# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-043639
**Filing Date:** 2023-2
**Character Count:** 1246983
**Document Hash:** b2bb108d9611f15d99ce7a0243d6e50f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043639.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043639

**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:** 23675972

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

GOLDMAN SACHS BOND FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – 54.8%** | **Mortgage-Backed Obligations – 54.8%** | **Mortgage-Backed Obligations – 54.8%** | **Mortgage-Backed Obligations – 54.8%** |
| **Collateralized Mortgage Obligations – 2.7%** | **Collateralized Mortgage Obligations – 2.7%** | **Collateralized Mortgage Obligations – 2.7%** | **Collateralized Mortgage Obligations – 2.7%** |
| **Interest Only<sup>(a)</sup> – 0.7%** | **Interest Only<sup>(a)</sup> – 0.7%** | **Interest Only<sup>(a)</sup> – 0.7%** | **Interest Only<sup>(a)</sup> – 0.7%** |
| 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%) |
| 283704 | 1.732 %<sup>(b)</sup> | 03/15/44 | $27211 |
| FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) |
| 559670 | 1.682 <sup>(b)</sup> | 05/15/46 | 58133 |
| FHLMC REMIC Series 4989, Class EI | FHLMC REMIC Series 4989, Class EI | FHLMC REMIC Series 4989, Class EI | FHLMC REMIC Series 4989, Class EI |
| 280884 | 4.000 | 07/25/50 | 54400 |
| FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI |
| 1344896 | 4.000 | 08/25/50 | 264271 |
| FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH |
| 906708 | 3.000 | 08/25/50 | 145058 |
| FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) | FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) | FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) | FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) |
| 121756 | 2.161 <sup>(b)</sup> | 12/25/41 | 12949 |
| FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) | FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) | FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) | FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) |
| 179359 | 1.561 <sup>(b)</sup> | 02/25/42 | 16316 |
| FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) | FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) | FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) | FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) |
| 114830 | 2.281 <sup>(b)</sup> | 07/25/42 | 11046 |
| FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) | FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) | FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) | FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) |
| 161796 | 2.211 <sup>(b)</sup> | 02/25/44 | 17447 |
| FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) |
| 425265 | 1.711 <sup>(b)</sup> | 05/25/47 | 48027 |
| FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) |
| 531360 | 0.336 <sup>(b)</sup> | 03/25/48 | 8517 |
| FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR + 6.100%) |
| 382355 | 1.711 <sup>(b)</sup> | 07/25/50 | 43126 |
| 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 |
| 581053 | 4.000 | 06/25/48 | 112210 |
| GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) |
| 424248 | 1.897 <sup>(b)</sup> | 02/20/40 | 41758 |
| GNMA REMIC Series 2013-181, Class SA (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-181, Class SA (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-181, Class SA (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-181, Class SA (-1X 1M USD LIBOR + 6.100%) |
| 209056 | 1.747 <sup>(b)</sup> | 11/20/43 | 20607 |
| GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) |
| 160419 | 1.747 <sup>(b)</sup> | 10/20/43 | 7943 |
| GNMA REMIC Series 2014-133, Class BS (-1X 1M USD LIBOR + 5.600%) | GNMA REMIC Series 2014-133, Class BS (-1X 1M USD LIBOR + 5.600%) | GNMA REMIC Series 2014-133, Class BS (-1X 1M USD LIBOR + 5.600%) | GNMA REMIC Series 2014-133, Class BS (-1X 1M USD LIBOR + 5.600%) |
| 119715 | 1.247 <sup>(b)</sup> | 09/20/44 | 9362 |
| 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%) |
| 98665 | 1.247 <sup>(b)</sup> | 11/20/44 | 7946 |
| 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 |
| 266438 | 4.000 | 08/20/45 | 40290 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** |
| GNMA REMIC Series 2015-119, Class SN (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-119, Class SN (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-119, Class SN (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-119, Class SN (-1X 1M USD LIBOR + 6.250%) |
| 127668 | 1.897 %<sup>(b)</sup> | 08/20/45 | $13202 |
| GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) |
| 161617 | 1.897 <sup>(b)</sup> | 09/20/45 | 17277 |
| GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) |
| 96803 | 1.897 <sup>(b)</sup> | 11/20/45 | 9526 |
| GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) |
| 77687 | 1.847 <sup>(b)</sup> | 11/20/45 | 8184 |
| 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 |
| 378520 | 4.000 | 10/20/45 | 56297 |
| 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 |
| 143794 | 4.000 | 06/20/45 | 17914 |
| 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%) |
| 393138 | 1.847 <sup>(b)</sup> | 09/20/48 | 40926 |
| GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) |
| 260779 | 1.847 <sup>(b)</sup> | 09/20/48 | 26075 |
| GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) |
| 374930 | 1.847 <sup>(b)</sup> | 09/20/48 | 38688 |
| GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) |
| 286387 | 1.797 <sup>(b)</sup> | 10/20/48 | 27910 |
| 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%) |
| 195050 | 1.797 <sup>(b)</sup> | 10/20/48 | 18431 |
| GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) |
| 80564 | 1.697 <sup>(b)</sup> | 01/20/49 | 7531 |
| GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) |
| 188610 | 1.697 <sup>(b)</sup> | 09/20/49 | 19972 |
| GNMA REMIC Series 2019-151, Class IA | GNMA REMIC Series 2019-151, Class IA | GNMA REMIC Series 2019-151, Class IA | GNMA REMIC Series 2019-151, Class IA |
| 912713 | 3.500 | 12/20/49 | 155149 |
| GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI |
| 542390 | 3.500 | 10/20/49 | 81692 |
| GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI |
| 1184945 | 4.000 | 12/20/49 | 217087 |
| GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) |
| 152813 | 0.301 <sup>(b)</sup> | 02/20/49 | 3903 |
| GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) |
| 86511 | 1.697 <sup>(b)</sup> | 01/20/49 | 8346 |
| GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI |
| 1426139 | 2.500 | 10/20/50 | 186585 |
| GNMA REMIC Series 2020-151, Class MI | GNMA REMIC Series 2020-151, Class MI | GNMA REMIC Series 2020-151, Class MI | GNMA REMIC Series 2020-151, Class MI |
| 763555 | 2.500 | 10/20/50 | 100739 |

---

------

GOLDMAN SACHS BOND FUND

## Schedule of Investments (continued)
*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>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** |
| GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) |
| $615383 | 1.697 %<sup>(b)</sup> | 02/20/50 | $64948 |
| GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) |
| 595205 | 1.697 <sup>(b)</sup> | 04/20/50 | 61510 |
| GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI |
| 476930 | 5.000 | 05/20/50 | 91459 |
| GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) | GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) | GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) | GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) |
| 225573 | 2.087 <sup>(b)</sup> | 07/20/43 | 23119 |
| GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) |
| 405952 | 1.697 <sup>(b)</sup> | 08/20/49 | 38492 |
| GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI |
| 716024 | 4.000 | 06/20/50 | 131462 |
|  |  |  | 2413041 |
| **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** |
| FNMA REMIC Series 2005-70, Class PA | FNMA REMIC Series 2005-70, Class PA | FNMA REMIC Series 2005-70, Class PA | FNMA REMIC Series 2005-70, Class PA |
| 24509 | 5.500 | 08/25/35 | 25083 |
| 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 |
| 182059 | 5.000 | 06/25/41 | 183419 |
| 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 |
| 16447 | 7.000 | 10/25/42 | 17458 |
| 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 |
| 44096 | 7.000 | 07/25/42 | 47144 |
|  |  |  | 273104 |
| **Sequential Floating Rate – 1.9%** | **Sequential Floating Rate – 1.9%** | **Sequential Floating Rate – 1.9%** | **Sequential Floating Rate – 1.9%** |
| Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%) | Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%) | Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%) | Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%) |
| 1274413 | 4.889 <sup>(b)</sup> | 11/25/36 | 1034462 |
| 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%) |
| 275000 | 5.428 <sup>(b)(c)</sup> | 06/25/31 | 262158 |
| CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 |
| 62706 | 3.500 | 08/25/49 | 54256 |
| Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 (1M USD LIBOR + 2.400%) | Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 (1M USD LIBOR + 2.400%) | Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 (1M USD LIBOR + 2.400%) | Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 (1M USD LIBOR + 2.400%) |
| 40031 | 6.789 <sup>(b)(c)</sup> | 04/25/31 | 39967 |
| Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) | Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) | Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) | Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) |
| 38103 | 6.689 <sup>(b)(c)</sup> | 08/25/31 | 38113 |
| Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) | Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) | Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) | Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) |
| 18884 | 6.539 <sup>(b)(c)</sup> | 09/25/31 | 18838 |
| Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2 (1M USD LIBOR + 2.100%) | Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2 (1M USD LIBOR + 2.100%) | Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2 (1M USD LIBOR + 2.100%) | Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2 (1M USD LIBOR + 2.100%) |
| 14152 | 6.489 <sup>(b)(c)</sup> | 09/25/39 | 14134 |
| Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2 (1M USD LIBOR + 2.100%) | Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2 (1M USD LIBOR + 2.100%) | Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2 (1M USD LIBOR + 2.100%) | Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2 (1M USD LIBOR + 2.100%) |
| 27394 | 6.489 <sup>(b)(c)</sup> | 10/25/39 | 27387 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2 (1M USD LIBOR + 2.050%) | Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2 (1M USD LIBOR + 2.050%) | Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2 (1M USD LIBOR + 2.050%) | Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2 (1M USD LIBOR + 2.050%) |
| 14515 | 6.439 %<sup>(b)(c)</sup> | 01/25/40 | $14415 |
| FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) |
| 131399 | 6.528 <sup>(b)(c)</sup> | 11/25/50 | 130361 |
| FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%) | FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%) | FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%) | FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%) |
| 53656 | 6.239 <sup>(b)(c)</sup> | 02/25/50 | 53423 |
| FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) | FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) | FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) | FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) |
| 720484 | 10.389 <sup>(b)(c)</sup> | 08/25/50 | 761638 |
| FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) |
| 754000 | 8.728 <sup>(b)(c)</sup> | 10/25/50 | 771959 |
| FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) | FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) | FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) | FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) |
| 716865 | 10.139 <sup>(b)(c)</sup> | 07/25/50 | 738241 |
| FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) |
| 485000 | 9.639 <sup>(b)(c)</sup> | 09/25/50 | 494471 |
| FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) |
| 5435 | 7.539 <sup>(b)(c)</sup> | 09/25/50 | 5435 |
| JPMorgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1M USD LIBOR + 0.320%) | JPMorgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1M USD LIBOR + 0.320%) | JPMorgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1M USD LIBOR + 0.320%) | JPMorgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1M USD LIBOR + 0.320%) |
| 134934 | 4.709 <sup>(b)</sup> | 12/25/36 | 116964 |
| 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 |
| 880067 | 2.520 | 05/25/52 | 720259 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 141470 | 3.128 | 07/25/59 | 132828 |
| Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 |
| 720000 | 3.000 | 08/25/59 | 620496 |
| Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 |
| 760000 | 2.500 | 11/25/60 | 617086 |
| Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 |
| 100000 | 3.835 | 07/25/57 | 79606 |
| Verus Securitization Trust Series 2022-INV1, Class A1<sup>(a)</sup>  | Verus Securitization Trust Series 2022-INV1, Class A1<sup>(a)</sup>  | Verus Securitization Trust Series 2022-INV1, Class A1<sup>(a)</sup>  | Verus Securitization Trust Series 2022-INV1, Class A1<sup>(a)</sup>  |
| 97011 | 5.041 <sup>(d)</sup> | 08/25/67 | 95943 |
| Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 |
| 28427 | 3.500 <sup>(c)</sup> | 07/25/49 | 25176 |
|  |  |  | 6867616 |
| **TOTAL COLLATERALIZED MORTGAGE**<br> **OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE**<br> **OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE**<br> **OBLIGATIONS** | 9553761 |
| **Commercial Mortgage-Backed Securities – 1.5%** | **Commercial Mortgage-Backed Securities – 1.5%** | **Commercial Mortgage-Backed Securities – 1.5%** | **Commercial Mortgage-Backed Securities – 1.5%** |
| **Sequential Fixed Rate – 0.5%** | **Sequential Fixed Rate – 0.5%** | **Sequential Fixed Rate – 0.5%** | **Sequential Fixed Rate – 0.5%** |
| BANK Series 2021-BN35, Class A5 | BANK Series 2021-BN35, Class A5 | BANK Series 2021-BN35, Class A5 | BANK Series 2021-BN35, Class A5 |
| 950000 | 2.285% | 06/15/64 | $767970 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1100000 | 2.956 | 05/10/41 | 877483 |
|  |  |  | 1645453 |

---

------

GOLDMAN SACHS 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)** |
| **Sequential Floating Rate – 1.0%** | **Sequential Floating Rate – 1.0%** | **Sequential Floating Rate – 1.0%** | **Sequential Floating Rate – 1.0%** |
| BANK Series 2022-BNK44, Class A5 | BANK Series 2022-BNK44, Class A5 | BANK Series 2022-BNK44, Class A5 | BANK Series 2022-BNK44, Class A5 |
| 700000 | 5.746% | 11/15/55 | $729810 |
| BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) | BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) | BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) | BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) |
| 1450000 | 6.912 <sup>(b)(c)</sup> | 10/15/36 | 1319014 |
| BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) |
| 642566 | 6.787 <sup>(b)(c)</sup> | 08/15/39 | 641208 |
| 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 |
| 800000 | 4.000 <sup>(b)</sup> | 04/15/55 | 727981 |
|  |  |  | 3418013 |
| **TOTAL COMMERCIAL MORTGAGE-**<br> **BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-**<br> **BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-**<br> **BACKED SECURITIES** | $5063466 |
| **Federal Agencies – 50.6%** | **Federal Agencies – 50.6%** | **Federal Agencies – 50.6%** | **Federal Agencies – 50.6%** |
| **Adjustable Rate FHLMC<sup>(b)</sup> – 0.0%** | **Adjustable Rate FHLMC<sup>(b)</sup> – 0.0%** | **Adjustable Rate FHLMC<sup>(b)</sup> – 0.0%** | **Adjustable Rate FHLMC<sup>(b)</sup> – 0.0%** |
| (12M USD LIBOR + 1.761%) | (12M USD LIBOR + 1.761%) | (12M USD LIBOR + 1.761%) | (12M USD LIBOR + 1.761%) |
| 20766 | 4.005% | 09/01/35 | $20769 |
| **FHLMC – 6.1%** | **FHLMC – 6.1%** | **FHLMC – 6.1%** | **FHLMC – 6.1%** |
| 49857 | 6.000 | 08/01/27 | 50334 |
| 6598 | 5.000 | 08/01/33 | 6627 |
| 1053 | 5.000 | 09/01/33 | 1058 |
| 1637 | 5.000 | 10/01/33 | 1644 |
| 1582 | 5.000 | 11/01/34 | 1591 |
| 58041 | 5.000 | 12/01/34 | 58349 |
| 2197 | 5.000 | 07/01/35 | 2208 |
| 64 | 5.000 | 11/01/35 | 64 |
| 24960 | 5.000 | 03/01/39 | 25257 |
| 2097 | 5.000 | 05/01/39 | 2122 |
| 5245 | 5.000 | 04/01/40 | 5314 |
| 1322 | 5.000 | 08/01/40 | 1339 |
| 16948 | 4.000 | 02/01/41 | 16399 |
| 1351 | 5.000 | 06/01/41 | 1367 |
| 386436 | 4.000 | 03/01/48 | 369034 |
| 393728 | 4.000 | 04/01/48 | 375680 |
| 1128767 | 4.500 | 08/01/48 | 1117555 |
| 1941525 | 0.000 | 11/01/52 | 2002321 |
| 1528980 | 0.000 | 12/01/52 | 1578074 |
| 1125839 | 3.000 | 10/01/50 | 1004657 |
| 17999994 | 2.000 | 03/01/52 | 14648640 |
|  |  |  | 21269634 |
| **FNMA – 6.1%** | **FNMA – 6.1%** | **FNMA – 6.1%** | **FNMA – 6.1%** |
| 8169391 | 2.000 | 04/01/52 | 6648615 |
| 994237 | 5.500 | 09/01/52 | 1012287 |
| 2324292 | 6.000 | 11/01/52 | 2399984 |
| 2159194 | 6.000 | 12/01/52 | 2222762 |
| 6226721 | 3.000 | 10/01/50 | 5566438 |
| 2238797 | 3.000 | 11/01/50 | 1999218 |
| 1830607 | 2.000 | 04/01/52 | 1489830 |
|  |  |  | 21339134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** |
|  $ | 14920 | 5.500% | 11/15/32 | $15269 |
|  | 5940 | 5.500 | 01/15/33 | 6071 |
|  | 17352 | 5.500 | 02/15/33 | 17878 |
|  | 20010 | 5.500 | 03/15/33 | 20571 |
|  | 25379 | 5.500 | 07/15/33 | 25974 |
|  | 8081 | 5.500 | 08/15/33 | 8285 |
|  | 4121 | 5.500 | 09/15/33 | 4218 |
|  | 9648 | 5.500 | 04/15/34 | 9885 |
|  | 6926 | 5.500 | 05/15/34 | 7079 |
|  | 90283 | 5.500 | 09/15/34 | 93426 |
|  | 97959 | 5.500 | 12/15/34 | 101453 |
|  | 71958 | 5.500 | 01/15/35 | 74627 |
|  | 181 | 5.500 | 05/15/36 | 185 |
|  | 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 |
|  | 385396 | 4.000 | 08/20/43 | 374339 |
|  | 2148 | 4.000 | 03/20/44 | 2086 |
|  | 2654 | 4.000 | 05/20/44 | 2577 |
|  | 184600 | 4.000 | 11/20/44 | 179016 |
|  | 44120 | 4.000 | 12/20/44 | 42785 |
|  | 12041 | 4.000 | 05/20/45 | 11676 |
|  | 43841 | 4.000 | 07/20/45 | 42514 |
|  | 237717 | 4.000 | 01/20/46 | 229783 |
|  | 939829 | 3.000 | 11/20/46 | 851530 |
|  | 1318684 | 3.500 | 04/20/47 | 1230309 |
|  | 1228559 | 3.500 | 12/20/47 | 1146223 |
|  | 780983 | 4.500 | 05/20/48 | 767570 |
|  | 1174875 | 4.500 | 08/20/48 | 1153595 |
|  | 137218 | 5.000 | 08/20/48 | 138028 |
|  | 820600 | 4.500 | 09/20/48 | 805737 |
|  | 968140 | 5.000 | 10/20/48 | 973248 |
|  | 558052 | 5.000 | 11/20/48 | 560997 |
|  | 555648 | 5.000 | 12/20/48 | 558580 |
|  | 1256001 | 4.500 | 01/20/49 | 1234036 |
|  | 1030136 | 5.000 | 01/20/49 | 1034526 |
|  | 506253 | 4.000 | 02/20/49 | 484135 |
|  | 1046919 | 4.500 | 02/20/49 | 1028611 |
|  | 26940 | 4.500 | 03/20/49 | 26468 |
|  | 325831 | 4.000 | 03/20/49 | 311494 |
|  | 91007 | 5.000 | 03/20/49 | 91366 |
|  | 557955 | 4.000 | 04/20/49 | 533273 |
|  | 712664 | 3.000 | 08/20/49 | 641722 |
|  | 323123 | 4.500 | 10/20/49 | 316160 |
|  | 328216 | 4.500 | 12/20/49 | 320732 |
|  | 1380952 | 3.000 | 03/20/50 | 1240447 |
|  | 297083 | 4.000 | 01/20/51 | 282619 |
|  | 1430058 | 3.500 | 02/20/51 | 1328457 |
|  | 78973 | 3.500 | 03/20/51 | 73373 |
|  | 1796954 | 3.000 | 11/20/51 | 1606949 |
|  | 1831463 | 3.000 | 12/20/51 | 1637093 |
|  | 1619048 | 3.000 | 02/20/52 | 1443207 |
|  | 7973628 | 4.500 | 09/20/52 | 7726588 |

---

------

GOLDMAN SACHS 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)** |
|  $ | 1000000 | 2.000% | 01/23/53<sup>(e)</sup> | $838970 |
|  | 4000000 | 2.500 | 01/23/53<sup>(e)</sup> | 3464973 |
|  | 7000000 | 3.000 | TBA-30yr<sup>(e)</sup> | 6234735 |
|  | 4000000 | 4.000 | TBA-30yr<sup>(e)</sup> | 3786688 |
|  | 17000000 | 5.000 | TBA-30yr<sup>(e)</sup> | 16844413 |
|  | 11000000 | 5.500 | TBA-30yr<sup>(e)</sup> | 11055723 |
|  |  |  |  | 73053904 |
|  **UMBS – 12.7%** | **UMBS – 12.7%** | **UMBS – 12.7%** | **UMBS – 12.7%** | **UMBS – 12.7%** |
|  | 59 | 5.500 | 09/01/23 | 58 |
|  | 48 | 5.500 | 10/01/23 | 48 |
|  | 5356 | 4.500 | 02/01/39 | 5304 |
|  | 2525 | 4.500 | 04/01/39 | 2501 |
|  | 4308 | 4.500 | 08/01/39 | 4265 |
|  | 56252 | 4.500 | 12/01/39 | 55684 |
|  | 46711 | 4.500 | 06/01/40 | 46249 |
|  | 20825 | 4.500 | 08/01/41 | 20633 |
|  | 37422 | 3.000 | 12/01/42 | 34082 |
|  | 89560 | 3.000 | 01/01/43 | 81683 |
|  | 23440 | 3.000 | 02/01/43 | 21378 |
|  | 9017 | 3.000 | 03/01/43 | 8224 |
|  | 145348 | 3.000 | 04/01/43 | 132564 |
|  | 23753 | 3.000 | 05/01/43 | 21653 |
|  | 31981 | 3.000 | 06/01/43 | 29138 |
|  | 10381 | 3.000 | 07/01/43 | 9458 |
|  | 10478 | 5.000 | 06/01/44 | 10455 |
|  | 299244 | 4.000 | 12/01/44 | 289334 |
|  | 12569 | 3.500 | 03/01/45 | 11640 |
|  | 1020762 | 4.500 | 04/01/45 | 1014464 |
|  | 328270 | 3.000 | 04/01/45 | 296731 |
|  | 123173 | 4.500 | 05/01/45 | 122336 |
|  | 439195 | 4.500 | 06/01/45 | 433910 |
|  | 3655336 | 3.500 | 07/01/45 | 3385407 |
|  | 598235 | 4.000 | 08/01/45 | 578423 |
|  | 204785 | 4.000 | 11/01/45 | 196772 |
|  | 2271432 | 4.000 | 01/01/46 | 2182551 |
|  | 62284 | 4.000 | 03/01/46 | 59645 |
|  | 35843 | 4.000 | 06/01/46 | 34220 |
|  | 10377 | 4.000 | 08/01/46 | 9907 |
|  | 93827 | 4.000 | 10/01/46 | 89578 |
|  | 66141 | 4.000 | 06/01/47 | 63702 |
|  | 352619 | 4.500 | 07/01/47 | 347358 |
|  | 170441 | 4.500 | 11/01/47 | 168058 |
|  | 212091 | 4.000 | 12/01/47 | 204603 |
|  | 598546 | 4.000 | 01/01/48 | 576854 |
|  | 1262022 | 4.000 | 02/01/48 | 1214377 |
|  | 926796 | 4.000 | 03/01/48 | 891640 |
|  | 527015 | 4.500 | 05/01/48 | 516518 |
|  | 610839 | 4.000 | 06/01/48 | 588128 |
|  | 379051 | 4.000 | 08/01/48 | 363655 |
|  | 298105 | 4.500 | 09/01/48 | 294868 |
|  | 1303742 | 5.000 | 11/01/48 | 1320906 |
|  | 148825 | 4.500 | 06/01/49 | 145566 |
|  | 556068 | 3.500 | 07/01/49 | 517095 |
|  | 361576 | 3.500 | 08/01/49 | 336234 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1860013 | 3.000% | 09/01/49 | $1667363 |
| 38205 | 4.500 | 10/01/49 | 37328 |
| 850653 | 4.500 | 01/01/50 | 832049 |
| 2265614 | 4.000 | 03/01/50 | 2168104 |
| 5503959 | 4.500 | 03/01/50 | 5388820 |
| 955657 | 2.500 | 09/01/50 | 824948 |
| 2685421 | 3.000 | 12/01/50 | 2399726 |
| 4797065 | 2.500 | 05/01/51 | 4096279 |
| 6315143 | 2.500 | 09/01/51 | 5397975 |
| 42642 | 5.000 | 05/01/52 | 42764 |
| 1400278 | 5.000 | 06/01/52 | 1405923 |
| 3378532 | 5.000 | 07/01/52 | 3387422 |
| 30681 | 5.000 | 08/01/52 | 30725 |
|  |  |  | 44417283 |
| **UMBS, 30 Year, Single Family – 4.7%** | **UMBS, 30 Year, Single Family – 4.7%** | **UMBS, 30 Year, Single Family – 4.7%** | **UMBS, 30 Year, Single Family – 4.7%** |
| 1000000 | 6.500 | TBA-30yr<sup>(e)</sup> | 1024530 |
| 9000000 | 5.500 | 01/23/53<sup>(e)</sup> | 9026723 |
| 1000000 | 4.500 | TBA-30yr<sup>(e)</sup> | 963906 |
| 2000000 | 3.500 | TBA-30yr | 1818905 |
| 2000000 | 3.000 | 02/25/52<sup>(e)</sup> | 1757031 |
| 2000000 | 2.500 | TBA-30yr<sup>(e)</sup> | 1695625 |
|  |  |  | 16286720 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $176387444 |
| **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $197,083,446)** | **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $197,083,446)** | **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $197,083,446)** | $191004671 |
| **Corporate Obligations – 39.6%** | **Corporate Obligations – 39.6%** | **Corporate Obligations – 39.6%** | **Corporate Obligations – 39.6%** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 525000 | 5.250% | 01/15/33 | $542771 |
| Northrop Grumman Corp.<sup>(f)</sup>  | Northrop Grumman Corp.<sup>(f)</sup>  | Northrop Grumman Corp.<sup>(f)</sup>  | Northrop Grumman Corp.<sup>(f)</sup>  |
| 750000 | 2.930 | 01/15/25 | 719782 |
| 25000 | 4.030 | 10/15/47 | 20721 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 100000 | 4.050 <sup>(f)</sup> | 05/04/47 | 82003 |
| The Boeing Co.<sup>(f)</sup>  | The Boeing Co.<sup>(f)</sup>  | The Boeing Co.<sup>(f)</sup>  | The Boeing Co.<sup>(f)</sup>  |
| 25000 | 2.196 | 02/04/26 | 22723 |
| 70000 | 3.250 | 03/01/28 | 62657 |
| 80000 | 3.250 | 02/01/35 | 60758 |
| 15000 | 3.375 | 06/15/46 | 9733 |
| 25000 | 3.850 | 11/01/48 | 17280 |
| TransDigm, Inc.<sup>(f)</sup>  | TransDigm, Inc.<sup>(f)</sup>  | TransDigm, Inc.<sup>(f)</sup>  | TransDigm, Inc.<sup>(f)</sup>  |
| 166000 | 6.250 | 03/15/26 | 164061 |
| 575000 | 6.375 | 06/15/26 | 560355 |
|  |  |  | 2262844 |
| **Agriculture – 0.3%** | **Agriculture – 0.3%** | **Agriculture – 0.3%** | **Agriculture – 0.3%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 35000 | 4.500 | 05/02/43 | 26337 |

---

------

GOLDMAN SACHS 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)** |
| **Agriculture – (continued)** | **Agriculture – (continued)** | **Agriculture – (continued)** | **Agriculture – (continued)** |
| BAT Capital Corp.<sup>(f)</sup>  | BAT Capital Corp.<sup>(f)</sup>  | BAT Capital Corp.<sup>(f)</sup>  | BAT Capital Corp.<sup>(f)</sup>  |
| 10000 | 4.540% | 08/15/47 | $7108 |
| 25000 | 4.758 | 09/06/49 | 18155 |
| BAT International Finance PLC<sup>(f)</sup>  | BAT International Finance PLC<sup>(f)</sup>  | BAT International Finance PLC<sup>(f)</sup>  | BAT International Finance PLC<sup>(f)</sup>  |
| 65000 | 4.448 | 03/16/28 | 60163 |
| Philip Morris International, Inc.<sup>(f)</sup>  | Philip Morris International, Inc.<sup>(f)</sup>  | Philip Morris International, Inc.<sup>(f)</sup>  | Philip Morris International, Inc.<sup>(f)</sup>  |
| 70000 | 3.125 | 03/02/28 | 63674 |
| 20000 | 5.625 | 11/17/29 | 20369 |
| Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |
| 700000 | 4.850 | 09/15/23 | 697970 |
|  |  |  | 893776 |
| **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 70000 | 2.300 | 09/09/26 | 63995 |
| Cummins, Inc. | Cummins, Inc. | Cummins, Inc. | Cummins, Inc. |
| 35000 | 2.600 <sup>(f)</sup> | 09/01/50 | 21839 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 225000 | 4.000 | 04/01/25 | 219760 |
| 36000 | 5.950 <sup>(f)</sup> | 04/01/49 | 31436 |
| General Motors Financial Co., Inc.<sup>(f)</sup>  | General Motors Financial Co., Inc.<sup>(f)</sup>  | General Motors Financial Co., Inc.<sup>(f)</sup>  | General Motors Financial Co., Inc.<sup>(f)</sup>  |
| 300000 | 4.300 | 07/13/25 | 291042 |
| 50000 | 1.250 | 01/08/26 | 44079 |
| 65000 | 3.850 | 01/05/28 | 59459 |
| 125000 | 5.650 | 01/17/29 | 122685 |
| 500000 | 2.350 | 01/08/31 | 377640 |
|  |  |  | 1231935 |
| **Banks – 10.9%** | **Banks – 10.9%** | **Banks – 10.9%** | **Banks – 10.9%** |
| ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) | ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) | ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) | ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) |
| 400000 | 4.375 <sup>(b)(f)</sup> | 12/31/99 | 395535 |
| Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) |
| 200000 | 6.250 <sup>(b)(f)</sup> | 10/29/49 | 179100 |
| Banco Mercantil del Norte SA (5 year CMT + 4.643%) | Banco Mercantil del Norte SA (5 year CMT + 4.643%) | Banco Mercantil del Norte SA (5 year CMT + 4.643%) | Banco Mercantil del Norte SA (5 year CMT + 4.643%) |
| 260000 | 5.875 <sup>(b)(c)(f)</sup> | 12/31/99 | 231530 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 800000 | 2.746 | 05/28/25 | 749008 |
| 600000 | 4.250 | 04/11/27 | 571662 |
| 200000 | 2.749 | 12/03/30 | 153138 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 425000 | 4.200 | 08/26/24 | 418434 |
| 50000 | 3.248 <sup>(f)</sup> | 10/21/27 | 46213 |
| 925000 | 4.183 <sup>(f)</sup> | 11/25/27 | 878556 |
| 100000 | 6.110 | 01/29/37 | 101807 |
| (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) |
| 75000 | 2.496 <sup>(b)(f)</sup> | 02/13/31 | 60931 |
| (3M USD LIBOR + 1.060%) | (3M USD LIBOR + 1.060%) | (3M USD LIBOR + 1.060%) | (3M USD LIBOR + 1.060%) |
| 65000 | 3.559 <sup>(b)(f)</sup> | 04/23/27 | 60906 |
| (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) |
| 525000 | 2.884 <sup>(b)(f)</sup> | 10/22/30 | 441005 |
| (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) |
| 750000 | 4.271 <sup>(b)(f)</sup> | 07/23/29 | 700545 |
| (3M USD LIBOR + 1.575%) | (3M USD LIBOR + 1.575%) | (3M USD LIBOR + 1.575%) | (3M USD LIBOR + 1.575%) |
| 525000 | 3.824 <sup>(b)(f)</sup> | 01/20/28 | 490114 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Bank of America Corp. – (continued) | Bank of America Corp. – (continued) | Bank of America Corp. – (continued) | Bank of America Corp. – (continued) |
| (5 year CMT + 1.200%) | (5 year CMT + 1.200%) | (5 year CMT + 1.200%) | (5 year CMT + 1.200%) |
| 475000 | 2.482 %<sup>(b)(f)</sup> | 09/21/36 | $350175 |
| (SOFR + 0.910%) | (SOFR + 0.910%) | (SOFR + 0.910%) | (SOFR + 0.910%) |
| 70000 | 1.658 <sup>(b)(f)</sup> | 03/11/27 | 61858 |
| (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) |
| 70000 | 1.734 <sup>(b)(f)</sup> | 07/22/27 | 61357 |
| (SOFR + 1.050%) | (SOFR + 1.050%) | (SOFR + 1.050%) | (SOFR + 1.050%) |
| 55000 | 2.551 <sup>(b)(f)</sup> | 02/04/28 | 48845 |
| (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) |
| 325000 | 2.972 <sup>(b)(f)</sup> | 02/04/33 | 262054 |
| (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) |
| 600000 | 1.898 <sup>(b)(f)</sup> | 07/23/31 | 461310 |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
| 275000 | 4.571 <sup>(b)(f)</sup> | 04/27/33 | 251969 |
| Bank of Montreal<sup>(f)</sup> (SOFR + 0.603%) | Bank of Montreal<sup>(f)</sup> (SOFR + 0.603%) | Bank of Montreal<sup>(f)</sup> (SOFR + 0.603%) | Bank of Montreal<sup>(f)</sup> (SOFR + 0.603%) |
| 70000 | 0.949 <sup>(b)</sup> | 01/22/27 | 61844 |
| Barclays PLC<sup>(b)(f)</sup>  | Barclays PLC<sup>(b)(f)</sup>  | Barclays PLC<sup>(b)(f)</sup>  | Barclays PLC<sup>(b)(f)</sup>  |
| (1 year CMT + 3.050%) | (1 year CMT + 3.050%) | (1 year CMT + 3.050%) | (1 year CMT + 3.050%) |
| 875000 | 7.325 | 11/02/26 | 907191 |
| (SOFR + 2.714%) | (SOFR + 2.714%) | (SOFR + 2.714%) | (SOFR + 2.714%) |
| 825000 | 2.852 | 05/07/26 | 765971 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| 550000 | 3.375 | 01/09/25 | 529963 |
| (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) |
| 200000 | 6.625 <sup>(b)(c)(f)</sup> | 12/31/99 | 193444 |
| (SOFR + 1.004%) | (SOFR + 1.004%) | (SOFR + 1.004%) | (SOFR + 1.004%) |
| 725000 | 1.323 <sup>(b)(c)(f)</sup> | 01/13/27 | 633621 |
| (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) |
| 350000 | 2.219 <sup>(b)(c)(f)</sup> | 06/09/26 | 322469 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 525000 | 4.625 | 09/12/28 | 487415 |
| (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |
| 750000 | 3.116 <sup>(b)(c)(f)</sup> | 10/19/32 | 546772 |
| CaixaBank SA (-1X 5 year EUR Swap + 6.346%) | CaixaBank SA (-1X 5 year EUR Swap + 6.346%) | CaixaBank SA (-1X 5 year EUR Swap + 6.346%) | CaixaBank SA (-1X 5 year EUR Swap + 6.346%) |
| 400000 | 5.875 <sup>(b)(f)</sup> | 12/31/99 | 392311 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 780000 | 3.500 | 05/15/23 | 775944 |
| 125000 | 4.300 | 11/20/26 | 120645 |
| 475000 | 4.125 | 07/25/28 | 442847 |
| (3M USD LIBOR + 1.023%) | (3M USD LIBOR + 1.023%) | (3M USD LIBOR + 1.023%) | (3M USD LIBOR + 1.023%) |
| 510000 | 4.044 <sup>(b)(f)</sup> | 06/01/24 | 506603 |
| (SOFR + 0.765%) | (SOFR + 0.765%) | (SOFR + 0.765%) | (SOFR + 0.765%) |
| 70000 | 1.122 <sup>(b)(f)</sup> | 01/28/27 | 61032 |
| (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) |
| 70000 | 1.462 <sup>(b)(f)</sup> | 06/09/27 | 60759 |
| (SOFR + 1.280%) | (SOFR + 1.280%) | (SOFR + 1.280%) | (SOFR + 1.280%) |
| 50000 | 3.070 <sup>(b)(f)</sup> | 02/24/28 | 45116 |
| (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |
| 550000 | 2.976 <sup>(b)(f)</sup> | 11/05/30 | 462314 |
| Commerzbank AG (-1X 5 year EUR Swap + 6.363%) | Commerzbank AG (-1X 5 year EUR Swap + 6.363%) | Commerzbank AG (-1X 5 year EUR Swap + 6.363%) | Commerzbank AG (-1X 5 year EUR Swap + 6.363%) |
| 400000 | 6.125 <sup>(b)(f)</sup> | 03/31/99 | 397304 |
| Credit Agricole SA<sup>(b)(c)(f)</sup>  | Credit Agricole SA<sup>(b)(c)(f)</sup>  | Credit Agricole SA<sup>(b)(c)(f)</sup>  | Credit Agricole SA<sup>(b)(c)(f)</sup>  |
| (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) |
| 250000 | 6.875 | 12/31/99 | 239985 |

