4                                                             | CUSIP: 63940AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27071 | PA      | $27068.49     | 0.01%             | 2066-09-27      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H060614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $1015845.10   | 0.46%             | 2053-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KRQ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2790 | PA      | $2739.67      | 0.00%             | 2025-02-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31402N2R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250733 | PA      | $254200.80    | 0.11%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140X6KS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1817146 | PA      | $1746041.00   | 0.78%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UPC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    431147 | PA      | $432849.00    | 0.19%             | 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        |    597015 | PA      | $589041.16    | 0.26%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H050615<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -2000000 | PA      | $-1981695.60  | -0.89%            | 2053-01-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KQ99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3949 | PA      | $3879.53      | 0.00%             | 2025-01-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2374407 | PA      | $2331400.10   | 1.05%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Non Gold Pool                                                                     | CUSIP: 31342A6D6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    134761 | PA      | $136380.91    | 0.06%             | 2033-09-01      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F022618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4239062.50   | 1.90%             | 2053-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                   | OPS05187A SWAPTION SOFRRATE                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -2000000 | NC      | $-3331.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3132HRPU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7634 | PA      | $6935.33      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WHGK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35843 | PA      | $34219.66     | 0.02%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133BHBQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30681 | PA      | $30725.15     | 0.01%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KQS7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2133 | PA      | $2091.28      | 0.00%             | 2024-12-20      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Federal National Mortgage Association                                                         | CUSIP: 31359MEU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   2600000 | PA      | $2903108.00   | 1.30%             | 2029-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CLM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7029 | PA      | $6816.36      | 0.00%             | 2029-10-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H030617<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $4453382.50   | 2.00%             | 2053-01-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust                   | ECMC Group Student Loan Trust 2018-2                                                          | CUSIP: 26829GAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    982113 | PA      | $932552.42    | 0.42%             | 2068-09-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CN36<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     26653 | PA      | $26242.96     | 0.01%             | 2030-05-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36290XLG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9092 | PA      | $9320.54      | 0.00%             | 2033-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CKX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12802 | PA      | $12441.48     | 0.01%             | 2029-08-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140Q8QW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    510849 | PA      | $490897.56    | 0.22%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                            | OPS05527A SWAPTION SOFRRATE                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -3450000 | NC      | $-206593.59   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F060618<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -1000000 | PA      | $-1015469.20  | -0.46%            | 2053-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3132DPHP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    438655 | PA      | $451569.44    | 0.20%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128M7P91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     36673 | PA      | $37106.43     | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank                                            | BANK 2021-BNK37                                                                               | CUSIP: 06540LBF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $493323.02    | 0.22%             | 2064-11-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31418CAY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10377 | PA      | $9906.91      | 0.00%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2017-4                                                              | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1030153 | PA      | $883033.55    | 0.40%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36206JCT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16656 | PA      | $16988.95     | 0.01%             | 2027-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MQTN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24497 | PA      | $22342.44     | 0.01%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                  | Manhattan West 2020-1MW Mortgage Trust                                                        | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $512790.31    | 0.23%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CPN0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     42214 | PA      | $41376.91     | 0.02%             | 2030-07-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3132DPHR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    221981 | PA      | $229903.72    | 0.10%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179V7G9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    570630 | PA      | $530088.74    | 0.24%             | 2051-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36201U5P5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16337 | PA      | $16826.05     | 0.01%             | 2033-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140EWUP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32871 | PA      | $31382.62     | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140Q9ME0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    189525 | PA      | $181827.29    | 0.08%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                     | Long: BR218559  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR218559  IRS USD P F  2.17000 2 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   3240000 | OU      | $132715.26    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140GRYD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33425 | PA      | $32954.77     | 0.01%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BXHPP TRUST                                     | BXHPP Trust 2021-FILM                                                                         | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1510265.74   | 0.68%             | 2036-08-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MPDQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25095 | PA      | $22887.88     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3132DMKH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1812491 | PA      | $1734483.10   | 0.78%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    322360 | PA      | $324060.83    | 0.15%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CK70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3539 | PA      | $3438.99      | 0.00%             | 2029-09-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F060618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $3046407.60   | 1.37%             | 2053-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128LXBF6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       543 | PA      | $546.23       | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank                                            | BANK 2021-BNK31                                                                               | CUSIP: 06541ABP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $193944.39    | 0.09%             | 2054-02-15      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KQDT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    259733 | PA      | $267379.47    | 0.12%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7900000 | PA      | $7306882.85   | 3.28%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KM93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5100 | PA      | $5017.00      | 0.00%             | 2024-08-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QQGB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    994237 | PA      | $1012286.90   | 0.45%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810RE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3830000 | PA      | $3520607.81   | 1.58%             | 2044-02-15      | Fixed         | 3.62%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36290QX75<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12215 | PA      | $12394.70     | 0.01%             | 2033-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3132GFKT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     93829 | PA      | $94999.54     | 0.04%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Non Gold Pool                                                                     | CUSIP: 31295PAZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       708 | PA      | $715.25       | 0.00%             | 2032-11-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138EP2E3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61586 | PA      | $61167.78     | 0.03%             | 2045-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179QDZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2654 | PA      | $2576.82      | 0.00%             | 2044-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US 2YR NOTE (CBT) MAR23                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        21 | NC      | $-6434.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F050619<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -3000000 | PA      | $-2958282.60  | -1.33%            | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CQN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16238 | PA      | $15760.92     | 0.01%             | 2030-10-20      | Floating      | 1.75%                 | 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        |    606040 | PA      | $595938.55    | 0.27%             | 2065-09-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                      | Federal National Mortgage Association                                                         | CUSIP: 3135G05Q2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |  27000000 | PA      | $21452850.00  | 9.64%             | 2030-08-05      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202F2M7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       755 | PA      | $727.41       | 0.00%             | 2042-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KNU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2896 | PA      | $2839.64      | 0.00%             | 2024-09-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36213FHY2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    333513 | PA      | $343821.36    | 0.15%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31410GDL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97103 | PA      | $98657.56     | 0.04%             | 2035-02-01      | Floating      | 2.84%                 | No            |                  2 | On Loan: No      |
| AID-ISRAEL                                      | Israel Government AID Bond                                                                    | CUSIP: 46513EJX1<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    700000 | PA      | $705215.00    | 0.32%             | 2024-04-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31292MA78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3229 | PA      | $3126.13      | 0.00%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138ET6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    219598 | PA      | $216955.01    | 0.10%             | 2045-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KQDS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    389226 | PA      | $401901.16    | 0.18%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810RZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5080000 | PA      | $3985418.75   | 1.79%             | 2047-11-15      | Fixed         | 2.75%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179V4X5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    148174 | PA      | $137380.04    | 0.06%             | 2051-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133KNGQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4752727 | PA      | $3871097.00   | 1.74%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140L7CR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11959 | PA      | $11549.34     | 0.01%             | 2051-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31371KY70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       337 | PA      | $336.82       | 0.00%             | 2023-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CFU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5935 | PA      | $5815.58      | 0.00%             | 2028-03-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                            | OPS05528A SWAPTION SOFRRATE                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -3450000 | NC      | $-81475.55    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Government National Mortgage Association                                                      | CUSIP: 38373T5Q4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1335 | PA      | $1364.30      | 0.00%             | 2032-02-16      | Floating      | 17.38%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138W02A6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3881 | PA      | $3539.27      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179TSJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    129207 | PA      | $127513.03    | 0.06%             | 2048-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417FY69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63656 | PA      | $58057.80     | 0.03%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138W02X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7784 | PA      | $7099.78      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KLA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1807 | PA      | $1781.07      | 0.00%             | 2024-05-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                       | Uniform Mortgage-Backed Security, TBA                                                         | CUSIP: 01F052615<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7000000 | PA      | $7020784.40   | 3.15%             | 2053-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202K3W3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       266 | PA      | $258.50       | 0.00%             | 2026-07-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138MNJQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8384 | PA      | $7626.33      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3320000 | PA      | $2810068.75   | 1.26%             | 2044-08-15      | Fixed         | 3.12%                 | No            |                  1 | 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        |    500000 | PA      | $411096.07    | 0.18%             | 2054-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138M0XQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67120 | PA      | $66768.75     | 0.03%             | 2042-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138WHBX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4981 | PA      | $4904.98      | 0.00%             | 2046-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31418C6A7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1089948 | PA      | $1066959.18   | 0.48%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31296LKE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       388 | PA      | $389.27       | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128LXFW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8922 | PA      | $8998.38      | 0.00%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KKG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1155 | PA      | $1140.17      | 0.00%             | 2024-03-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                          | Federal Home Loan Banks                                                                       | CUSIP: 3130AS2U2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   3620000 | PA      | $3266796.60   | 1.47%             | 2032-06-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140QBMR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    361576 | PA      | $336234.51    | 0.15%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31371HDV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2196 | PA      | $2246.17      | 0.00%             | 2028-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CUK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28072 | PA      | $27667.25     | 0.01%             | 2032-03-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138NYHT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11615 | PA      | $10593.52     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140E0EH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204785 | PA      | $196772.03    | 0.09%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CN77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7197 | PA      | $7072.06      | 0.00%             | 2030-06-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Higher Education Funding                        | Higher Education Funding I                                                                    | CUSIP: 429827AY4<br>LEI: 635400EWI7RHQRLFJW85 | Long             | ABS-O            | CORP              | US        |    192054 | PA      | $191886.91    | 0.09%             | 2034-05-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac REMICS                                                                            | CUSIP: 3133TTRX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    142800 | PA      | $145726.32    | 0.07%             | 2031-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                              | CUSIP: 3133BFRK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25629 | PA      | $25686.58     | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KFV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2224 | PA      | $2201.86      | 0.00%             | 2023-09-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CMC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3713 | PA      | $3600.70      | 0.00%             | 2029-12-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2022-NQM7 Trust                                                                           | CUSIP: 67117DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96030 | PA      | $94737.91     | 0.04%             | 2062-08-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140J7R98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    212091 | PA      | $204603.45    | 0.09%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CKJ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     30968 | PA      | $30092.63     | 0.01%             | 2029-07-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CM29<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1861 | PA      | $1828.61      | 0.00%             | 2030-02-20      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36225CNM4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14482 | PA      | $14227.63     | 0.01%             | 2030-04-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                             | CUSIP: 3136ABDT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139637 | PA      | $149290.31    | 0.07%             | 2042-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3128LXBH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3633 | PA      | $3652.54      | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417GMA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12004 | PA      | $10948.44     | 0.00%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140XJZF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    559647 | PA      | $576123.57    | 0.26%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31296NV61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2708 | PA      | $2719.82      | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority       | NEW JERSEY ST ECON DEV AUTH LEASE REVENUE                                                     | CUSIP: 645913AA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153005.00   | 0.97%             | 2029-02-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3140Q8KG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144155 | PA      | $139021.03    | 0.06%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 31417FU63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    195181 | PA      | $178015.26    | 0.08%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC     | BBCMS Mortgage Trust 2021-C12                                                                 | CUSIP: 05552XBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $785948.71    | 0.35%             | 2054-11-15      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138W0FU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22074 | PA      | $20132.30     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138ANZG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43963 | PA      | $43559.56     | 0.02%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179S2P1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1247733 | PA      | $1164112.22   | 0.52%             | 2047-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31292L6T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25543 | PA      | $23237.96     | 0.01%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank                                            | BANK 2022-BNK39                                                                               | CUSIP: 06539VAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $799343.72    | 0.36%             | 2055-02-15      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 312941Z42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2186 | PA      | $2214.76      | 0.00%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Strip Coupon                                                           | CUSIP: 912833X96<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      4000 | PA      | $2347.77      | 0.00%             | 2035-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 31296NDL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1055 | PA      | $1059.21      | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae                                                                                    | CUSIP: 21H020618<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2000000 | PA      | $1677940.00   | 0.75%             | 2053-01-23      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179T7M1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     68609 | PA      | $69013.89     | 0.03%             | 2048-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Gold Pool                                                                         | CUSIP: 3132L5TJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5934 | PA      | $5752.10      | 0.00%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US ULTRA BOND CBT MAR23                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -33 | NC      | $124022.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                               | CUSIP: 3138LSR85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13734 | PA      | $12526.54     | 0.01%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179NLE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    165650 | PA      | $160897.47    | 0.07%             | 2043-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UKY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    494204 | PA      | $485561.46    | 0.22%             | 2049-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae I Pool                                                                             | CUSIP: 36210KDR3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     32911 | PA      | $33573.25     | 0.02%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | United States Treasury Note/Bond                                                              | CUSIP: 912810RG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9390000 | PA      | $8291076.56   | 3.72%             | 2044-05-15      | Fixed         | 3.38%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80701 | PA      | $79289.99     | 0.04%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Ginnie Mae II Pool                                                                            | CUSIP: 36202KL60<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2948 | PA      | $2906.85      | 0.00%             | 2024-06-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President