---

------

GOLDMAN SACHS 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)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Credit Agricole SA<sup>(b)(c)(f)</sup> – (continued) | Credit Agricole SA<sup>(b)(c)(f)</sup> – (continued) | Credit Agricole SA<sup>(b)(c)(f)</sup> – (continued) | Credit Agricole SA<sup>(b)(c)(f)</sup> – (continued) |
| (SOFR + 1.676%) | (SOFR + 1.676%) | (SOFR + 1.676%) | (SOFR + 1.676%) |
| 375000 | 1.907% | 06/16/26 | $341914 |
| Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| 300000 | 2.950 | 04/09/25 | 270645 |
| Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG |
| 307000 | 4.550 | 04/17/26 | 273138 |
| 875000 | 4.282 <sup>(f)</sup> | 01/09/28 | 728157 |
| (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) |
| 550000 | 9.016 <sup>(b)(c)(f)</sup> | 11/15/33 | 565790 |
| Deutsche Bank AG<sup>(b)(f)</sup>  | Deutsche Bank AG<sup>(b)(f)</sup>  | Deutsche Bank AG<sup>(b)(f)</sup>  | Deutsche Bank AG<sup>(b)(f)</sup>  |
| (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) |
| 450000 | 2.129 | 11/24/26 | 396950 |
| (SOFR + 2.159%) | (SOFR + 2.159%) | (SOFR + 2.159%) | (SOFR + 2.159%) |
| 300000 | 2.222 | 09/18/24 | 289680 |
| Fifth Third Bancorp<sup>(f)</sup>  | Fifth Third Bancorp<sup>(f)</sup>  | Fifth Third Bancorp<sup>(f)</sup>  | Fifth Third Bancorp<sup>(f)</sup>  |
| 375000 | 2.375 | 01/28/25 | 355646 |
| (SOFR + 2.127%) | (SOFR + 2.127%) | (SOFR + 2.127%) | (SOFR + 2.127%) |
| 5000 | 4.772 <sup>(b)</sup> | 07/28/30 | 4761 |
| (SOFR + 2.192%) | (SOFR + 2.192%) | (SOFR + 2.192%) | (SOFR + 2.192%) |
| 60000 | 6.361 <sup>(b)</sup> | 10/27/28 | 61774 |
| First Horizon Corp.<sup>(f)</sup>  | First Horizon Corp.<sup>(f)</sup>  | First Horizon Corp.<sup>(f)</sup>  | First Horizon Corp.<sup>(f)</sup>  |
| 700000 | 3.550 | 05/26/23 | 694540 |
| 700000 | 4.000 | 05/26/25 | 680470 |
| First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) | First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) | First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) | First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) |
| 600000 | 2.969 <sup>(b)(f)</sup> | 09/27/25 | 566340 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 200000 | 4.950 | 03/31/30 | 191032 |
| (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) |
| 450000 | 5.674 <sup>(b)(f)</sup> | 05/18/24 | 448317 |
| (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) |
| 600000 | 3.803 <sup>(b)(f)</sup> | 03/11/25 | 584376 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| 825000 | 4.000 <sup>(f)</sup> | 05/15/25 | 804309 |
| ING Groep NV (1 year CMT + 1.100%) | ING Groep NV (1 year CMT + 1.100%) | ING Groep NV (1 year CMT + 1.100%) | ING Groep NV (1 year CMT + 1.100%) |
| 950000 | 1.400 <sup>(b)(c)(f)</sup> | 07/01/26 | 853223 |
| JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  |
| 425000 | 3.625 | 12/01/27 | 394638 |
| (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) |
| 195000 | 3.559 <sup>(b)</sup> | 04/23/24 | 193748 |
| (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) |
| 175000 | 3.797 <sup>(b)</sup> | 07/23/24 | 173324 |
| (3M USD LIBOR + 1.245%) | (3M USD LIBOR + 1.245%) | (3M USD LIBOR + 1.245%) | (3M USD LIBOR + 1.245%) |
| 475000 | 3.960 <sup>(b)</sup> | 01/29/27 | 453445 |
| (SOFR + 0.885%) | (SOFR + 0.885%) | (SOFR + 0.885%) | (SOFR + 0.885%) |
| 70000 | 1.578 <sup>(b)</sup> | 04/22/27 | 61611 |
| (SOFR + 1.160%) | (SOFR + 1.160%) | (SOFR + 1.160%) | (SOFR + 1.160%) |
| 550000 | 2.301 <sup>(b)</sup> | 10/15/25 | 517742 |
| (SOFR + 1.170%) | (SOFR + 1.170%) | (SOFR + 1.170%) | (SOFR + 1.170%) |
| 70000 | 2.947 <sup>(b)</sup> | 02/24/28 | 63365 |
| (SOFR + 1.580%) | (SOFR + 1.580%) | (SOFR + 1.580%) | (SOFR + 1.580%) |
| 45000 | 3.328 <sup>(b)</sup> | 04/22/52 | 30998 |
| (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |
| 901000 | 4.586 <sup>(b)</sup> | 04/26/33 | 834155 |
| (SOFR + 1.890%) | (SOFR + 1.890%) | (SOFR + 1.890%) | (SOFR + 1.890%) |
| 70000 | 2.182 <sup>(b)</sup> | 06/01/28 | 61108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| JPMorgan Chase & Co.<sup>(f)</sup> – (continued) | JPMorgan Chase & Co.<sup>(f)</sup> – (continued) | JPMorgan Chase & Co.<sup>(f)</sup> – (continued) | JPMorgan Chase & Co.<sup>(f)</sup> – (continued) |
| (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) |
| 25000 | 2.522 %<sup>(b)</sup> | 04/22/31 | $20453 |
| (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) |
| 200000 | 2.956 <sup>(b)</sup> | 05/13/31 | 164668 |
| (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) |
| 585000 | 4.600 <sup>(b)</sup> | 12/31/99 | 519439 |
| KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) |
| 895000 | 4.789 <sup>(b)(f)</sup> | 06/01/33 | 845533 |
| Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) |
| 450000 | 1.340 <sup>(b)(c)(f)</sup> | 01/12/27 | 391014 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 30000 | 4.286 | 07/26/38 | 25993 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 50000 | 4.000 | 07/23/25 | 48861 |
| 174000 | 3.950 | 04/23/27 | 164646 |
| (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) |
| 350000 | 3.737 <sup>(b)(f)</sup> | 04/24/24 | 347939 |
| (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) |
| 200000 | 4.431 <sup>(b)(f)</sup> | 01/23/30 | 186714 |
| (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) |
| 70000 | 0.985 <sup>(b)(f)</sup> | 12/10/26 | 61432 |
| (SOFR + 0.879%) | (SOFR + 0.879%) | (SOFR + 0.879%) | (SOFR + 0.879%) |
| 60000 | 1.593 <sup>(b)(f)</sup> | 05/04/27 | 52673 |
| (SOFR + 1.000%) | (SOFR + 1.000%) | (SOFR + 1.000%) | (SOFR + 1.000%) |
| 70000 | 2.475 <sup>(b)(f)</sup> | 01/21/28 | 62184 |
| (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) |
| 750000 | 1.794 <sup>(b)(f)</sup> | 02/13/32 | 562162 |
| (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) |
| 725000 | 2.699 <sup>(b)(f)</sup> | 01/22/31 | 599995 |
| (SOFR + 1.152%) | (SOFR + 1.152%) | (SOFR + 1.152%) | (SOFR + 1.152%) |
| 800000 | 2.720 <sup>(b)(f)</sup> | 07/22/25 | 765312 |
| (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) |
| 141000 | 2.943 <sup>(b)(f)</sup> | 01/21/33 | 114357 |
| Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) |
| 750000 | 2.484 <sup>(b)(f)</sup> | 09/16/36 | 547072 |
| Natwest Group PLC<sup>(b)(f)</sup>  | Natwest Group PLC<sup>(b)(f)</sup>  | Natwest Group PLC<sup>(b)(f)</sup>  | Natwest Group PLC<sup>(b)(f)</sup>  |
| (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) | (3M USD LIBOR + 1.550%) |
| 850000 | 4.519 | 06/25/24 | 842341 |
| (3M USD LIBOR + 1.762%) | (3M USD LIBOR + 1.762%) | (3M USD LIBOR + 1.762%) | (3M USD LIBOR + 1.762%) |
| 225000 | 4.269 | 03/22/25 | 219749 |
| NatWest Group PLC (5 year CMT + 2.100%) | NatWest Group PLC (5 year CMT + 2.100%) | NatWest Group PLC (5 year CMT + 2.100%) | NatWest Group PLC (5 year CMT + 2.100%) |
| 200000 | 3.754 <sup>(b)(f)</sup> | 11/01/29 | 185564 |
| State Street Corp.<sup>(b)(f)</sup>  | State Street Corp.<sup>(b)(f)</sup>  | State Street Corp.<sup>(b)(f)</sup>  | State Street Corp.<sup>(b)(f)</sup>  |
| (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) |
| 15000 | 1.684 | 11/18/27 | 13285 |
| (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) |
| 70000 | 2.203 | 02/07/28 | 62861 |
| (SOFR + 2.650%) | (SOFR + 2.650%) | (SOFR + 2.650%) | (SOFR + 2.650%) |
| 25000 | 3.152 | 03/30/31 | 21987 |
| SVB Financial Group<sup>(f)</sup>  | SVB Financial Group<sup>(f)</sup>  | SVB Financial Group<sup>(f)</sup>  | SVB Financial Group<sup>(f)</sup>  |
| 50000 | 2.100 | 05/15/28 | 41636 |
| 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. |
| 45000 | 3.850 <sup>(f)</sup> | 04/26/29 | 41819 |
| (SOFR + 1.755%) | (SOFR + 1.755%) | (SOFR + 1.755%) | (SOFR + 1.755%) |
| 70000 | 4.596 <sup>(b)(f)</sup> | 07/26/30 | 67977 |

---

------

GOLDMAN SACHS 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)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| The Bank of New York Mellon Corp. – (continued) | The Bank of New York Mellon Corp. – (continued) | The Bank of New York Mellon Corp. – (continued) | The Bank of New York Mellon Corp. – (continued) |
| (SOFR + 1.802%) | (SOFR + 1.802%) | (SOFR + 1.802%) | (SOFR + 1.802%) |
| 40000 | 5.802% | 10/25/28 | $41306 |
| (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) |
| 175000 | 5.834 | 10/25/33 | 182035 |
| The PNC Financial Services Group, Inc. (SOFR + 2.140%) | The PNC Financial Services Group, Inc. (SOFR + 2.140%) | The PNC Financial Services Group, Inc. (SOFR + 2.140%) | The PNC Financial Services Group, Inc. (SOFR + 2.140%) |
| 40000 | 6.037 | 10/28/33 | 41811 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 625000 | 4.456 | 06/08/32 | 594137 |
| Truist Financial Corp.<sup>(b)(f)</sup>  | Truist Financial Corp.<sup>(b)(f)</sup>  | Truist Financial Corp.<sup>(b)(f)</sup>  | Truist Financial Corp.<sup>(b)(f)</sup>  |
| (SOFR + 0.609%) | (SOFR + 0.609%) | (SOFR + 0.609%) | (SOFR + 0.609%) |
| 70000 | 1.267 | 03/02/27 | 62142 |
| (SOFR + 0.862%) | (SOFR + 0.862%) | (SOFR + 0.862%) | (SOFR + 0.862%) |
| 30000 | 1.887 | 06/07/29 | 25208 |
| UBS Group AG (1 year CMT + 1.100%) | UBS Group AG (1 year CMT + 1.100%) | UBS Group AG (1 year CMT + 1.100%) | UBS Group AG (1 year CMT + 1.100%) |
| 280000 | 2.746 <sup>(b)(c)(f)</sup> | 02/11/33 | 216600 |
| US Bancorp | US Bancorp | US Bancorp | US Bancorp |
| (5 year CMT + 2.541%) | (5 year CMT + 2.541%) | (5 year CMT + 2.541%) | (5 year CMT + 2.541%) |
| 650000 | 3.700 <sup>(b)(f)</sup> | 12/31/99 | 534833 |
| (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) |
| 70000 | 2.215 <sup>(b)(f)</sup> | 01/27/28 | 62936 |
| (SOFR + 1.660%) | (SOFR + 1.660%) | (SOFR + 1.660%) | (SOFR + 1.660%) |
| 5000 | 4.548 <sup>(b)(f)</sup> | 07/22/28 | 4898 |
| (SOFR + 2.090%) | (SOFR + 2.090%) | (SOFR + 2.090%) | (SOFR + 2.090%) |
| 420000 | 5.850 | 10/21/33 | 436254 |
| Virgin Money UK PLC (5 year UK Government Bond + 8.307%) | Virgin Money UK PLC (5 year UK Government Bond + 8.307%) | Virgin Money UK PLC (5 year UK Government Bond + 8.307%) | Virgin Money UK PLC (5 year UK Government Bond + 8.307%) |
| 325000 | 9.250 <sup>(b)(f)</sup> | 12/31/99 | 392292 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 15000 | 3.000 | 04/22/26 | 14035 |
| 675000 | 3.000 | 10/23/26 | 623923 |
| 600000 | 4.300 | 07/22/27 | 577872 |
| 75000 | 4.150 <sup>(f)</sup> | 01/24/29 | 70466 |
| (3M USD LIBOR + 1.170%) | (3M USD LIBOR + 1.170%) | (3M USD LIBOR + 1.170%) | (3M USD LIBOR + 1.170%) |
| 65000 | 3.196 <sup>(b)(f)</sup> | 06/17/27 | 60341 |
| (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) |
| 70000 | 2.393 <sup>(b)(f)</sup> | 06/02/28 | 61734 |
| (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) |
| 1015000 | 4.897 <sup>(b)(f)</sup> | 07/25/33 | 961215 |
| (SOFR + 4.502%) | (SOFR + 4.502%) | (SOFR + 4.502%) | (SOFR + 4.502%) |
| 25000 | 5.013 <sup>(b)(f)</sup> | 04/04/51 | 22238 |
| Westpac Banking Corp. (5 year CMT + 2.000%) | Westpac Banking Corp. (5 year CMT + 2.000%) | Westpac Banking Corp. (5 year CMT + 2.000%) | Westpac Banking Corp. (5 year CMT + 2.000%) |
| 300000 | 4.110 <sup>(b)(f)</sup> | 07/24/34 | 256965 |
|  |  |  | 38045705 |
| **Beverages<sup>(f)</sup> – 1.4%** | **Beverages<sup>(f)</sup> – 1.4%** | **Beverages<sup>(f)</sup> – 1.4%** | **Beverages<sup>(f)</sup> – 1.4%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 325000 | 4.700 | 02/01/36 | 306400 |
| 525000 | 4.900 | 02/01/46 | 480427 |
| Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. |
| 35000 | 4.900 | 02/01/46 | 32079 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 365000 | 4.750 | 01/23/29 | 360770 |
| 400000 | 3.500 | 06/01/30 | 363804 |
| 350000 | 4.600 | 04/15/48 | 308091 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Beverages<sup>(f)</sup> – (continued)** | **Beverages<sup>(f)</sup> – (continued)** | **Beverages<sup>(f)</sup> – (continued)** | **Beverages<sup>(f)</sup> – (continued)** |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 625000 | 4.400% | 11/15/25 | $614531 |
| 500000 | 3.600 | 02/15/28 | 462555 |
| 325000 | 2.250 | 08/01/31 | 257969 |
| 308000 | 4.750 | 05/09/32 | 295193 |
| JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
| 375000 | 1.375 | 01/15/27 | 316755 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 925000 | 2.250 | 03/15/31 | 744875 |
| 375000 | 4.500 | 04/15/52 | 314235 |
|  |  |  | 4857684 |
| **Biotechnology<sup>(f)</sup> – 0.6%** | **Biotechnology<sup>(f)</sup> – 0.6%** | **Biotechnology<sup>(f)</sup> – 0.6%** | **Biotechnology<sup>(f)</sup> – 0.6%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 1050000 | 4.200 | 03/01/33 | 974368 |
| Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| 30000 | 3.150 | 05/01/50 | 19822 |
| CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC |
| 100000 | 3.850 | 04/27/27 | 95670 |
| 475000 | 4.250 | 04/27/32 | 447189 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 35000 | 3.650 | 03/01/26 | 33785 |
| 45000 | 4.000 | 09/01/36 | 39660 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 425000 | 1.200 | 09/02/25 | 380486 |
| 25000 | 3.550 | 09/02/50 | 16122 |
|  |  |  | 2007102 |
| **Building Materials<sup>(f)</sup> – 0.1%** | **Building Materials<sup>(f)</sup> – 0.1%** | **Building Materials<sup>(f)</sup> – 0.1%** | **Building Materials<sup>(f)</sup> – 0.1%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 5000 | 3.577 | 04/05/50 | 3581 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| 175000 | 4.900 | 12/01/32 | 172001 |
| Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
| 325000 | 1.500 | 02/15/28 | 269503 |
|  |  |  | 445085 |
| **Chemicals – 1.1%** | **Chemicals – 1.1%** | **Chemicals – 1.1%** | **Chemicals – 1.1%** |
| Ashland Services B.V. | Ashland Services B.V. | Ashland Services B.V. | Ashland Services B.V. |
| 650000 | 2.000 <sup>(f)</sup> | 01/30/28 | 592724 |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 475000 | 3.375 <sup>(f)</sup> | 02/15/29 | 394179 |
| Celanese US Holdings LLC<sup>(f)</sup>  | Celanese US Holdings LLC<sup>(f)</sup>  | Celanese US Holdings LLC<sup>(f)</sup>  | Celanese US Holdings LLC<sup>(f)</sup>  |
| 30000 | 6.330 | 07/15/29 | 29200 |
| Dow Chemical Co. | Dow Chemical Co. | Dow Chemical Co. | Dow Chemical Co. |
| 40000 | 6.300 | 03/15/33 | 42145 |
| Huntsman International LLC<sup>(f)</sup>  | Huntsman International LLC<sup>(f)</sup>  | Huntsman International LLC<sup>(f)</sup>  | Huntsman International LLC<sup>(f)</sup>  |
| 350000 | 4.500 | 05/01/29 | 314496 |
| 250000 | 2.950 | 06/15/31 | 194060 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| 650000 | 1.832 <sup>(f)</sup> | 10/15/27 | 544895 |
| LYB International Finance B.V. | LYB International Finance B.V. | LYB International Finance B.V. | LYB International Finance B.V. |
| 25000 | 5.250 | 07/15/43 | 22051 |

---

------

GOLDMAN SACHS 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)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
| 310000 | 5.875 %<sup>(f)</sup> | 03/27/24 | $302250 |
| SPCM SA | SPCM SA | SPCM SA | SPCM SA |
| 590000 | 3.375 <sup>(f)</sup> | 03/15/30 | 480667 |
| The Sherwin-Williams Co.<sup>(f)</sup>  | The Sherwin-Williams Co.<sup>(f)</sup>  | The Sherwin-Williams Co.<sup>(f)</sup>  | The Sherwin-Williams Co.<sup>(f)</sup>  |
| 500000 | 3.450 | 06/01/27 | 469145 |
| 475000 | 2.950 | 08/15/29 | 416128 |
|  |  |  | 3801940 |
| **Commercial Services<sup>(f)</sup> – 0.4%** | **Commercial Services<sup>(f)</sup> – 0.4%** | **Commercial Services<sup>(f)</sup> – 0.4%** | **Commercial Services<sup>(f)</sup> – 0.4%** |
| CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
| 625000 | 2.800 | 07/15/30 | 512037 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 375000 | 2.650 | 02/15/25 | 353100 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 542000 | 5.750 | 11/01/28 | 360213 |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 60000 | 4.750 | 08/01/28 | 59311 |
|  |  |  | 1284661 |
| **Computers<sup>(f)</sup> – 0.6%** | **Computers<sup>(f)</sup> – 0.6%** | **Computers<sup>(f)</sup> – 0.6%** | **Computers<sup>(f)</sup> – 0.6%** |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 15000 | 2.650 | 02/08/51 | 10010 |
| 75000 | 2.700 | 08/05/51 | 50086 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 160000 | 5.450 | 06/15/23 | 160014 |
| 191000 | 5.850 | 07/15/25 | 193382 |
| 375000 | 6.020 | 06/15/26 | 382834 |
| 75000 | 5.300 | 10/01/29 | 73204 |
| 50000 | 6.200 | 07/15/30 | 50909 |
| 40000 | 8.350 | 07/15/46 | 45886 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 909000 | 4.900 | 10/15/25 | 899937 |
| 20000 | 6.350 | 10/15/45 | 19991 |
| HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. |
| 70000 | 1.450 | 06/17/26 | 61379 |
|  |  |  | 1947632 |
| **Cosmetics & Personal Care – 0.2%** | **Cosmetics & Personal Care – 0.2%** | **Cosmetics & Personal Care – 0.2%** | **Cosmetics & Personal Care – 0.2%** |
| 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 |
| 875000 | 3.375 | 03/24/27 | 815264 |
| **Diversified Financial Services – 2.1%** | **Diversified Financial Services – 2.1%** | **Diversified Financial Services – 2.1%** | **Diversified Financial Services – 2.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(f)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(f)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(f)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(f)</sup>  |
| 400000 | 4.875 | 01/16/24 | 396188 |
| 295000 | 6.500 | 07/15/25 | 299679 |
| 675000 | 3.000 | 10/29/28 | 566521 |
| 275000 | 3.400 | 10/29/33 | 209160 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 550000 | 2.250 | 01/15/23 | 549268 |
| 425000 | 3.375 <sup>(f)</sup> | 07/01/25 | 400809 |
| 875000 | 3.750 <sup>(f)</sup> | 06/01/26 | 819709 |
| (5 year CMT + 3.149%) | (5 year CMT + 3.149%) | (5 year CMT + 3.149%) | (5 year CMT + 3.149%) |
| 750000 | 4.125 <sup>(b)(f)</sup> | 12/31/99 | 508762 |
| Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  |
| 275000 | 1.450 | 10/02/23 | 266381 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Ally Financial, Inc.<sup>(f)</sup> – (continued) | Ally Financial, Inc.<sup>(f)</sup> – (continued) | Ally Financial, Inc.<sup>(f)</sup> – (continued) | Ally Financial, Inc.<sup>(f)</sup> – (continued) |
| 45000 | 2.200% | 11/02/28 | $35202 |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| 165000 | 2.500 <sup>(f)</sup> | 07/30/24 | 158778 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 375000 | 1.950 <sup>(f)</sup> | 01/30/26 | 326685 |
| Avolon Holdings Funding Ltd.<sup>(f)</sup>  | Avolon Holdings Funding Ltd.<sup>(f)</sup>  | Avolon Holdings Funding Ltd.<sup>(f)</sup>  | Avolon Holdings Funding Ltd.<sup>(f)</sup>  |
| 425000 | 3.950 | 07/01/24 | 407354 |
| 675000 | 2.875 | 02/15/25 | 623632 |
| 175000 | 4.250 | 04/15/26 | 158783 |
| Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
| 25000 | 3.500 <sup>(f)</sup> | 03/30/51 | 15954 |
| Capital One Financial Corp.<sup>(f)</sup>  | Capital One Financial Corp.<sup>(f)</sup>  | Capital One Financial Corp.<sup>(f)</sup>  | Capital One Financial Corp.<sup>(f)</sup>  |
| 320000 | 3.300 | 10/30/24 | 308842 |
| (SOFR + 0.855%) | (SOFR + 0.855%) | (SOFR + 0.855%) | (SOFR + 0.855%) |
| 70000 | 1.878 <sup>(b)</sup> | 11/02/27 | 61212 |
| (SOFR + 2.057%) | (SOFR + 2.057%) | (SOFR + 2.057%) | (SOFR + 2.057%) |
| 20000 | 4.927 <sup>(b)</sup> | 05/10/28 | 19373 |
| Discover Financial Services<sup>(f)</sup>  | Discover Financial Services<sup>(f)</sup>  | Discover Financial Services<sup>(f)</sup>  | Discover Financial Services<sup>(f)</sup>  |
| 65000 | 4.500 | 01/30/26 | 62986 |
| Intercontinental Exchange, Inc.<sup>(f)</sup>  | Intercontinental Exchange, Inc.<sup>(f)</sup>  | Intercontinental Exchange, Inc.<sup>(f)</sup>  | Intercontinental Exchange, Inc.<sup>(f)</sup>  |
| 65000 | 3.750 | 12/01/25 | 63290 |
| 1035000 | 4.350 | 06/15/29 | 1001300 |
| Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |
| 75000 | 4.650 <sup>(f)</sup> | 04/01/30 | 72189 |
| Synchrony Financial<sup>(f)</sup>  | Synchrony Financial<sup>(f)</sup>  | Synchrony Financial<sup>(f)</sup>  | Synchrony Financial<sup>(f)</sup>  |
| 30000 | 2.875 | 10/28/31 | 22357 |
| Visa, Inc.<sup>(f)</sup>  | Visa, Inc.<sup>(f)</sup>  | Visa, Inc.<sup>(f)</sup>  | Visa, Inc.<sup>(f)</sup>  |
| 15000 | 3.150 | 12/14/25 | 14467 |
| 60000 | 4.150 | 12/14/35 | 56569 |
|  |  |  | 7425450 |
| **Electrical – 2.0%** | **Electrical – 2.0%** | **Electrical – 2.0%** | **Electrical – 2.0%** |
| Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| 375000 | 3.750 <sup>(f)</sup> | 06/15/23 | 372019 |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| 125000 | 3.500 <sup>(f)</sup> | 01/15/31 | 110345 |
| Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| 30000 | 3.700 <sup>(f)</sup> | 05/01/50 | 22008 |
| Berkshire Hathaway Energy Co.<sup>(f)</sup>  | Berkshire Hathaway Energy Co.<sup>(f)</sup>  | Berkshire Hathaway Energy Co.<sup>(f)</sup>  | Berkshire Hathaway Energy Co.<sup>(f)</sup>  |
| 225000 | 3.250 | 04/15/28 | 208487 |
| 400000 | 3.700 | 07/15/30 | 366176 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 675000 | 3.071 <sup>(a)</sup> | 08/15/24 | 650423 |
| Duke Energy Corp.<sup>(f)</sup>  | Duke Energy Corp.<sup>(f)</sup>  | Duke Energy Corp.<sup>(f)</sup>  | Duke Energy Corp.<sup>(f)</sup>  |
| 65000 | 4.300 | 03/15/28 | 62695 |
| Edison International | Edison International | Edison International | Edison International |
| 15000 | 6.950 | 11/15/29 | 15716 |
| Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
| 975000 | 1.875 <sup>(f)</sup> | 07/12/28 | 774774 |
| Entergy Louisiana LLC<sup>(f)</sup>  | Entergy Louisiana LLC<sup>(f)</sup>  | Entergy Louisiana LLC<sup>(f)</sup>  | Entergy Louisiana LLC<sup>(f)</sup>  |
| 30000 | 4.750 | 09/15/52 | 27054 |
| Exelon Corp.<sup>(f)</sup>  | Exelon Corp.<sup>(f)</sup>  | Exelon Corp.<sup>(f)</sup>  | Exelon Corp.<sup>(f)</sup>  |
| 325000 | 4.050 | 04/15/30 | 302686 |
| 30000 | 4.450 | 04/15/46 | 25441 |
| 50000 | 4.700 | 04/15/50 | 43920 |

---

------

GOLDMAN SACHS 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)** |
| Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. |
| 191000 | 4.300 %<sup>(f)</sup> | 12/13/28 | $159485 |
| Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. |
| 220000 | 4.250 | 07/27/27 | 210485 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 525000 | 1.900 <sup>(f)</sup> | 06/15/28 | 449284 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 675000 | 3.750 <sup>(f)</sup> | 06/15/24 | 650052 |
| Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
| 20000 | 6.875 | 07/15/36 | 21536 |
| Pacific Gas & Electric Co.<sup>(f)</sup>  | Pacific Gas & Electric Co.<sup>(f)</sup>  | Pacific Gas & Electric Co.<sup>(f)</sup>  | Pacific Gas & Electric Co.<sup>(f)</sup>  |
| 250000 | 2.100 | 08/01/27 | 214060 |
| 125000 | 3.300 | 08/01/40 | 84770 |
| 20000 | 4.950 | 07/01/50 | 15669 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| 30000 | 4.150 <sup>(f)</sup> | 02/15/50 | 24778 |
| Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
| 35000 | 4.500 <sup>(f)</sup> | 06/01/52 | 31352 |
| Southern California Edison Co.<sup>(f)</sup>  | Southern California Edison Co.<sup>(f)</sup>  | Southern California Edison Co.<sup>(f)</sup>  | Southern California Edison Co.<sup>(f)</sup>  |
| 725000 | 3.700 | 08/01/25 | 702199 |
| 450000 | 4.200 | 03/01/29 | 428089 |
| 25000 | 4.875 | 03/01/49 | 22092 |
| Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
| 35000 | 4.950 <sup>(f)</sup> | 12/15/46 | 29825 |
| Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| 35000 | 2.750 <sup>(f)</sup> | 10/01/26 | 32092 |
| Xcel Energy, Inc.<sup>(f)</sup>  | Xcel Energy, Inc.<sup>(f)</sup>  | Xcel Energy, Inc.<sup>(f)</sup>  | Xcel Energy, Inc.<sup>(f)</sup>  |
| 900000 | 3.350 | 12/01/26 | 847143 |
|  |  |  | 6904655 |
| **Electronics<sup>(f)</sup> – 0.0%** | **Electronics<sup>(f)</sup> – 0.0%** | **Electronics<sup>(f)</sup> – 0.0%** | **Electronics<sup>(f)</sup> – 0.0%** |
| Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
| 35000 | 4.875 | 06/15/29 | 32911 |
| **Engineering & Construction<sup>(f)</sup> – 0.4%** | **Engineering & Construction<sup>(f)</sup> – 0.4%** | **Engineering & Construction<sup>(f)</sup> – 0.4%** | **Engineering & Construction<sup>(f)</sup> – 0.4%** |
| Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
| 500000 | 1.250 | 01/15/29 | 428522 |
| MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
| 610000 | 4.500 | 08/15/28 | 546816 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 200000 | 4.250 | 10/31/26 | 189913 |
| 250000 | 3.875 | 04/30/28 | 227625 |
|  |  |  | 1392876 |
| **Entertainment<sup>(f)</sup> – 0.4%** | **Entertainment<sup>(f)</sup> – 0.4%** | **Entertainment<sup>(f)</sup> – 0.4%** | **Entertainment<sup>(f)</sup> – 0.4%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 450000 | 4.054 | 03/15/29 | 390020 |
| 125000 | 4.279 | 03/15/32 | 103065 |
| 514000 | 5.050 | 03/15/42 | 395266 |
| 475000 | 5.141 | 03/15/52 | 348783 |
|  |  |  | 1237134 |
| **Environmental<sup>(f)</sup> – 0.3%** | **Environmental<sup>(f)</sup> – 0.3%** | **Environmental<sup>(f)</sup> – 0.3%** | **Environmental<sup>(f)</sup> – 0.3%** |
| Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
| 178000 | 4.200 | 01/15/33 | 165362 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Environmental<sup>(f)</sup> – (continued)** | **Environmental<sup>(f)</sup> – (continued)** | **Environmental<sup>(f)</sup> – (continued)** | **Environmental<sup>(f)</sup> – (continued)** |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 275000 | 3.150% | 11/15/27 | $256644 |
| 250000 | 1.150 | 03/15/28 | 208517 |
| 600000 | 4.150 | 04/15/32 | 570462 |
|  |  |  | 1200985 |
| **Food & Drug Retailing – 0.7%** | **Food & Drug Retailing – 0.7%** | **Food & Drug Retailing – 0.7%** | **Food & Drug Retailing – 0.7%** |
| B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
| 435000 | 5.250 <sup>(f)</sup> | 09/15/27 | 333784 |
| General Mills, Inc.<sup>(f)</sup>  | General Mills, Inc.<sup>(f)</sup>  | General Mills, Inc.<sup>(f)</sup>  | General Mills, Inc.<sup>(f)</sup>  |
| 300000 | 4.200 | 04/17/28 | 289956 |
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. |
| 20000 | 4.375 <sup>(c)(f)</sup> | 02/02/52 | 14177 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 1518000 | 3.750 <sup>(f)</sup> | 04/01/30 | 1383490 |
| 30000 | 6.875 | 01/26/39 | 32594 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 498000 | 5.625 <sup>(f)</sup> | 01/15/28 | 470685 |
| Sysco Corp.<sup>(f)</sup>  | Sysco Corp.<sup>(f)</sup>  | Sysco Corp.<sup>(f)</sup>  | Sysco Corp.<sup>(f)</sup>  |
| 50000 | 6.600 | 04/01/40 | 53280 |
| 25000 | 4.500 | 04/01/46 | 20909 |
|  |  |  | 2598875 |
| **Gas<sup>(f)</sup> – 0.1%** | **Gas<sup>(f)</sup> – 0.1%** | **Gas<sup>(f)</sup> – 0.1%** | **Gas<sup>(f)</sup> – 0.1%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 100000 | 3.600 | 05/01/30 | 89156 |
| The East Ohio Gas Co. | The East Ohio Gas Co. | The East Ohio Gas Co. | The East Ohio Gas Co. |
| 150000 | 1.300 | 06/15/25 | 135936 |
|  |  |  | 225092 |
| **Healthcare Providers & Services – 1.9%** | **Healthcare Providers & Services – 1.9%** | **Healthcare Providers & Services – 1.9%** | **Healthcare Providers & Services – 1.9%** |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| 525000 | 1.915 <sup>(f)</sup> | 02/01/27 | 466242 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 635000 | 3.910 <sup>(f)</sup> | 10/01/50 | 469955 |
| 610000 | 6.461 | 11/01/52 | 650989 |
| DH Europe Finance II S.a.r.l.<sup>(f)</sup>  | DH Europe Finance II S.a.r.l.<sup>(f)</sup>  | DH Europe Finance II S.a.r.l.<sup>(f)</sup>  | DH Europe Finance II S.a.r.l.<sup>(f)</sup>  |
| 700000 | 2.200 | 11/15/24 | 666491 |
| 275000 | 2.600 | 11/15/29 | 240592 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 25000 | 6.100 | 10/15/52 | 26924 |
| GE Healthcare Holding LLC | GE Healthcare Holding LLC | GE Healthcare Holding LLC | GE Healthcare Holding LLC |
| 250000 | 6.377 | 11/22/52 | 268052 |
| HCA, Inc.<sup>(f)</sup>  | HCA, Inc.<sup>(f)</sup>  | HCA, Inc.<sup>(f)</sup>  | HCA, Inc.<sup>(f)</sup>  |
| 60000 | 5.875 | 02/15/26 | 60383 |
| 15000 | 5.250 | 06/15/26 | 14825 |
| 20000 | 4.625 | 03/15/52 | 15663 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 218000 | 2.700 <sup>(f)</sup> | 03/15/31 | 177114 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 100000 | 1.750 <sup>(f)</sup> | 10/15/28 | 84802 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 1800000 | 5.300 | 02/15/30 | 1858986 |
| 1525000 | 5.350 | 02/15/33 | 1579519 |
| 10000 | 6.875 | 02/15/38 | 11729 |

---

------

GOLDMAN SACHS 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)** |
| **Healthcare Providers & Services – (continued)** | **Healthcare Providers & Services – (continued)** | **Healthcare Providers & Services – (continued)** | **Healthcare Providers & Services – (continued)** |
| UnitedHealth Group, Inc. – (continued) | UnitedHealth Group, Inc. – (continued) | UnitedHealth Group, Inc. – (continued) | UnitedHealth Group, Inc. – (continued) |
| 25000 | 4.250 %<sup>(f)</sup> | 06/15/48 | $21801 |
|  |  |  | 6614067 |
| **Home Builders<sup>(f)</sup> – 0.0%** | **Home Builders<sup>(f)</sup> – 0.0%** | **Home Builders<sup>(f)</sup> – 0.0%** | **Home Builders<sup>(f)</sup> – 0.0%** |
| PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. |
| 60000 | 5.500 | 03/01/26 | 60252 |
| **Household Products<sup>(f)</sup> – 0.0%** | **Household Products<sup>(f)</sup> – 0.0%** | **Household Products<sup>(f)</sup> – 0.0%** | **Household Products<sup>(f)</sup> – 0.0%** |
| Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. |
| 10000 | 2.875 | 02/07/50 | 6901 |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| 536000 | 4.250 <sup>(f)</sup> | 02/15/29 | 444960 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 250000 | 3.400 <sup>(f)</sup> | 06/30/30 | 220578 |
| Aon Global Ltd.<sup>(f)</sup>  | Aon Global Ltd.<sup>(f)</sup>  | Aon Global Ltd.<sup>(f)</sup>  | Aon Global Ltd.<sup>(f)</sup>  |
| 65000 | 3.875 | 12/15/25 | 63367 |
| Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. |
| 250000 | 5.144 | 11/01/43 | 223245 |
| Athene Holding Ltd.<sup>(f)</sup>  | Athene Holding Ltd.<sup>(f)</sup>  | Athene Holding Ltd.<sup>(f)</sup>  | Athene Holding Ltd.<sup>(f)</sup>  |
| 20000 | 3.450 | 05/15/52 | 12348 |
| Berkshire Hathaway Finance Corp.<sup>(f)</sup>  | Berkshire Hathaway Finance Corp.<sup>(f)</sup>  | Berkshire Hathaway Finance Corp.<sup>(f)</sup>  | Berkshire Hathaway Finance Corp.<sup>(f)</sup>  |
| 40000 | 3.850 | 03/15/52 | 32284 |
| Berkshire Hathaway, Inc.<sup>(f)</sup>  | Berkshire Hathaway, Inc.<sup>(f)</sup>  | Berkshire Hathaway, Inc.<sup>(f)</sup>  | Berkshire Hathaway, Inc.<sup>(f)</sup>  |
| 50000 | 3.125 | 03/15/26 | 47974 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| 485000 | 3.900 <sup>(f)</sup> | 04/05/32 | 424811 |
| Fidelity National Financial, Inc.<sup>(f)</sup>  | Fidelity National Financial, Inc.<sup>(f)</sup>  | Fidelity National Financial, Inc.<sup>(f)</sup>  | Fidelity National Financial, Inc.<sup>(f)</sup>  |
| 35000 | 3.400 | 06/15/30 | 29549 |
| Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP |
| 115000 | 4.047 <sup>(f)</sup> | 05/17/28 | 107804 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| 575000 | 4.375 <sup>(f)</sup> | 03/15/29 | 555783 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| 50000 | 3.900 <sup>(f)</sup> | 05/15/29 | 45791 |
| The Allstate Corp.<sup>(f)</sup>  | The Allstate Corp.<sup>(f)</sup>  | The Allstate Corp.<sup>(f)</sup>  | The Allstate Corp.<sup>(f)</sup>  |
| 70000 | 0.750 | 12/15/25 | 62180 |
|  |  |  | 2270674 |
| **Internet – 0.7%** | **Internet – 0.7%** | **Internet – 0.7%** | **Internet – 0.7%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 420000 | 3.875 <sup>(f)</sup> | 08/22/37 | 372527 |
| eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
| 25000 | 5.950 | 11/22/27 | 25721 |
| 20000 | 6.300 | 11/22/32 | 20797 |
| Expedia Group, Inc.<sup>(f)</sup>  | Expedia Group, Inc.<sup>(f)</sup>  | Expedia Group, Inc.<sup>(f)</sup>  | Expedia Group, Inc.<sup>(f)</sup>  |
| 450000 | 4.625 | 08/01/27 | 431942 |
| 81000 | 2.950 | 03/15/31 | 65216 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 950000 | 3.500 | 08/15/27 | 885400 |
| 769000 | 3.850 | 08/15/32 | 676672 |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 200000 | 3.832 <sup>(f)</sup> | 02/08/51 | 122288 |
|  |  |  | 2600563 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Investment Companies<sup>(f)</sup> – 0.0%** | **Investment Companies<sup>(f)</sup> – 0.0%** | **Investment Companies<sup>(f)</sup> – 0.0%** | **Investment Companies<sup>(f)</sup> – 0.0%** |
| Prospect Capital Corp. | Prospect Capital Corp. | Prospect Capital Corp. | Prospect Capital Corp. |
| 25000 | 3.437% | 10/15/28 | $19336 |
| **Iron/Steel – 0.3%** | **Iron/Steel – 0.3%** | **Iron/Steel – 0.3%** | **Iron/Steel – 0.3%** |
| ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA |
| 440000 | 4.250 | 07/16/29 | 393052 |
| Steel Dynamics, Inc.<sup>(f)</sup>  | Steel Dynamics, Inc.<sup>(f)</sup>  | Steel Dynamics, Inc.<sup>(f)</sup>  | Steel Dynamics, Inc.<sup>(f)</sup>  |
| 150000 | 2.400 | 06/15/25 | 140520 |
| 275000 | 1.650 | 10/15/27 | 230423 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 134000 | 6.250 | 08/10/26 | 138296 |
|  |  |  | 902291 |
| **Leisure Time<sup>(f)</sup> – 0.0%** | **Leisure Time<sup>(f)</sup> – 0.0%** | **Leisure Time<sup>(f)</sup> – 0.0%** | **Leisure Time<sup>(f)</sup> – 0.0%** |
| Brunswick Corp. | Brunswick Corp. | Brunswick Corp. | Brunswick Corp. |
| 15000 | 5.100 | 04/01/52 | 10846 |
| **Lodging<sup>(f)</sup> – 0.3%** | **Lodging<sup>(f)</sup> – 0.3%** | **Lodging<sup>(f)</sup> – 0.3%** | **Lodging<sup>(f)</sup> – 0.3%** |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 475000 | 1.800 | 10/01/24 | 445066 |
| 39000 | 4.375 | 09/15/28 | 35849 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 475000 | 5.000 | 10/15/27 | 469176 |
|  |  |  | 950091 |
| **Machinery - Construction & Mining – 0.0%** | **Machinery - Construction & Mining – 0.0%** | **Machinery - Construction & Mining – 0.0%** | **Machinery - Construction & Mining – 0.0%** |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 35000 | 0.800 | 11/13/25 | 31451 |
| **Machinery-Diversified<sup>(f)</sup> – 0.0%** | **Machinery-Diversified<sup>(f)</sup> – 0.0%** | **Machinery-Diversified<sup>(f)</sup> – 0.0%** | **Machinery-Diversified<sup>(f)</sup> – 0.0%** |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 175000 | 2.293 | 04/05/27 | 157134 |
| 25000 | 2.565 | 02/15/30 | 21018 |
|  |  |  | 178152 |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(f)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(f)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(f)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(f)</sup>  |
| 425000 | 4.908 | 07/23/25 | 416797 |
| 55000 | 5.375 | 04/01/38 | 46215 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 256000 | 3.300 <sup>(f)</sup> | 02/01/27 | 241644 |
| 55000 | 7.050 | 03/15/33 | 63308 |
| 6000 | 6.500 | 11/15/35 | 6672 |
| 75000 | 3.750 <sup>(f)</sup> | 04/01/40 | 61925 |
| Fox Corp.<sup>(f)</sup>  | Fox Corp.<sup>(f)</sup>  | Fox Corp.<sup>(f)</sup>  | Fox Corp.<sup>(f)</sup>  |
| 300000 | 4.030 | 01/25/24 | 296412 |
| 20000 | 5.576 | 01/25/49 | 17928 |
| NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC |
| 458000 | 4.450 | 01/15/43 | 401739 |
| Paramount Global<sup>(f)</sup>  | Paramount Global<sup>(f)</sup>  | Paramount Global<sup>(f)</sup>  | Paramount Global<sup>(f)</sup>  |
| 25000 | 5.850 | 09/01/43 | 20752 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 20000 | 7.300 | 07/01/38 | 19989 |
|  |  |  | 1593381 |

---

------

GOLDMAN SACHS 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)** |
| **Mining<sup>(f)</sup> – 0.3%** | **Mining<sup>(f)</sup> – 0.3%** | **Mining<sup>(f)</sup> – 0.3%** | **Mining<sup>(f)</sup> – 0.3%** |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 20000 | 5.450% | 03/15/43 | $18025 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 450000 | 1.625 | 04/27/26 | 398277 |
| 250000 | 2.625 | 09/23/31 | 199297 |
| Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. |
| 150000 | 3.250 | 05/13/30 | 125462 |
| Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. |
| 250000 | 3.900 | 07/15/30 | 224360 |
|  |  |  | 965421 |
| **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** |
| 3M Co.<sup>(f)</sup>  | 3M Co.<sup>(f)</sup>  | 3M Co.<sup>(f)</sup>  | 3M Co.<sup>(f)</sup>  |
| 70000 | 2.375 | 08/26/29 | 59415 |
| Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
| 825000 | 4.150 <sup>(f)</sup> | 03/15/33 | 768628 |
| GE Capital International Funding Co. | GE Capital International Funding Co. | GE Capital International Funding Co. | GE Capital International Funding Co. |
| 450000 | 4.418 | 11/15/35 | 414535 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 25000 | 6.750 | 03/15/32 | 27705 |
|  |  |  | 1270283 |
| **Multi-National<sup>(f)</sup> – 0.1%** | **Multi-National<sup>(f)</sup> – 0.1%** | **Multi-National<sup>(f)</sup> – 0.1%** | **Multi-National<sup>(f)</sup> – 0.1%** |
| The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank |
| 270000 | 2.634 | 05/17/26 | 239360 |
| 240000 | 3.798 | 05/17/31 | 198012 |
|  |  |  | 437372 |
| **Oil Field Services – 0.8%** | **Oil Field Services – 0.8%** | **Oil Field Services – 0.8%** | **Oil Field Services – 0.8%** |
| Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
| 600000 | 2.000 <sup>(f)</sup> | 07/15/26 | 531018 |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 225000 | 4.234 <sup>(f)</sup> | 11/06/28 | 217865 |
| Continental Resources, Inc.<sup>(f)</sup>  | Continental Resources, Inc.<sup>(f)</sup>  | Continental Resources, Inc.<sup>(f)</sup>  | Continental Resources, Inc.<sup>(f)</sup>  |
| 15000 | 4.900 | 06/01/44 | 11060 |
| Devon Energy Corp.<sup>(f)</sup>  | Devon Energy Corp.<sup>(f)</sup>  | Devon Energy Corp.<sup>(f)</sup>  | Devon Energy Corp.<sup>(f)</sup>  |
| 221000 | 5.875 | 06/15/28 | 223285 |
| 165000 | 5.600 | 07/15/41 | 154156 |
| Diamondback Energy, Inc.<sup>(f)</sup>  | Diamondback Energy, Inc.<sup>(f)</sup>  | Diamondback Energy, Inc.<sup>(f)</sup>  | Diamondback Energy, Inc.<sup>(f)</sup>  |
| 30000 | 6.250 | 03/15/33 | 30468 |
| EQT Corp.<sup>(f)</sup>  | EQT Corp.<sup>(f)</sup>  | EQT Corp.<sup>(f)</sup>  | EQT Corp.<sup>(f)</sup>  |
| 145000 | 3.900 | 10/01/27 | 133841 |
| 35000 | 7.000 | 02/01/30 | 36256 |
| 610000 | 3.625 | 05/15/31 | 517158 |
| Exxon Mobil Corp.<sup>(f)</sup>  | Exxon Mobil Corp.<sup>(f)</sup>  | Exxon Mobil Corp.<sup>(f)</sup>  | Exxon Mobil Corp.<sup>(f)</sup>  |
| 65000 | 3.043 | 03/01/26 | 62057 |
| Halliburton Co. | Halliburton Co. | Halliburton Co. | Halliburton Co. |
| 25000 | 6.700 | 09/15/38 | 26529 |
| Petroleos de Venezuela SA<sup>(g)</sup>  | Petroleos de Venezuela SA<sup>(g)</sup>  | Petroleos de Venezuela SA<sup>(g)</sup>  | Petroleos de Venezuela SA<sup>(g)</sup>  |
| 4280000 | 6.000 <sup>(h)</sup> | 10/28/22 | 102720 |
| 1110000 | 5.375 | 04/12/27 | 50505 |
| Phillips 66<sup>(f)</sup>  | Phillips 66<sup>(f)</sup>  | Phillips 66<sup>(f)</sup>  | Phillips 66<sup>(f)</sup>  |
| 100000 | 3.850 | 04/09/25 | 97456 |
| 200000 | 1.300 | 02/15/26 | 178812 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy |
| 210000 | 3.300 %<sup>(f)</sup> | 07/12/51 | $153733 |
| Shell International Finance B.V. | Shell International Finance B.V. | Shell International Finance B.V. | Shell International Finance B.V. |
| 40000 | 6.375 | 12/15/38 | 44145 |
| TotalEnergies Capital International SA<sup>(f)</sup>  | TotalEnergies Capital International SA<sup>(f)</sup>  | TotalEnergies Capital International SA<sup>(f)</sup>  | TotalEnergies Capital International SA<sup>(f)</sup>  |
| 70000 | 2.829 | 01/10/30 | 61871 |
| 15000 | 3.127 | 05/29/50 | 10666 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| 15000 | 7.500 | 04/15/32 | 16878 |
|  |  |  | 2660479 |
| **Packaging<sup>(f)</sup> – 0.1%** | **Packaging<sup>(f)</sup> – 0.1%** | **Packaging<sup>(f)</sup> – 0.1%** | **Packaging<sup>(f)</sup> – 0.1%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 375000 | 1.570 | 01/15/26 | 334841 |
| **Pharmaceuticals – 1.5%** | **Pharmaceuticals – 1.5%** | **Pharmaceuticals – 1.5%** | **Pharmaceuticals – 1.5%** |
| AbbVie, Inc.<sup>(f)</sup>  | AbbVie, Inc.<sup>(f)</sup>  | AbbVie, Inc.<sup>(f)</sup>  | AbbVie, Inc.<sup>(f)</sup>  |
| 225000 | 4.450 | 05/14/46 | 195246 |
| 25000 | 4.875 | 11/14/48 | 23021 |
| AmerisourceBergen Corp.<sup>(f)</sup>  | AmerisourceBergen Corp.<sup>(f)</sup>  | AmerisourceBergen Corp.<sup>(f)</sup>  | AmerisourceBergen Corp.<sup>(f)</sup>  |
| 250000 | 3.450 | 12/15/27 | 233553 |
| Bayer US Finance II LLC | Bayer US Finance II LLC | Bayer US Finance II LLC | Bayer US Finance II LLC |
| 950000 | 3.875 <sup>(f)</sup> | 12/15/23 | 935284 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 275000 | 2.950 <sup>(f)</sup> | 03/15/32 | 239907 |
| Cigna Corp.<sup>(f)</sup>  | Cigna Corp.<sup>(f)</sup>  | Cigna Corp.<sup>(f)</sup>  | Cigna Corp.<sup>(f)</sup>  |
| 1309000 | 2.400 | 03/15/30 | 1096877 |
| 325000 | 4.900 | 12/15/48 | 295028 |
| 40000 | 3.400 | 03/15/50 | 28382 |
| CVS Health Corp.<sup>(f)</sup>  | CVS Health Corp.<sup>(f)</sup>  | CVS Health Corp.<sup>(f)</sup>  | CVS Health Corp.<sup>(f)</sup>  |
| 65000 | 3.000 | 08/15/26 | 60704 |
| 275000 | 1.875 | 02/28/31 | 215372 |
| 1175000 | 2.125 | 09/15/31 | 931187 |
| 150000 | 5.125 | 07/20/45 | 136677 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 30000 | 2.750 | 06/03/26 | 28286 |
| PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
| 200000 | 2.875 <sup>(f)</sup> | 07/15/26 | 181094 |
| Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. |
| 680000 | 2.050 <sup>(f)</sup> | 03/31/30 | 554955 |
| Viatris, Inc.<sup>(f)</sup>  | Viatris, Inc.<sup>(f)</sup>  | Viatris, Inc.<sup>(f)</sup>  | Viatris, Inc.<sup>(f)</sup>  |
| 25000 | 4.000 | 06/22/50 | 15486 |
| Wyeth LLC | Wyeth LLC | Wyeth LLC | Wyeth LLC |
| 55000 | 6.500 | 02/01/34 | 62340 |
|  |  |  | 5233399 |
| **Pipelines – 1.3%** | **Pipelines – 1.3%** | **Pipelines – 1.3%** | **Pipelines – 1.3%** |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 455000 | 3.250 <sup>(f)</sup> | 02/15/32 | 374679 |
| Energy Transfer LP<sup>(f)</sup>  | Energy Transfer LP<sup>(f)</sup>  | Energy Transfer LP<sup>(f)</sup>  | Energy Transfer LP<sup>(f)</sup>  |
| 875000 | 4.200 | 09/15/23 | 867554 |
| 200000 | 4.250 | 04/01/24 | 196382 |
| 725000 | 5.500 | 06/01/27 | 720563 |
| 550000 | 5.250 | 04/15/29 | 533225 |
| 75000 | 5.400 | 10/01/47 | 63835 |

---

------

GOLDMAN SACHS 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)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Energy Transfer LP<sup>(f)</sup> – (continued) | Energy Transfer LP<sup>(f)</sup> – (continued) | Energy Transfer LP<sup>(f)</sup> – (continued) | Energy Transfer LP<sup>(f)</sup> – (continued) |
| 5000 | 6.000% | 06/15/48 | $4510 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 | 03/31/36 | 160287 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 500 | 7.750 | 01/15/32 | 562 |
| 27000 | 5.450 <sup>(f)</sup> | 08/01/52 | 24385 |
| MPLX LP<sup>(f)</sup>  | MPLX LP<sup>(f)</sup>  | MPLX LP<sup>(f)</sup>  | MPLX LP<sup>(f)</sup>  |
| 225000 | 4.800 | 02/15/29 | 215208 |
| 200000 | 4.500 | 04/15/38 | 168096 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 425000 | 3.850 <sup>(f)</sup> | 10/15/23 | 419029 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 30000 | 5.900 | 09/15/37 | 29941 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 235000 | 4.200 <sup>(f)</sup> | 02/01/33 | 202321 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp.<sup>(f)</sup>  | Targa Resources Partners LP/Targa Resources Partners Finance Corp.<sup>(f)</sup>  | Targa Resources Partners LP/Targa Resources Partners Finance Corp.<sup>(f)</sup>  | Targa Resources Partners LP/Targa Resources Partners Finance Corp.<sup>(f)</sup>  |
| 45000 | 4.875 | 02/01/31 | 40660 |
| The Williams Cos., Inc.<sup>(f)</sup>  | The Williams Cos., Inc.<sup>(f)</sup>  | The Williams Cos., Inc.<sup>(f)</sup>  | The Williams Cos., Inc.<sup>(f)</sup>  |
| 450000 | 3.900 | 01/15/25 | 438507 |
| 25000 | 5.300 | 08/15/52 | 22521 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 60000 | 4.875 <sup>(f)</sup> | 01/15/26 | 59697 |
|  |  |  | 4541962 |
| **Real Estate Investment Trust – 2.0%** | **Real Estate Investment Trust – 2.0%** | **Real Estate Investment Trust – 2.0%** | **Real Estate Investment Trust – 2.0%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 350000 | 3.375 <sup>(f)</sup> | 08/15/31 | 305610 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 180000 | 2.375 <sup>(f)</sup> | 07/15/31 | 138436 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 925000 | 3.375 <sup>(f)</sup> | 05/15/24 | 900312 |
| Crown Castle International Corp.<sup>(f)</sup>  | Crown Castle International Corp.<sup>(f)</sup>  | Crown Castle International Corp.<sup>(f)</sup>  | Crown Castle International Corp.<sup>(f)</sup>  |
| 65000 | 4.450 | 02/15/26 | 63485 |
| CubeSmart LP<sup>(f)</sup>  | CubeSmart LP<sup>(f)</sup>  | CubeSmart LP<sup>(f)</sup>  | CubeSmart LP<sup>(f)</sup>  |
| 50000 | 2.250 | 12/15/28 | 41251 |
| 265000 | 2.500 | 02/15/32 | 202929 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 400000 | 2.900 <sup>(f)</sup> | 12/15/31 | 306224 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 300000 | 2.300 <sup>(f)</sup> | 11/15/28 | 247920 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 500000 | 4.750 <sup>(f)</sup> | 12/15/28 | 454525 |
| National Retail Properties, Inc.<sup>(f)</sup>  | National Retail Properties, Inc.<sup>(f)</sup>  | National Retail Properties, Inc.<sup>(f)</sup>  | National Retail Properties, Inc.<sup>(f)</sup>  |
| 235000 | 3.900 | 06/15/24 | 229611 |
| 400000 | 4.000 | 11/15/25 | 385376 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 600000 | 1.750 | 07/01/30 | 474438 |
| 525000 | 4.625 <sup>(f)</sup> | 01/15/33 | 508557 |
| Public Storage<sup>(f)</sup>  | Public Storage<sup>(f)</sup>  | Public Storage<sup>(f)</sup>  | Public Storage<sup>(f)</sup>  |
| 70000 | 0.875 | 02/15/26 | 61875 |
| 5000 | 1.850 | 05/01/28 | 4295 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 400000 | 2.850 <sup>(f)</sup> | 12/15/32 | 324908 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate Investment Trust – (continued)** | **Real Estate Investment Trust – (continued)** | **Real Estate Investment Trust – (continued)** | **Real Estate Investment Trust – (continued)** |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 700000 | 2.950 %<sup>(f)</sup> | 09/15/29 | $586915 |
| Simon Property Group LP<sup>(f)</sup>  | Simon Property Group LP<sup>(f)</sup>  | Simon Property Group LP<sup>(f)</sup>  | Simon Property Group LP<sup>(f)</sup>  |
| 65000 | 3.300 | 01/15/26 | 61792 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 300000 | 5.250 <sup>(f)</sup> | 12/15/24 | 294806 |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 150000 | 2.100 <sup>(f)</sup> | 08/01/32 | 111402 |
| VICI Properties LP<sup>(f)</sup>  | VICI Properties LP<sup>(f)</sup>  | VICI Properties LP<sup>(f)</sup>  | VICI Properties LP<sup>(f)</sup>  |
| 15000 | 5.625 | 05/15/52 | 13267 |
| VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| 765000 | 3.750 <sup>(f)</sup> | 02/15/27 | 695530 |
| Welltower, Inc. | Welltower, Inc. | Welltower, Inc. | Welltower, Inc. |
| 60000 | 4.250 <sup>(f)</sup> | 04/15/28 | 56312 |
| WP Carey, Inc.<sup>(f)</sup>  | WP Carey, Inc.<sup>(f)</sup>  | WP Carey, Inc.<sup>(f)</sup>  | WP Carey, Inc.<sup>(f)</sup>  |
| 155000 | 4.600 | 04/01/24 | 153538 |
| 105000 | 4.000 | 02/01/25 | 102396 |
| 425000 | 3.850 | 07/15/29 | 382113 |
|  |  |  | 7107823 |
| **Retailing – 1.6%** | **Retailing – 1.6%** | **Retailing – 1.6%** | **Retailing – 1.6%** |
| Arko Corp. | Arko Corp. | Arko Corp. | Arko Corp. |
| 470000 | 5.125 <sup>(f)</sup> | 11/15/29 | 368668 |
| AutoNation, Inc.<sup>(f)</sup>  | AutoNation, Inc.<sup>(f)</sup>  | AutoNation, Inc.<sup>(f)</sup>  | AutoNation, Inc.<sup>(f)</sup>  |
| 317000 | 4.500 | 10/01/25 | 307737 |
| 450000 | 4.750 | 06/01/30 | 402687 |
| CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. |
| 200000 | 2.500 <sup>(f)</sup> | 05/08/30 | 168132 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 975000 | 4.000 <sup>(f)</sup> | 05/15/25 | 952195 |
| Lowe's Cos., Inc.<sup>(f)</sup>  | Lowe's Cos., Inc.<sup>(f)</sup>  | Lowe's Cos., Inc.<sup>(f)</sup>  | Lowe's Cos., Inc.<sup>(f)</sup>  |
| 125000 | 3.100 | 05/03/27 | 116480 |
| 425000 | 1.700 | 09/15/28 | 356987 |
| 650000 | 1.700 | 10/15/30 | 507735 |
| 400000 | 3.750 | 04/01/32 | 356496 |
| 550000 | 5.000 | 04/15/33 | 538164 |
| McDonald's Corp.<sup>(f)</sup>  | McDonald's Corp.<sup>(f)</sup>  | McDonald's Corp.<sup>(f)</sup>  | McDonald's Corp.<sup>(f)</sup>  |
| 286000 | 4.600 | 09/09/32 | 280011 |
| 30000 | 6.300 | 03/01/38 | 32674 |
| 75000 | 4.450 | 09/01/48 | 65749 |
| Starbucks Corp.<sup>(f)</sup>  | Starbucks Corp.<sup>(f)</sup>  | Starbucks Corp.<sup>(f)</sup>  | Starbucks Corp.<sup>(f)</sup>  |
| 375000 | 4.000 | 11/15/28 | 357311 |
| 400000 | 3.000 | 02/14/32 | 341988 |
| The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. |
| 350000 | 4.500 <sup>(f)</sup> | 09/15/32 | 342972 |
| 40000 | 5.875 | 12/16/36 | 42800 |
| 15000 | 5.950 <sup>(f)</sup> | 04/01/41 | 16259 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 70000 | 1.050 <sup>(f)</sup> | 09/17/26 | 61923 |
| 25000 | 5.250 | 09/01/35 | 26299 |
|  |  |  | 5643267 |
| **Semiconductors – 0.9%** | **Semiconductors – 0.9%** | **Semiconductors – 0.9%** | **Semiconductors – 0.9%** |
| Broadcom Corp./Broadcom Cayman Finance Ltd.<sup>(f)</sup>  | Broadcom Corp./Broadcom Cayman Finance Ltd.<sup>(f)</sup>  | Broadcom Corp./Broadcom Cayman Finance Ltd.<sup>(f)</sup>  | Broadcom Corp./Broadcom Cayman Finance Ltd.<sup>(f)</sup>  |
| 65000 | 3.500 | 01/15/28 | 59247 |

---

------

GOLDMAN SACHS 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)** |
| **Semiconductors – (continued)** | **Semiconductors – (continued)** | **Semiconductors – (continued)** | **Semiconductors – (continued)** |
| Broadcom, Inc.<sup>(f)</sup>  | Broadcom, Inc.<sup>(f)</sup>  | Broadcom, Inc.<sup>(f)</sup>  | Broadcom, Inc.<sup>(f)</sup>  |
| 510000 | 4.150% | 04/15/32 | $448295 |
| 475000 | 3.419 | 04/15/33 | 381273 |
| 651000 | 3.137 | 11/15/35 | 477613 |
| 650000 | 3.500 | 02/15/41 | 465342 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 50000 | 3.900 <sup>(f)</sup> | 03/25/30 | 46912 |
| Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
| 625000 | 2.670 | 09/01/23 | 612637 |
| Micron Technology, Inc.<sup>(f)</sup>  | Micron Technology, Inc.<sup>(f)</sup>  | Micron Technology, Inc.<sup>(f)</sup>  | Micron Technology, Inc.<sup>(f)</sup>  |
| 40000 | 6.750 | 11/01/29 | 40700 |
| 350000 | 2.703 | 04/15/32 | 262570 |
| 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 | 3.400 <sup>(f)</sup> | 05/01/30 | 237314 |
| Qorvo, Inc.<sup>(f)</sup>  | Qorvo, Inc.<sup>(f)</sup>  | Qorvo, Inc.<sup>(f)</sup>  | Qorvo, Inc.<sup>(f)</sup>  |
| 40000 | 4.375 | 10/15/29 | 35348 |
| Qualcomm, Inc. | Qualcomm, Inc. | Qualcomm, Inc. | Qualcomm, Inc. |
| 5000 | 5.400 | 05/20/33 | 5210 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. |
| 35000 | 4.650 <sup>(f)</sup> | 05/20/35 | 33950 |
|  |  |  | 3106411 |
| **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 539000 | 2.950 <sup>(f)</sup> | 04/01/30 | 460090 |
| 550000 | 2.875 <sup>(f)</sup> | 03/25/31 | 456296 |
| 40000 | 6.500 | 04/15/38 | 41553 |
| 875000 | 6.900 | 11/09/52 | 946872 |
| ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. |
| 550000 | 1.400 <sup>(f)</sup> | 09/01/30 | 419084 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 360000 | 3.700 <sup>(f)</sup> | 04/14/27 | 338875 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 175000 | 1.800 <sup>(f)</sup> | 08/15/28 | 142874 |
| Workday, Inc.<sup>(f)</sup>  | Workday, Inc.<sup>(f)</sup>  | Workday, Inc.<sup>(f)</sup>  | Workday, Inc.<sup>(f)</sup>  |
| 225000 | 3.500 | 04/01/27 | 210447 |
| 250000 | 3.700 | 04/01/29 | 229325 |
| 150000 | 3.800 | 04/01/32 | 132377 |
|  |  |  | 3377793 |
| **Telecommunication Services – 2.1%** | **Telecommunication Services – 2.1%** | **Telecommunication Services – 2.1%** | **Telecommunication Services – 2.1%** |
| AT&T, Inc.<sup>(f)</sup>  | AT&T, Inc.<sup>(f)</sup>  | AT&T, Inc.<sup>(f)</sup>  | AT&T, Inc.<sup>(f)</sup>  |
| 70000 | 1.700 | 03/25/26 | 63180 |
| 336000 | 2.300 | 06/01/27 | 299420 |
| 100000 | 1.650 | 02/01/28 | 84604 |
| 500000 | 2.750 | 06/01/31 | 415175 |
| 694000 | 2.550 | 12/01/33 | 533686 |
| 175000 | 4.900 | 08/15/37 | 161156 |
| 450000 | 3.500 | 06/01/41 | 335844 |
| 70000 | 4.750 | 05/15/46 | 59734 |
| 100000 | 5.150 | 11/15/46 | 90177 |
| 35000 | 4.500 | 03/09/48 | 28485 |
| 300000 | 3.650 | 06/01/51 | 212178 |
| 100000 | 3.500 | 09/15/53 | 68037 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
| 25000 | 9.625% | 12/15/30 | $29842 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 35000 | 5.900 | 02/15/39 | 37781 |
| Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. |
| 35000 | 8.750 | 06/15/30 | 41296 |
| Rogers Communications, Inc.<sup>(f)</sup>  | Rogers Communications, Inc.<sup>(f)</sup>  | Rogers Communications, Inc.<sup>(f)</sup>  | Rogers Communications, Inc.<sup>(f)</sup>  |
| 30000 | 4.350 | 05/01/49 | 22775 |
| T-Mobile USA, Inc.<sup>(f)</sup>  | T-Mobile USA, Inc.<sup>(f)</sup>  | T-Mobile USA, Inc.<sup>(f)</sup>  | T-Mobile USA, Inc.<sup>(f)</sup>  |
| 625000 | 3.500 | 04/15/25 | 601675 |
| 375000 | 1.500 | 02/15/26 | 336015 |
| 275000 | 2.050 | 02/15/28 | 236580 |
| 520000 | 2.875 | 02/15/31 | 429312 |
| 350000 | 5.200 | 01/15/33 | 346545 |
| 450000 | 3.000 | 02/15/41 | 317673 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 630000 | 4.329 | 09/21/28 | 606425 |
| 575000 | 3.150 <sup>(f)</sup> | 03/22/30 | 506581 |
| 800000 | 2.550 <sup>(f)</sup> | 03/21/31 | 658400 |
| 1004000 | 2.355 <sup>(f)</sup> | 03/15/32 | 796212 |
| 80000 | 2.875 <sup>(f)</sup> | 11/20/50 | 50456 |
|  |  |  | 7369244 |
| **Transportation – 0.6%** | **Transportation – 0.6%** | **Transportation – 0.6%** | **Transportation – 0.6%** |
| Canadian National Railway Co. | Canadian National Railway Co. | Canadian National Railway Co. | Canadian National Railway Co. |
| 40000 | 2.450 <sup>(f)</sup> | 05/01/50 | 25120 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 200000 | 2.050 <sup>(f)</sup> | 03/05/30 | 163898 |
| 525000 | 2.450 <sup>(f)</sup> | 12/02/31 | 436979 |
| 30000 | 5.950 | 05/15/37 | 31057 |
| CSX Corp.<sup>(f)</sup>  | CSX Corp.<sup>(f)</sup>  | CSX Corp.<sup>(f)</sup>  | CSX Corp.<sup>(f)</sup>  |
| 625000 | 3.800 | 03/01/28 | 596006 |
| 600000 | 4.100 | 11/15/32 | 562038 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 525000 | 2.800 <sup>(f)</sup> | 02/14/32 | 451201 |
|  |  |  | 2266299 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $152,907,229)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $152,907,229)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $152,907,229)** | $138164205 |
| **Asset-Backed Securities – 5.6%** | **Asset-Backed Securities – 5.6%** | **Asset-Backed Securities – 5.6%** | **Asset-Backed Securities – 5.6%** |
| **Collateralized Loan Obligations – 3.8%** | **Collateralized Loan Obligations – 3.8%** | **Collateralized Loan Obligations – 3.8%** | **Collateralized Loan Obligations – 3.8%** |
| AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) |
| 1300000 | 5.379 %<sup>(b)(c)</sup> | 01/15/33 | $1275944 |
| Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) | Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) | Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) | Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) |
| 1925000 | 5.304 <sup>(b)(c)</sup> | 04/15/35 | 1877992 |
| Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A (3M USD LIBOR + 1.090%) | Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A (3M USD LIBOR + 1.090%) | Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A (3M USD LIBOR + 1.090%) | Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A (3M USD LIBOR + 1.090%) |
| 2009000 | 5.333 <sup>(b)(c)</sup> | 04/20/31 | 1984082 |

---

------

GOLDMAN SACHS 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 – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| 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%) |
| 500000 | 8.359 %<sup>(b)(c)</sup> | 01/15/32 | $440479 |
| 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%) |
| 2000000 | 5.269 <sup>(b)(c)</sup> | 07/17/34 | 1929904 |
| Dryden 68 CLO, Ltd. Series 19-68A, Class AR (3M USD LIBOR + 1.170%) | Dryden 68 CLO, Ltd. Series 19-68A, Class AR (3M USD LIBOR + 1.170%) | Dryden 68 CLO, Ltd. Series 19-68A, Class AR (3M USD LIBOR + 1.170%) | Dryden 68 CLO, Ltd. Series 19-68A, Class AR (3M USD LIBOR + 1.170%) |
| 2200000 | 5.249 <sup>(b)(c)</sup> | 07/15/35 | 2138422 |
| Logan CLO I Ltd. Series 2021-1A, Class A (3M USD LIBOR + 1.160%) | Logan CLO I Ltd. Series 2021-1A, Class A (3M USD LIBOR + 1.160%) | Logan CLO I Ltd. Series 2021-1A, Class A (3M USD LIBOR + 1.160%) | Logan CLO I Ltd. Series 2021-1A, Class A (3M USD LIBOR + 1.160%) |
| 1900000 | 5.403 <sup>(b)(c)</sup> | 07/20/34 | 1854083 |
| MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%) | MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%) | MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%) | MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%) |
| 500000 | 5.975 | 02/20/31 | 486160 |
| Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) |
| 1200000 | 5.371 <sup>(b)(c)</sup> | 04/14/33 | 1171772 |
|  |  |  | 13158838 |
| **Home Equity<sup>(b)</sup> – 0.4%** | **Home Equity<sup>(b)</sup> – 0.4%** | **Home Equity<sup>(b)</sup> – 0.4%** | **Home Equity<sup>(b)</sup> – 0.4%** |
| Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%) |
| 281929 | 5.064 | 10/25/35 | 268151 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%) |
| 426 | 4.598 | 01/25/32 | 421 |
| Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%) | Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%) | Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%) | Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%) |
| 257 | 4.989 | 11/25/32 | 218 |
| Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%) |
| 538860 | 4.619 | 04/25/37 | 506499 |
| Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.440%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.440%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.440%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.440%) |
| 2478703 | 4.829 | 04/25/37 | 647763 |
| Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%) | Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%) | Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%) | Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%) |
| 99599 | 4.589 | 01/25/37 | 99049 |
|  |  |  | 1522101 |
| **Student Loan<sup>(b)</sup> – 1.4%** | **Student Loan<sup>(b)</sup> – 1.4%** | **Student Loan<sup>(b)</sup> – 1.4%** | **Student Loan<sup>(b)</sup> – 1.4%** |
| AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) | AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) | AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) | AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) |
| 347880 | 4.934 | 09/26/33 | 326458 |
| 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%) |
| 2830687 | 5.439 <sup>(c)</sup> | 12/27/66 | 2766773 |
| 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%) |
| 808053 | 5.539 <sup>(c)</sup> | 09/25/65 | 794585 |
| SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%) | SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%) | SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%) | SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%) |
| 18846 | 4.478 | 01/25/27 | 18818 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** | **Asset-Backed Securities – (continued)** |
|  **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** |
|  SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%) | SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%) | SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%) | SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%) | SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%) |
|  $ | 255421 | 4.498% | 10/25/28 | $252571 |
|  SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%) | SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%) | SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%) | SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%) | SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%) |
|  | 188179 | 6.008 | 07/25/22 | 187315 |
|  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%) | SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%) |
|  | 528969 | 6.058 | 07/25/23 | 519941 |
|  |  |  |  | 4866461 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $20,202,317)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $20,202,317)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $20,202,317)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $20,202,317)** | $19547400 |
| **Sovereign Debt Obligations – 3.1%** | **Sovereign Debt Obligations – 3.1%** | **Sovereign Debt Obligations – 3.1%** | **Sovereign Debt Obligations – 3.1%** | **Sovereign Debt Obligations – 3.1%** |
|  **Euro – 0.0%** | **Euro – 0.0%** | **Euro – 0.0%** | **Euro – 0.0%** | **Euro – 0.0%** |
|  Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
|  EUR | 70000 | 2.000% | 01/28/32 | $49844 |
|  | 80000 | 3.375 | 01/28/50 | 49096 |
|  |  |  |  | 98940 |
|  **Sovereign – 2.8%** | **Sovereign – 2.8%** | **Sovereign – 2.8%** | **Sovereign – 2.8%** | **Sovereign – 2.8%** |
|  Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
|  $ | 1650000 | 2.850 | 03/28/34 | 1372684 |
|  | 3280000 | 2.900 | 04/12/32 | 2851862 |
|  | 1700000 | 3.500 | 09/01/32 | 1549142 |
|  | 3120000 | 1.700 | 04/23/35 | 2136233 |
|  Republic of Ecuador | Republic of Ecuador | Republic of Ecuador | Republic of Ecuador | Republic of Ecuador |
|  | 41572 | 0.000 <sup>(i)</sup> | 07/31/30 | 16091 |
|  Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
|  | 200000 | 3.850 | 10/15/30 | 187538 |
|  Republic of Ivory Coast | Republic of Ivory Coast | Republic of Ivory Coast | Republic of Ivory Coast | Republic of Ivory Coast |
|  EUR | 120000 | 4.875 | 01/30/32 | 101101 |
|  $ | 200000 | 6.125 | 06/15/33 | 178000 |
|  EUR | 130000 | 6.625 | 03/22/48 | 97828 |
|  Republic of Nigeria | Republic of Nigeria | Republic of Nigeria | Republic of Nigeria | Republic of Nigeria |
|  $ | 290000 | 7.143 | 02/23/30 | 221487 |
|  | 680000 | 7.875 | 02/16/32 | 510000 |
|  Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
|  EUR | 10000 | 2.875 | 03/11/29 | 8833 |
|  | 190000 | 3.624 | 05/26/30 | 165734 |
|  | 70000 | 3.375 | 01/28/50 | 42959 |
|  Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
|  $ | 230000 | 4.000 | 02/14/51 | 151053 |
|  Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
|  | 130000 | 3.000 | 02/14/31 | 101871 |
|  |  |  |  | 9692416 |
|  **United States Dollar – 0.3%** | **United States Dollar – 0.3%** | **United States Dollar – 0.3%** | **United States Dollar – 0.3%** | **United States Dollar – 0.3%** |
|  Israel Government AID Bond<sup>(j)</sup>  | Israel Government AID Bond<sup>(j)</sup>  | Israel Government AID Bond<sup>(j)</sup>  | Israel Government AID Bond<sup>(j)</sup>  | Israel Government AID Bond<sup>(j)</sup>  |
|  | 40000 | 5.500 | 09/18/33 | 42684 |
|  Republic of Panama | Republic of Panama | Republic of Panama | Republic of Panama | Republic of Panama |
|  | 200000 | 4.500 <sup>(f)</sup> | 01/19/63 | 141100 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
| Republic of Peru<sup>(f)</sup>  | Republic of Peru<sup>(f)</sup>  | Republic of Peru<sup>(f)</sup>  | Republic of Peru<sup>(f)</sup>  |
| 20000 | 2.780% | 12/01/60 | $11697 |
| 100000 | 3.230 <sup>(k)</sup> | 07/28/21 | 58300 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 20000 | 3.000 | 02/27/27 | 17660 |
| United Mexican States<sup>(f)</sup>  | United Mexican States<sup>(f)</sup>  | United Mexican States<sup>(f)</sup>  | United Mexican States<sup>(f)</sup>  |
| 221000 | 3.500 | 02/12/34 | 177352 |
| 624000 | 3.771 | 05/24/61 | 395187 |
|  |  |  | 843980 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $13,405,271)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $13,405,271)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $13,405,271)** | $10635336 |
| **Municipal Debt Obligations – 1.1%** | **Municipal Debt Obligations – 1.1%** | **Municipal Debt Obligations – 1.1%** | **Municipal Debt Obligations – 1.1%** |
| **California<sup>(f)</sup> – 0.3%** | **California<sup>(f)</sup> – 0.3%** | **California<sup>(f)</sup> – 0.3%** | **California<sup>(f)</sup> – 0.3%** |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 210000 | 7.550% | 04/01/39 | $262843 |
| East Bay Municipal Utility Disrtict Water System RB Build America Sub Series 2010 | East Bay Municipal Utility Disrtict Water System RB Build America Sub Series 2010 | East Bay Municipal Utility Disrtict Water System RB Build America Sub Series 2010 | East Bay Municipal Utility Disrtict Water System RB Build America Sub Series 2010 |
| 900000 | 5.874 | 06/01/40 | 982573 |
|  |  |  | 1245416 |
| **Illinois – 0.4%** | **Illinois – 0.4%** | **Illinois – 0.4%** | **Illinois – 0.4%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 677857 | 7.350 <sup>(f)</sup> | 07/01/35 | 713122 |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 115000 | 6.630 <sup>(f)</sup> | 02/01/35 | 116576 |
| 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 |
| 530000 | 5.100 | 06/01/33 | 508662 |
|  |  |  | 1338360 |
| **New York<sup>(f)</sup> – 0.3%** | **New York<sup>(f)</sup> – 0.3%** | **New York<sup>(f)</sup> – 0.3%** | **New York<sup>(f)</sup> – 0.3%** |
| New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B | New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B | New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B | New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B |
| 800000 | 5.175 | 11/15/49 | 690401 |
| Port Authority of New York & New Jersey Consolidated Bonds -192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds -192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds -192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds -192 Series 2015 |
| 375000 | 4.810 | 10/15/65 | 347499 |
|  |  |  | 1037900 |
| **Ohio<sup>(f)</sup> – 0.1%** | **Ohio<sup>(f)</sup> – 0.1%** | **Ohio<sup>(f)</sup> – 0.1%** | **Ohio<sup>(f)</sup> – 0.1%** |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 245000 | 6.270 | 02/15/50 | 259006 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,103,009)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,103,009)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,103,009)** | $3880682 |
| **U.S. Treasury Obligations – 11.4%** | **U.S. Treasury Obligations – 11.4%** | **U.S. Treasury Obligations – 11.4%** | **U.S. Treasury Obligations – 11.4%** |
| United States Treasury Bonds<sup>(l)</sup>  | United States Treasury Bonds<sup>(l)</sup>  | United States Treasury Bonds<sup>(l)</sup>  | United States Treasury Bonds<sup>(l)</sup>  |
| 15080000 | 4.375% | 05/15/41 | $15643144 |
| 1100000 | 3.625 | 02/15/44 | 1011141 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| United States Treasury Bonds<sup>(l)</sup> – (continued) | United States Treasury Bonds<sup>(l)</sup> – (continued) | United States Treasury Bonds<sup>(l)</sup> – (continued) | United States Treasury Bonds<sup>(l)</sup> – (continued) |
| 1870000 | 4.000% | 11/15/52 | $1880226 |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
| 21050000 | 4.250 | 10/15/25 | 21036844 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $42,974,597)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $42,974,597)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $42,974,597)** | $39571355 |
| **Short-term Investments – 1.4%** | **Short-term Investments – 1.4%** | **Short-term Investments – 1.4%** | **Short-term Investments – 1.4%** |
| **Certificates of Deposit<sup>(b)</sup> – 0.9%** | **Certificates of Deposit<sup>(b)</sup> – 0.9%** | **Certificates of Deposit<sup>(b)</sup> – 0.9%** | **Certificates of Deposit<sup>(b)</sup> – 0.9%** |
| Macquarie Bank Ltd. (SOFR + 0.45%) | Macquarie Bank Ltd. (SOFR + 0.45%) | Macquarie Bank Ltd. (SOFR + 0.45%) | Macquarie Bank Ltd. (SOFR + 0.45%) |
| 1700000 | 4.750 %<sup>(c)</sup> | 04/06/23 | $1700814 |
| Mizuho Bank Ltd. (SOFR + 0.36%) | Mizuho Bank Ltd. (SOFR + 0.36%) | Mizuho Bank Ltd. (SOFR + 0.36%) | Mizuho Bank Ltd. (SOFR + 0.36%) |
| 1513000 | 4.660 | 02/01/23 | 1513286 |
|  |  |  | 3214100 |
| **Commercial Paper<sup>(i)</sup> – 0.5%** | **Commercial Paper<sup>(i)</sup> – 0.5%** | **Commercial Paper<sup>(i)</sup> – 0.5%** | **Commercial Paper<sup>(i)</sup> – 0.5%** |
| The Disney (Walt) Co. | The Disney (Walt) Co. | The Disney (Walt) Co. | The Disney (Walt) Co. |
| 1364000 | 0.000 | 02/02/23 | 1358329 |
| 440000 | 0.000 | 02/17/23 | 437290 |
|  |  |  | 1795619 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $5,009,946)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $5,009,946)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $5,009,946)** | $5009719 |
| **TOTAL INVESTMENTS – 117.0%<br>(Cost $435,685,815)** | **TOTAL INVESTMENTS – 117.0%<br>(Cost $435,685,815)** | **TOTAL INVESTMENTS – 117.0%<br>(Cost $435,685,815)** | $407813368 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (17.0)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (17.0)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (17.0)%** | (59250779) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $348562589 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (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 $54,752,674 which represents approximately 15.8% of net assets as of December 31, 2022. |
| (f) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (g) | Security is currently in default and/or non-income producing. |
| (h) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (i) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (j) | Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $42,684, which represents approximately 0% of the Fund's net assets as of December 31, 2022 |
| (k) | Actual maturity date is April 03, 2120. |
| (l) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |

---

------

GOLDMAN SACHS 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** |
|  JPMorgan Securities, Inc. | AUD | 2487600 | NZD | 2646034 | 01/25/23 | $14916 |
|  | AUD | 387396 | NZD | 414799 | 03/15/23 | 998 |
|  | AUD | 1403840 | USD | 943739 | 01/17/23 | 12770 |
|  | AUD | 2339407 | USD | 1564490 | 03/14/23 | 33101 |
|  | AUD | 2181839 | USD | 1480646 | 03/15/23 | 9403 |
|  | CAD | 1011052 | USD | 739999 | 03/08/23 | 7105 |
|  | CAD | 699201 | USD | 513599 | 03/15/23 | 3106 |
|  | CHF | 592477 | EUR | 600000 | 03/15/23 | 437 |
|  | CHF | 672353 | USD | 728664 | 03/15/23 | 4479 |
|  | CLP | 585236675 | USD | 672327 | 01/03/23 | 17402 |
|  | CLP | 406539418 | USD | 439542 | 01/10/23 | 39261 |
|  | CNH | 1836202 | USD | 265632 | 03/15/23 | 1246 |
|  | COP | 2231210903 | USD | 439273 | 01/23/23 | 18877 |
|  | CZK | 15097410 | EUR | 619932 | 01/25/23 | 2168 |
|  | CZK | 348602 | USD | 15084 | 03/15/23 | 279 |
|  | EUR | 873027 | CHF | 859170 | 01/25/23 | 4324 |
|  | EUR | 248000 | CHF | 244548 | 03/15/23 | 193 |
|  | EUR | 299200 | GBP | 259222 | 03/15/23 | 7970 |
|  | EUR | 306310 | NZD | 510873 | 03/15/23 | 4980 |
|  | EUR | 988064 | SEK | 10895943 | 01/25/23 | 13799 |
|  | EUR | 469070 | SEK | 5176241 | 03/15/23 | 6525 |
|  | EUR | 10730249 | USD | 10636884 | 01/06/23 | 854198 |
|  | EUR | 3495970 | USD | 3727156 | 01/17/23 | 19704 |
|  | EUR | 1979840 | USD | 2115515 | 03/15/23 | 14818 |
|  | GBP | 274852 | USD | 329588 | 01/03/23 | 2720 |
|  | GBP | 267653 | USD | 322683 | 02/23/23 | 1338 |
|  | GBP | 169569 | USD | 204465 | 03/15/23 | 920 |
|  | JPY | 39575156 | USD | 300716 | 03/15/23 | 3920 |
|  | JPY | 164632535 | USD | 1256775 | 03/16/23 | 10691 |
|  | MXN | 63628 | USD | 3164 | 03/15/23 | 56 |
|  | NOK | 10784881 | USD | 1085099 | 03/15/23 | 19377 |
|  | NOK | 19499360 | USD | 1990479 | 03/30/23 | 7881 |
|  | NZD | 572902 | USD | 359756 | 01/25/23 | 4121 |
|  | NZD | 709554 | USD | 446245 | 03/15/23 | 4613 |
|  | SGD | 940967 | USD | 697621 | 01/25/23 | 5254 |
|  | SGD | 769685 | USD | 570791 | 03/15/23 | 4564 |
|  | TWD | 21207691 | USD | 689098 | 01/03/23 | 1389 |
|  | USD | 599975 | BRL | 3140004 | 01/04/23 | 5774 |
|  | USD | 390019 | BRL | 2027511 | 02/02/23 | 8496 |
|  | USD | 1131714 | CHF | 1034097 | 03/28/23 | 2561 |
|  | USD | 1153631 | EUR | 1070992 | 01/17/23 | 5779 |
|  | USD | 322141 | EUR | 299201 | 03/15/23 | 197 |
|  | USD | 462170 | GBP | 376898 | 01/03/23 | 6483 |
|  | USD | 2954093 | GBP | 2401595 | 03/15/23 | 45241 |
|  | USD | 840244 | ILS | 2868556 | 03/15/23 | 20726 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 692027 | NZD | 1083041 | 03/15/23 | $3851 |
|  | USD | 5997081 | SEK | 61265998 | 03/06/23 | 103498 |
|  | USD | 1523851 | SEK | 15678730 | 03/15/23 | 14814 |
|  | USD | 326128 | TWD | 9984414 | 01/03/23 | 1052 |
|  | ZAR | 4862776 | USD | 282660 | 03/15/23 | 1700 |
|  **TOTAL** |  |  |  |  |  | $1379075 |

---

**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** |
|  JPMorgan Securities, Inc. | AUD | 286800 | NZD | 307840 | 01/25/23 | $(42) |
|  | BRL | 4667691 | USD | 898827 | 01/04/23 | (15531) |
|  | BRL | 824182 | USD | 158480 | 02/02/23 | (3391) |
|  | CHF | 1496577 | EUR | 1521526 | 01/25/23 | (8403) |
|  | CHF | 290232 | USD | 316754 | 03/15/23 | (281) |
|  | COP | 637118691 | USD | 131473 | 01/23/23 | (649) |
|  | EUR | 600000 | CHF | 593682 | 01/25/23 | (505) |
|  | EUR | 621497 | CZK | 15097410 | 01/25/23 | (487) |
|  | EUR | 296432 | NZD | 502331 | 03/15/23 | (222) |
|  | GBP | 38268 | USD | 46731 | 01/03/23 | (463) |
|  | GBP | 482272 | USD | 594803 | 02/23/23 | (10964) |
|  | GBP | 432569 | USD | 533832 | 03/15/23 | (9898) |
|  | ILS | 434435 | USD | 126436 | 03/15/23 | (2323) |
|  | INR | 100938 | USD | 1221 | 02/16/23 | (4) |
|  | NOK | 19511645 | USD | 2003589 | 01/04/23 | (11609) |
|  | NZD | 2135637 | AUD | 2006606 | 01/25/23 | (11251) |
|  | NZD | 747873 | AUD | 700800 | 03/15/23 | (3391) |
|  | NZD | 504192 | EUR | 300873 | 03/15/23 | (3374) |
|  | NZD | 1034083 | USD | 661204 | 03/15/23 | (4136) |
|  | SEK | 10895943 | EUR | 992274 | 01/25/23 | (18312) |
|  | SEK | 3261089 | EUR | 299925 | 03/15/23 | (8852) |
|  | SEK | 61383562 | USD | 6008456 | 03/06/23 | (103563) |
|  | TWD | 21207692 | USD | 694469 | 01/03/23 | (3981) |
|  | TWD | 11223277 | USD | 370466 | 03/27/23 | (1810) |
|  | USD | 685729 | AUD | 1016307 | 01/17/23 | (6734) |
|  | USD | 2025846 | AUD | 3029330 | 03/14/23 | (42897) |
|  | USD | 283514 | BRL | 1527687 | 01/04/23 | (5579) |
|  | USD | 1305143 | CAD | 1783202 | 03/08/23 | (12533) |
|  | USD | 1048168 | CHF | 1035723 | 01/04/23 | (72440) |
|  | USD | 165431 | CHF | 152955 | 03/15/23 | (1353) |
|  | USD | 661922 | CLP | 585236675 | 01/03/23 | (27806) |
|  | USD | 739682 | CLP | 698191095 | 01/10/23 | (82613) |
|  | USD | 510449 | CNH | 3548183 | 03/15/23 | (5251) |
|  | USD | 580424 | COP | 2897486198 | 01/23/23 | (14537) |
|  | USD | 14269418 | EUR | 14363617 | 01/06/23 | (1112658) |
|  | USD | 2346532 | EUR | 2198467 | 01/17/23 | (9708) |
|  | USD | 738585 | EUR | 692285 | 03/15/23 | (6323) |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 230977 | GBP | 192620 | 01/03/23 | $(1910) |
|  | USD | 309119 | GBP | 256438 | 02/23/23 | (1324) |
|  | USD | 1354576 | JPY | 176967252 | 03/16/23 | (7852) |
|  | USD | 1305753 | NOK | 13941536 | 01/04/23 | (117565) |
|  | USD | 187857 | NOK | 1839908 | 03/15/23 | (567) |
|  | USD | 1423444 | NOK | 13941536 | 03/30/23 | (5332) |
|  | USD | 784118 | NZD | 1380074 | 01/11/23 | (92231) |
|  | USD | 1095110 | NZD | 1738293 | 03/15/23 | (9421) |
|  | USD | 31953 | PLN | 143488 | 03/15/23 | (587) |
|  | USD | 698839 | SGD | 940968 | 01/25/23 | (4036) |
|  | USD | 1054296 | TWD | 32430969 | 01/03/23 | (1602) |
|  | USD | 301504 | ZAR | 5273913 | 03/15/23 | (6898) |
|  **TOTAL** |  |  |  |  |  | $(1873199) |

---

**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 | 01/23/23 | $(5000000) | $(4081094) |
|  GNMA | 4.500 | TBA-30yr |  | (2000000) | (1940643) |
|  **(PROCEEDS RECEIVABLE: $(6187695))** | **(PROCEEDS RECEIVABLE: $(6187695))** |  |  |  | $(6021737) |

---

**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 | 134 | 03/22/23 | $15047781 | $(70297) |
|  5 Year U.S. Treasury Notes | 27 | 03/31/23 | 2914102 | (1555) |
|  Ultra Long U.S. Treasury Bonds | 169 | 03/22/23 | 22483563 | (620299) |
|  **Total** |  |  |  | $(692151) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year German Euro-Bund | (3) | 03/08/23 | (426885) | 30536 |
|  10 Year U.S. Treasury Notes | (125) | 03/22/23 | (14785156) | 231668 |
|  2 Year U.S. Treasury Notes | (71) | 03/31/23 | (14560547) | 31575 |
|  Euro Buxl 30 Year Bonds | (1) | 03/08/23 | (144768) | 27381 |
|  **Total** |  |  |  | $321160 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(370991) |

---

------

GOLDMAN SACHS BOND 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** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  1M BID Average<sup>(a)</sup> <br> 12.400%<sup>(a)</sup> | 01/02/23 | 3560 | $4063 | $15 | $4048 |
|  5.800%<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/23 | 9300 | 97166 | (457) | 97623 |
|  1M BID Average<sup>(a)</sup> <br> 13.950<sup>(a)</sup> | 01/02/24 | 10120 | 8513 | (485) | 8998 |
| 12.300<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/24 | 140 | 114 | (45) | 159 |
| 11.814<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/24 | 2 | 4 | 1 | 3 |
|  12M SOFR<sup>(b)</sup> <br> 4.430<sup>(b)</sup> | 12/31/24 | $12290 <sup>(c)</sup> | (3504) | 15812 | (19316) |
|  1M BID Average<sup>(a)</sup> <br> 11.488<sup>(a)</sup> | 01/02/25 | 4230 | (16028) | (457) | (15571) |
| 13.300<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/25 | 3370 | (5920) | (26) | (5894) |
| 9.250<sup>(a)</sup> <br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/12/25 | 4725 <sup>(c)</sup> | 1399 | (458) | 1857 |
|  3M STIBOR<sup>(d)</sup> <br> 3.000<sup>(b)</sup> | 03/15/25 | 209680 <sup>(c)</sup> | (223271) | (114578) | (108693) |
| 8.250<sup>(d)</sup> <br> 3M JIBAR<sup>(d)</sup> | 03/15/25 | 21675 <sup>(c)</sup> | (9008) | (6986) | (2022) |
| 3.750<sup>(b)</sup> <br> 3M NIBOR<sup>(e)</sup> | 03/15/25 | 154520 <sup>(c)</sup> | (86582) | (102724) | 16142 |
|  6M CDOR<sup>(e)</sup> <br> 4.000<sup>(e)</sup> | 03/15/25 | 13480 <sup>(c)</sup> | (76539) | 9593 | (86132) |
|  3M NZDOR<sup>(d)</sup> <br> 5.000<sup>(e)</sup> | 03/15/25 | 17120 <sup>(c)</sup> | (85884) | (47168) | (38716) |
| 4.000<sup>(d)</sup> <br> 6M AUDOR<sup>(d)</sup> | 03/15/25 | 17720 <sup>(c)</sup> | 21979 | (42411) | 64390 |
| 4.000<sup>(e)</sup> <br> 6M AUDOR<sup>(e)</sup> | 03/15/25 | 15320 <sup>(c)</sup> | 55699 | (1454) | 57153 |
| 4.500<sup>(d)</sup> <br> 3M KWCDC<sup>(d)</sup> | 03/17/25 | 526030 <sup>(c)</sup> | (6034) | (4899) | (1135) |
|  12M SOFR<sup>(b)</sup> <br> 3.388<sup>(b)</sup> | 11/15/26 | $26620 <sup>(c)</sup> | 69403 | 160548 | (91145) |
| 11.230<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/04/27 | 370 | 2313 | 2681 | (368) |
| 8.495<sup>(f)</sup> <br> 1M BID Average<sup>(f)</sup> | 01/04/27 | 2790 | 59184 | (16061) | 75245 |
| 2.350<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 09/09/27 | 2560 <sup>(c)</sup> | 57322 | 797 | 56525 |
|  12M SOFR<sup>(b)</sup> <br> 3.350<sup>(b)</sup> | 10/06/27 | $27880 <sup>(c)</sup> | 69842 | (99966) | 169808 |
|  6M GBP<sup>(b)</sup> <br> 4.605<sup>(b)</sup> | 10/18/27 | 4640 <sup>(c)</sup> | 105463 | 163921 | (58458) |
|  3M CNRR<sup>(d)</sup> <br> 2.500<sup>(d)</sup> | 03/15/28 | 7970 <sup>(c)</sup> | (17469) | (22253) | 4784 |
|  6M EURO<sup>(b)</sup> <br> 2.750<sup>(b)</sup> | 03/15/28 | 680 <sup>(c)</sup> | (7908) | 12634 | (20542) |
|  6M GBP<sup>(b)</sup> <br> 3.500<sup>(b)</sup> | 03/15/28 | 5150 <sup>(c)</sup> | (160268) | (53778) | (106490) |
| 3.500<sup>(b)</sup> <br> 3M NIBOR<sup>(e)</sup> | 03/15/28 | 49030 <sup>(c)</sup> | (58422) | (56741) | (1681) |
|  3M KWCDC<sup>(d)</sup> <br> 4.500<sup>(d)</sup> | 03/15/28 | 1867280 <sup>(c)</sup> | 63725 | 72212 | (8487) |
|  3M NZDOR<sup>(d)</sup> <br> 4.500<sup>(e)</sup> | 03/15/28 | 4820 <sup>(c)</sup> | (49154) | (23364) | (25790) |
| 1.500<sup>(b)</sup> <br> 6M CHFOR<sup>(b)</sup> | 03/15/28 | 3250 <sup>(c)</sup> | 68634 | (19257) | 87891 |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 03/15/28 | 3810 <sup>(c)</sup> | 51487 | (65904) | 117391 |
| 0.250<sup>(b)</sup> <br> 6M JYOR<sup>(b)</sup> | 03/15/28 | 2669540 <sup>(c)</sup> | 393026 | 109850 | 283176 |
|  12M SOFR<sup>(b)</sup> <br> 2.500<sup>(b)</sup> | 06/04/29 | $6730 <sup>(c)</sup> | (84491) | (4543) | (79948) |
| 2.350<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 07/04/29 | 680 <sup>(c)</sup> | 24656 | 10063 | 14593 |
| 2.570<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/04/31 | $17750 <sup>(c)</sup> | 200546 | 17316 | 183230 |
| 2.680<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 07/28/32 | 2090 <sup>(c)</sup> | 51474 | 39477 | 11997 |
|  6M EURO<sup>(e)</sup> <br> 2.650<sup>(b)</sup> | 09/09/32 | 3800 <sup>(c)</sup> | (80126) | (84613) | 4487 |
| 3.912<sup>(b)</sup> <br> 6M GBP<sup>(b)</sup> | 10/18/32 | 3180 <sup>(c)</sup> | (82067) | (154712) | 72645 |
|  6M EURO<sup>(e)</sup> <br> 2.500<sup>(b)</sup> | 12/20/32 | 3240 <sup>(c)</sup> | (88693) | (6797) | (81896) |
|  Mexico Interbank TIIE 28 Days<sup>(a)</sup> <br> 8.250<sup>(a)</sup> | 03/02/33 | 10890 <sup>(c)</sup> | (15083) | (1454) | (13629) |
| 3.750<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 03/15/33 | $8200 <sup>(c)</sup> | (148887) | (250250) | 101363 |
|  6M GBP<sup>(b)</sup> <br> 3.000<sup>(b)</sup> | 03/15/33 | 110 <sup>(c)</sup> | (7990) | (2285) | (5705) |
|  3M STIBOR<sup>(d)</sup> <br> 3.000<sup>(b)</sup> | 03/15/33 | 3770 <sup>(c)</sup> | (4375) | 14485 | (18860) |
|  12M SOFR<sup>(b)</sup> <br> 3.750<sup>(b)</sup> | 03/15/33 | $3110 <sup>(c)</sup> | 56468 | 118843 | (62375) |
| 4.250<sup>(d)</sup> <br> 3M KWCDC<sup>(d)</sup> | 03/15/33 | 453980 <sup>(c)</sup> | (23885) | (25429) | 1544 |
| 3.500<sup>(b)</sup> <br> 3M NIBOR<sup>(e)</sup> | 03/15/33 | 37350 <sup>(c)</sup> | (70218) | (130339) | 60121 |
|  6M AUDOR<sup>(e)</sup> <br> 4.500<sup>(e)</sup> | 03/15/33 | 9760 <sup>(c)</sup> | (41126) | 212249 | (253375) |
|  6M WIBOR<sup>(e)</sup> <br> 5.500<sup>(b)</sup> | 03/15/33 | 4375 <sup>(c)</sup> | (45414) | (5239) | (40175) |
| 3.500<sup>(e)</sup> <br> 6M CDOR<sup>(e)</sup> | 03/15/33 | 3450 <sup>(c)</sup> | 46743 | (47256) | 93999 |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 03/15/33 | 6600 <sup>(c)</sup> | 129999 | (64812) | 194811 |

---

------

GOLDMAN SACHS 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)** |
|  0.500%<sup>(b)</sup> <br> 6M JYOR<sup>(b)</sup> | 03/15/33 | 439000 <sup>(c)</sup> | $140222 | $99354 | $40868 |
|  3M JIBAR<sup>(d)</sup> <br> 9.500%<sup>(d)</sup> | 03/15/33 | 6320 <sup>(c)</sup> | 6152 | 777 | 5375 |
|  12M SOFR<sup>(b)</sup> <br> 2.730<sup>(b)</sup> | 06/04/33 | $11270 <sup>(c)</sup> | (113254) | (9550) | (103704) |
| 3.500<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 11/15/34 | 5900 <sup>(c)</sup> | (82023) | (176303) | 94280 |
| 3.240<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 10/06/35 | 6500 <sup>(c)</sup> | 47833 | 167873 | (120040) |
|  6M EURO<sup>(e)</sup> <br> 2.855<sup>(b)</sup> | 07/04/37 | 2480 <sup>(c)</sup> | (36989) | (45493) | 8504 |
|  12M SOFR<sup>(b)</sup> <br> 2.910<sup>(b)</sup> | 07/28/37 | $5170 <sup>(c)</sup> | (95644) | (76070) | (19574) |
|  6M EURO<sup>(e)</sup> <br> 2.152<sup>(b)</sup> | 08/09/37 | 3660 <sup>(c)</sup> | (118680) | (54564) | (64116) |
|  12M SOFR<sup>(b)</sup> <br> 2.720<sup>(b)</sup> | 08/11/37 | $14750 <sup>(c)</sup> | (363800) | (485553) | 121753 |
| 2.500<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 12/20/37 | 3670 <sup>(c)</sup> | 64965 | 49 | 64916 |
| 1.451<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 08/10/42 | 8310 <sup>(c)</sup> | 189366 | 65283 | 124083 |
| 2.080<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 07/28/47 | $3930 <sup>(c)</sup> | 49205 | 32242 | 16963 |
|  6M EURO<sup>(e)</sup> <br> 1.051<sup>(b)</sup> | 08/11/47 | 4600 <sup>(c)</sup> | (70327) | (14144) | (56183) |
| 1.560<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 07/06/52 | 1760 <sup>(c)</sup> | 20870 | (7609) | 28479 |
| 2.170<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/11/52 | $7130 <sup>(c)</sup> | 292055 | 380889 | (88834) |
| 1.800<sup>(b)</sup> <br> 6M EURO<sup>(e)</sup> | 09/09/52 | 800 <sup>(c)</sup> | 26920 | (8227) | 35147 |
|  **TOTAL** |  |  | $97747 | $(627750) | $725497 |

---

(a) Payments made at monthly.

(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.

(d) Payments made quarterly.

(e) Payments made semi-annually.

(f) Payments made at maturity.

**OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/<br>Index** | **Financing**<br> **Rate<br>Paid**<br> **by the Fund<sup>(a)</sup>** | **Credit**<br> **Spread**<br> **at December 31,<br>2022<sup>(b)</sup>**  | **Counterparty** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Value** | **Upfront**<br> **Premiums**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  Markit CMBX Series 11 | 3.000% | 7.122% | MS & Co. Int. PLC | 11/18/54 | $150 | $(22272) | $(39897) | $17625 |
|  **TOTAL** |  |  |  |  |  | $(22272) | $(39897) | $17625 |

---

(a) Payments made monthly.

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

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/<br>Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by 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:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 34 | 1.000% | 0.724% | 06/20/25 | $6950 | $46732 | $76780 | $(30048) |
|  CDX.NA.IG Index 38 | 1.000 | 0.731 | 06/20/27 | 1950 | 21696 | 9631 | 12065 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/<br>Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by 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)** |
|  CDX.NA.IG Index 39 | 1.000% | 0.813% | 12/20/27 | $34075 | $292675 | $(135027) | $427702 |
|  General Electric Co. 2.700%, 10/09/22 | 1.000 | 0.801 | 06/20/26 | 1525 | 10204 | 14411 | (4207) |
|  Prudential Financial, Inc., 3.500%, 05/15/24 | 1.000 | 0.785 | 06/20/27 | 825 | 7456 | 2717 | 4739 |
|  Republic of Chile, 3.875%, 08/05/20 | 1.000 | 1.070 | 12/20/27 | 580 | (1618) | (10735) | 9117 |
|  Republic of Indonesia, 5.875%, 03/13/20 | 1.000 | 1.018 | 12/20/27 | 1250 | (603) | (10885) | 10282 |
|  Republic of Panama, 8.875%, 09/30/27 | 1.000 | 1.171 | 12/20/27 | 370 | (2677) | (5704) | 3027 |
|  Republic of Panama, 8.875%, 09/30/27 | 1.000 | 1.076 | 06/20/27 | 210 | (575) | (4610) | 4035 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 1.195 | 12/20/27 | 290 | (2408) | (1923) | (485) |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 1.100 | 06/20/27 | 210 | (779) | (2531) | 1752 |
|  The Boeing Co., 8.750%, 08/15/21 | 1.000 | 0.991 | 06/20/24 | 500 | 228 | 3185 | (2957) |
|  United Mexican States, 4.150%, 03/28/27 | 1.000 | .000 | 12/20/27 | 1300 | (16701) | (36656) | 19955 |
|  **TOTAL** |  |  |  |  | $353630 | $(101347) | $454977 |

---

(a) Payments made quarterly.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number<br>of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 3900000 | $3900000 | $22378 | $130650 | $(108272) |
|  1Y IRS | Citibank NA | 1.977 | 12/01/2023 | 3670000 | 3670000 | 26097 | 83482 | (57385) |
|  1Y IRS | Deutsche Bank AG (London) | 2.700 | 04/28/2023 | 3530000 | 3530000 | 15243 | 131083 | (115840) |
|  1Y IRS | MS & Co. Int. PLC | 2.518 | 10/27/2023 | 3710000 | 3710000 | 55758 | 98534 | (42777) |
|  |  |  |  | 14810000 | $14810000 | $119476 | $443749 | $(324274) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 3.000 | 05/05/2023 | 3500000 | 3500000 | 178215 | 122443 | 55772 |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 3970000 | 3970000 | 225664 | 154552 | 71112 |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800 | 08/23/2023 | 3970000 | 3970000 | 261815 | 143335 | 118480 |
|  |  |  |  | 11440000 | $11440000 | $665694 | $420330 | $245364 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 26250000 | $26250000 | $785170 | $864079 | $(78910) |

---

------

GOLDMAN SACHS 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<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 | (2390000) | $(2390000) | $(56443) | $(89027) | $32585 |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (1680000) | (1680000) | (3304) | (22100) | 18796 |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (3900000) | (3900000) | (6496) | (48750) | 42254 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (3900000) | (3900000) | (12211) | (81900) | 69689 |
|  1Y IRS | Citibank NA | 1.484 | 12/01/2023 | (1480000) | (1480000) | (34207) | (83532) | 49325 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (1600000) | (1600000) | (39068) | (64080) | 25012 |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (1600000) | (1600000) | (40536) | (63960) | 23424 |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (1170000) | (1170000) | (144) | (17544) | 17400 |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (2280000) | (2280000) | (26309) | (28044) | 1735 |
|  1Y IRS | Deutsche Bank AG (London) | 2.013 | 04/28/2023 | (3530000) | (3530000) | (2409) | (49936) | 47527 |
|  1Y IRS | Deutsche Bank AG (London) | 2.356 | 04/28/2023 | (3530000) | (3530000) | (6263) | (81147) | 74884 |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (1150000) | (1150000) | (224) | (15449) | 15226 |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (2280000) | (2280000) | (9164) | (27018) | 17854 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (4000000) | (4000000) | (100408) | (153360) | 52952 |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (1520000) | (1520000) | (254) | (19019) | 18765 |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (1520000) | (1520000) | (1677) | (19570) | 17893 |
|  1Y IRS | MS & Co. Int. PLC | 1.945 | 10/27/2023 | (1560000) | (1560000) | (64433) | (98581) | 34149 |
|  2M IRS | MS & Co. Int. PLC | 2.595 | 01/04/2023 | (1140000) | (1140000) |  | (17270) | 17269 |
|  |  |  |  | (40230000) | $(40230000) | $(403550) | $(980287) | $576739 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (2390000) | (2390000) | (143119) | (89027) | (54091) |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (1680000) | (1680000) | (54534) | (22100) | (32434) |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (1600000) | (1600000) | (93066) | (64080) | (28986) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (1600000) | (1600000) | (90662) | (63960) | (26702) |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (1170000) | (1170000) | (52084) | (17544) | (34540) |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (2280000) | (2280000) | (28917) | (28044) | (873) |
|  1Y IRS | Deutsche Bank AG (London) | 3.891 | 05/05/2023 | (3500000) | (3500000) | (45731) | (44979) | (752) |
|  1Y IRS | Deutsche Bank AG (London) | 3.446 | 05/05/2023 | (3500000) | (3500000) | (96256) | (77464) | (18792) |
|  1Y IRS | Deutsche Bank AG (London) | 3.405 | 09/05/2023 | (3970000) | (3970000) | (141302) | (94726) | (46576) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (3970000) | (3970000) | (83667) | (59827) | (23840) |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (1150000) | (1150000) | (63061) | (15449) | (47612) |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (2280000) | (2280000) | (48971) | (27018) | (21953) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (3970000) | (3970000) | (103162) | (54841) | (48321) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (3970000) | (3970000) | (169784) | (88494) | (81291) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (4000000) | (4000000) | (226633) | (153360) | (73273) |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (1520000) | (1520000) | (35990) | (19019) | (16971) |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (1520000) | (1520000) | (46791) | (19570) | (27221) |
|  2M IRS | MS & Co. Int. PLC | 2.595 | 01/04/2023 | (1140000) | (1140000) | (62136) | (17270) | (44867) |
|  |  |  |  | (45210000) | $(45210000) | $(1585866) | $(956772) | $(629095) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (85440000) | $(85440000) | $(1989416) | $(1937059) | $(52356) |
|  **TOTAL** |  |  |  | (59190000) | $(59190000) | $(1204246) | $(1072980) | $(131266) |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call USD | Deutsche Bank AG (London) | 0.664% | 01/13/2023 | 7424000 | $7424000 | $13314 | $39493 | $(26179) |
|  Put EUR/Call USD | HSBC Bank PLC | 1.044 | 01/13/2023 | 2393000 | 2393000 | 2503 | 14536 | (12033) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 9817000 | $9817000 | $15817 | $54029 | $(38212) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call AUD/Put NZD | HSBC Bank PLC | 1.053 | 01/18/2023 | (951000) | (951000) | (13781) | (5060) | (8721) |
|  Call EUR/Put CHF | UBS AG (London) | 0.987 | 01/18/2023 | (600000) | (600000) | (3817) | (4379) | 562 |
|  **Total Calls** |  |  |  | (1551000) | $(1551000) | $(17598) | $(9439) | $(8159) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call USD | Deutsche Bank AG (London) | 0.678 | 01/13/2023 | (3712000) | (3712000) | (20484) | (39495) | 19011 |
|  Put AUD/Call NZD | HSBC Bank PLC | 1.053 | 01/18/2023 | (951000) | (951000) | (603) | (5061) | 4458 |
|  Put EUR/Call CHF | UBS AG (London) | 0.987 | 01/18/2023 | (600000) | (600000) | (2826) | (4304) | 1478 |
|  **Total Puts** | **Total Puts** |  |  | (5263000) | $(5263000) | $(23913) | $(48860) | $24947 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (6814000) | $(6814000) | $(41511) | $(58299) | $16788 |
|  **TOTAL** | **TOTAL** |  |  | 3003000 | $3003000 | $(25694) | $(4270) | $(21424) |

---

---

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

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| 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 |
| STACR | — Structured Agency Credit Risk |
| TSFR | — Term Secured Overnight Financing Rate |
| 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 |
| GNMA | — Government National Mortgage Association |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| JYOR | — Japanese Yen Offered Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| SOFR | — Secured Overnight Funding Rate |
| STIBOR | — Stockholm Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Mortgage-Backed Obligations – 54.3%** | **Mortgage-Backed Obligations – 54.3%** | **Mortgage-Backed Obligations – 54.3%** | **Value** |
| **FNMA Collateral<sup>(a)</sup> – 0.9%** | **FNMA Collateral<sup>(a)</sup> – 0.9%** | **FNMA Collateral<sup>(a)</sup> – 0.9%** | **FNMA Collateral<sup>(a)</sup> – 0.9%** |
| **UMBS, 30 Year, Single Family – 0.9%** | **UMBS, 30 Year, Single Family – 0.9%** | **UMBS, 30 Year, Single Family – 0.9%** | **UMBS, 30 Year, Single Family – 0.9%** |
| UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family |  |
| 13000000 | 5.000% | 01/12/53 | $12819225 |
| **Collateralized Mortgage Obligations – 0.8%** | **Collateralized Mortgage Obligations – 0.8%** | **Collateralized Mortgage Obligations – 0.8%** |  |
| **Inverse Floaters<sup>(b)</sup> – 0.0%** | **Inverse Floaters<sup>(b)</sup> – 0.0%** | **Inverse Floaters<sup>(b)</sup> – 0.0%** | **Inverse Floaters<sup>(b)</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%) |
| 2230 | 17.377% | 02/16/32 | $2279 |
| **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** |  |  |
| FHLMC REMIC Series 2755, Class ZA | FHLMC REMIC Series 2755, Class ZA | FHLMC REMIC Series 2755, Class ZA |  |
| 225973 | 5.000 | 02/15/34 | 228433 |
| FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT | FHLMC REMIC Series 4246, Class PT |  |
| 96492 | 6.500 | 02/15/36 | 101545 |
| FNMA REMIC Series 2011-52, Class GB | FNMA REMIC Series 2011-52, Class GB | FNMA REMIC Series 2011-52, Class GB |  |
| 420759 | 5.000 | 06/25/41 | 423902 |
| FNMA REMIC Series 2011-99, Class DB | FNMA REMIC Series 2011-99, Class DB | FNMA REMIC Series 2011-99, Class DB |  |
| 412550 | 5.000 | 10/25/41 | 415516 |
| FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B |  |
| 71272 | 7.000 | 10/25/42 | 75650 |
| FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B |  |
| 249877 | 7.000 | 07/25/42 | 267151 |
| OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 | OBX Trust Series 2022-NQM7, Class A1 |  |
| 480151 | 5.110 <sup>(c)(d)</sup> | 08/25/62 | 473690 |
|  |  |  | 1985887 |
| **Sequential Floating Rate<sup>(b)</sup> – 0.7%** | **Sequential Floating Rate<sup>(b)</sup> – 0.7%** | **Sequential Floating Rate<sup>(b)</sup> – 0.7%** |  |
| 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%) |
| 884000 | 5.578 <sup>(c)</sup> | 12/25/41 | 833354 |
| Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) | Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) | Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) | Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) |
| 978000 | 5.478 <sup>(c)</sup> | 10/25/41 | 953069 |
| FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) |
| 406651 | 6.728 <sup>(c)</sup> | 10/25/50 | 408615 |
| FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) | FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) | FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) | FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) |
| 575876 | 5.578 <sup>(c)</sup> | 01/25/34 | 566970 |
| 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%) |
| 1751536 | 4.928 <sup>(c)</sup> | 01/25/42 | 1709668 |
| 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%) |
| 600129 | 5.928 <sup>(c)</sup> | 04/25/42 | 598800 |
| FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) | FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) | FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) | FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) |
| 780000 | 7.428 <sup>(c)</sup> | 03/25/42 | 773438 |
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%) |
| 49650 | 4.819 | 01/19/36 | 48179 |
| Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%) | Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%) | Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%) | Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%) |
| 63610 | 5.109 | 10/25/34 | 60706 |
| 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 |
| 3611218 | 2.520 <sup>(c)</sup> | 05/25/52 | 2955471 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 342061 | 3.128 <sup>(c)</sup> | 07/25/59 | 321167 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Value** |
| **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** |
| Verus Securitization Trust Series 2022-INV1, Class A1 | Verus Securitization Trust Series 2022-INV1, Class A1 | Verus Securitization Trust Series 2022-INV1, Class A1 | Verus Securitization Trust Series 2022-INV1, Class A1 |
| 281332 | 5.041 %<sup>(c)(d)</sup> | 08/25/67 | $278235 |
| Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 |
| 9559 | 3.452 | 02/25/33 | 8788 |
| Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 |
| 92861 | 3.500 <sup>(c)</sup> | 07/25/49 | 82242 |
|  |  |  | 9598702 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 11586868 |
| **Commercial Mortgage-Backed Securities – 1.2%** | **Commercial Mortgage-Backed Securities – 1.2%** | **Commercial Mortgage-Backed Securities – 1.2%** |  |
| **Sequential Fixed Rate – 0.5%** | **Sequential Fixed Rate – 0.5%** | **Sequential Fixed Rate – 0.5%** | **Sequential Fixed Rate – 0.5%** |
| BANK Series 2019-BN21, Class A5 | BANK Series 2019-BN21, Class A5 | BANK Series 2019-BN21, Class A5 | BANK Series 2019-BN21, Class A5 |
| 950000 | 2.851% | 10/17/52 | $820127 |
| BX Trust Series 2022, Class A | BX Trust Series 2022, Class A |  |  |
| 2400000 | 5.760 <sup>(c)</sup> | 10/13/27 | 2353778 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |  |
| 4650000 | 2.956 <sup>(c)</sup> | 05/10/41 | 3709359 |
|  |  |  | 6883264 |
| **Sequential Floating Rate<sup>(b)</sup> – 0.7%** | **Sequential Floating Rate<sup>(b)</sup> – 0.7%** | **Sequential Floating Rate<sup>(b)</sup> – 0.7%** | **Sequential Floating Rate<sup>(b)</sup> – 0.7%** |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 2526000 | 2.778 | 11/15/54 | 1945645 |
| BBCMS Mortgage Trust Series 2022-C17, Class AS | BBCMS Mortgage Trust Series 2022-C17, Class AS | BBCMS Mortgage Trust Series 2022-C17, Class AS | BBCMS Mortgage Trust Series 2022-C17, Class AS |
| 2000000 | 4.971 <sup>(b)</sup> | 09/15/55 | 1884646 |
| BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) | BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) | BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) | BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) |
| 2750000 | 5.964 <sup>(b)(c)</sup> | 10/15/36 | 2565602 |
| BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) |
| 1779413 | 6.787 <sup>(b)(c)</sup> | 08/15/39 | 1775652 |
| 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 |
| 3100000 | 4.000 <sup>(b)</sup> | 04/15/55 | 2820926 |
|  |  |  | 10992471 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $17875735 |
| **Federal Agencies – 51.4%** | **Federal Agencies – 51.4%** | **Federal Agencies – 51.4%** | **Federal Agencies – 51.4%** |
| **Adjustable Rate FNMA<sup>(b)</sup> – 0.1%** | **Adjustable Rate FNMA<sup>(b)</sup> – 0.1%** | **Adjustable Rate FNMA<sup>(b)</sup> – 0.1%** | **Adjustable Rate FNMA<sup>(b)</sup> – 0.1%** |
| (1 year CMT + 2.181%) | (1 year CMT + 2.181%) |  |  |
| 1421 | 3.180% | 06/01/33 | $1439 |
| (12M USD LIBOR + 1.648%) | (12M USD LIBOR + 1.648%) |  |  |
| 134479 | 3.898% | 07/01/34 | 135321 |
| (12M USD LIBOR + 1.563%) | (12M USD LIBOR + 1.563%) |  |  |
| 549042 | 3.639% | 09/01/34 | 550148 |
| (12M USD LIBOR + 1.748%) | (12M USD LIBOR + 1.748%) |  |  |
| 293310 | 2.637% | 05/01/35 | 294321 |
| (12M USD LIBOR + 1.233%) | (12M USD LIBOR + 1.233%) |  |  |
| 127425 | 2.334% | 06/01/35 | 126381 |
|  |  |  | 1107610 |
| **FHLMC – 4.1%** | **FHLMC – 4.1%** | **FHLMC – 4.1%** | **FHLMC – 4.1%** |
| 1004 | 5.000% | 05/01/23 | 1000 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
|  **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** |
|  $ | 12174 | 5.500% | 10/01/25 | $12153 |
|  | 7947 | 7.500 | 12/01/30 | 8467 |
|  | 3983 | 7.500 | 01/01/31 | 4241 |
|  | 4992 | 5.000 | 10/01/33 | 5015 |
|  | 956 | 5.000 | 04/01/35 | 961 |
|  | 7503 | 5.000 | 07/01/35 | 7542 |
|  | 44611 | 5.000 | 12/01/35 | 44992 |
|  | 105314 | 5.000 | 01/01/38 | 106421 |
|  | 201487 | 5.000 | 01/01/39 | 203793 |
|  | 80295 | 5.000 | 06/01/39 | 81251 |
|  | 7912 | 4.000 | 06/01/40 | 7670 |
|  | 3927 | 5.000 | 08/01/40 | 3978 |
|  | 1273 | 4.500 | 11/01/40 | 1262 |
|  | 58785 | 4.000 | 02/01/41 | 56881 |
|  | 4016 | 5.000 | 06/01/41 | 4063 |
|  | 4305 | 4.000 | 11/01/41 | 4168 |
|  | 1128767 | 4.500 | 08/01/48 | 1117555 |
|  | 2999702 | 2.000 | 04/01/52 | 2441199 |
|  | 7766100 | 0.000 | 11/01/52 | 8009285 |
|  | 5457223 | 0.000 | 12/01/52 | 5635566 |
|  | 3502613 | 3.000 | 10/01/50 | 3125601 |
|  | 502693 | 2.000 | 08/01/51 | 410275 |
|  | 662092 | 2.000 | 09/01/51 | 540083 |
|  | 65782 | 2.000 | 10/01/51 | 53639 |
|  | 43286152 | 2.000 | 02/01/52 | 35238635 |
|  | 645033 | 2.000 | 03/01/52 | 524937 |
|  | 94891 | 2.000 | 04/01/52 | 77224 |
|  | 2977475 | 0.000 | 12/01/52 | 3074440 |
|  |  |  |  | 60802297 |
|  **FNMA – 7.7%** | **FNMA – 7.7%** | **FNMA – 7.7%** | **FNMA – 7.7%** | **FNMA – 7.7%** |
|  | 9113 | 8.000 | 02/01/31 | 9476 |
|  | 12309 | 7.000 | 03/01/31 | 12619 |
|  | 2999701 | 2.000 | 02/01/52 | 2443211 |
|  | 2999700 | 2.000 | 04/01/52 | 2441290 |
|  | 5965422 | 5.500 | 09/01/52 | 6073722 |
|  | 10071928 | 6.000 | 11/01/52 | 10399930 |
|  | 7527273 | 6.000 | 12/01/52 | 7748883 |
|  | 19372020 | 3.000 | 10/01/50 | 17317802 |
|  | 6512862 | 3.000 | 11/01/50 | 5815906 |
|  | 77485 | 2.000 | 08/01/51 | 63208 |
|  | 2065969 | 2.000 | 09/01/51 | 1683224 |
|  | 3740364 | 2.000 | 10/01/51 | 3051187 |
|  | 20855422 | 2.000 | 01/01/52 | 16973925 |
|  | 26999990 | 2.000 | 02/01/52 | 21983202 |
|  | 20997917 | 2.000 | 05/01/52 | 17089044 |
|  |  |  |  | 113106629 |
|  **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** | **[H]4GNMA – 21.0%** |
|  | 4436 | 6.000 | 11/15/38 | 4635 |
|  | 38343 | 5.000 | 07/15/40 | 38996 |
|  | 30365 | 5.000 | 01/15/41 | 30780 |
|  | 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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  $ | 22970 | 4.000% | 08/20/43 | $22311 |
|  | 2148 | 4.000 | 03/20/44 | 2086 |
|  | 2654 | 4.000 | 05/20/44 | 2577 |
|  | 184600 | 4.000 | 11/20/44 | 179016 |
|  | 12041 | 4.000 | 05/20/45 | 11676 |
|  | 1635155 | 4.000 | 07/20/45 | 1585688 |
|  | 25750 | 4.000 | 10/20/45 | 24947 |
|  | 4424184 | 3.500 | 04/20/47 | 4127684 |
|  | 4668666 | 3.500 | 12/20/47 | 4355782 |
|  | 129207 | 4.500 | 02/20/48 | 127513 |
|  | 337702 | 4.500 | 04/20/48 | 332219 |
|  | 910451 | 4.500 | 05/20/48 | 894814 |
|  | 873154 | 5.000 | 07/20/48 | 878307 |
|  | 1465538 | 4.500 | 08/20/48 | 1438993 |
|  | 789004 | 5.000 | 08/20/48 | 793660 |
|  | 6242984 | 4.500 | 09/20/48 | 6129906 |
|  | 6311 | 3.500 | 09/20/48 | 5888 |
|  | 968140 | 5.000 | 10/20/48 | 973248 |
|  | 3152055 | 5.000 | 11/20/48 | 3168687 |
|  | 5652964 | 4.500 | 12/20/48 | 5548807 |
|  | 1749936 | 5.000 | 12/20/48 | 1759170 |
|  | 3184083 | 4.500 | 01/20/49 | 3128400 |
|  | 2813548 | 5.000 | 01/20/49 | 2825537 |
|  | 2193763 | 4.000 | 02/20/49 | 2097918 |
|  | 697946 | 4.500 | 02/20/49 | 685741 |
|  | 561072 | 4.500 | 03/20/49 | 551260 |
|  | 1967814 | 4.000 | 03/20/49 | 1881226 |
|  | 996405 | 5.000 | 03/20/49 | 1000340 |
|  | 9113 | 3.500 | 04/20/49 | 8490 |
|  | 2231820 | 4.000 | 04/20/49 | 2133091 |
|  | 680685 | 4.000 | 05/20/49 | 650148 |
|  | 21684 | 3.500 | 08/20/49 | 20161 |
|  | 3563675 | 3.000 | 08/20/49 | 3208931 |
|  | 2533278 | 5.000 | 08/20/49 | 2542490 |
|  | 1358311 | 3.500 | 09/20/49 | 1262541 |
|  | 838742 | 4.500 | 10/20/49 | 820667 |
|  | 17173706 | 3.000 | 10/20/49 | 15454619 |
|  | 650971 | 3.500 | 12/20/49 | 604897 |
|  | 1915001 | 3.500 | 02/20/50 | 1779464 |
|  | 6444444 | 3.000 | 03/20/50 | 5788754 |
|  | 182121 | 3.500 | 06/20/50 | 168911 |
|  | 422422 | 3.500 | 07/20/50 | 392353 |
|  | 1188333 | 4.000 | 01/20/51 | 1130474 |
|  | 2845727 | 3.500 | 03/20/51 | 2643932 |
|  | 807329 | 3.000 | 07/20/51 | 722973 |
|  | 4492385 | 3.000 | 11/20/51 | 4017373 |
|  | 7325850 | 3.000 | 12/20/51 | 6548373 |
|  | 7555556 | 3.000 | 02/20/52 | 6734962 |
|  | 37818419 | 4.500 | 09/20/52 | 36646724 |
|  | 2000000 | 2.000 | 01/23/53<sup>(a)</sup> | 1677940 |
|  | 19000000 | 2.500 | 01/23/53<sup>(a)</sup> | 16458621 |
|  | 19000000 | 3.000 | TBA-30yr<sup>(a)</sup> | 16922853 |
|  | 66000000 | 5.000 | TBA-30yr<sup>(a)</sup> | 65395955 |
|  | 71000000 | 5.500 | TBA-30yr<sup>(a)</sup> | 71359665 |
|  |  |  |  | 309714806 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
|  **UMBS – 13.1%** | **UMBS – 13.1%** | **UMBS – 13.1%** | **UMBS – 13.1%** | **UMBS – 13.1%** |
|  $ | 360 | 5.500% | 09/01/23 | $359 |
|  | 144 | 5.500 | 10/01/23 | 144 |
|  | 12966 | 7.000 | 08/01/27 | 13237 |
|  | 527 | 6.500 | 09/01/27 | 534 |
|  | 28359 | 7.000 | 03/01/28 | 28980 |
|  | 1081 | 6.500 | 05/01/28 | 1103 |
|  | 6696 | 4.500 | 04/01/39 | 6634 |
|  | 4046 | 4.500 | 05/01/39 | 4004 |
|  | 4571 | 4.500 | 07/01/39 | 4526 |
|  | 17753 | 4.500 | 08/01/39 | 17573 |
|  | 149180 | 4.500 | 12/01/39 | 147674 |
|  | 8662 | 4.500 | 04/01/41 | 8574 |
|  | 264204 | 4.500 | 05/01/41 | 261510 |
|  | 43963 | 4.500 | 08/01/41 | 43560 |
|  | 11437 | 3.000 | 11/01/42 | 10345 |
|  | 316053 | 3.000 | 12/01/42 | 286963 |
|  | 459648 | 3.000 | 01/01/43 | 419187 |
|  | 65259 | 3.000 | 02/01/43 | 59520 |
|  | 507264 | 3.000 | 03/01/43 | 462650 |
|  | 895519 | 3.000 | 04/01/43 | 816759 |
|  | 602326 | 3.000 | 05/01/43 | 549326 |
|  | 62419 | 3.000 | 06/01/43 | 56871 |
|  | 518996 | 3.000 | 07/01/43 | 472864 |
|  | 310130 | 5.000 | 05/01/44 | 313727 |
|  | 2992443 | 4.000 | 12/01/44 | 2893342 |
|  | 1531143 | 4.500 | 04/01/45 | 1521697 |
|  | 184759 | 4.500 | 05/01/45 | 183504 |
|  | 439195 | 4.500 | 06/01/45 | 433910 |
|  | 16449013 | 3.500 | 07/01/45 | 15234333 |
|  | 9638026 | 4.000 | 08/01/45 | 9325695 |
|  | 9994302 | 4.000 | 01/01/46 | 9603225 |
|  | 62284 | 4.000 | 03/01/46 | 59645 |
|  | 35843 | 4.000 | 06/01/46 | 34220 |
|  | 10377 | 4.000 | 08/01/46 | 9907 |
|  | 93827 | 4.000 | 10/01/46 | 89578 |
|  | 132282 | 4.000 | 06/01/47 | 127405 |
|  | 1660826 | 4.500 | 07/01/47 | 1636047 |
|  | 454509 | 4.500 | 11/01/47 | 448154 |
|  | 212091 | 4.000 | 12/01/47 | 204603 |
|  | 798062 | 4.000 | 01/01/48 | 769138 |
|  | 2217404 | 4.000 | 02/01/48 | 2132828 |
|  | 54072 | 4.500 | 02/01/48 | 53028 |
|  | 1607927 | 4.000 | 03/01/48 | 1546169 |
|  | 91665 | 4.500 | 05/01/48 | 89839 |
|  | 1221678 | 4.000 | 06/01/48 | 1176257 |
|  | 15507 | 4.500 | 06/01/48 | 15188 |
|  | 12771 | 4.500 | 07/01/48 | 12508 |
|  | 1143667 | 4.000 | 07/01/48 | 1100471 |
|  | 1895254 | 4.000 | 08/01/48 | 1818273 |
|  | 9388 | 4.500 | 08/01/48 | 9095 |
|  | 1029137 | 4.500 | 09/01/48 | 1013651 |
|  | 3439475 | 5.000 | 11/01/48 | 3484758 |
|  | 1905411 | 4.500 | 11/01/48 | 1865374 |
|  | 1400682 | 4.500 | 12/01/48 | 1371140 |
|  | 1632176 | 4.500 | 01/01/49 | 1597825 |
|  | 1202878 | 4.500 | 02/01/49 | 1177209 |
|  | 927816 | 3.000 | 02/01/49 | 833234 |
|  | 4242 | 4.500 | 03/01/49 | 4151 |
|  | 576749 | 4.500 | 06/01/49 | 564122 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 2241598 | 4.500% | 07/01/49 | $2191555 |
| 2224269 | 3.500 | 07/01/49 | 2068379 |
| 1132182 | 4.500 | 08/01/49 | 1106956 |
| 1446304 | 3.500 | 08/01/49 | 1344938 |
| 6820050 | 3.000 | 09/01/49 | 6113664 |
| 3246008 | 5.000 | 10/01/49 | 3250197 |
| 1324982 | 3.000 | 10/01/49 | 1187747 |
| 1878569 | 3.000 | 12/01/49 | 1674016 |
| 158299 | 4.500 | 01/01/50 | 152494 |
| 137623 | 4.500 | 02/01/50 | 134610 |
| 25274835 | 4.500 | 03/01/50 | 24717196 |
| 9968702 | 4.000 | 03/01/50 | 9539657 |
| 2922640 | 5.000 | 03/01/50 | 2921846 |
| 29172 | 4.500 | 04/01/50 | 28376 |
| 1680172 | 4.500 | 05/01/50 | 1630169 |
| 2866971 | 2.500 | 09/01/50 | 2474844 |
| 8727618 | 3.000 | 12/01/50 | 7799111 |
| 208124 | 4.500 | 03/01/51 | 202665 |
| 18288022 | 2.500 | 05/01/51 | 15602096 |
| 26164206 | 2.500 | 09/01/51 | 22365015 |
| 761978 | 4.500 | 10/01/51 | 734628 |
| 163905 | 4.500 | 03/01/52 | 157829 |
| 5298562 | 4.500 | 04/01/52 | 5107164 |
| 1000000 | 2.000 | 05/01/52 | 813814 |
| 1398419 | 4.500 | 05/01/52 | 1348748 |
| 1948646 | 5.000 | 07/01/52 | 1948725 |
| 4852242 | 4.500 | 08/01/52 | 4730190 |
| 5847163 | 5.000 | 08/01/52 | 5845573 |
|  |  |  | 193618349 |
| **UMBS, 30 Year, Single Family<sup>(a)</sup> – 5.4%** | **UMBS, 30 Year, Single Family<sup>(a)</sup> – 5.4%** | **UMBS, 30 Year, Single Family<sup>(a)</sup> – 5.4%** | **UMBS, 30 Year, Single Family<sup>(a)</sup> – 5.4%** |
| 2000000 | 6.500 | TBA-30yr | 2049059 |
| 6000000 | 6.000 | 01/12/53 | 6092815 |
| 9000000 | 5.500 | 01/23/53 | 9026723 |
| 4000000 | 4.500 | TBA-30yr | 3855625 |
| 19000000 | 3.500 | TBA-30yr | 17279599 |
| 49000000 | 2.500 | TBA-30yr | 41542813 |
|  |  |  | 79846634 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $758196325 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $832,906,066)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $832,906,066)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $832,906,066)** | $800478153 |
| **Corporate Obligations – 39.6%** | **Corporate Obligations – 39.6%** | **Corporate Obligations – 39.6%** | **Corporate Obligations – 39.6%** |
| **Aerospace & Defense<sup>(e)</sup> – 0.4%** | **Aerospace & Defense<sup>(e)</sup> – 0.4%** | **Aerospace & Defense<sup>(e)</sup> – 0.4%** | **Aerospace & Defense<sup>(e)</sup> – 0.4%** |
| Northrop Grumman Corp. | Northrop Grumman Corp. |  |  |
| 700000 | 2.930% | 01/15/25 | $671797 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 775000 | 4.125 | 11/16/28 | 742706 |
| 550000 | 4.050 | 05/04/47 | 451016 |
| The Boeing Co. |  |  |  |
| 1575000 | 3.450 | 11/01/28 | 1412113 |
| 300000 | 3.250 | 02/01/35 | 227841 |
| 163000 | 3.375 | 06/15/46 | 105763 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
| **Aerospace & Defense<sup>(e)</sup> – (continued)** | **Aerospace & Defense<sup>(e)</sup> – (continued)** | **Aerospace & Defense<sup>(e)</sup> – (continued)** | **Aerospace & Defense<sup>(e)</sup> – (continued)** |
| The Boeing Co. – (continued) | The Boeing Co. – (continued) | The Boeing Co. – (continued) | The Boeing Co. – (continued) |
| 100000 | 3.625% | 03/01/48 | $66464 |
| 100000 | 3.850 | 11/01/48 | 69121 |
| 2725000 | 5.805 | 05/01/50 | 2535340 |
|  |  |  | 6282161 |
| **Agriculture<sup>(e)</sup> – 0.1%** | **Agriculture<sup>(e)</sup> – 0.1%** | **Agriculture<sup>(e)</sup> – 0.1%** | **Agriculture<sup>(e)</sup> – 0.1%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 2000000 | 2.259 | 03/25/28 | 1664580 |
| 425000 | 4.758 | 09/06/49 | 308631 |
|  |  |  | 1973211 |
| **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 550000 | 4.000 | 04/01/25 | 537191 |
| 143000 | 5.950 <sup>(e)</sup> | 04/01/49 | 124872 |
| General Motors Financial Co., Inc.<sup>(e)</sup>  | General Motors Financial Co., Inc.<sup>(e)</sup>  | General Motors Financial Co., Inc.<sup>(e)</sup>  | General Motors Financial Co., Inc.<sup>(e)</sup>  |
| 2425000 | 4.300 | 07/13/25 | 2352589 |
| 3200000 | 1.500 | 06/10/26 | 2777696 |
| 300000 | 5.650 | 01/17/29 | 294444 |
| 2825000 | 2.350 | 01/08/31 | 2133666 |
|  |  |  | 8220458 |
| **Banks – 11.0%** | **Banks – 11.0%** | **Banks – 11.0%** | **Banks – 11.0%** |
| ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) | ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) | ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) | ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%) |
| 1600000 | 4.375 <sup>(b)(e)</sup> | 12/31/99 | 1582141 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 2400000 | 2.746 | 05/28/25 | 2247024 |
| 400000 | 4.250 | 04/11/27 | 381108 |
| 800000 | 3.306 | 06/27/29 | 699288 |
| 800000 | 2.749 | 12/03/30 | 612552 |
| Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  |
| 5000000 | 4.183 | 11/25/27 | 4748950 |
| 350000 | 6.110 | 01/29/37 | 356325 |
| (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) |
| 225000 | 2.496 <sup>(b)</sup> | 02/13/31 | 182792 |
| (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) |
| 1325000 | 2.884 <sup>(b)</sup> | 10/22/30 | 1113013 |
| (3M USD LIBOR + 1.370%) | (3M USD LIBOR + 1.370%) | (3M USD LIBOR + 1.370%) | (3M USD LIBOR + 1.370%) |
| 1550000 | 3.593 <sup>(b)</sup> | 07/21/28 | 1427503 |
| (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) |
| 245000 | 2.299 <sup>(b)</sup> | 07/21/32 | 188616 |
| (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) |
| 1400000 | 2.972 <sup>(b)</sup> | 02/04/33 | 1128848 |
| (SOFR + 1.370%) | (SOFR + 1.370%) | (SOFR + 1.370%) | (SOFR + 1.370%) |
| 3150000 | 1.922 <sup>(b)</sup> | 10/24/31 | 2404426 |
| (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) |
| 3725000 | 1.898 <sup>(b)</sup> | 07/23/31 | 2863966 |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
| 3625000 | 4.571 <sup>(b)</sup> | 04/27/33 | 3321406 |
| (SOFR + 2.150%) | (SOFR + 2.150%) | (SOFR + 2.150%) | (SOFR + 2.150%) |
| 5225000 | 2.592 <sup>(b)</sup> | 04/29/31 | 4262294 |
| (SOFR + 2.16%) | (SOFR + 2.16%) | (SOFR + 2.16%) | (SOFR + 2.16%) |
| 2470000 | 5.015 <sup>(b)</sup> | 07/22/33 | 2343487 |
| Barclays PLC (SOFR + 2.714%) | Barclays PLC (SOFR + 2.714%) | Barclays PLC (SOFR + 2.714%) | Barclays PLC (SOFR + 2.714%) |
| 800000 | 2.852 <sup>(b)(e)</sup> | 05/07/26 | 742760 |
| BNP Paribas SA<sup>(c)</sup>  | BNP Paribas SA<sup>(c)</sup>  | BNP Paribas SA<sup>(c)</sup>  | BNP Paribas SA<sup>(c)</sup>  |
| 3825000 | 3.500 | 03/01/23 | 3815782 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| BNP Paribas SA<sup>(c)</sup> – (continued) | BNP Paribas SA<sup>(c)</sup> – (continued) | BNP Paribas SA<sup>(c)</sup> – (continued) | BNP Paribas SA<sup>(c)</sup> – (continued) |
| 900000 | 3.375% | 01/09/25 | $867213 |
| (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) |
| 650000 | 6.625 <sup>(b)(e)</sup> | 12/31/99 | 628693 |
| (SOFR + 1.004%) | (SOFR + 1.004%) | (SOFR + 1.004%) | (SOFR + 1.004%) |
| 1600000 | 1.323 <sup>(b)(e)</sup> | 01/13/27 | 1398336 |
| (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) |
| 1325000 | 2.219 <sup>(b)(e)</sup> | 06/09/26 | 1220776 |
| BPCE SA<sup>(c)</sup>  | BPCE SA<sup>(c)</sup>  | BPCE SA<sup>(c)</sup>  | BPCE SA<sup>(c)</sup>  |
| 2250000 | 4.000 | 09/12/23 | 2222482 |
| 1150000 | 4.625 | 09/12/28 | 1067672 |
| (SOFR + 1.312%) | (SOFR + 1.312%) | (SOFR + 1.312%) | (SOFR + 1.312%) |
| 1650000 | 2.277 <sup>(b)(e)</sup> | 01/20/32 | 1237731 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 2500000 | 4.600 | 03/09/26 | 2459975 |
| 3175000 | 3.400 | 05/01/26 | 3014281 |
| 2450000 | 4.450 | 09/29/27 | 2340215 |
| 1850000 | 4.125 | 07/25/28 | 1724773 |
| (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) |
| 3725000 | 3.057 <sup>(b)(e)</sup> | 01/25/33 | 3007751 |
| (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |
| 1375000 | 2.976 <sup>(b)(e)</sup> | 11/05/30 | 1155784 |
| (SOFR + 2.086%)<sup>(e)</sup>  | (SOFR + 2.086%)<sup>(e)</sup>  | (SOFR + 2.086%)<sup>(e)</sup>  | (SOFR + 2.086%)<sup>(e)</sup>  |
| 2495000 | 4.910 <sup>(b)</sup> | 05/24/33 | 2338988 |
| Credit Agricole SA<sup>(c)</sup>  | Credit Agricole SA<sup>(c)</sup>  | Credit Agricole SA<sup>(c)</sup>  | Credit Agricole SA<sup>(c)</sup>  |
| 1050000 | 3.250 | 10/04/24 | 1011801 |
| (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) |
| 600000 | 6.875 <sup>(b)(e)</sup> | 12/31/99 | 575964 |
| Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| 1175000 | 2.950 | 04/09/25 | 1060026 |
| 4135000 | 1.250 | 08/07/26 | 3338392 |
| Credit Suisse Group AG<sup>(e)</sup>  | Credit Suisse Group AG<sup>(e)</sup>  | Credit Suisse Group AG<sup>(e)</sup>  | Credit Suisse Group AG<sup>(e)</sup>  |
| 683000 | 4.550 | 04/17/26 | 607665 |
| (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) |
| 1675000 | 3.869 <sup>(b)(c)</sup> | 01/12/29 | 1338962 |
| (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |
| 1545000 | 3.091 <sup>(b)(c)</sup> | 05/14/32 | 1072786 |
| (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) |
| 1725000 | 9.016 <sup>(b)(c)</sup> | 11/15/33 | 1774525 |
| Deutsche Bank AG (SOFR + 2.159%) | Deutsche Bank AG (SOFR + 2.159%) | Deutsche Bank AG (SOFR + 2.159%) | Deutsche Bank AG (SOFR + 2.159%) |
| 1075000 | 2.222 <sup>(b)(e)</sup> | 09/18/24 | 1038020 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 1235000 | 2.375 <sup>(e)</sup> | 01/28/25 | 1171262 |
| First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) | First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) | First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) | First-Citizens Bank & Trust Co. (TSFR3M + 1.715%) |
| 1500000 | 2.969 <sup>(b)(e)</sup> | 09/27/25 | 1415850 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 4.950 | 03/31/30 | 573096 |
| (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) |
| 850000 | 5.674 <sup>(b)(e)</sup> | 05/18/24 | 846821 |
| (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) |
| 1625000 | 3.803 <sup>(b)(e)</sup> | 03/11/25 | 1582685 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| 1625000 | 4.000 <sup>(e)</sup> | 05/15/25 | 1584245 |
| ING Groep NV (1 year CMT + 1.100%) | ING Groep NV (1 year CMT + 1.100%) | ING Groep NV (1 year CMT + 1.100%) | ING Groep NV (1 year CMT + 1.100%) |
| 3400000 | 1.400 <sup>(b)(c)(e)</sup> | 07/01/26 | 3053642 |
| JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  |
| (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) |
| 640000 | 3.559 <sup>(e)</sup> | 04/23/24 | 635891 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
| JPMorgan Chase & Co.<sup>(b)</sup> – (continued) | JPMorgan Chase & Co.<sup>(b)</sup> – (continued) | JPMorgan Chase & Co.<sup>(b)</sup> – (continued) | JPMorgan Chase & Co.<sup>(b)</sup> – (continued) |
| (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) |
| 650000 | 3.797 %<sup>(e)</sup> | 07/23/24 | $643773 |
| (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) | (3M USD LIBOR + 1.000%) |
| 3025000 | 4.023 <sup>(e)</sup> | 12/05/24 | 2980774 |
| (3M USD LIBOR + 1.245%) | (3M USD LIBOR + 1.245%) | (3M USD LIBOR + 1.245%) | (3M USD LIBOR + 1.245%) |
| 2275000 | 3.960 <sup>(e)</sup> | 01/29/27 | 2171760 |
| (3M USD LIBOR + 1.337%) | (3M USD LIBOR + 1.337%) | (3M USD LIBOR + 1.337%) | (3M USD LIBOR + 1.337%) |
| 2150000 | 3.782 <sup>(e)</sup> | 02/01/28 | 2011024 |
| (3M USD LIBOR + 1.360%) | (3M USD LIBOR + 1.360%) | (3M USD LIBOR + 1.360%) | (3M USD LIBOR + 1.360%) |
| 800000 | 3.882 <sup>(e)</sup> | 07/24/38 | 664328 |
| (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) |
| 3475000 | 2.963 <sup>(e)</sup> | 01/25/33 | 2824966 |
| (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |
| 3692000 | 4.586 <sup>(e)</sup> | 04/26/33 | 3418091 |
| (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) |
| 75000 | 2.522 <sup>(e)</sup> | 04/22/31 | 61359 |
| (SOFR + 2.080%)<sup>(e)</sup>  | (SOFR + 2.080%)<sup>(e)</sup>  | (SOFR + 2.080%)<sup>(e)</sup>  | (SOFR + 2.080%)<sup>(e)</sup>  |
| 2480000 | 4.912 | 07/25/33 | 2359224 |
| (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) |
| 675000 | 2.956 <sup>(e)</sup> | 05/13/31 | 555755 |
| (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) |
| 1597000 | 4.600 <sup>(e)</sup> | 12/31/99 | 1418024 |
| (SOFR + 3.790%) | (SOFR + 3.790%) | (SOFR + 3.790%) | (SOFR + 3.790%) |
| 275000 | 4.493 <sup>(e)</sup> | 03/24/31 | 257175 |
| KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) |
| 3615000 | 4.789 <sup>(b)(e)</sup> | 06/01/33 | 3415199 |
| Kreditanstalt fuer Wiederaufbau<sup>(f)</sup>  | Kreditanstalt fuer Wiederaufbau<sup>(f)</sup>  | Kreditanstalt fuer Wiederaufbau<sup>(f)</sup>  | Kreditanstalt fuer Wiederaufbau<sup>(f)</sup>  |
| 13520000 | 3.375 | 08/23/24 | 13242029 |
| Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) | Macquarie Group Ltd. (SOFR + 1.069%) |
| 400000 | 1.340 <sup>(b)(c)(e)</sup> | 01/12/27 | 347568 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 1700000 | 3.751 | 07/18/39 | 1376711 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 3300000 | 3.700 | 10/23/24 | 3223374 |
| 1631000 | 3.950 | 04/23/27 | 1543317 |
| (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) | (3M USD LIBOR + 0.847%) |
| 550000 | 3.737 <sup>(b)(e)</sup> | 04/24/24 | 546761 |
| (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) |
| 325000 | 4.431 <sup>(b)(e)</sup> | 01/23/30 | 303410 |
| (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) |
| 5100000 | 0.985 <sup>(b)(e)</sup> | 12/10/26 | 4475760 |
| (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) |
| 2625000 | 1.794 <sup>(b)(e)</sup> | 02/13/32 | 1967569 |
| (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) |
| 3900000 | 2.699 <sup>(b)(e)</sup> | 01/22/31 | 3227562 |
| (SOFR + 1.152%) | (SOFR + 1.152%) | (SOFR + 1.152%) | (SOFR + 1.152%) |
| 1050000 | 2.720 <sup>(b)(e)</sup> | 07/22/25 | 1004472 |
| (SOFR + 2.076%)<sup>(e)</sup>  | (SOFR + 2.076%)<sup>(e)</sup>  | (SOFR + 2.076%)<sup>(e)</sup>  | (SOFR + 2.076%)<sup>(e)</sup>  |
| 2470000 | 4.889 <sup>(b)</sup> | 07/20/33 | 2319775 |
| (SOFR + 3.120%) | (SOFR + 3.120%) | (SOFR + 3.120%) | (SOFR + 3.120%) |
| 1100000 | 3.622 <sup>(b)(e)</sup> | 04/01/31 | 962291 |
| Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) |
| 3175000 | 2.484 <sup>(b)(e)</sup> | 09/16/36 | 2315940 |
| Natwest Group PLC (3M USD LIBOR + 1.762%) | Natwest Group PLC (3M USD LIBOR + 1.762%) | Natwest Group PLC (3M USD LIBOR + 1.762%) | Natwest Group PLC (3M USD LIBOR + 1.762%) |
| 400000 | 4.269 <sup>(b)(e)</sup> | 03/22/25 | 390664 |
| NatWest Group PLC (5 year CMT + 2.100%) | NatWest Group PLC (5 year CMT + 2.100%) | NatWest Group PLC (5 year CMT + 2.100%) | NatWest Group PLC (5 year CMT + 2.100%) |
| 500000 | 3.754 <sup>(b)(e)</sup> | 11/01/29 | 463910 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| State Street Corp. (SOFR + 2.650%) | State Street Corp. (SOFR + 2.650%) | State Street Corp. (SOFR + 2.650%) | State Street Corp. (SOFR + 2.650%) |
| 100000 | 3.152 %<sup>(b)(e)</sup> | 03/30/31 | $87948 |
| The Bank of New York Mellon Corp. (SOFR + 1.755%) | The Bank of New York Mellon Corp. (SOFR + 1.755%) | The Bank of New York Mellon Corp. (SOFR + 1.755%) | The Bank of New York Mellon Corp. (SOFR + 1.755%) |
| 315000 | 4.596 <sup>(b)(e)</sup> | 07/26/30 | 305897 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 2625000 | 4.456 | 06/08/32 | 2495377 |
| Truist Bank | Truist Bank | Truist Bank | Truist Bank |
| 1250000 | 2.250 <sup>(e)</sup> | 03/11/30 | 1009288 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 2550000 | 4.125 <sup>(c)</sup> | 09/24/25 | 2481915 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 2700000 | 3.000 | 10/23/26 | 2495691 |
| 4150000 | 4.300 | 07/22/27 | 3996948 |
| (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) |
| 6470000 | 4.897 <sup>(b)(e)</sup> | 07/25/33 | 6127155 |
| Westpac Banking Corp. (5 year CMT + 2.000%) | Westpac Banking Corp. (5 year CMT + 2.000%) | Westpac Banking Corp. (5 year CMT + 2.000%) | Westpac Banking Corp. (5 year CMT + 2.000%) |
| 700000 | 4.110 <sup>(b)(e)</sup> | 07/24/34 | 599585 |
|  |  |  | 161880953 |
| **Beverages – 1.4%** | **Beverages – 1.4%** | **Beverages – 1.4%** | **Beverages – 1.4%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  |
| 850000 | 4.700 | 02/01/36 | 801354 |
| 6096000 | 4.900 | 02/01/46 | 5578450 |
| Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  | Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  | Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  | Anheuser-Busch InBev Worldwide, Inc.<sup>(e)</sup>  |
| 2758000 | 4.750 | 01/23/29 | 2726035 |
| 1750000 | 3.500 | 06/01/30 | 1591642 |
| 400000 | 4.950 | 01/15/42 | 374936 |
| 1700000 | 4.600 | 04/15/48 | 1496442 |
| Constellation Brands, Inc.<sup>(e)</sup>  | Constellation Brands, Inc.<sup>(e)</sup>  | Constellation Brands, Inc.<sup>(e)</sup>  | Constellation Brands, Inc.<sup>(e)</sup>  |
| 1375000 | 4.400 | 11/15/25 | 1351969 |
| 50000 | 3.600 | 02/15/28 | 46255 |
| 50000 | 3.150 | 08/01/29 | 43815 |
| 1900000 | 2.250 | 08/01/31 | 1508125 |
| JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
| 1650000 | 1.375 <sup>(c)(e)</sup> | 01/15/27 | 1393722 |
| Keurig Dr Pepper, Inc.<sup>(e)</sup>  | Keurig Dr Pepper, Inc.<sup>(e)</sup>  | Keurig Dr Pepper, Inc.<sup>(e)</sup>  | Keurig Dr Pepper, Inc.<sup>(e)</sup>  |
| 1968000 | 2.250 | 03/15/31 | 1584771 |
| 1719000 | 4.050 | 04/15/32 | 1564170 |
|  |  |  | 20061686 |
| **Biotechnology<sup>(e)</sup> – 0.2%** | **Biotechnology<sup>(e)</sup> – 0.2%** | **Biotechnology<sup>(e)</sup> – 0.2%** | **Biotechnology<sup>(e)</sup> – 0.2%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 1700000 | 4.200 | 03/01/33 | 1577549 |
| CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC |
| 450000 | 3.850 <sup>(c)</sup> | 04/27/27 | 430515 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 1475000 | 1.200 | 09/02/25 | 1320508 |
|  |  |  | 3328572 |
| **Building Materials<sup>(e)</sup> – 0.3%** | **Building Materials<sup>(e)</sup> – 0.3%** | **Building Materials<sup>(e)</sup> – 0.3%** | **Building Materials<sup>(e)</sup> – 0.3%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 3375000 | 2.493 | 02/15/27 | 3044351 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| 700000 | 4.900 | 12/01/32 | 688002 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
| **Building Materials<sup>(e)</sup> – (continued)** | **Building Materials<sup>(e)</sup> – (continued)** | **Building Materials<sup>(e)</sup> – (continued)** | **Building Materials<sup>(e)</sup> – (continued)** |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. |
| 2150000 | 3.200% | 07/15/51 | $1455959 |
|  |  |  | 5188312 |
| **Chemicals<sup>(e)</sup> – 0.4%** | **Chemicals<sup>(e)</sup> – 0.4%** | **Chemicals<sup>(e)</sup> – 0.4%** | **Chemicals<sup>(e)</sup> – 0.4%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 975000 | 4.493 | 11/15/25 | 959449 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 850000 | 4.500 | 05/01/29 | 763776 |
| International Flavors & Fragrances, Inc.<sup>(c)</sup>  | International Flavors & Fragrances, Inc.<sup>(c)</sup>  | International Flavors & Fragrances, Inc.<sup>(c)</sup>  | International Flavors & Fragrances, Inc.<sup>(c)</sup>  |
| 2300000 | 1.832 | 10/15/27 | 1928090 |
| 950000 | 3.268 | 11/15/40 | 677113 |
| The Sherwin-Williams Co. | The Sherwin-Williams Co. | The Sherwin-Williams Co. | The Sherwin-Williams Co. |
| 950000 | 3.450 | 06/01/27 | 891375 |
|  |  |  | 5219803 |
| **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** | **Commercial Services – 0.6%** |
| Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
| 650000 | 1.500 <sup>(c)(e)</sup> | 08/12/26 | 554281 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 100000 | 6.850 <sup>(c)</sup> | 07/02/37 | 105987 |
| 200000 | 5.625 | 09/25/48 | 186725 |
| Emory University | Emory University | Emory University | Emory University |
| 4015000 | 2.143 <sup>(e)</sup> | 09/01/30 | 3322240 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 875000 | 2.650 <sup>(e)</sup> | 02/15/25 | 823900 |
| PayPal Holdings, Inc.<sup>(e)</sup>  | PayPal Holdings, Inc.<sup>(e)</sup>  | PayPal Holdings, Inc.<sup>(e)</sup>  | PayPal Holdings, Inc.<sup>(e)</sup>  |
| 2375000 | 1.650 | 06/01/25 | 2202171 |
| 25000 | 2.650 | 10/01/26 | 23092 |
| 25000 | 2.850 | 10/01/29 | 21769 |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 1775000 | 4.250 <sup>(c)(e)</sup> | 05/01/29 | 1693936 |
| The University of Chicago | The University of Chicago | The University of Chicago | The University of Chicago |
| 320000 | 5.420 | 10/01/30 | 325498 |
|  |  |  | 9259599 |
| **Computers<sup>(e)</sup> – 0.9%** | **Computers<sup>(e)</sup> – 0.9%** | **Computers<sup>(e)</sup> – 0.9%** | **Computers<sup>(e)</sup> – 0.9%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 433000 | 5.450 | 06/15/23 | 433039 |
| 607000 | 5.850 | 07/15/25 | 614569 |
| 2326000 | 6.020 | 06/15/26 | 2374590 |
| 451000 | 5.300 | 10/01/29 | 440203 |
| 200000 | 6.200 | 07/15/30 | 203636 |
| 540000 | 8.100 | 07/15/36 | 605464 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2400000 | 2.250 | 04/01/23 | 2382192 |
| 4325000 | 4.450 | 10/02/23 | 4298834 |
| 1782000 | 4.900 | 10/15/25 | 1764234 |
| 35000 | 6.350 | 10/15/45 | 34985 |
|  |  |  | 13151746 |
| **Cosmetics & Personal Care<sup>(e)</sup> – 0.2%** | **Cosmetics & Personal Care<sup>(e)</sup> – 0.2%** | **Cosmetics & Personal Care<sup>(e)</sup> – 0.2%** | **Cosmetics & Personal Care<sup>(e)</sup> – 0.2%** |
| 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 |
| 3675000 | 3.375 | 03/24/27 | 3424108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services – 1.5%** | **Diversified Financial Services – 1.5%** | **Diversified Financial Services – 1.5%** | **Diversified Financial Services – 1.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(e)</sup>  |
| 900000 | 4.875% | 01/16/24 | $891423 |
| 965000 | 6.500 | 07/15/25 | 980305 |
| 5125000 | 2.450 | 10/29/26 | 4482120 |
| 1725000 | 3.000 | 10/29/28 | 1447775 |
| 700000 | 3.300 | 01/30/32 | 546917 |
| 375000 | 3.400 | 10/29/33 | 285218 |
| Air Lease Corp.<sup>(e)</sup>  | Air Lease Corp.<sup>(e)</sup>  | Air Lease Corp.<sup>(e)</sup>  | Air Lease Corp.<sup>(e)</sup>  |
| 2250000 | 2.300 | 02/01/25 | 2097675 |
| 1625000 | 3.375 | 07/01/25 | 1532505 |
| 625000 | 2.875 | 01/15/26 | 578706 |
| 2200000 | 3.750 | 06/01/26 | 2060982 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 975000 | 1.450 <sup>(e)</sup> | 10/02/23 | 944444 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 450000 | 1.950 <sup>(c)(e)</sup> | 01/30/26 | 392022 |
| Avolon Holdings Funding Ltd.<sup>(c)(e)</sup>  | Avolon Holdings Funding Ltd.<sup>(c)(e)</sup>  | Avolon Holdings Funding Ltd.<sup>(c)(e)</sup>  | Avolon Holdings Funding Ltd.<sup>(c)(e)</sup>  |
| 975000 | 3.950 | 07/01/24 | 934518 |
| 2125000 | 2.875 | 02/15/25 | 1963287 |
| 1050000 | 4.250 | 04/15/26 | 952697 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 1110000 | 3.300 <sup>(e)</sup> | 10/30/24 | 1071294 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 950000 | 2.608 | 07/14/31 | 732944 |
|  |  |  | 21894832 |
| **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** |
| Alliant Energy Finance LLC<sup>(c)(e)</sup>  | Alliant Energy Finance LLC<sup>(c)(e)</sup>  | Alliant Energy Finance LLC<sup>(c)(e)</sup>  | Alliant Energy Finance LLC<sup>(c)(e)</sup>  |
| 825000 | 3.750 | 06/15/23 | 818441 |
| 225000 | 4.250 | 06/15/28 | 208096 |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| 400000 | 3.500 <sup>(e)</sup> | 01/15/31 | 353104 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 850000 | 2.300 <sup>(e)</sup> | 03/01/30 | 695861 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 425000 | 2.950 <sup>(e)</sup> | 09/15/27 | 385394 |
| Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
| 50000 | 3.200 <sup>(e)</sup> | 04/15/25 | 47797 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 1275000 | 3.700 <sup>(e)</sup> | 07/15/30 | 1167186 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 575000 | 3.071 <sup>(d)</sup> | 08/15/24 | 554064 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 1350000 | 3.150 <sup>(e)</sup> | 08/15/27 | 1246280 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| 1025000 | 2.950 <sup>(e)</sup> | 09/01/26 | 954070 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 1000000 | 4.050 <sup>(e)</sup> | 04/15/30 | 931340 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 1125000 | 2.250 <sup>(e)</sup> | 09/01/30 | 890201 |
| Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. |
| 2760000 | 4.250 <sup>(c)</sup> | 07/27/27 | 2640630 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 1180000 | 1.900 <sup>(e)</sup> | 06/15/28 | 1009820 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 1625000 | 3.750 <sup>(c)(e)</sup> | 06/15/24 | 1564940 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 675000 | 2.600 <sup>(e)</sup> | 04/01/30 | 572852 |
| Pacific Gas & Electric Co.<sup>(e)</sup>  | Pacific Gas & Electric Co.<sup>(e)</sup>  | Pacific Gas & Electric Co.<sup>(e)</sup>  | Pacific Gas & Electric Co.<sup>(e)</sup>  |
| 850000 | 2.100 | 08/01/27 | 727804 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
| **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
| Pacific Gas & Electric Co.<sup>(e)</sup> – (continued) | Pacific Gas & Electric Co.<sup>(e)</sup> – (continued) | Pacific Gas & Electric Co.<sup>(e)</sup> – (continued) | Pacific Gas & Electric Co.<sup>(e)</sup> – (continued) |
| 575000 | 2.500% | 02/01/31 | $447057 |
| 500000 | 3.300 | 08/01/40 | 339080 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 175000 | 4.200 <sup>(e)</sup> | 03/01/29 | 166479 |
| The Southern Co. | The Southern Co. | The Southern Co. | The Southern Co. |
| 1730000 | 3.250 <sup>(e)</sup> | 07/01/26 | 1629660 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 3350000 | 3.550 <sup>(c)(e)</sup> | 07/15/24 | 3214828 |
| Xcel Energy, Inc.<sup>(e)</sup>  | Xcel Energy, Inc.<sup>(e)</sup>  | Xcel Energy, Inc.<sup>(e)</sup>  | Xcel Energy, Inc.<sup>(e)</sup>  |
| 2925000 | 3.350 | 12/01/26 | 2753215 |
|  |  |  | 23318199 |
| **Engineering & Construction<sup>(e)</sup> – 0.2%** | **Engineering & Construction<sup>(e)</sup> – 0.2%** | **Engineering & Construction<sup>(e)</sup> – 0.2%** | **Engineering & Construction<sup>(e)</sup> – 0.2%** |
| Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
| 1900000 | 1.250 | 01/15/29 | 1628385 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 400000 | 4.250 | 10/31/26 | 379825 |
| 440000 | 3.875 <sup>(c)</sup> | 04/30/28 | 400620 |
| 200000 | 5.500 <sup>(c)</sup> | 10/31/46 | 153475 |
| 420000 | 5.500 | 07/31/47 | 323400 |
| 340000 | 5.500 <sup>(c)</sup> | 07/31/47 | 261800 |
|  |  |  | 3147505 |
| **Entertainment<sup>(c)(e)</sup> – 0.5%** | **Entertainment<sup>(c)(e)</sup> – 0.5%** | **Entertainment<sup>(c)(e)</sup> – 0.5%** | **Entertainment<sup>(c)(e)</sup> – 0.5%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 5050000 | 4.054 | 03/15/29 | 4376885 |
| 4495000 | 5.050 | 03/15/42 | 3456655 |
|  |  |  | 7833540 |
| **Environmental – 0.4%** | **Environmental – 0.4%** | **Environmental – 0.4%** | **Environmental – 0.4%** |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| 200000 | 2.500 <sup>(e)</sup> | 08/15/24 | 191708 |
| The Nature Conservancy | The Nature Conservancy | The Nature Conservancy | The Nature Conservancy |
| 60000 | 0.944 | 07/01/26 | 53024 |
| 75000 | 1.304 | 07/01/28 | 62751 |
| Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
| 832000 | 4.200 <sup>(e)</sup> | 01/15/33 | 772928 |
| Waste Management, Inc.<sup>(e)</sup>  | Waste Management, Inc.<sup>(e)</sup>  | Waste Management, Inc.<sup>(e)</sup>  | Waste Management, Inc.<sup>(e)</sup>  |
| 1275000 | 3.150 | 11/15/27 | 1189894 |
| 925000 | 1.150 | 03/15/28 | 771515 |
| 2442000 | 4.150 | 04/15/32 | 2321780 |
|  |  |  | 5363600 |
| **Food & Drug Retailing<sup>(e)</sup> – 0.5%** | **Food & Drug Retailing<sup>(e)</sup> – 0.5%** | **Food & Drug Retailing<sup>(e)</sup> – 0.5%** | **Food & Drug Retailing<sup>(e)</sup> – 0.5%** |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 1325000 | 4.200 | 04/17/28 | 1280639 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 4606000 | 3.750 | 04/01/30 | 4197862 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 225000 | 6.600 | 04/01/40 | 239760 |
| 25000 | 4.450 | 03/15/48 | 20551 |
| 75000 | 6.600 | 04/01/50 | 81698 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 1250000 | 3.900 | 09/28/23 | 1237987 |
|  |  |  | 7058497 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Gas<sup>(e)</sup> – 0.2%** | **Gas<sup>(e)</sup> – 0.2%** | **Gas<sup>(e)</sup> – 0.2%** | **Gas<sup>(e)</sup> – 0.2%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 2500000 | 3.490% | 05/15/27 | $2356400 |
| 325000 | 3.600 | 05/01/30 | 289757 |
| The East Ohio Gas Co. | The East Ohio Gas Co. | The East Ohio Gas Co. | The East Ohio Gas Co. |
| 525000 | 1.300 <sup>(c)</sup> | 06/15/25 | 475776 |
|  |  |  | 3121933 |
| **Healthcare Providers & Services<sup>(e)</sup> – 1.9%** | **Healthcare Providers & Services<sup>(e)</sup> – 1.9%** | **Healthcare Providers & Services<sup>(e)</sup> – 1.9%** | **Healthcare Providers & Services<sup>(e)</sup> – 1.9%** |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 540000 | 2.952 | 03/01/29 | 462296 |
| Banner Health | Banner Health | Banner Health | Banner Health |
| 3235000 | 2.338 | 01/01/30 | 2720055 |
| Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings |
| 1140000 | 1.777 | 11/15/30 | 880472 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 925000 | 4.250 | 12/15/27 | 868621 |
| 2100000 | 2.625 | 08/01/31 | 1649445 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 2385000 | 3.910 | 10/01/50 | 1765107 |
| 2655000 | 6.461 | 11/01/52 | 2833402 |
| 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. |
| 1725000 | 2.200 | 11/15/24 | 1642424 |
| 50000 | 3.250 | 11/15/39 | 40102 |
| GE Healthcare Holding LLC | GE Healthcare Holding LLC | GE Healthcare Holding LLC | GE Healthcare Holding LLC |
| 1170000 | 6.377 <sup>(c)</sup> | 11/22/52 | 1254486 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 1590000 | 3.500 | 09/01/30 | 1368036 |
| Rush Obligated Group | Rush Obligated Group | Rush Obligated Group | Rush Obligated Group |
| 1320000 | 3.922 | 11/15/29 | 1212900 |
| Stanford Health Care | Stanford Health Care | Stanford Health Care | Stanford Health Care |
| 975000 | 3.310 | 08/15/30 | 871252 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 501000 | 2.700 | 03/15/31 | 407038 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 475000 | 3.375 | 11/01/25 | 459444 |
| 75000 | 1.950 | 06/15/30 | 61031 |
| Sutter Health | Sutter Health | Sutter Health | Sutter Health |
| 605000 | 2.294 | 08/15/30 | 489281 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 4275000 | 5.300 | 02/15/30 | 4415092 |
| 3750000 | 5.350 | 02/15/33 | 3884063 |
| 1400000 | 5.875 | 02/15/53 | 1520036 |
|  |  |  | 28804583 |
| **Home Builders<sup>(e)</sup> – 0.1%** | **Home Builders<sup>(e)</sup> – 0.1%** | **Home Builders<sup>(e)</sup> – 0.1%** | **Home Builders<sup>(e)</sup> – 0.1%** |
| Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| 1235000 | 4.750 | 11/29/27 | 1187527 |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC |
| 1200000 | 4.011 <sup>(e)</sup> | 12/15/26 | 1146180 |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 300000 | 7.350 | 05/01/34 | 332208 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| 100000 | 3.900 <sup>(c)(e)</sup> | 04/05/32 | 87590 |
| Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP |
| 422000 | 4.047 <sup>(c)(e)</sup> | 05/17/28 | 395595 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 700000 | 2.950 %<sup>(e)</sup> | 09/15/29 | $588679 |
|  |  |  | 2550252 |
| **Internet – 0.8%** | **Internet – 0.8%** | **Internet – 0.8%** | **Internet – 0.8%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 500000 | 4.800 <sup>(e)</sup> | 12/05/34 | 500145 |
| Expedia Group, Inc.<sup>(e)</sup>  | Expedia Group, Inc.<sup>(e)</sup>  | Expedia Group, Inc.<sup>(e)</sup>  | Expedia Group, Inc.<sup>(e)</sup>  |
| 2101000 | 4.625 | 08/01/27 | 2016687 |
| 825000 | 3.800 | 02/15/28 | 757399 |
| 331000 | 2.950 | 03/15/31 | 266501 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 4225000 | 3.500 | 08/15/27 | 3937701 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 3575000 | 4.875 <sup>(c)(e)</sup> | 06/15/30 | 3343304 |
| Prosus NV<sup>(e)</sup>  | Prosus NV<sup>(e)</sup>  | Prosus NV<sup>(e)</sup>  | Prosus NV<sup>(e)</sup>  |
| 200000 | 3.257 <sup>(c)</sup> | 01/19/27 | 179500 |
| 420000 | 3.680 <sup>(c)</sup> | 01/21/30 | 348154 |
| 690000 | 3.680 | 01/21/30 | 571967 |
| 100000 | 2.031 <sup>(c)</sup> | 08/03/32 | 75734 |
| 230000 | 4.027 <sup>(c)</sup> | 08/03/50 | 145878 |
| 210000 | 3.832 <sup>(c)</sup> | 02/08/51 | 128402 |
|  |  |  | 12271372 |
| **Investment Companies<sup>(c)(e)</sup> – 0.0%** | **Investment Companies<sup>(c)(e)</sup> – 0.0%** | **Investment Companies<sup>(c)(e)</sup> – 0.0%** | **Investment Companies<sup>(c)(e)</sup> – 0.0%** |
| JAB Holdings B.V. | JAB Holdings B.V. | JAB Holdings B.V. | JAB Holdings B.V. |
| 500000 | 2.200 | 11/23/30 | 374765 |
| **Iron/Steel<sup>(e)</sup> – 0.1%** | **Iron/Steel<sup>(e)</sup> – 0.1%** | **Iron/Steel<sup>(e)</sup> – 0.1%** | **Iron/Steel<sup>(e)</sup> – 0.1%** |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 490000 | 2.400 | 06/15/25 | 459032 |
| 1075000 | 1.650 | 10/15/27 | 900742 |
|  |  |  | 1359774 |
| **Lodging<sup>(e)</sup> – 0.4%** | **Lodging<sup>(e)</sup> – 0.4%** | **Lodging<sup>(e)</sup> – 0.4%** | **Lodging<sup>(e)</sup> – 0.4%** |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 2000000 | 1.800 | 10/01/24 | 1873960 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 2100000 | 5.000 | 10/15/27 | 2074254 |
| 2625000 | 2.850 | 04/15/31 | 2126486 |
|  |  |  | 6074700 |
| **Machinery - Construction & Mining<sup>(c)(e)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(c)(e)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(c)(e)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(c)(e)</sup> – 0.1%** |
| The Weir Group PLC | The Weir Group PLC | The Weir Group PLC | The Weir Group PLC |
| 2375000 | 2.200 | 05/13/26 | 2114652 |
| **Machinery-Diversified<sup>(e)</sup> – 0.0%** | **Machinery-Diversified<sup>(e)</sup> – 0.0%** | **Machinery-Diversified<sup>(e)</sup> – 0.0%** | **Machinery-Diversified<sup>(e)</sup> – 0.0%** |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 625000 | 2.293 | 04/05/27 | 561194 |
| **Media – 1.7%** | **Media – 1.7%** | **Media – 1.7%** | **Media – 1.7%** |
| Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |
| Communications Operating Capital<sup>(e)</sup>  | Communications Operating Capital<sup>(e)</sup>  | Communications Operating Capital<sup>(e)</sup>  | Communications Operating Capital<sup>(e)</sup>  |
| 8750000 | 4.908 | 07/23/25 | 8581125 |
| 6675000 | 3.750 | 02/15/28 | 6044880 |
| Comcast Corp.<sup>(e)</sup>  | Comcast Corp.<sup>(e)</sup>  | Comcast Corp.<sup>(e)</sup>  | Comcast Corp.<sup>(e)</sup>  |
| 1300000 | 3.950 | 10/15/25 | 1272674 |
| 1173000 | 3.300 | 02/01/27 | 1107218 |
| 1775000 | 3.300 | 04/01/27 | 1673328 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| Comcast Corp.<sup>(e)</sup> – (continued) | Comcast Corp.<sup>(e)</sup> – (continued) | Comcast Corp.<sup>(e)</sup> – (continued) | Comcast Corp.<sup>(e)</sup> – (continued) |
| 1550000 | 3.150% | 02/15/28 | $1432417 |
| 1775000 | 4.150 | 10/15/28 | 1706041 |
| 100000 | 3.750 | 04/01/40 | 82566 |
| 275000 | 4.700 | 10/15/48 | 247621 |
| Fox Corp.<sup>(e)</sup>  | Fox Corp.<sup>(e)</sup>  | Fox Corp.<sup>(e)</sup>  | Fox Corp.<sup>(e)</sup>  |
| 700000 | 4.030 | 01/25/24 | 691628 |
| 75000 | 5.476 | 01/25/39 | 68185 |
| The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. |
| 1800000 | 2.200 | 01/13/28 | 1604178 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 275000 | 5.875 <sup>(e)</sup> | 11/15/40 | 239377 |
|  |  |  | 24751238 |
| **Mining – 0.5%** | **Mining – 0.5%** | **Mining – 0.5%** | **Mining – 0.5%** |
| Glencore Funding LLC<sup>(c)</sup>  | Glencore Funding LLC<sup>(c)</sup>  | Glencore Funding LLC<sup>(c)</sup>  | Glencore Funding LLC<sup>(c)</sup>  |
| 1300000 | 4.125 <sup>(e)</sup> | 03/12/24 | 1277666 |
| 1181000 | 4.625 | 04/29/24 | 1166084 |
| 1850000 | 1.625 <sup>(e)</sup> | 04/27/26 | 1637361 |
| 2175000 | 2.625 <sup>(e)</sup> | 09/23/31 | 1733888 |
| Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. |
| 525000 | 3.250 <sup>(c)(e)</sup> | 05/13/30 | 439115 |
| Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. |
| 900000 | 3.900 <sup>(e)</sup> | 07/15/30 | 807696 |
|  |  |  | 7061810 |
| **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** |
| Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
| 3641000 | 4.150 <sup>(e)</sup> | 03/15/33 | 3392210 |
| GE Capital International Funding Co. | GE Capital International Funding Co. | GE Capital International Funding Co. | GE Capital International Funding Co. |
| 800000 | 4.418 | 11/15/35 | 736952 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 950000 | 6.750 | 03/15/32 | 1052781 |
| 700000 | 5.875 | 01/14/38 | 713146 |
|  |  |  | 5895089 |
| **Multi-National<sup>(c)(e)</sup> – 0.1%** | **Multi-National<sup>(c)(e)</sup> – 0.1%** | **Multi-National<sup>(c)(e)</sup> – 0.1%** | **Multi-National<sup>(c)(e)</sup> – 0.1%** |
| The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank |
| 740000 | 2.634 | 05/17/26 | 656025 |
| 830000 | 3.798 | 05/17/31 | 684791 |
|  |  |  | 1340816 |
| **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** | **Oil Field Services – 0.3%** |
| Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
| 950000 | 2.000 <sup>(c)(e)</sup> | 07/15/26 | 840778 |
| Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
| 180000 | 5.600 <sup>(e)</sup> | 07/15/41 | 168170 |
| Marathon Petroleum Corp.<sup>(e)</sup>  | Marathon Petroleum Corp.<sup>(e)</sup>  | Marathon Petroleum Corp.<sup>(e)</sup>  | Marathon Petroleum Corp.<sup>(e)</sup>  |
| 600000 | 3.625 | 09/15/24 | 584202 |
| 375000 | 3.800 | 04/01/28 | 346613 |
| Phillips 66<sup>(e)</sup>  | Phillips 66<sup>(e)</sup>  | Phillips 66<sup>(e)</sup>  | Phillips 66<sup>(e)</sup>  |
| 375000 | 3.850 | 04/09/25 | 365460 |
| 725000 | 1.300 | 02/15/26 | 648194 |
| Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy |
| 410000 | 3.300 <sup>(c)(e)</sup> | 07/12/51 | 300146 |
| Reliance Industries Ltd.<sup>(c)</sup>  | Reliance Industries Ltd.<sup>(c)</sup>  | Reliance Industries Ltd.<sup>(c)</sup>  | Reliance Industries Ltd.<sup>(c)</sup>  |
| 480000 | 2.875 | 01/12/32 | 391958 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Reliance Industries Ltd.<sup>(c)</sup> – (continued) | Reliance Industries Ltd.<sup>(c)</sup> – (continued) | Reliance Industries Ltd.<sup>(c)</sup> – (continued) | Reliance Industries Ltd.<sup>(c)</sup> – (continued) |
| 250000 | 3.750% | 01/12/62 | $161375 |
|  |  |  | 3806896 |
| **Packaging<sup>(e)</sup> – 0.1%** | **Packaging<sup>(e)</sup> – 0.1%** | **Packaging<sup>(e)</sup> – 0.1%** | **Packaging<sup>(e)</sup> – 0.1%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 1475000 | 1.570 | 01/15/26 | 1317042 |
| **Pharmaceuticals<sup>(e)</sup> – 1.9%** | **Pharmaceuticals<sup>(e)</sup> – 1.9%** | **Pharmaceuticals<sup>(e)</sup> – 1.9%** | **Pharmaceuticals<sup>(e)</sup> – 1.9%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 1709000 | 4.500 | 05/14/35 | 1590994 |
| 3250000 | 4.050 | 11/21/39 | 2783365 |
| 2625000 | 4.250 | 11/21/49 | 2206496 |
| AmerisourceBergen Corp. | AmerisourceBergen Corp. | AmerisourceBergen Corp. | AmerisourceBergen Corp. |
| 1150000 | 3.450 | 12/15/27 | 1074342 |
| Bayer US Finance II LLC | Bayer US Finance II LLC | Bayer US Finance II LLC | Bayer US Finance II LLC |
| 850000 | 3.875 <sup>(c)</sup> | 12/15/23 | 836834 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 997000 | 3.363 | 06/06/24 | 972633 |
| 100000 | 4.669 | 06/06/47 | 88204 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 1200000 | 4.125 | 06/15/39 | 1069836 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 5100000 | 4.125 | 11/15/25 | 4987035 |
| 1858000 | 2.400 | 03/15/30 | 1556911 |
| 1300000 | 4.900 | 12/15/48 | 1180114 |
| 1350000 | 3.400 | 03/15/50 | 957893 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 650000 | 2.625 | 08/15/24 | 624065 |
| 1250000 | 1.875 | 02/28/31 | 978963 |
| 4007000 | 2.125 | 09/15/31 | 3175547 |
| 924000 | 4.780 | 03/25/38 | 846633 |
| 36000 | 5.125 | 07/20/45 | 32802 |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 2975000 | 4.375 | 03/15/26 | 2769100 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 100000 | 4.450 | 08/20/48 | 86967 |
|  |  |  | 27818734 |
| **Pipelines – 1.3%** | **Pipelines – 1.3%** | **Pipelines – 1.3%** | **Pipelines – 1.3%** |
| Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC |
| 1190000 | 4.600 <sup>(c)</sup> | 11/02/47 | 1090561 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 2300000 | 2.500 <sup>(e)</sup> | 08/01/33 | 1771805 |
| Energy Transfer LP<sup>(e)</sup>  | Energy Transfer LP<sup>(e)</sup>  | Energy Transfer LP<sup>(e)</sup>  | Energy Transfer LP<sup>(e)</sup>  |
| 1950000 | 4.200 | 09/15/23 | 1933405 |
| 50000 | 4.950 | 06/15/28 | 48295 |
| 1225000 | 5.250 | 04/15/29 | 1187638 |
| 375000 | 5.300 | 04/15/47 | 313736 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 85000 | 3.750 <sup>(e)</sup> | 02/15/25 | 82657 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 <sup>(c)</sup> | 03/31/36 | 160288 |
| 2938251 | 2.940 | 09/30/40 | 2350234 |
| 320000 | 3.250 <sup>(c)</sup> | 09/30/40 | 246760 |
| MPLX LP<sup>(e)</sup>  | MPLX LP<sup>(e)</sup>  | MPLX LP<sup>(e)</sup>  | MPLX LP<sup>(e)</sup>  |
| 1300000 | 2.650 | 08/15/30 | 1054729 |
| 275000 | 4.500 | 04/15/38 | 231132 |
| 645000 | 5.500 | 02/15/49 | 570541 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Plains All American Pipeline LP/PAA Finance Corp.<sup>(e)</sup>  | Plains All American Pipeline LP/PAA Finance Corp.<sup>(e)</sup>  | Plains All American Pipeline LP/PAA Finance Corp.<sup>(e)</sup>  | Plains All American Pipeline LP/PAA Finance Corp.<sup>(e)</sup>  |
| 1100000 | 3.850% | 10/15/23 | $1084545 |
| 875000 | 3.800 | 09/15/30 | 760716 |
| Sabine Pass Liquefaction LLC<sup>(e)</sup>  | Sabine Pass Liquefaction LLC<sup>(e)</sup>  | Sabine Pass Liquefaction LLC<sup>(e)</sup>  | Sabine Pass Liquefaction LLC<sup>(e)</sup>  |
| 1650000 | 5.625 | 03/01/25 | 1653910 |
| 275000 | 5.000 | 03/15/27 | 269772 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 1010000 | 4.200 <sup>(e)</sup> | 02/01/33 | 869549 |
| The Williams Cos., Inc.<sup>(e)</sup>  | The Williams Cos., Inc.<sup>(e)</sup>  | The Williams Cos., Inc.<sup>(e)</sup>  | The Williams Cos., Inc.<sup>(e)</sup>  |
| 850000 | 3.900 | 01/15/25 | 828291 |
| 800000 | 4.000 | 09/15/25 | 777344 |
| Western Midstream Operating LP<sup>(e)</sup>  | Western Midstream Operating LP<sup>(e)</sup>  | Western Midstream Operating LP<sup>(e)</sup>  | Western Midstream Operating LP<sup>(e)</sup>  |
| 1125000 | 3.350 | 02/01/25 | 1064498 |
| 475000 | 3.950 | 06/01/25 | 450305 |
| 225000 | 5.450 | 04/01/44 | 187925 |
| 165000 | 5.300 | 03/01/48 | 136617 |
|  |  |  | 19125253 |
| **Real Estate Investment Trust<sup>(e)</sup> – 1.7%** | **Real Estate Investment Trust<sup>(e)</sup> – 1.7%** | **Real Estate Investment Trust<sup>(e)</sup> – 1.7%** | **Real Estate Investment Trust<sup>(e)</sup> – 1.7%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 1905000 | 4.800 | 10/01/32 | 1751895 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 723000 | 4.900 | 02/15/29 | 683756 |
| 40000 | 2.375 | 07/15/31 | 30764 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 2100000 | 3.375 | 05/15/24 | 2043951 |
| 1750000 | 2.400 | 03/15/25 | 1646312 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 2150000 | 3.150 | 07/15/23 | 2125339 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 600000 | 4.000 | 11/15/25 | 578544 |
| 1095000 | 2.500 | 02/15/32 | 838518 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 1700000 | 2.900 | 12/15/31 | 1301452 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 1300000 | 2.300 | 11/15/28 | 1074320 |
| 3595000 | 2.000 | 08/15/31 | 2653362 |
| National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. |
| 790000 | 3.900 | 06/15/24 | 771885 |
| 1150000 | 4.000 | 11/15/25 | 1107956 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 3037000 | 1.750 | 07/01/30 | 2401447 |
| 1500000 | 4.625 | 01/15/33 | 1453020 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 400000 | 3.950 | 08/15/27 | 382248 |
| 50000 | 2.850 | 12/15/32 | 40614 |
| Spirit Realty LP | Spirit Realty LP | Spirit Realty LP | Spirit Realty LP |
| 1200000 | 3.400 | 01/15/30 | 998772 |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 475000 | 2.100 | 08/01/32 | 352773 |
| Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
| 975000 | 3.500 | 02/01/25 | 936858 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 505000 | 4.600 | 04/01/24 | 500238 |
| 445000 | 4.000 | 02/01/25 | 433964 |
| 1000000 | 3.850 | 07/15/29 | 899090 |
| 725000 | 2.400 | 02/01/31 | 577832 |
|  |  |  | 25584910 |

---

------

GOLDMAN SACHS CORE FIXED 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)** |
| **Retailing<sup>(e)</sup> – 1.5%** | **Retailing<sup>(e)</sup> – 1.5%** | **Retailing<sup>(e)</sup> – 1.5%** | **Retailing<sup>(e)</sup> – 1.5%** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 1404000 | 4.500% | 10/01/25 | $1362975 |
| 500000 | 1.950 | 08/01/28 | 399455 |
| 825000 | 4.750 | 06/01/30 | 738259 |
| CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. |
| 200000 | 2.500 <sup>(c)</sup> | 05/08/30 | 168132 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 975000 | 4.000 | 05/15/25 | 952195 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 525000 | 3.100 | 05/03/27 | 489216 |
| 1900000 | 1.700 | 09/15/28 | 1595943 |
| 2500000 | 1.700 | 10/15/30 | 1952825 |
| 950000 | 3.750 | 04/01/32 | 846678 |
| 3331000 | 5.000 | 04/15/33 | 3259317 |
| 2075000 | 4.250 | 04/01/52 | 1661805 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 1313000 | 4.600 | 09/09/32 | 1285506 |
| 650000 | 4.200 | 04/01/50 | 543589 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 1850000 | 3.800 | 08/15/25 | 1809744 |
| 1650000 | 4.000 | 11/15/28 | 1572169 |
| 1975000 | 3.000 | 02/14/32 | 1688566 |
| The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. |
| 625000 | 3.900 | 12/06/28 | 602200 |
| 1700000 | 4.500 | 09/15/32 | 1665864 |
|  |  |  | 22594438 |
| **Savings&Loans<sup>(b)(c)(e)</sup> – 0.1%** | **Savings&Loans<sup>(b)(c)(e)</sup> – 0.1%** | **Savings&Loans<sup>(b)(c)(e)</sup> – 0.1%** | **Savings&Loans<sup>(b)(c)(e)</sup> – 0.1%** |
| Nationwide Building Society (3M USD LIBOR + 1.855%) | Nationwide Building Society (3M USD LIBOR + 1.855%) | Nationwide Building Society (3M USD LIBOR + 1.855%) | Nationwide Building Society (3M USD LIBOR + 1.855%) |
| 975000 | 3.960 | 07/18/30 | 851087 |
| **Semiconductors<sup>(e)</sup> – 0.8%** | **Semiconductors<sup>(e)</sup> – 0.8%** | **Semiconductors<sup>(e)</sup> – 0.8%** | **Semiconductors<sup>(e)</sup> – 0.8%** |
| Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  |
| 2165000 | 4.150 | 04/15/32 | 1903057 |
| 1156000 | 3.419 | 04/15/33 | 927898 |
| 4175000 | 3.137 | 11/15/35 | 3063030 |
| 161000 | 3.187 | 11/15/36 | 116200 |
| 1725000 | 3.500 | 02/15/41 | 1234945 |
| 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. |
| 825000 | 3.400 | 05/01/30 | 711942 |
| 3125000 | 2.500 | 05/11/31 | 2469813 |
| 2250000 | 2.650 | 02/15/32 | 1759905 |
|  |  |  | 12186790 |
| **Software<sup>(e)</sup> – 1.4%** | **Software<sup>(e)</sup> – 1.4%** | **Software<sup>(e)</sup> – 1.4%** | **Software<sup>(e)</sup> – 1.4%** |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 2775000 | 2.750 | 07/01/24 | 2676543 |
| 75000 | 4.200 | 10/01/28 | 70988 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| 675000 | 1.350 | 07/15/27 | 584165 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1881000 | 2.950 | 04/01/30 | 1605622 |
| 5625000 | 2.875 | 03/25/31 | 4666669 |
| 350000 | 3.600 | 04/01/40 | 258450 |
| 3700000 | 6.900% | 11/09/52 | 4003918 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software<sup>(e)</sup> – (continued)** | **Software<sup>(e)</sup> – (continued)** | **Software<sup>(e)</sup> – (continued)** | **Software<sup>(e)</sup> – (continued)** |
| ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. |
| 3400000 | 1.400% | 09/01/30 | $2590698 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 1495000 | 3.700 | 04/14/27 | 1407273 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 700000 | 1.800 | 08/15/28 | 571494 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 1000000 | 3.500 | 04/01/27 | 935320 |
| 50000 | 3.700 | 04/01/29 | 45865 |
| 675000 | 3.800 | 04/01/32 | 595694 |
|  |  |  | 20012699 |
| **Telecommunication Services – 2.7%** | **Telecommunication Services – 2.7%** | **Telecommunication Services – 2.7%** | **Telecommunication Services – 2.7%** |
| AT&T, Inc.<sup>(e)</sup>  | AT&T, Inc.<sup>(e)</sup>  | AT&T, Inc.<sup>(e)</sup>  | AT&T, Inc.<sup>(e)</sup>  |
| 6439000 | 2.300 | 06/01/27 | 5737986 |
| 325000 | 1.650 | 02/01/28 | 274963 |
| 2375000 | 2.750 | 06/01/31 | 1972081 |
| 1165000 | 4.900 | 08/15/37 | 1072837 |
| 2355000 | 4.850 | 03/01/39 | 2108078 |
| 1325000 | 3.500 | 06/01/41 | 988874 |
| 450000 | 5.150 | 11/15/46 | 405797 |
| 1250000 | 3.650 | 06/01/51 | 884075 |
| 450000 | 3.500 | 09/15/53 | 306167 |
| Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
| 425000 | 4.665 | 03/06/38 | 337395 |
| T-Mobile USA, Inc.<sup>(e)</sup>  | T-Mobile USA, Inc.<sup>(e)</sup>  | T-Mobile USA, Inc.<sup>(e)</sup>  | T-Mobile USA, Inc.<sup>(e)</sup>  |
| 2025000 | 3.500 | 04/15/25 | 1949427 |
| 1350000 | 1.500 | 02/15/26 | 1209654 |
| 5025000 | 3.750 | 04/15/27 | 4737821 |
| 125000 | 2.050 | 02/15/28 | 107536 |
| 2333000 | 3.875 | 04/15/30 | 2117734 |
| 2205000 | 2.875 | 02/15/31 | 1820448 |
| 2150000 | 3.500 | 04/15/31 | 1862050 |
| 3075000 | 5.200 | 01/15/33 | 3044650 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 5066000 | 4.329 | 09/21/28 | 4876430 |
| 75000 | 3.875 <sup>(e)</sup> | 02/08/29 | 70428 |
| 2251000 | 4.016 <sup>(e)</sup> | 12/03/29 | 2106598 |
| 1425000 | 4.812 | 03/15/39 | 1310758 |
|  |  |  | 39301787 |
| **Transportation<sup>(e)</sup> – 0.5%** | **Transportation<sup>(e)</sup> – 0.5%** | **Transportation<sup>(e)</sup> – 0.5%** | **Transportation<sup>(e)</sup> – 0.5%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 800000 | 4.050 | 06/15/48 | 669424 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 2550000 | 2.450 | 12/02/31 | 2122467 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 2875000 | 3.800 | 03/01/28 | 2741629 |
| 2645000 | 4.100 | 11/15/32 | 2477651 |
|  |  |  | 8011171 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $647,514,648)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $647,514,648)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $647,514,648)** | $584687294 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – 4.5%** | **Asset-Backed Securities – 4.5%** | **Asset-Backed Securities – 4.5%** | **Asset-Backed Securities – 4.5%** |
| **Collateralized Loan Obligations<sup>(b)(c)</sup> – 4.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 4.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 4.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 4.2%** |
| AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) |
| 4100000 | 5.379% | 01/15/33 | $4024130 |
| Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) |
| 4000000 | 5.299 | 04/15/33 | 3922040 |
| Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%) |
| 2100000 | 6.975 | 04/22/31 | 1941941 |
| Crown City CLO I Series 2020-1A, Class A2R (3M USD LIBOR + 1.750%) | Crown City CLO I Series 2020-1A, Class A2R (3M USD LIBOR + 1.750%) | Crown City CLO I Series 2020-1A, Class A2R (3M USD LIBOR + 1.750%) | Crown City CLO I Series 2020-1A, Class A2R (3M USD LIBOR + 1.750%) |
| 4600000 | 5.993 | 07/20/34 | 4294831 |
| Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.240%) | Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.240%) | Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.240%) | Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.240%) |
| 5250000 | 5.319 | 07/15/36 | 5078393 |
| Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%) | Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%) | Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%) | Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%) |
| 6000000 | 5.379 | 07/15/31 | 5914200 |
| 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%) |
| 6250000 | 5.865 | 11/30/32 | 6166575 |
| Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) |
| 3500000 | 5.371 | 04/14/33 | 3417670 |
| 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%) |
| 2150000 | 5.383 | 07/02/35 | 2097398 |
| OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%) | OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%) | OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%) | OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%) |
| 2000000 | 5.644 | 04/18/33 | 1954876 |
| Palmer Square CLO Ltd. Series 2019-1A, Class A1R (3M USD LIBOR + 1.150%) | Palmer Square CLO Ltd. Series 2019-1A, Class A1R (3M USD LIBOR + 1.150%) | Palmer Square CLO Ltd. Series 2019-1A, Class A1R (3M USD LIBOR + 1.150%) | Palmer Square CLO Ltd. Series 2019-1A, Class A1R (3M USD LIBOR + 1.150%) |
| 6000000 | 5.800 | 11/14/34 | 5854824 |
| Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%) | Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%) | Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%) | Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%) |
| 7000000 | 5.323 | 04/20/34 | 6779836 |
| Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) |
| 6900000 | 5.359 | 04/15/33 | 6715708 |
| 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%) |
| 3250000 | 5.724 | 07/28/32 | 3187841 |
|  |  |  | 61350263 |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority |
| 2270000 | 4.275 | 02/01/36 | 2110630 |
| **Student Loan<sup>(b)</sup> – 0.2%** | **Student Loan<sup>(b)</sup> – 0.2%** | **Student Loan<sup>(b)</sup> – 0.2%** | **Student Loan<sup>(b)</sup> – 0.2%** |
| AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) | AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) | AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) | AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%) |
| 585716 | 4.934 | 09/26/33 | 549649 |
| Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%) | Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%) | Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%) | Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%) |
| 559605 | 5.008 | 09/26/33 | 554642 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** |
| Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) |
| 576163 | 5.807 %<sup>(c)</sup> | 05/25/34 | $575661 |
| 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%) |
| 1587247 | 5.539 <sup>(c)</sup> | 09/25/65 | 1560791 |
|  |  |  | 3240743 |
| **TOTAL ASSET-BACKED SECURITIES (Cost $68,649,704)** | **TOTAL ASSET-BACKED SECURITIES (Cost $68,649,704)** | **TOTAL ASSET-BACKED SECURITIES (Cost $68,649,704)** | $66701636 |
| **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** |
| **Euro – 0.1%** | **Euro – 0.1%** | **Euro – 0.1%** | **Euro – 0.1%** |
| Republic of Romania<sup>(c)</sup>  | Republic of Romania<sup>(c)</sup>  | Republic of Romania<sup>(c)</sup>  | Republic of Romania<sup>(c)</sup>  |
| 100000 | 2.000% | 01/28/32 | $71205 |
| 360000 | 3.375 | 01/28/50 | 220933 |
| United Mexican States | United Mexican States | United Mexican States | United Mexican States |
| 839000 | 1.450 <sup>(e)</sup> | 10/25/33 | 635018 |
|  |  |  | 927156 |
| **Sovereign – 1.3%** | **Sovereign – 1.3%** | **Sovereign – 1.3%** | **Sovereign – 1.3%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 7050000 | 2.850 | 03/28/34 | 5865107 |
| 11930000 | 2.900 | 04/12/32 | 10372777 |
| 2500000 | 3.500 | 09/01/32 | 2278150 |
| Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  |
| 1200000 | 5.500 | 12/04/23 | 1206312 |
|  |  |  | 19722346 |
| **United States Dollar – 0.9%** | **United States Dollar – 0.9%** | **United States Dollar – 0.9%** | **United States Dollar – 0.9%** |
| Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  |
| 4700000 | 5.500 | 09/18/33 | 5015323 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 200000 | 4.750 <sup>(e)</sup> | 04/27/32 | 187037 |
| Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| 2030000 | 4.550 | 03/29/26 | 2025148 |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 380000 | 4.125 | 01/15/25 | 375292 |
| 420000 | 4.125 <sup>(c)</sup> | 01/15/25 | 414796 |
| Republic of Panama | Republic of Panama | Republic of Panama | Republic of Panama |
| 210000 | 4.500 <sup>(e)</sup> | 01/19/63 | 148155 |
| Republic of Peru<sup>(e)</sup>  | Republic of Peru<sup>(e)</sup>  | Republic of Peru<sup>(e)</sup>  | Republic of Peru<sup>(e)</sup>  |
| 10000 | 2.780 | 12/01/60 | 5849 |
| 100000 | 3.230 <sup>(h)</sup> | 07/28/21 | 58300 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 690000 | 5.125 | 06/15/48 | 547170 |
| 580000 | 4.000 | 02/14/51 | 380915 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 770000 | 3.000 <sup>(c)</sup> | 02/27/27 | 679910 |
| State of Israel<sup>(i)</sup>  | State of Israel<sup>(i)</sup>  | State of Israel<sup>(i)</sup>  | State of Israel<sup>(i)</sup>  |
| 200000 | 4.500 | 04/03/20 | 173663 |
| United Mexican States | United Mexican States | United Mexican States | United Mexican States |
| 200000 | 3.750 | 01/11/28 | 188400 |
| 240000 | 3.250 <sup>(e)</sup> | 04/16/30 | 208620 |
| 1746000 | 3.500 <sup>(e)</sup> | 02/12/34 | 1401165 |
| 1960000 | 3.771 <sup>(e)</sup> | 05/24/61 | 1241292 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
| United Mexican States – (continued) | United Mexican States – (continued) | United Mexican States – (continued) | United Mexican States – (continued) |
| 600000 | 3.750 %<sup>(e)</sup> | 04/19/71 | $373800 |
|  |  |  | 13424835 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $39,567,065)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $39,567,065)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $39,567,065)** | $34074337 |
| **Agency Debentures – 1.9%** | **Agency Debentures – 1.9%** | **Agency Debentures – 1.9%** | **Agency Debentures – 1.9%** |
| **Sovereign – 1.9%** | **Sovereign – 1.9%** | **Sovereign – 1.9%** | **Sovereign – 1.9%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 3840000 | 3.300% | 05/19/32 | $3450624 |
| FHLB | FHLB | FHLB | FHLB |
| 6800000 | 2.125 | 06/09/23 | 6721392 |
| 3500000 | 3.375 | 09/08/23 | 3462935 |
| 750000 | 3.375 | 12/08/23 | 739305 |
| 2400000 | 5.000 | 09/28/29 | 2472480 |
| FNMA | FNMA | FNMA | FNMA |
| 3700000 | 1.875 | 09/24/26 | 3410808 |
| 4200000 | 6.250 | 05/15/29 | 4689636 |
| Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  | Israel Government AID Bond<sup>(g)</sup>  |
| 2400000 | 5.500 | 04/26/24 | 2417880 |
| **TOTAL AGENCY DEBENTURES<br>(Cost $28,501,923)** | **TOTAL AGENCY DEBENTURES<br>(Cost $28,501,923)** | **TOTAL AGENCY DEBENTURES<br>(Cost $28,501,923)** | $27365060 |
| **Municipal Debt Obligations – 1.3%** | **Municipal Debt Obligations – 1.3%** | **Municipal Debt Obligations – 1.3%** | **Municipal Debt Obligations – 1.3%** |
| **Arizona – 0.1%** | **Arizona – 0.1%** | **Arizona – 0.1%** | **Arizona – 0.1%** |
| City of Tucson AZ Taxable Series A | City of Tucson AZ Taxable Series A | City of Tucson AZ Taxable Series A | City of Tucson AZ Taxable Series A |
| 790000 | 1.457 %<sup>(e)</sup> | 07/01/28 | $606115 |
| City of Yuma AZ Pledged Revenue Taxable Series 2021 | City of Yuma AZ Pledged Revenue Taxable Series 2021 | City of Yuma AZ Pledged Revenue Taxable Series 2021 | City of Yuma AZ Pledged Revenue Taxable Series 2021 |
| 100000 | 1.749 | 07/15/28 | $79836 |
|  |  |  | 685951 |
| **California – 0.6%** | **California – 0.6%** | **California – 0.6%** | **California – 0.6%** |
| Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1 | Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1 | Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1 | Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1 |
| 820000 | 1.633 %<sup>(e)</sup> | 04/01/28 | $701201 |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 2600000 | 7.550 <sup>(e)</sup> | 04/01/39 | $3212854 |
| California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021 | California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021 | California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021 | California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021 |
| 620000 | 1.807 | 02/01/30 | $473130 |
| Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A | Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A | Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A | Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A |
| 3060000 | 1.648 <sup>(e)</sup> | 11/01/28 | $2461466 |
| Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C | Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C | Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C | Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C |
| 245000 | 1.831 <sup>(e)</sup> | 11/01/29 | 197984 |
| Port Of Oakland RB Taxable Refunding Series R | Port Of Oakland RB Taxable Refunding Series R | Port Of Oakland RB Taxable Refunding Series R | Port Of Oakland RB Taxable Refunding Series R |
| 770000 | 1.949 <sup>(e)</sup> | 05/01/28 | $630081 |
| San Francisco Municipal Transportation Agency Revenue Refunding Series A | San Francisco Municipal Transportation Agency Revenue Refunding Series A | San Francisco Municipal Transportation Agency Revenue Refunding Series A | San Francisco Municipal Transportation Agency Revenue Refunding Series A |
| 555000 | 1.302 | 03/01/28 | 457256 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| San Jose Financing Authority Lease RB Taxable Refunding Series A | San Jose Financing Authority Lease RB Taxable Refunding Series A | San Jose Financing Authority Lease RB Taxable Refunding Series A | San Jose Financing Authority Lease RB Taxable Refunding Series A |
| 540000 | 1.812 %<sup>(e)</sup> | 06/01/29 | $435665 |
|  |  |  | 8569637 |
| **Florida<sup>(e)</sup> – 0.0%** | **Florida<sup>(e)</sup> – 0.0%** | **Florida<sup>(e)</sup> – 0.0%** | **Florida<sup>(e)</sup> – 0.0%** |
| Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A |
| 595000 | 2.154% | 07/01/30 | $487193 |
| **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 1481072 | 7.350 <sup>(e)</sup> | 07/01/35 | 1558124 |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 160000 | 6.630 <sup>(e)</sup> | 02/01/35 | 162193 |
| 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 |
| 1170000 | 5.100 | 06/01/33 | 1122894 |
|  |  |  | 2843211 |
| **Louisiana<sup>(e)</sup> – 0.0%** | **Louisiana<sup>(e)</sup> – 0.0%** | **Louisiana<sup>(e)</sup> – 0.0%** | **Louisiana<sup>(e)</sup> – 0.0%** |
| City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021 | City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021 | City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021 | City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021 |
| 170000 | 0.958 | 06/01/26 | $142426 |
| City of New Orleans LA Water System Revenue Taxable Refunding Series 2021 | City of New Orleans LA Water System Revenue Taxable Refunding Series 2021 | City of New Orleans LA Water System Revenue Taxable Refunding Series 2021 | City of New Orleans LA Water System Revenue Taxable Refunding Series 2021 |
| 150000 | 1.008 | 12/01/26 | $123204 |
| Louisiana State Transportation Authority Revenue Taxable Refunding Series A | Louisiana State Transportation Authority Revenue Taxable Refunding Series A | Louisiana State Transportation Authority Revenue Taxable Refunding Series A | Louisiana State Transportation Authority Revenue Taxable Refunding Series A |
| 160000 | 1.138 | 02/15/26 | $136010 |
| State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021 | State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021 | State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021 | State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021 |
| 205000 | 1.059 | 09/01/26 | $172875 |
|  |  |  | 574515 |
| **Maryland – 0.0%** | **Maryland – 0.0%** | **Maryland – 0.0%** | **Maryland – 0.0%** |
| State of Maryland Department of Transportation Revenue Taxable Refunding Series A | State of Maryland Department of Transportation Revenue Taxable Refunding Series A | State of Maryland Department of Transportation Revenue Taxable Refunding Series A | State of Maryland Department of Transportation Revenue Taxable Refunding Series A |
| 65000 | 1.303 | 08/01/28 | 52498 |
| **New York – 0.3%** | **New York – 0.3%** | **New York – 0.3%** | **New York – 0.3%** |
| Metropolitan Transportation Authority Revenue Series 2010 | Metropolitan Transportation Authority Revenue Series 2010 | Metropolitan Transportation Authority Revenue Series 2010 | Metropolitan Transportation Authority Revenue Series 2010 |
| 395000 | 5.989 <sup>(e)</sup> | 11/15/30 | 408595 |
| New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B | New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B | New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B | New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B |
| 2670000 | 5.175 <sup>(e)</sup> | 11/15/49 | 2304215 |
| Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA | Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA | Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA | Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA |
| 1795000 | 1.086 | 07/01/23 | 1763121 |
|  |  |  | 4475931 |
| **Ohio<sup>(e)</sup> – 0.1%** | **Ohio<sup>(e)</sup> – 0.1%** | **Ohio<sup>(e)</sup> – 0.1%** | **Ohio<sup>(e)</sup> – 0.1%** |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 1640000 | 6.270 | 02/15/50 | 1733753 |
| **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** |
| Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C | Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C | Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C | Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C |
| 125000 | 2.758 | 06/01/30 | 105901 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** |
| **Texas – 0.0%** | **Texas – 0.0%** | **Texas – 0.0%** | **Texas – 0.0%** |
| City of Houston TX Airport System Revenue Taxable Refunding Series 2020 | City of Houston TX Airport System Revenue Taxable Refunding Series 2020 | City of Houston TX Airport System Revenue Taxable Refunding Series 2020 | City of Houston TX Airport System Revenue Taxable Refunding Series 2020 |
| 355000 | 2.235% | 07/01/29 | $298515 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $21,619,293)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $21,619,293)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $21,619,293)** | $19827105 |
| **U.S. Treasury Obligations – 11.1%** | **U.S. Treasury Obligations – 11.1%** | **U.S. Treasury Obligations – 11.1%** | **U.S. Treasury Obligations – 11.1%** |
| United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds |
| 6530000 | 4.250 %<sup>(j)</sup> | 05/15/39 | $6731001 |
| 75750000 | 4.250 | 11/15/40 | 77466211 |
| 13000000 | 3.750 | 11/15/43 | 12201719 |
| 210000 | 3.375 | 05/15/44 | 185423 |
| 15240000 | 2.875 | 11/15/46 | 12256294 |
| 65870000 | 3.000 <sup>(j)</sup> | 02/15/47 | 54126614 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $209,963,313)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $209,963,313)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $209,963,313)** | $162967262 |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(k)</sup> – 0.5%** | **Investment Company<sup>(k)</sup> – 0.5%** | **Investment Company<sup>(k)</sup> – 0.5%** | **Investment Company<sup>(k)</sup> – 0.5%** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 7486153 | 4.159% | 4.159% | $7486153 |
| **(Cost $7,486,153)** | **(Cost $7,486,153)** | **(Cost $7,486,153)** | **(Cost $7,486,153)** |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments – 1.8%** | **Short-term Investments – 1.8%** | **Short-term Investments – 1.8%** | **Short-term Investments – 1.8%** |
| **Certificates of Deposit – 1.1%** | **Certificates of Deposit – 1.1%** | **Certificates of Deposit – 1.1%** | **Certificates of Deposit – 1.1%** |
| Citibank N.A. | Citibank N.A. | Citibank N.A. | Citibank N.A. |
| 11000000 | 3.800% | 08/01/23 | $10904985 |
| Nordea Bank Abp (SOFR + 0.530%) | Nordea Bank Abp (SOFR + 0.530%) | Nordea Bank Abp (SOFR + 0.530%) | Nordea Bank Abp (SOFR + 0.530%) |
| 5000000 | 4.830 <sup>(b)</sup> | 09/11/23 | 5001781 |
|  |  |  | 15906766 |
| **Commercial Paper<sup>(l)</sup> – 0.7%** | **Commercial Paper<sup>(l)</sup> – 0.7%** | **Commercial Paper<sup>(l)</sup> – 0.7%** | **Commercial Paper<sup>(l)</sup> – 0.7%** |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 3343000 | 0.000 | 07/12/23 | 3254420 |
| Pure Grove Funding | Pure Grove Funding | Pure Grove Funding | Pure Grove Funding |
| 7420000 | 0.000 | 03/14/23 | 7349993 |
|  |  |  | 10604413 |
| **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $26,637,223)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $26,637,223)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $26,637,223)** | $26511179 |
| **TOTAL INVESTMENTS – 117.3%<br>(Cost $1,882,845,388)** | **TOTAL INVESTMENTS – 117.3%<br>(Cost $1,882,845,388)** | **TOTAL INVESTMENTS – 117.3%<br>(Cost $1,882,845,388)** | $1730098179 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (17.3)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (17.3)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (17.3)%** | (255368711) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1474729468 |

---

---

| | |
|:---|:---|
| 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) | 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 $264,480,893 which represents approximately 17.9% of net assets as of December 31, 2022. |
| (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) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (e) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (f) | Guaranteed by a foreign government until maturity. |
| (g) | Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $8,639,515, which represents approximately 1% of the Fund's net assets as of December 31, 2022 |
| (h) | Actual maturity date is April 03, 2120. |
| (i) | Actual maturity date is April 03, 2120. |
| (j) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (k) | Represents an Affiliated Issuer. |
| (l) | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

------

GOLDMAN SACHS CORE FIXED 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> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  Citibank NA | USD | 2026920 | GBP | 1644144 | 02/23/23 | $36517 |
|  JPMorgan Securities, Inc. | EUR | 1292903 | USD | 1283465 | 01/06/23 | 101112 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** |  |  | $137629 |

---

**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** |
|  JPMorgan Securities, Inc. | USD | 3228303 | EUR | 3252043 | 01/06/23 | $(254328) |

---

**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 | 01/12/22 | $(64000000) | $(52238003) |
|  GNMA | 4.500 | TBA-30yr | 01/23/22 | (13000000) | (12614178) |
|  **(PROCEEDS RECEIVABLE: $(66346133))** | **(PROCEEDS RECEIVABLE: $(66346133))** |  |  |  | $(64852181) |

---

**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 | 4 | 03/29/23 | $483096 | $(26845) |
|  10 Year U.S. Treasury Notes | 180 | 03/22/23 | 20213438 | 35272 |
|  2 Year U.S. Treasury Notes | 322 | 03/31/23 | 66035157 | (136584) |
|  30 Year German Euro-Buxl | 2 | 03/08/23 | 289535 | (55024) |
|  5 Year German Euro-Bobl | 13 | 03/08/23 | 1702710 | (64963) |
|  5 Year U.S. Treasury Notes | 741 | 03/31/23 | 79975899 | (658731) |
|  Ultra Long U.S. Treasury Bonds | 244 | 03/22/23 | 32772250 | (1376345) |
|  **Total** |  |  |  | $(2283220) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (223) | 03/22/23 | (26376719) | 290301 |
|  20 Year U.S. Treasury Bonds | (294) | 03/22/23 | (36851062) | 644975 |
|  Total |  |  |  | $935276 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1347944) |

---

------

GOLDMAN SACHS CORE FIXED INCOME 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** | **Termination<br>Date** | **Notional<br>Amount**<br> **(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M SOFR<sup>(a)</sup> <br> 4.430%<sup>(a)</sup> | 12/31/24 | $19400 <sup>(b)</sup> | $(5531) | $25362 | $(30893) |
|  6M CDOR<sup>(c)</sup> <br> 4.000<sup>(c)</sup> | 03/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;20880 <sup>(b)</sup> | (118556) | 14859 | (133415) |
|  4.000%<sup>(c)</sup> <br> 6M AUDOR<sup>(c)</sup> | 03/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;23740 <sup>(b)</sup> | 86312 | (2253) | 88565 |
|  3M SOFR<sup>(a)</sup> <br> 3.388<sup>(a)</sup> | 11/15/26 | $21060 <sup>(b)</sup> | 54908 | 94660 | (39752) |
| 2.350<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 09/09/27 | 3990 <sup>(b)</sup> | 89340 | 1047 | 88293 |
|  3M SOFR<sup>(a)</sup> <br> 3.350<sup>(a)</sup> | 10/06/27 | $29270 <sup>(b)</sup> | 73324 | 15996 | 57328 |
|  6M GBP<sup>(a)</sup> <br> 4.605<sup>(a)</sup> | 10/18/27 | 9290 <sup>(b)</sup> | 211155 | 246816 | (35661) |
|  6M GBP<sup>(a)</sup> <br> 3.500<sup>(a)</sup> | 03/15/28 | 4490 <sup>(b)</sup> | (139729) | (42943) | (96786) |
| 3.500<sup>(c)</sup> <br> 3M NIBOR<sup>(a)</sup> | 03/15/28 | 76650 <sup>(b)</sup> | (91333) | (88840) | (2493) |
| 3.000<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 03/15/28 | 460 <sup>(b)</sup> | 6216 | (9206) | 15422 |
| 0.250<sup>(a)</sup> <br> 6M JYOR<sup>(a)</sup> | 03/15/28 | 4346030 <sup>(b)</sup> | 639852 | 177565 | 462287 |
|  3M SOFR<sup>(a)</sup> <br> 2.500<sup>(a)</sup> | 06/04/29 | $10230 <sup>(b)</sup> | (128431) | (6900) | (121531) |
| 2.350<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 07/04/29 | 1190 <sup>(b)</sup> | 43148 | 16379 | 26769 |
| 2.570<sup>(a)</sup> <br> 3M SOFR<sup>(a)</sup> | 06/04/31 | $26970 <sup>(b)</sup> | 304718 | 26324 | 278394 |
| 2.680<sup>(a)</sup> <br> 3M SOFR<sup>(a)</sup> | 07/28/32 | 3300 <sup>(b)</sup> | 81274 | 60105 | 21169 |
|  6M EURO<sup>(a)</sup> <br> 2.650<sup>(c)</sup> | 09/09/32 | 5910 <sup>(b)</sup> | (124619) | (143878) | 19259 |
| 3.912<sup>(a)</sup> <br> 6M GBP<sup>(a)</sup> | 10/18/32 | 6390 <sup>(b)</sup> | (164909) | (223503) | 58594 |
|  6M EURO<sup>(a)</sup> <br> 2.500<sup>(c)</sup> | 12/20/32 | 5080 <sup>(b)</sup> | (139062) | (10657) | (128405) |
|  3M STIBOR<sup>(a)</sup> <br> 3.000<sup>(d)</sup> | 03/15/33 | 15130 <sup>(b)</sup> | (17558) | 58133 | (75691) |
|  3M SOFR<sup>(a)</sup> <br> 3.750<sup>(a)</sup> | 03/15/33 | $4780 <sup>(b)</sup> | 86790 | 182495 | (95705) |
| 3.500<sup>(c)</sup> <br> 3M NIBOR<sup>(a)</sup> | 03/15/33 | 60560 <sup>(b)</sup> | (113853) | (210770) | 96917 |
| 3.750<sup>(a)</sup> <br> 3M SOFR<sup>(a)</sup> | 03/15/33 | $13490 <sup>(b)</sup> | (244936) | (406722) | 161786 |
|  6M AUDOR<sup>(c)</sup> <br> 4.500<sup>(c)</sup> | 03/15/33 | 13820 <sup>(b)</sup> | (58233) | 300041 | (358274) |
| 3.500<sup>(c)</sup> <br> 6M CDOR<sup>(c)</sup> | 03/15/33 | 4700 <sup>(b)</sup> | 63678 | (64378) | 128056 |
| 3.000<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 03/15/33 | 10250 <sup>(b)</sup> | 201892 | (66262) | 268154 |
| 3.000<sup>(a)</sup> <br> 6M GBP<sup>(a)</sup> | 03/15/33 | 1090 <sup>(b)</sup> | 79177 | 23330 | 55847 |
| 0.500<sup>(a)</sup> <br> 6M JYOR<sup>(a)</sup> | 03/15/33 | 686000 <sup>(b)</sup> | 219117 | 155255 | 63862 |
|  3M SOFR<sup>(a)</sup> <br> 2.730<sup>(a)</sup> | 06/04/33 | $17120 <sup>(b)</sup> | (172041) | (14521) | (157520) |
| 3.500<sup>(a)</sup> <br> 3M SOFR<sup>(a)</sup> | 11/15/34 | 4720 <sup>(b)</sup> | (65618) | (93932) | 28314 |
| 3.240<sup>(a)</sup> <br> 3M SOFR<sup>(a)</sup> | 10/06/35 | 6610 <sup>(b)</sup> | 48641 | 46 | 48595 |
|  6M EURO<sup>(a)</sup> <br> 2.855<sup>(c)</sup> | 07/04/37 | 4410 <sup>(b)</sup> | (65774) | (69317) | 3543 |
|  3M SOFR<sup>(a)</sup> <br> 2.910<sup>(a)</sup> | 07/28/37 | $8140 <sup>(b)</sup> | (150589) | (116382) | (34207) |
|  6M EURO<sup>(a)</sup> <br> 2.152<sup>(c)</sup> | 08/09/37 | 5740 <sup>(b)</sup> | (186127) | (76381) | (109746) |
|  3M SOFR<sup>(a)</sup> <br> 2.720<sup>(a)</sup> | 08/11/37 | $23190 <sup>(b)</sup> | (571968) | (562894) | (9074) |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 12/20/37 | 5750 <sup>(b)</sup> | 101785 | 63 | 101722 |
| 1.451<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 08/10/42 | 13020 <sup>(b)</sup> | 296696 | 97033 | 199663 |
| 2.080<sup>(a)</sup> <br> 3M SOFR<sup>(a)</sup> | 07/28/47 | $6200 <sup>(b)</sup> | 77625 | 49433 | 28192 |
|  6M EURO<sup>(a)</sup> <br> 1.051<sup>(c)</sup> | 08/11/47 | 7170 <sup>(b)</sup> | (109618) | (25386) | (84232) |
| 1.560<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 07/06/52 | 3130 <sup>(b)</sup> | 37116 | (21619) | 58735 |
| 2.170<sup>(a)</sup> <br> 3M SOFR<sup>(a)</sup> | 08/11/52 | $10400 <sup>(b)</sup> | 425999 | 337320 | 88679 |
| 1.800<sup>(c)</sup> <br> 6M EURO<sup>(a)</sup> | 09/09/52 | 1250 <sup>(b)</sup> | 42062 | (12955) | 55017 |
|  **TOTAL** |  |  | $602340 | $(387437) | $989777 |

---

(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 semi-annually.

(d) Payments made quarterly.

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>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:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 25 | 1.000% | 0.724% | 06/20/25 | $4725 | $31902 | $52199 | $(20297) |
|  General Electric Co. 2.700%, 10/09/22 | 1.000 | 0.801 | 06/20/26 | 3875 | 25928 | 36617 | (10689) |
|  Nordstrom, Inc., 6.950%, 03/15/22 | 1.000 | 3.052 | 12/20/24 | 1950 | (73041) | (24990) | (48051) |
|  Nordstrom, Inc., 6.950%, 03/15/22 | 1.000 | 2.660 | 06/20/24 | 5525 | (127011) | (7865) | (119146) |
|  Prudential Financial, Inc., 3.500%, 05/15/24 | 1.000 | 0.785 | 06/20/27 | 2975 | 26887 | 9797 | 17090 |
|  Republic of Chile, 3.875%, 08/05/20 | 1.000 | 1.070 | 12/20/27 | 5440 | (15172) | (100684) | 85512 |
|  Republic of Indonesia, 5.875%, 03/13/20 | 1.000 | 1.018 | 12/20/27 | 5480 | (2644) | (47677) | 45033 |
|  The Boeing Co., 8.750%, 08/15/2 | 1.000 | 0.991 | 06/20/24 | 1225 | 560 | 7809 | (7249) |
|  United Mexican States, 4.150%, 03/28/27 | 1.000 | 1.299 | 12/20/27 | 3980 | (51132) | (112223) | 61091 |
|  **TOTAL** |  |  |  |  | $(183723) | $(187017) | $3294 |

---

(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** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 6300000 | $6300000 | $36149 | $211050 | $(174901) |
|  1Y IRS | Citibank NA | 1.977 | 12/01/2023 | 5570000 | 5570000 | 39608 | 126702 | (87094) |
|  1Y IRS | Deutsche Bank AG (London) | 2.700 | 04/28/2023 | 5310000 | 5310000 | 22929 | 197181 | (174253) |
|  1Y IRS | MS & Co. Int. PLC | 2.518 | 10/27/2023 | 5720000 | 5720000 | 85966 | 151918 | (65952) |
|  |  |  |  | 22900000 | $22900000 | $184652 | $686851 | $(502200) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 3.000 | 05/05/2023 | 5240000 | 5240000 | 266813 | 183315 | 83498 |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 6430000 | 6430000 | 365497 | 250320 | 115176 |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800 | 08/23/2023 | 6430000 | 6430000 | 424048 | 232152 | 191896 |
|  |  |  |  | 18100000 | $18100000 | $1056358 | $665787 | $390570 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 41000000 | $41000000 | $1241010 | $1352638 | $(111630) |

---

------

GOLDMAN SACHS CORE FIXED INCOME 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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944% | 12/15/2023 | (5140000) | $(5140000) | $(121387) | $(191465) | $70078 |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (2650000) | (2650000) | (5211) | (34860) | 29649 |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (6300000) | (6300000) | (10494) | (78750) | 68256 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (6300000) | (6300000) | (19726) | (132300) | 112574 |
|  1Y IRS | Citibank NA | 1.484 | 12/01/2023 | (2240000) | (2240000) | (51773) | (126427) | 74654 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (2560000) | (2560000) | (62509) | (102528) | 40019 |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (2560000) | (2560000) | (64857) | (102336) | 37479 |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (1820000) | (1820000) | (224) | (27291) | 27067 |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (3570000) | (3570000) | (41194) | (43911) | 2717 |
|  1Y IRS | Deutsche Bank AG (London) | 2.013 | 04/28/2023 | (5310000) | (5310000) | (3624) | (75117) | 71493 |
|  1Y IRS | Deutsche Bank AG (London) | 2.356 | 04/28/2023 | (5310000) | (5310000) | (9421) | (122065) | 112644 |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (1850000) | (1850000) | (360) | (24853) | 24493 |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (3570000) | (3570000) | (14348) | (42304) | 27956 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (10240000) | (10240000) | (255136) | (391296) | 136160 |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (2380000) | (2380000) | (398) | (29780) | 29382 |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (2380000) | (2380000) | (2625) | (30642) | 28017 |
|  1Y IRS | MS & Co. Int. PLC | 1.945 | 10/27/2023 | (2400000) | (2400000) | (99127) | (151664) | 52537 |
|  2M IRS | MS & Co. Int. PLC | 2.595 | 01/04/2023 | (1790000) | (1790000) |  | (27116) | 27116 |
|  |  |  |  | (68370000) | $(68370000) | $(762414) | $(1734705) | $972291 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (5140000) | (5140000) | (307795) | (191465) | (116329) |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (2650000) | (2650000) | (86021) | (34860) | (51161) |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (2560000) | (2560000) | (148906) | (102528) | (46378) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (2560000) | (2560000) | (145060) | (102336) | (42724) |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (1820000) | (1820000) | (81019) | (27291) | (53728) |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (3570000) | (3570000) | (45278) | (43911) | (1367) |
|  1Y IRS | Deutsche Bank AG (London) | 3.891 | 05/05/2023 | (5240000) | (5240000) | (68466) | (67340) | (1126) |
|  1Y IRS | Deutsche Bank AG (London) | 3.446 | 05/05/2023 | (5240000) | (5240000) | (144109) | (115975) | (28134) |
|  1Y IRS | Deutsche Bank AG (London) | 3.405 | 09/05/2023 | (6430000) | (6430000) | (228859) | (153422) | (75437) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (6430000) | (6430000) | (135510) | (96898) | (38612) |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (1850000) | (1850000) | (101446) | (24853) | (76593) |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (3570000) | (3570000) | (76679) | (42304) | (34374) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (6430000) | (6430000) | (167087) | (88823) | (78263) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (6430000) | (6430000) | (274991) | (143329) | (131662) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (10240000) | (10240000) | (581786) | (391296) | (190490) |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (2380000) | (2380000) | (56353) | (29780) | (26573) |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (2380000) | (2380000) | (73265) | (30643) | (42623) |
|  2M IRS | MS & Co. Int. PLC | 2.595 | 01/04/2023 | (1790000) | (1790000) | (97565) | (27116) | (70449) |
|  |  |  |  | (76710000) | $(76710000) | $(2820195) | $(1714170) | $(1106023) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (145080000) | $(145080000) | $(3582609) | $(3448875) | $(133732) |
|  **TOTAL** |  |  |  | (104080000) | $(104080000) | $(2341599) | $(2096237) | $(245362) |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| SEK | — Swedish Krona |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| FHLB | — Federal Home Loan Bank |
| 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 |
| STACR | — Structured Agency Credit Risk |
| TSFR | — Term Secured Overnight Financing Rate |
| 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 |
| BOFA | — BofA Securities LLC |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 25 | — CDX North America Investment Grade Index 25 |
| EURO | — Euro Offered Rate |
| GNMA | — Government National Mortgage Association |
| JYOR | — Japanese Yen Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| NIBOR | — Norwegian Interbank Offered Rate |
| SOFR | — Secured Overnight Funding Rate |
| STIBOR | — Stockholm Interbank Offered Rate |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – 36.2%** | **Sovereign Debt Obligations – 36.2%** | **Sovereign Debt Obligations – 36.2%** | **Sovereign Debt Obligations – 36.2%** | **Sovereign Debt Obligations – 36.2%** |
|  **British Pound – 1.2%** | **British Pound – 1.2%** | **British Pound – 1.2%** | **British Pound – 1.2%** | **British Pound – 1.2%** |
|  Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada |
|  GBP | 2390000 | 2.250% | 09/15/26 | $2659597 |
|  State of North Rhine-Westphalia Germany | State of North Rhine-Westphalia Germany | State of North Rhine-Westphalia Germany | State of North Rhine-Westphalia Germany | State of North Rhine-Westphalia Germany |
|  | 400000 | 2.125 | 06/13/25 | 458400 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  | 840000 | 1.500 | 07/31/53 | 582654 |
|  | 1990000 | 3.500 | 01/22/45 | 2216786 |
|  | 220000 | 1.750 | 07/22/57 | 162776 |
|  | 710000 | 3.500 | 07/22/68 | 822561 |
|  |  |  |  | 6902774 |
|  **Canadian Dollar – 1.1%** | **Canadian Dollar – 1.1%** | **Canadian Dollar – 1.1%** | **Canadian Dollar – 1.1%** | **Canadian Dollar – 1.1%** |
|  British Columbia Province of Canada | British Columbia Province of Canada | British Columbia Province of Canada | British Columbia Province of Canada | British Columbia Province of Canada |
|  CAD | 2600000 | 2.850 | 06/18/25 | 1867161 |
|  | 2000000 | 4.950 | 06/18/40 | 1595997 |
|  Ontario Province of Canada | Ontario Province of Canada | Ontario Province of Canada | Ontario Province of Canada | Ontario Province of Canada |
|  | 1700000 | 2.600 | 06/02/25 | 1213566 |
|  | 2300000 | 4.650 | 06/02/41 | 1770015 |
|  |  |  |  | 6446739 |
|  **Euro – 7.5%** | **Euro – 7.5%** | **Euro – 7.5%** | **Euro – 7.5%** | **Euro – 7.5%** |
|  Finland Government Bond | Finland Government Bond | Finland Government Bond | Finland Government Bond | Finland Government Bond |
|  EUR | 1190000 | 1.500 <sup>(a)</sup> | 09/15/32 | 1103574 |
|  French Republic Government Bond OAT | French Republic Government Bond OAT | French Republic Government Bond OAT | French Republic Government Bond OAT | French Republic Government Bond OAT |
|  | 4140000 | 0.000 | 02/25/27 | 3947546 |
|  | 1760000 | 1.250 | 05/25/34 | 1531138 |
|  | 310000 | 3.250 | 05/25/45 | 326679 |
|  | 210000 | 2.000 <sup>(a)</sup> | 05/25/48 | 173391 |
|  | 800000 | 1.750 <sup>(a)</sup> | 05/25/66 | 577195 |
|  | 1030000 | 4.500 | 04/25/41 | 1274000 |
|  Ireland Government Bond | Ireland Government Bond | Ireland Government Bond | Ireland Government Bond | Ireland Government Bond |
|  | 430000 | 0.200 | 10/18/30 | 373823 |
|  | 920000 | 0.350 | 10/18/32 | 761123 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  | 5400000 | 0.000 | 08/01/26 | 5070938 |
|  | 3220000 | 0.900 | 04/01/31 | 2617570 |
|  | 1130000 | 3.250 <sup>(a)</sup> | 03/01/38 | 1003370 |
|  | 1170000 | 2.150 <sup>(a)</sup> | 09/01/52 | 746170 |
|  | 8310000 | 0.950 | 03/15/23 | 8877289 |
|  | 100000 | 2.800 <sup>(a)</sup> | 03/01/67 | 70745 |
|  | 1680000 | 6.000 | 05/01/31 | 2004231 |
|  Kingdom of Belgium<sup>(a)</sup>  | Kingdom of Belgium<sup>(a)</sup>  | Kingdom of Belgium<sup>(a)</sup>  | Kingdom of Belgium<sup>(a)</sup>  | Kingdom of Belgium<sup>(a)</sup>  |
|  | 1690000 | 0.350 | 06/22/32 | 1392958 |
|  | 250000 | 2.150 | 06/22/66 | 204266 |
|  Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT |
|  | 1200000 | 1.950 <sup>(a)</sup> | 06/15/29 | 1195521 |
|  Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium |
|  | 1300000 | 2.875 | 01/14/38 | 1242504 |
|  Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  | Republic of Austria Government Bond<sup>(a)</sup>  |
|  | 1270000 | 0.000 | 10/20/28 | 1144443 |
|  | 280000 | 2.100 <sup>(b)</sup> | 09/20/17 | 212446 |
|  | 280000 | 0.850 <sup>(c)</sup> | 06/30/20 | 116204 |
|  Republic of Indonesia<sup>(a)</sup>  | Republic of Indonesia<sup>(a)</sup>  | Republic of Indonesia<sup>(a)</sup>  | Republic of Indonesia<sup>(a)</sup>  | Republic of Indonesia<sup>(a)</sup>  |
|  | 240000 | 2.150 | 07/18/24 | 251176 |
|  | 650000 | 2.625 | 06/14/23 | 693748 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** |
|  Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
|  EUR | 630000 | 2.124% | 07/16/31 | $463343 |
|  | 70000 | 2.000 <sup>(a)</sup> | 01/28/32 | 49843 |
|  | 400000 | 3.375 <sup>(a)</sup> | 01/28/50 | 245481 |
|  Spain Government Bond<sup>(a)</sup>  | Spain Government Bond<sup>(a)</sup>  | Spain Government Bond<sup>(a)</sup>  | Spain Government Bond<sup>(a)</sup>  | Spain Government Bond<sup>(a)</sup>  |
|  | 3430000 | 2.550 | 10/31/32 | 3351328 |
|  | 650000 | 0.850 | 07/30/37 | 460600 |
|  | 870000 | 1.250 | 10/31/30 | 796542 |
|  | 700000 | 2.900 | 10/31/46 | 638986 |
|  | 1110000 | 3.450 | 07/30/66 | 1049334 |
|  |  |  |  | 43967505 |
|  **Indonesian Rupiah – 0.1%** | **Indonesian Rupiah – 0.1%** | **Indonesian Rupiah – 0.1%** | **Indonesian Rupiah – 0.1%** | **Indonesian Rupiah – 0.1%** |
|  Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond |
|  IDR | 2324000000 | 6.500 | 02/15/31 | 145329 |
|  | 7391000000 | 6.375 | 04/15/32 | 455781 |
|  | 1439000000 | 6.375 | 07/15/37 | 87907 |
|  |  |  |  | 689017 |
|  **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** |
|  Israel Government Bond | Israel Government Bond | Israel Government Bond | Israel Government Bond | Israel Government Bond |
|  ILS | 2430000 | 2.000 | 03/31/27 | 645495 |
|  | 2500000 | 1.300 | 04/30/32 | 582672 |
|  |  |  |  | 1228167 |
|  **Japanese Yen – 23.8%** | **Japanese Yen – 23.8%** | **Japanese Yen – 23.8%** | **Japanese Yen – 23.8%** | **Japanese Yen – 23.8%** |
|  Japan Government Forty Year Bond | Japan Government Forty Year Bond | Japan Government Forty Year Bond | Japan Government Forty Year Bond | Japan Government Forty Year Bond |
|  JPY | 408600000 | 1.000 | 03/20/62 | 2499328 |
|  Japan Government Ten Year Bond | Japan Government Ten Year Bond | Japan Government Ten Year Bond | Japan Government Ten Year Bond | Japan Government Ten Year Bond |
|  | 1684000000 | 0.200 | 09/20/32 | 12579701 |
|  Japan Government Thirty Year Bond | Japan Government Thirty Year Bond | Japan Government Thirty Year Bond | Japan Government Thirty Year Bond | Japan Government Thirty Year Bond |
|  | 1051450000 | 1.400 | 09/20/52 | 7681177 |
|  Japan Government Twenty Year Bond | Japan Government Twenty Year Bond | Japan Government Twenty Year Bond | Japan Government Twenty Year Bond | Japan Government Twenty Year Bond |
|  | 903000000 | 1.100 | 09/20/42 | 6664613 |
|  Japan Government Two Year Bond | Japan Government Two Year Bond | Japan Government Two Year Bond | Japan Government Two Year Bond | Japan Government Two Year Bond |
|  | 4031000000 | 0.005 | 07/01/24 | 30703050 |
|  | 1350850000 | 0.005 | 09/01/24 | 10288034 |
|  | 984300000 | 0.005 | 12/01/24 | 7497225 |
|  Japan Treasury Bills | Japan Treasury Bills | Japan Treasury Bills | Japan Treasury Bills | Japan Treasury Bills |
|  | 4780850000 | 0.000 | 01/06/23 | 36435949 |
|  Japan Treasury Discount Bill | Japan Treasury Discount Bill | Japan Treasury Discount Bill | Japan Treasury Discount Bill | Japan Treasury Discount Bill |
|  | 3344800000 | 0.000 | 02/06/23 | 25490720 |
|  |  |  |  | 139839797 |
|  **Singapore Dollar – 0.3%** | **Singapore Dollar – 0.3%** | **Singapore Dollar – 0.3%** | **Singapore Dollar – 0.3%** | **Singapore Dollar – 0.3%** |
|  Singapore Government Bond | Singapore Government Bond | Singapore Government Bond | Singapore Government Bond | Singapore Government Bond |
|  SGD | 2150000 | 2.750 | 07/01/23 | 1594345 |
|  **South Korean Won – 0.6%** | **South Korean Won – 0.6%** | **South Korean Won – 0.6%** | **South Korean Won – 0.6%** | **South Korean Won – 0.6%** |
|  Korea Treasury Bond | Korea Treasury Bond | Korea Treasury Bond | Korea Treasury Bond | Korea Treasury Bond |
|  KRW | 2598070000 | 1.875 | 06/10/29 | 1829039 |
|  | 2641660000 | 1.375 | 12/10/29 | 1780852 |
|  |  |  |  | 3609891 |
|  **Thai Baht – 0.2%** | **Thai Baht – 0.2%** | **Thai Baht – 0.2%** | **Thai Baht – 0.2%** | **Thai Baht – 0.2%** |
|  Thailand Government Bond | Thailand Government Bond | Thailand Government Bond | Thailand Government Bond | Thailand Government Bond |
|  THB | 6710000 | 2.875 | 12/17/28 | 201545 |
|  | 26930000 | 1.585 | 12/17/35 | 662484 |
|  | 12000000 | 3.450 | 06/17/43 | 349394 |
|  |  |  |  | 1213423 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – 1.2%** | **United States Dollar – 1.2%** | **United States Dollar – 1.2%** | **United States Dollar – 1.2%** |
| Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond |
| 230000 | 4.125% | 10/11/47 | $202228 |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 790000 | 3.850 <sup>(a)</sup> | 07/18/27 | 761449 |
| 4340000 | 4.125 | 01/15/25 | 4286228 |
| 200000 | 4.125 <sup>(a)</sup> | 01/15/25 | 197522 |
| Republic of Peru<sup>(d)</sup>  | Republic of Peru<sup>(d)</sup>  | Republic of Peru<sup>(d)</sup>  | Republic of Peru<sup>(d)</sup>  |
| 10000 | 2.780 | 12/01/60 | 5849 |
| 100000 | 3.230 <sup>(e)(f)</sup> | 07/28/21 | 58300 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 240000 | 3.000 <sup>(a)</sup> | 02/27/27 | 211920 |
| Republic of Uruguay | Republic of Uruguay | Republic of Uruguay | Republic of Uruguay |
| 90000 | 4.375 <sup>(d)</sup> | 01/23/31 | 89595 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| 530000 | 3.250 | 11/17/51 | 380374 |
| United Mexican States<sup>(d)</sup>  | United Mexican States<sup>(d)</sup>  | United Mexican States<sup>(d)</sup>  | United Mexican States<sup>(d)</sup>  |
| 1521000 | 3.771 | 05/24/61 | 963268 |
| 360000 | 3.750 | 04/19/71 | 224280 |
|  |  |  | 7381013 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $216,707,199)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $216,707,199)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $216,707,199)** | $212872671 |
| **Corporate Obligations – 34.3%** | **Corporate Obligations – 34.3%** | **Corporate Obligations – 34.3%** | **Corporate Obligations – 34.3%** |
| **Aerospace & Defense<sup>(d)</sup> – 0.6%** | **Aerospace & Defense<sup>(d)</sup> – 0.6%** | **Aerospace & Defense<sup>(d)</sup> – 0.6%** | **Aerospace & Defense<sup>(d)</sup> – 0.6%** |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 1700000 | 2.930% | 01/15/25 | $1631507 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 27000 | 3.650 | 08/16/23 | 26757 |
| The Boeing Co. | The Boeing Co. | The Boeing Co. | The Boeing Co. |
| 1075000 | 5.150 | 05/01/30 | 1048415 |
| 375000 | 3.625 | 02/01/31 | 328215 |
| 225000 | 3.250 | 02/01/35 | 170881 |
| 225000 | 3.375 | 06/15/46 | 145991 |
| 80000 | 3.625 | 03/01/48 | 53171 |
| 80000 | 3.850 | 11/01/48 | 55297 |
| 80000 | 5.805 | 05/01/50 | 74432 |
|  |  |  | 3534666 |
| **Agriculture<sup>(d)</sup> – 0.5%** | **Agriculture<sup>(d)</sup> – 0.5%** | **Agriculture<sup>(d)</sup> – 0.5%** | **Agriculture<sup>(d)</sup> – 0.5%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 50000 | 3.557 | 08/15/27 | 45530 |
| 1450000 | 2.259 | 03/25/28 | 1206820 |
| Cargill, Inc. | Cargill, Inc. | Cargill, Inc. | Cargill, Inc. |
| 1050000 | 5.125 <sup>(a)</sup> | 10/11/32 | 1052888 |
| Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
| 355000 | 3.375 | 02/26/26 | 368913 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 525000 | 5.625 | 11/17/29 | 534686 |
|  |  |  | 3208837 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Automotive – 1.2%** | **Automotive – 1.2%** | **Automotive – 1.2%** |  |
| General Motors Financial Co., Inc.<sup>(d)</sup>  | General Motors Financial Co., Inc.<sup>(d)</sup>  | General Motors Financial Co., Inc.<sup>(d)</sup>  |  |
| 100000 | 1.694% | 03/26/25 | $101281 |
| 195000 | 0.850 | 02/26/26 | 186678 |
| 1725000 | 1.500 | 06/10/26 | 1497352 |
| 650000 | 5.000 | 04/09/27 | 630155 |
| 375000 | 3.850 | 01/05/28 | 343031 |
| 200000 | 5.650 | 01/17/29 | 196296 |
| 650000 | 4.300 | 04/06/29 | 583479 |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |  |
| 2425000 | 1.650 <sup>(a)(d)</sup> | 09/17/26 | 2099662 |
| PACCAR Financial Corp. | PACCAR Financial Corp. | PACCAR Financial Corp. |  |
| 725000 | 0.900 | 11/08/24 | 676519 |
| Volkswagen Leasing GmbH | Volkswagen Leasing GmbH | Volkswagen Leasing GmbH |  |
| 600000 | 1.625 | 08/15/25 | 603618 |
|  |  |  | 6918071 |
| **Banks – 10.4%** | **Banks – 10.4%** | **Banks – 10.4%** |  |
| ABN AMRO Bank NV (1 year CMT + 0.800%) | ABN AMRO Bank NV (1 year CMT + 0.800%) | ABN AMRO Bank NV (1 year CMT + 0.800%) |  |
| 1200000 | 1.542 <sup>(a)(d)(g)</sup> | 06/16/27 | 1032384 |
| AIB Group PLC<sup>(d)(g)</sup>  | AIB Group PLC<sup>(d)(g)</sup>  | AIB Group PLC<sup>(d)(g)</sup>  |  |
| (-1X 1 year EUR Swap + 0.750%) | (-1X 1 year EUR Swap + 0.750%) | (-1X 1 year EUR Swap + 0.750%) |  |
| 375000 | 0.500 | 11/17/27 | 339929 |
| (-1X 5 year EUR Swap + 3.300%) | (-1X 5 year EUR Swap + 3.300%) | (-1X 5 year EUR Swap + 3.300%) |  |
| 494000 | 2.875 | 05/30/31 | 474827 |
| (3M USD LIBOR + 1.874%) | (3M USD LIBOR + 1.874%) | (3M USD LIBOR + 1.874%) |  |
| 1250000 | 4.263 <sup>(a)</sup> | 04/10/25 | 1209850 |
| Australia & New Zealand Banking Group Ltd. (5 year CMT + 1.288%) | Australia & New Zealand Banking Group Ltd. (5 year CMT + 1.288%) | Australia & New Zealand Banking Group Ltd. (5 year CMT + 1.288%) | Australia & New Zealand Banking Group Ltd. (5 year CMT + 1.288%) |
| 750000 | 2.950 <sup>(a)(d)(g)</sup> | 07/22/30 | 677153 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA |  |
| 800000 | 2.706 | 06/27/24 | 767936 |
| 1400000 | 3.490 | 05/28/30 | 1182006 |
| 500000 | 1.625 | 10/22/30 | 422993 |
| 800000 | 2.749 | 12/03/30 | 612552 |
| Bank of America Corp.<sup>(d)(g)</sup>  | Bank of America Corp.<sup>(d)(g)</sup>  | Bank of America Corp.<sup>(d)(g)</sup>  |  |
| (3M USD LIBOR + 0.810%) | (3M USD LIBOR + 0.810%) | (3M USD LIBOR + 0.810%) |  |
| 2900000 | 3.366 | 01/23/26 | 2766368 |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |  |
| 1431000 | 4.571 | 04/27/33 | 1311154 |
| (SOFR + 2.150%) | (SOFR + 2.150%) | (SOFR + 2.150%) |  |
| 375000 | 2.592 | 04/29/31 | 305906 |
| Bank of Ireland Group PLC<sup>(d)(g)</sup>  | Bank of Ireland Group PLC<sup>(d)(g)</sup>  | Bank of Ireland Group PLC<sup>(d)(g)</sup>  |  |
| (-1X 1 year EUR Swap + 0.770%) | (-1X 1 year EUR Swap + 0.770%) | (-1X 1 year EUR Swap + 0.770%) |  |
| 625000 | 0.375 | 05/10/27 | 573915 |
| (-1X 5 year EUR Swap + 1.650%) | (-1X 5 year EUR Swap + 1.650%) | (-1X 5 year EUR Swap + 1.650%) |  |
| 575000 | 1.375 | 08/11/31 | 518080 |
| Barclays PLC<sup>(g)</sup>  | Barclays PLC<sup>(g)</sup>  | Barclays PLC<sup>(g)</sup>  |  |
| (1 year CMT + 1.050%) | (1 year CMT + 1.050%) | (1 year CMT + 1.050%) |  |
| 1025000 | 2.279 <sup>(d)</sup> | 11/24/27 | 888460 |
| (1 year CMT + 3.500%) | (1 year CMT + 3.500%) | (1 year CMT + 3.500%) |  |
| 1230000 | 7.437 | 11/02/33 | 1294895 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |  |
| 1450000 | 3.375 <sup>(a)</sup> | 01/09/25 | 1397176 |
| 1250000 | 3.375 | 01/09/25 | 1204463 |
| (5 year USD Swap + 1.483%) | (5 year USD Swap + 1.483%) | (5 year USD Swap + 1.483%) |  |
| 950000 | 4.375 <sup>(a)(d)(g)</sup> | 03/01/33 | 841862 |
| (SOFR + 1.004%) | (SOFR + 1.004%) | (SOFR + 1.004%) |  |
| 575000 | 1.323 <sup>(a)(d)(g)</sup> | 01/13/27 | 502527 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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)** |
| BNP Paribas SA – (continued) | BNP Paribas SA – (continued) | BNP Paribas SA – (continued) |  |
| (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) | (SOFR + 2.074%) |
| 550000 | 2.219 %<sup>(a)(d)(g)</sup> | 06/09/26 | $506737 |
| BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  |
| 2350000 | 4.000 | 09/12/23 | 2321259 |
| (SOFR + 1.520%) | (SOFR + 1.520%) | (SOFR + 1.520%) | (SOFR + 1.520%) |
| 1000000 | 1.652 <sup>(d)(g)</sup> | 10/06/26 | 888920 |
| (SOFR + 2.865%) | (SOFR + 2.865%) | (SOFR + 2.865%) | (SOFR + 2.865%) |
| 300000 | 5.748 <sup>(d)(g)</sup> | 07/19/33 | 286194 |
| CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
| 400000 | 1.125 | 05/17/24 | 415000 |
| (-1X 3M Euribor + 0.850%) | (-1X 3M Euribor + 0.850%) | (-1X 3M Euribor + 0.850%) | (-1X 3M Euribor + 0.850%) |
| 700000 | 0.375 <sup>(d)(g)</sup> | 11/18/26 | 664777 |
| (-1X 3M Euribor + 1.000%) | (-1X 3M Euribor + 1.000%) | (-1X 3M Euribor + 1.000%) | (-1X 3M Euribor + 1.000%) |
| 300000 | 0.750 <sup>(d)(g)</sup> | 05/26/28 | 269814 |
| (5 year EUR Swap + 1.680%) | (5 year EUR Swap + 1.680%) | (5 year EUR Swap + 1.680%) | (5 year EUR Swap + 1.680%) |
| 300000 | 2.250 <sup>(d)(g)</sup> | 04/17/30 | 292840 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 1210000 | 3.500 | 05/15/23 | 1203708 |
| 600000 | 2.750 <sup>(d)</sup> | 01/24/24 | 709760 |
| (SOFR + 0.686%) | (SOFR + 0.686%) | (SOFR + 0.686%) | (SOFR + 0.686%) |
| 1575000 | 0.776 <sup>(d)(g)</sup> | 10/30/24 | 1511181 |
| (SOFR + 2.842%) | (SOFR + 2.842%) | (SOFR + 2.842%) | (SOFR + 2.842%) |
| 1700000 | 3.106 <sup>(d)(g)</sup> | 04/08/26 | 1607928 |
| Commonwealth Bank of Australia (5 year CMT + 2.050%) | Commonwealth Bank of Australia (5 year CMT + 2.050%) | Commonwealth Bank of Australia (5 year CMT + 2.050%) | Commonwealth Bank of Australia (5 year CMT + 2.050%) |
| 1000000 | 3.610 <sup>(a)(d)(g)</sup> | 09/12/34 | 826510 |
| Credit Agricole SA<sup>(a)(d)(g)</sup>  | Credit Agricole SA<sup>(a)(d)(g)</sup>  | Credit Agricole SA<sup>(a)(d)(g)</sup>  | Credit Agricole SA<sup>(a)(d)(g)</sup>  |
| (SOFR + 0.892%) | (SOFR + 0.892%) | (SOFR + 0.892%) | (SOFR + 0.892%) |
| 1100000 | 1.247 | 01/26/27 | 963402 |
| (SOFR + 1.676%) | (SOFR + 1.676%) | (SOFR + 1.676%) | (SOFR + 1.676%) |
| 300000 | 1.907 | 06/16/26 | 273531 |
| Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| 1000000 | 2.950 | 04/09/25 | 902150 |
| Credit Suisse Group AG<sup>(d)(g)</sup>  | Credit Suisse Group AG<sup>(d)(g)</sup>  | Credit Suisse Group AG<sup>(d)(g)</sup>  | Credit Suisse Group AG<sup>(d)(g)</sup>  |
| (-1X 1 year EUR Swap + 0.770%) | (-1X 1 year EUR Swap + 0.770%) | (-1X 1 year EUR Swap + 0.770%) | (-1X 1 year EUR Swap + 0.770%) |
| 500000 | 0.650 | 01/14/28 | 399438 |
| (-1X 1Y EUAMDB + 1.050%) | (-1X 1Y EUAMDB + 1.050%) | (-1X 1Y EUAMDB + 1.050%) | (-1X 1Y EUAMDB + 1.050%) |
| 200000 | 1.000 | 06/24/27 | 168039 |
| (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) |
| 2800000 | 3.869 <sup>(a)</sup> | 01/12/29 | 2238264 |
| (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) |
| 1550000 | 2.593 <sup>(a)</sup> | 09/11/25 | 1372866 |
| Danske Bank A/S (1 year CMT + 1.750%) | Danske Bank A/S (1 year CMT + 1.750%) | Danske Bank A/S (1 year CMT + 1.750%) | Danske Bank A/S (1 year CMT + 1.750%) |
| 1275000 | 4.298 <sup>(a)(d)(g)</sup> | 04/01/28 | 1175053 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 1000000 | 0.962 | 11/08/23 | 960440 |
| (-1X 3M Euribor + 2.050%) | (-1X 3M Euribor + 2.050%) | (-1X 3M Euribor + 2.050%) | (-1X 3M Euribor + 2.050%) |
| 400000 | 1.750 <sup>(d)(g)</sup> | 11/19/30 | 334995 |
| (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) |
| 275000 | 2.129 <sup>(d)(g)</sup> | 11/24/26 | 242580 |
| (SOFR + 2.159%) | (SOFR + 2.159%) | (SOFR + 2.159%) | (SOFR + 2.159%) |
| 600000 | 2.222 <sup>(d)(g)</sup> | 09/18/24 | 579360 |
| Erste Group Bank AG (-1X 5Y EUAMDB + 2.100%) | Erste Group Bank AG (-1X 5Y EUAMDB + 2.100%) | Erste Group Bank AG (-1X 5Y EUAMDB + 2.100%) | Erste Group Bank AG (-1X 5Y EUAMDB + 2.100%) |
| 600000 | 1.625 <sup>(d)(g)</sup> | 09/08/31 | 554722 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 200000 | 4.250 | 08/18/25 | 192556 |
| (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) |
| 2150000 | 3.803 <sup>(d)(g)</sup> | 03/11/25 | 2094014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| ING Groep NV<sup>(d)(g)</sup>  | ING Groep NV<sup>(d)(g)</sup>  | ING Groep NV<sup>(d)(g)</sup>  | ING Groep NV<sup>(d)(g)</sup>  |
| (-1X 5 year EUR Swap + 1.150%) | (-1X 5 year EUR Swap + 1.150%) | (-1X 5 year EUR Swap + 1.150%) | (-1X 5 year EUR Swap + 1.150%) |
| 200000 | 1.000% | 11/16/32 | $176389 |
| (-1X 5 year EUR Swap + 1.200%) | (-1X 5 year EUR Swap + 1.200%) | (-1X 5 year EUR Swap + 1.200%) | (-1X 5 year EUR Swap + 1.200%) |
| 400000 | 1.000 | 11/13/30 | 377128 |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
| 400000 | 4.017 | 03/28/28 | 373572 |
| (SOFR + 2.070%) | (SOFR + 2.070%) | (SOFR + 2.070%) | (SOFR + 2.070%) |
| 225000 | 4.252 | 03/28/33 | 198869 |
| JPMorgan Chase & Co.<sup>(d)(g)</sup>  | JPMorgan Chase & Co.<sup>(d)(g)</sup>  | JPMorgan Chase & Co.<sup>(d)(g)</sup>  | JPMorgan Chase & Co.<sup>(d)(g)</sup>  |
| (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) | (3M USD LIBOR + 0.730%) |
| 305000 | 3.559 | 04/23/24 | 303042 |
| (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) | (3M USD LIBOR + 0.890%) |
| 300000 | 3.797 | 07/23/24 | 297126 |
| (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) |
| 314000 | 2.963 | 01/25/33 | 255263 |
| (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) |
| 3125000 | 4.323 | 04/26/28 | 2979094 |
| (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |
| 488000 | 4.586 | 04/26/33 | 451795 |
| (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) |
| 750000 | 2.956 | 05/13/31 | 617505 |
| Macquarie Bank Ltd. (5 year CMT + 1.700%) | Macquarie Bank Ltd. (5 year CMT + 1.700%) | Macquarie Bank Ltd. (5 year CMT + 1.700%) | Macquarie Bank Ltd. (5 year CMT + 1.700%) |
| 800000 | 3.052 <sup>(a)(d)(g)</sup> | 03/03/36 | 580416 |
| Macquarie Group Ltd.<sup>(a)(d)(g)</sup>  | Macquarie Group Ltd.<sup>(a)(d)(g)</sup>  | Macquarie Group Ltd.<sup>(a)(d)(g)</sup>  | Macquarie Group Ltd.<sup>(a)(d)(g)</sup>  |
| (3M USD LIBOR + 1.372%) | (3M USD LIBOR + 1.372%) | (3M USD LIBOR + 1.372%) | (3M USD LIBOR + 1.372%) |
| 380000 | 3.763 | 11/28/28 | 347810 |
| (SOFR + 1.069%) | (SOFR + 1.069%) | (SOFR + 1.069%) | (SOFR + 1.069%) |
| 400000 | 1.340 | 01/12/27 | 347568 |
| Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) |
| 775000 | 2.484 <sup>(d)(g)</sup> | 09/16/36 | 565308 |
| Santander UK Group Holdings PLC<sup>(d)(g)</sup>  | Santander UK Group Holdings PLC<sup>(d)(g)</sup>  | Santander UK Group Holdings PLC<sup>(d)(g)</sup>  | Santander UK Group Holdings PLC<sup>(d)(g)</sup>  |
| (1 year CMT + 1.250%) | (1 year CMT + 1.250%) | (1 year CMT + 1.250%) | (1 year CMT + 1.250%) |
| 1000000 | 1.532 | 08/21/26 | 880320 |
| (SOFR + 0.787%) | (SOFR + 0.787%) | (SOFR + 0.787%) | (SOFR + 0.787%) |
| 1250000 | 1.089 | 03/15/25 | 1169938 |
| Societe Generale SA (1 year CMT + 1.100%) | Societe Generale SA (1 year CMT + 1.100%) | Societe Generale SA (1 year CMT + 1.100%) | Societe Generale SA (1 year CMT + 1.100%) |
| 1500000 | 1.488 <sup>(a)(d)(g)</sup> | 12/14/26 | 1307085 |
| Standard Chartered PLC<sup>(a)(d)(g)</sup>  | Standard Chartered PLC<sup>(a)(d)(g)</sup>  | Standard Chartered PLC<sup>(a)(d)(g)</sup>  | Standard Chartered PLC<sup>(a)(d)(g)</sup>  |
| (1 year CMT + 0.880%) | (1 year CMT + 0.880%) | (1 year CMT + 0.880%) | (1 year CMT + 0.880%) |
| 325000 | 1.214 | 03/23/25 | 304922 |
| (1 year CMT + 1.000%) | (1 year CMT + 1.000%) | (1 year CMT + 1.000%) | (1 year CMT + 1.000%) |
| 1550000 | 1.456 | 01/14/27 | 1346361 |
| The Norinchukin Bank | The Norinchukin Bank | The Norinchukin Bank | The Norinchukin Bank |
| 1050000 | 1.284 <sup>(a)</sup> | 09/22/26 | 913710 |
| UBS Group AG (1 year CMT + 2.400%) | UBS Group AG (1 year CMT + 2.400%) | UBS Group AG (1 year CMT + 2.400%) | UBS Group AG (1 year CMT + 2.400%) |
| 1550000 | 4.988 <sup>(a)(d)(g)</sup> | 08/05/33 | 1434943 |
| Wells Fargo & Co. (SOFR + 2.000%) | Wells Fargo & Co. (SOFR + 2.000%) | Wells Fargo & Co. (SOFR + 2.000%) | Wells Fargo & Co. (SOFR + 2.000%) |
| 2450000 | 2.188 <sup>(d)(g)</sup> | 04/30/26 | 2280337 |
| Westpac Banking Corp.<sup>(d)(g)</sup>  | Westpac Banking Corp.<sup>(d)(g)</sup>  | Westpac Banking Corp.<sup>(d)(g)</sup>  | Westpac Banking Corp.<sup>(d)(g)</sup>  |
| (5 year CMT + 1.350%) | (5 year CMT + 1.350%) | (5 year CMT + 1.350%) | (5 year CMT + 1.350%) |
| 1200000 | 2.894 | 02/04/30 | 1100148 |
| (5 year CMT + 1.750%) | (5 year CMT + 1.750%) | (5 year CMT + 1.750%) | (5 year CMT + 1.750%) |
| 475000 | 2.668 | 11/15/35 | 352892 |
|  |  |  | 61242015 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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)** |
| **Beverages<sup>(d)</sup> – 1.3%** | **Beverages<sup>(d)</sup> – 1.3%** | **Beverages<sup>(d)</sup> – 1.3%** | **Beverages<sup>(d)</sup> – 1.3%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 1850000 | 4.700% | 02/01/36 | $1744124 |
| 750000 | 4.900 | 02/01/46 | 686325 |
| Anheuser-Busch InBev SA | Anheuser-Busch InBev SA | Anheuser-Busch InBev SA | Anheuser-Busch InBev SA |
| 415000 | 2.700 | 03/31/26 | 433797 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 700000 | 4.500 | 06/01/50 | 618625 |
| Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| 1200000 | 4.700 <sup>(a)</sup> | 05/15/28 | 1152744 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 1500000 | 4.400 | 11/15/25 | 1474875 |
| 600000 | 4.750 | 05/09/32 | 575052 |
| Diageo Finance PLC | Diageo Finance PLC | Diageo Finance PLC | Diageo Finance PLC |
| 180000 | 2.375 | 05/20/26 | 185879 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 776000 | 4.417 | 05/25/25 | 767930 |
|  |  |  | 7639351 |
| **Biotechnology<sup>(d)</sup> – 0.1%** | **Biotechnology<sup>(d)</sup> – 0.1%** | **Biotechnology<sup>(d)</sup> – 0.1%** | **Biotechnology<sup>(d)</sup> – 0.1%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 650000 | 4.200 | 03/01/33 | 603181 |
| **Building Materials<sup>(d)</sup> – 0.0%** | **Building Materials<sup>(d)</sup> – 0.0%** | **Building Materials<sup>(d)</sup> – 0.0%** | **Building Materials<sup>(d)</sup> – 0.0%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 145000 | 2.493 | 02/15/27 | 130794 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| 200000 | 4.900 | 12/01/32 | 196572 |
|  |  |  | 327366 |
| **Chemicals<sup>(d)</sup> – 0.4%** | **Chemicals<sup>(d)</sup> – 0.4%** | **Chemicals<sup>(d)</sup> – 0.4%** | **Chemicals<sup>(d)</sup> – 0.4%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 600000 | 4.493 | 11/15/25 | 590430 |
| International Flavors & Fragrances, Inc.<sup>(a)</sup>  | International Flavors & Fragrances, Inc.<sup>(a)</sup>  | International Flavors & Fragrances, Inc.<sup>(a)</sup>  | International Flavors & Fragrances, Inc.<sup>(a)</sup>  |
| 450000 | 1.230 | 10/01/25 | 397863 |
| 200000 | 1.832 | 10/15/27 | 167660 |
| Syngenta Finance NV<sup>(a)</sup>  | Syngenta Finance NV<sup>(a)</sup>  | Syngenta Finance NV<sup>(a)</sup>  | Syngenta Finance NV<sup>(a)</sup>  |
| 550000 | 4.441 | 04/24/23 | 547701 |
| 400000 | 4.892 | 04/24/25 | 388008 |
|  |  |  | 2091662 |
| **Commercial Services – 0.1%** | **Commercial Services – 0.1%** | **Commercial Services – 0.1%** | **Commercial Services – 0.1%** |
| DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
| 200000 | 4.848 | 09/26/28 | 196975 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 390000 | 5.625 | 09/25/48 | 364114 |
|  |  |  | 561089 |
| **Computers<sup>(d)</sup> – 1.2%** | **Computers<sup>(d)</sup> – 1.2%** | **Computers<sup>(d)</sup> – 1.2%** | **Computers<sup>(d)</sup> – 1.2%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 1250000 | 6.020 | 06/15/26 | 1276112 |
| 875000 | 5.300 | 10/01/29 | 854053 |
| 75000 | 6.200 | 07/15/30 | 76364 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 1200000 | 4.450 | 10/02/23 | 1192740 |
| 1850000 | 4.900 | 10/15/25 | 1831555 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Computers<sup>(d)</sup> – (continued)** | **Computers<sup>(d)</sup> – (continued)** | **Computers<sup>(d)</sup> – (continued)** | **Computers<sup>(d)</sup> – (continued)** | **Computers<sup>(d)</sup> – (continued)** |
|  HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. |
|  $ | 1545000 | 4.000% | 04/15/29 | $1414602 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  | 300000 | 4.400 | 07/27/32 | 285795 |
|  |  |  |  | 6931221 |
|  **Diversified Financial Services – 0.8%** | **Diversified Financial Services – 0.8%** | **Diversified Financial Services – 0.8%** | **Diversified Financial Services – 0.8%** | **Diversified Financial Services – 0.8%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(d)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(d)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(d)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(d)</sup>  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(d)</sup>  |
|  | 525000 | 3.000 | 10/29/28 | 440627 |
|  | 325000 | 3.300 | 01/30/32 | 253926 |
|  Air Lease Corp.<sup>(d)</sup>  | Air Lease Corp.<sup>(d)</sup>  | Air Lease Corp.<sup>(d)</sup>  | Air Lease Corp.<sup>(d)</sup>  | Air Lease Corp.<sup>(d)</sup>  |
|  | 1150000 | 3.250 | 03/01/25 | 1092051 |
|  | 575000 | 2.875 | 01/15/26 | 532410 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  | 650000 | 7.100 | 11/15/27 | 662694 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  | 255000 | 2.500 <sup>(d)</sup> | 07/30/24 | 245384 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  | 400000 | 1.950 <sup>(a)(d)</sup> | 01/30/26 | 348464 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  | 400000 | 3.950 <sup>(a)(d)</sup> | 07/01/24 | 383392 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  | 505000 | 3.300 <sup>(d)</sup> | 10/30/24 | 487391 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  | 400000 | 2.608 | 07/14/31 | 308608 |
|  |  |  |  | 4754947 |
|  **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
|  | 150000 | 2.500 <sup>(d)</sup> | 09/15/24 | 143318 |
|  CMS Energy Corp. (5 year CMT + 2.900%) | CMS Energy Corp. (5 year CMT + 2.900%) | CMS Energy Corp. (5 year CMT + 2.900%) | CMS Energy Corp. (5 year CMT + 2.900%) | CMS Energy Corp. (5 year CMT + 2.900%) |
|  | 550000 | 3.750 <sup>(d)(g)</sup> | 12/01/50 | 414860 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  | 1450000 | 4.500 <sup>(a)(d)</sup> | 09/21/28 | 1373643 |
|  GBP | 650000 | 6.125 | 06/02/34 | 789102 |
|  Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
|  $ | 675000 | 2.875 <sup>(a)(d)</sup> | 07/12/41 | 414727 |
|  Enel SpA<sup>(d)(g)</sup>  | Enel SpA<sup>(d)(g)</sup>  | Enel SpA<sup>(d)(g)</sup>  | Enel SpA<sup>(d)(g)</sup>  | Enel SpA<sup>(d)(g)</sup>  |
|  (-1X 5 year EUR Swap + 1.719%) | (-1X 5 year EUR Swap + 1.719%) | (-1X 5 year EUR Swap + 1.719%) | (-1X 5 year EUR Swap + 1.719%) | (-1X 5 year EUR Swap + 1.719%) |
|  EUR | 1275000 | 1.375 | 12/31/99 | 1079452 |
|  (5 year EUR Swap + 2.580%) | (5 year EUR Swap + 2.580%) | (5 year EUR Swap + 2.580%) | (5 year EUR Swap + 2.580%) | (5 year EUR Swap + 2.580%) |
|  | 235000 | 3.375 | 11/24/81 | 227351 |
|  Engie SA | Engie SA | Engie SA | Engie SA | Engie SA |
|  | 200000 | 1.000 <sup>(d)</sup> | 03/13/26 | 196624 |
|  Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. |
|  $ | 630000 | 4.250 <sup>(a)</sup> | 07/27/27 | 602752 |
|  Pacific Gas & Electric Co.<sup>(d)</sup>  | Pacific Gas & Electric Co.<sup>(d)</sup>  | Pacific Gas & Electric Co.<sup>(d)</sup>  | Pacific Gas & Electric Co.<sup>(d)</sup>  | Pacific Gas & Electric Co.<sup>(d)</sup>  |
|  | 625000 | 3.000 | 06/15/28 | 541775 |
|  | 250000 | 2.500 | 02/01/31 | 194373 |
|  | 100000 | 3.300 | 08/01/40 | 67816 |
|  | 750000 | 4.950 | 07/01/50 | 587595 |
|  | 200000 | 3.500 | 08/01/50 | 125884 |
|  Sempra Energy | Sempra Energy | Sempra Energy | Sempra Energy | Sempra Energy |
|  | 700000 | 3.400 <sup>(d)</sup> | 02/01/28 | 650440 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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)** |
| **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
| TenneT Holding B.V. | TenneT Holding B.V. | TenneT Holding B.V. | TenneT Holding B.V. |
| 1125000 | 4.500% | 10/28/34 | $1247260 |
| 550000 | 4.750 | 10/28/42 | 620445 |
|  |  |  | 9277417 |
| **Engineering & Construction<sup>(d)</sup> – 0.2%** | **Engineering & Construction<sup>(d)</sup> – 0.2%** | **Engineering & Construction<sup>(d)</sup> – 0.2%** | **Engineering & Construction<sup>(d)</sup> – 0.2%** |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 540000 | 3.875 <sup>(a)</sup> | 04/30/28 | 491670 |
| 200000 | 5.500 <sup>(a)</sup> | 10/31/46 | 153475 |
| 200000 | 5.500 | 07/31/47 | 154000 |
| Technip Energies NV | Technip Energies NV | Technip Energies NV | Technip Energies NV |
| 585000 | 1.125 | 05/28/28 | 507314 |
|  |  |  | 1306459 |
| **Entertainment<sup>(a)(d)</sup> – 0.5%** | **Entertainment<sup>(a)(d)</sup> – 0.5%** | **Entertainment<sup>(a)(d)</sup> – 0.5%** | **Entertainment<sup>(a)(d)</sup> – 0.5%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 1875000 | 4.054 | 03/15/29 | 1625081 |
| 975000 | 4.279 | 03/15/32 | 803907 |
| 483000 | 5.050 | 03/15/42 | 371427 |
|  |  |  | 2800415 |
| **Environmental<sup>(d)</sup> – 0.0%** | **Environmental<sup>(d)</sup> – 0.0%** | **Environmental<sup>(d)</sup> – 0.0%** | **Environmental<sup>(d)</sup> – 0.0%** |
| Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
| 289000 | 4.200 | 01/15/33 | 268481 |
| **Gas<sup>(d)</sup> – 0.1%** | **Gas<sup>(d)</sup> – 0.1%** | **Gas<sup>(d)</sup> – 0.1%** | **Gas<sup>(d)</sup> – 0.1%** |
| ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
| 828000 | 1.100 | 03/11/24 | 794093 |
| **Healthcare Providers & Services – 1.8%** | **Healthcare Providers & Services – 1.8%** | **Healthcare Providers & Services – 1.8%** | **Healthcare Providers & Services – 1.8%** |
| Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  |
| 1014000 | 5.375 | 12/06/32 | 1023278 |
| 375000 | 5.750 | 12/06/52 | 380415 |
| American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
| 1325000 | 0.750 <sup>(d)</sup> | 03/08/25 | 1330295 |
| DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. |
| 775000 | 3.250 <sup>(d)</sup> | 06/01/30 | 641894 |
| GE Healthcare Holding LLC<sup>(a)</sup>  | GE Healthcare Holding LLC<sup>(a)</sup>  | GE Healthcare Holding LLC<sup>(a)</sup>  | GE Healthcare Holding LLC<sup>(a)</sup>  |
| 810000 | 5.905 | 11/22/32 | 840415 |
| 550000 | 6.377 | 11/22/52 | 589715 |
| HCA, Inc.<sup>(a)(d)</sup>  | HCA, Inc.<sup>(a)(d)</sup>  | HCA, Inc.<sup>(a)(d)</sup>  | HCA, Inc.<sup>(a)(d)</sup>  |
| 250000 | 3.375 | 03/15/29 | 219098 |
| 1575000 | 3.625 | 03/15/32 | 1332182 |
| Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| 400000 | 0.250 <sup>(d)</sup> | 07/02/25 | 395621 |
| Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
| 375000 | 4.565 | 10/11/29 | 400399 |
| Thermo Fisher Scientific Finance I B.V. | Thermo Fisher Scientific Finance I B.V. | Thermo Fisher Scientific Finance I B.V. | Thermo Fisher Scientific Finance I B.V. |
| 675000 | 0.000 <sup>(d)</sup> | 11/18/25 | 654482 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 325000 | 4.950 | 11/21/32 | 330460 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 600000 | 4.200 <sup>(d)</sup> | 05/15/32 | 570282 |
| 550000 | 5.350 | 02/15/33 | 569663 |
| 375000 | 4.750 <sup>(d)</sup> | 05/15/52 | 347520 |
| 675000 | 5.875 <sup>(d)</sup> | 02/15/53 | 732874 |
|  |  |  | 10358593 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Insurance<sup>(d)</sup> – 1.0%** | **Insurance<sup>(d)</sup> – 1.0%** | **Insurance<sup>(d)</sup> – 1.0%** | **Insurance<sup>(d)</sup> – 1.0%** | **Insurance<sup>(d)</sup> – 1.0%** |
|  Allianz SE<sup>(g)</sup>  | Allianz SE<sup>(g)</sup>  | Allianz SE<sup>(g)</sup>  | Allianz SE<sup>(g)</sup>  | Allianz SE<sup>(g)</sup>  |
|  (-1X 5 year EUR Swap + 2.770%) | (-1X 5 year EUR Swap + 2.770%) | (-1X 5 year EUR Swap + 2.770%) | (-1X 5 year EUR Swap + 2.770%) | (-1X 5 year EUR Swap + 2.770%) |
|  EUR | 800000 | 2.625% | 12/31/99 | $631334 |
|  (5 year CMT + 2.165%) | (5 year CMT + 2.165%) | (5 year CMT + 2.165%) | (5 year CMT + 2.165%) | (5 year CMT + 2.165%) |
|  $ | 800000 | 3.200 <sup>(a)</sup> | 12/31/99 | 595976 |
|  American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
|  | 1075000 | 3.900 | 04/01/26 | 1039858 |
|  Aviva PLC (5 year UK Government Bond + 2.850%) | Aviva PLC (5 year UK Government Bond + 2.850%) | Aviva PLC (5 year UK Government Bond + 2.850%) | Aviva PLC (5 year UK Government Bond + 2.850%) | Aviva PLC (5 year UK Government Bond + 2.850%) |
|  GBP | 450000 | 6.125 <sup>(g)</sup> | 11/14/36 | 543114 |
|  CNP Assurances | CNP Assurances | CNP Assurances | CNP Assurances | CNP Assurances |
|  EUR | 700000 | 0.375 | 03/08/28 | 596552 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  $ | 1450000 | 3.900 <sup>(a)</sup> | 04/05/32 | 1270055 |
|  Helvetia Europe SA (-1X 5 year EUR Swap + 3.950%) | Helvetia Europe SA (-1X 5 year EUR Swap + 3.950%) | Helvetia Europe SA (-1X 5 year EUR Swap + 3.950%) | Helvetia Europe SA (-1X 5 year EUR Swap + 3.950%) | Helvetia Europe SA (-1X 5 year EUR Swap + 3.950%) |
|  EUR | 550000 | 2.750 <sup>(g)</sup> | 09/30/41 | 455702 |
|  Legal & General Group PLC (-1X 5 year UK Government Bond + 4.050%) | Legal & General Group PLC (-1X 5 year UK Government Bond + 4.050%) | Legal & General Group PLC (-1X 5 year UK Government Bond + 4.050%) | Legal & General Group PLC (-1X 5 year UK Government Bond + 4.050%) | Legal & General Group PLC (-1X 5 year UK Government Bond + 4.050%) |
|  GBP | 500000 | 3.750 <sup>(g)</sup> | 11/26/49 | 505093 |
|  |  |  |  | 5637684 |
|  **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** | **Internet – 0.4%** |
|  Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. |
|  $ | 300000 | 4.625 <sup>(d)</sup> | 04/13/30 | 290286 |
|  EUR | 650000 | 4.750 | 11/15/34 | 705352 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  $ | 1150000 | 3.250 <sup>(d)</sup> | 02/15/30 | 975982 |
|  Prosus NV<sup>(a)(d)</sup>  | Prosus NV<sup>(a)(d)</sup>  | Prosus NV<sup>(a)(d)</sup>  | Prosus NV<sup>(a)(d)</sup>  | Prosus NV<sup>(a)(d)</sup>  |
|  | 210000 | 3.680 | 01/21/30 | 174077 |
|  | 200000 | 4.027 | 08/03/50 | 126850 |
|  | 200000 | 3.832 | 02/08/51 | 122288 |
|  |  |  |  | 2394835 |
|  **Iron/Steel<sup>(d)</sup> – 0.2%** | **Iron/Steel<sup>(d)</sup> – 0.2%** | **Iron/Steel<sup>(d)</sup> – 0.2%** | **Iron/Steel<sup>(d)</sup> – 0.2%** | **Iron/Steel<sup>(d)</sup> – 0.2%** |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  | 1275000 | 1.650 | 10/15/27 | 1068323 |
|  **Lodging<sup>(d)</sup> – 0.3%** | **Lodging<sup>(d)</sup> – 0.3%** | **Lodging<sup>(d)</sup> – 0.3%** | **Lodging<sup>(d)</sup> – 0.3%** | **Lodging<sup>(d)</sup> – 0.3%** |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  | 515000 | 5.000 | 10/15/27 | 508686 |
|  | 1500000 | 4.650 | 12/01/28 | 1439265 |
|  |  |  |  | 1947951 |
|  **Media<sup>(d)</sup> – 1.0%** | **Media<sup>(d)</sup> – 1.0%** | **Media<sup>(d)</sup> – 1.0%** | **Media<sup>(d)</sup> – 1.0%** | **Media<sup>(d)</sup> – 1.0%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  | 900000 | 4.500 | 02/01/24 | 889146 |
|  | 3400000 | 4.908 | 07/23/25 | 3334380 |
|  | 650000 | 4.800 | 03/01/50 | 475624 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 1000000 | 3.700 | 04/15/24 | 984700 |
|  |  |  |  | 5683850 |
|  **Mining – 0.6%** | **Mining – 0.6%** | **Mining – 0.6%** | **Mining – 0.6%** | **Mining – 0.6%** |
|  Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. |
|  GBP | 125000 | 3.125 <sup>(d)</sup> | 03/26/26 | 139904 |
|  Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  |
|  $ | 1400000 | 4.125 | 05/30/23 | 1392636 |
|  | 650000 | 4.125 <sup>(d)</sup> | 03/12/24 | 638833 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Mining – (continued)** | **Mining – (continued)** | **Mining – (continued)** | **Mining – (continued)** | **Mining – (continued)** |
|  Glencore Funding LLC<sup>(a)</sup> – (continued) | Glencore Funding LLC<sup>(a)</sup> – (continued) | Glencore Funding LLC<sup>(a)</sup> – (continued) | Glencore Funding LLC<sup>(a)</sup> – (continued) | Glencore Funding LLC<sup>(a)</sup> – (continued) |
|  $ | 455000 | 1.625 %<sup>(d)</sup> | 04/27/26 | $402703 |
|  | 775000 | 4.875 <sup>(d)</sup> | 03/12/29 | 742915 |
|  Newmont Corp. | Newmont Corp. | Newmont Corp. | Newmont Corp. | Newmont Corp. |
|  | 400000 | 2.600 <sup>(d)</sup> | 07/15/32 | 318716 |
|  |  |  |  | 3635707 |
|  **Miscellaneous Manufacturing – 0.7%** | **Miscellaneous Manufacturing – 0.7%** | **Miscellaneous Manufacturing – 0.7%** | **Miscellaneous Manufacturing – 0.7%** | **Miscellaneous Manufacturing – 0.7%** |
|  Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
|  | 725000 | 4.150 <sup>(d)</sup> | 03/15/33 | 675461 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  | 1500000 | 4.550 <sup>(d)</sup> | 05/15/32 | 1423680 |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
|  | 800000 | 6.750 | 03/15/32 | 886552 |
|  Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
|  | 1250000 | 0.950 <sup>(d)</sup> | 04/01/24 | 1183850 |
|  |  |  |  | 4169543 |
|  **Multi-National – 2.1%** | **Multi-National – 2.1%** | **Multi-National – 2.1%** | **Multi-National – 2.1%** | **Multi-National – 2.1%** |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  GBP | 4200000 | 1.125 | 06/10/25 | 4714390 |
|  European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
|  EUR | 1240000 | 0.875 | 01/14/28 | 1197675 |
|  | 4410000 | 2.250 | 03/15/30 | 4469070 |
|  FMS Wertmanagement<sup>(h)</sup>  | FMS Wertmanagement<sup>(h)</sup>  | FMS Wertmanagement<sup>(h)</sup>  | FMS Wertmanagement<sup>(h)</sup>  | FMS Wertmanagement<sup>(h)</sup>  |
|  GBP | 1100000 | 1.375 <sup>(i)</sup> | 03/07/25 | 1246889 |
|  The African Export-Import Bank<sup>(a)(d)</sup>  | The African Export-Import Bank<sup>(a)(d)</sup>  | The African Export-Import Bank<sup>(a)(d)</sup>  | The African Export-Import Bank<sup>(a)(d)</sup>  | The African Export-Import Bank<sup>(a)(d)</sup>  |
|  $ | 390000 | 2.634 | 05/17/26 | 345743 |
|  | 360000 | 3.798 | 05/17/31 | 297018 |
|  |  |  |  | 12270785 |
|  **Oil Field Services – 0.5%** | **Oil Field Services – 0.5%** | **Oil Field Services – 0.5%** | **Oil Field Services – 0.5%** | **Oil Field Services – 0.5%** |
|  BP Capital Markets PLC<sup>(d)(g)</sup>  | BP Capital Markets PLC<sup>(d)(g)</sup>  | BP Capital Markets PLC<sup>(d)(g)</sup>  | BP Capital Markets PLC<sup>(d)(g)</sup>  | BP Capital Markets PLC<sup>(d)(g)</sup>  |
|  (-1X 5 year EUR Swap + 3.880%) | (-1X 5 year EUR Swap + 3.880%) | (-1X 5 year EUR Swap + 3.880%) | (-1X 5 year EUR Swap + 3.880%) | (-1X 5 year EUR Swap + 3.880%) |
|  EUR | 412000 | 3.250 | 12/31/99 | 405148 |
|  (-1X 5 year EUR Swap + 4.120%) | (-1X 5 year EUR Swap + 4.120%) | (-1X 5 year EUR Swap + 4.120%) | (-1X 5 year EUR Swap + 4.120%) | (-1X 5 year EUR Swap + 4.120%) |
|  | 400000 | 3.625 | 12/31/99 | 368269 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  $ | 200000 | 6.500 | 05/27/41 | 201975 |
|  Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy |
|  | 820000 | 3.300 <sup>(a)(d)</sup> | 07/12/51 | 600291 |
|  Wintershall Dea Finance B.V. | Wintershall Dea Finance B.V. | Wintershall Dea Finance B.V. | Wintershall Dea Finance B.V. | Wintershall Dea Finance B.V. |
|  EUR | 1300000 | 1.332 <sup>(d)</sup> | 09/25/28 | 1128324 |
|  |  |  |  | 2704007 |
|  **Packaging<sup>(d)</sup> – 0.1%** | **Packaging<sup>(d)</sup> – 0.1%** | **Packaging<sup>(d)</sup> – 0.1%** | **Packaging<sup>(d)</sup> – 0.1%** | **Packaging<sup>(d)</sup> – 0.1%** |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  | 270000 | 1.500 | 01/15/27 | 257544 |
|  Smurfit Kappa Acquisitions ULC | Smurfit Kappa Acquisitions ULC | Smurfit Kappa Acquisitions ULC | Smurfit Kappa Acquisitions ULC | Smurfit Kappa Acquisitions ULC |
|  | 185000 | 2.875 | 01/15/26 | 192090 |
|  |  |  |  | 449634 |
|  **Pharmaceuticals<sup>(d)</sup> – 0.9%** | **Pharmaceuticals<sup>(d)</sup> – 0.9%** | **Pharmaceuticals<sup>(d)</sup> – 0.9%** | **Pharmaceuticals<sup>(d)</sup> – 0.9%** | **Pharmaceuticals<sup>(d)</sup> – 0.9%** |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  $ | 300000 | 3.750 | 11/14/23 | 297066 |
|  | 1350000 | 2.600 | 11/21/24 | 1292517 |
|  Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  | Bayer US Finance II LLC<sup>(a)</sup>  |
|  | 750000 | 3.875 | 12/15/23 | 738383 |
|  | 1000000 | 4.250 | 12/15/25 | 971100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals<sup>(d)</sup> – (continued)** | **Pharmaceuticals<sup>(d)</sup> – (continued)** | **Pharmaceuticals<sup>(d)</sup> – (continued)** | **Pharmaceuticals<sup>(d)</sup> – (continued)** |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 1484000 | 3.363% | 06/06/24 | $1447731 |
| 185000 | 0.034 | 08/13/25 | 179877 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 300000 | 2.625 | 08/15/24 | 288030 |
| McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. |
| 125000 | 1.500 | 11/17/25 | 125604 |
|  |  |  | 5340308 |
| **Pipelines – 0.7%** | **Pipelines – 0.7%** | **Pipelines – 0.7%** | **Pipelines – 0.7%** |
| Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC |
| 1260000 | 4.600 <sup>(a)</sup> | 11/02/47 | 1154711 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 250000 | 5.250 <sup>(d)</sup> | 04/15/29 | 242375 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 500000 | 3.750 <sup>(d)</sup> | 02/15/25 | 486220 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 <sup>(a)</sup> | 03/31/36 | 160288 |
| 599249 | 2.940 | 09/30/40 | 479324 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 1500000 | 5.625 <sup>(d)</sup> | 03/01/25 | 1503555 |
|  |  |  | 4026473 |
| **Real Estate<sup>(d)</sup> – 0.6%** | **Real Estate<sup>(d)</sup> – 0.6%** | **Real Estate<sup>(d)</sup> – 0.6%** | **Real Estate<sup>(d)</sup> – 0.6%** |
| Blackstone Property Partners Europe Holdings S.a.r.l. | Blackstone Property Partners Europe Holdings S.a.r.l. | Blackstone Property Partners Europe Holdings S.a.r.l. | Blackstone Property Partners Europe Holdings S.a.r.l. |
| 450000 | 2.200 | 07/24/25 | 428195 |
| 301000 | 1.250 | 04/26/27 | 251098 |
| 575000 | 1.000 | 05/04/28 | 448102 |
| 600000 | 1.750 | 03/12/29 | 469782 |
| Heimstaden Bostad Treasury BV | Heimstaden Bostad Treasury BV | Heimstaden Bostad Treasury BV | Heimstaden Bostad Treasury BV |
| 300000 | 1.375 | 07/24/28 | 240042 |
| Logicor Financing S.a.r.l. | Logicor Financing S.a.r.l. | Logicor Financing S.a.r.l. | Logicor Financing S.a.r.l. |
| 600000 | 2.250 | 05/13/25 | 586161 |
| 550000 | 3.250 | 11/13/28 | 493176 |
| 325000 | 1.625 | 01/17/30 | 253599 |
| SBB Treasury Oyj | SBB Treasury Oyj | SBB Treasury Oyj | SBB Treasury Oyj |
| 950000 | 0.750 | 12/14/28 | 648362 |
|  |  |  | 3818517 |
| **Real Estate Investment Trust<sup>(d)</sup> – 0.5%** | **Real Estate Investment Trust<sup>(d)</sup> – 0.5%** | **Real Estate Investment Trust<sup>(d)</sup> – 0.5%** | **Real Estate Investment Trust<sup>(d)</sup> – 0.5%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 125000 | 2.375 | 07/15/31 | 96136 |
| National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. |
| 375000 | 3.900 | 06/15/24 | 366401 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 900000 | 4.625 | 11/01/25 | 892665 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 576000 | 2.750 | 06/01/23 | 569889 |
| Spirit Realty LP | Spirit Realty LP | Spirit Realty LP | Spirit Realty LP |
| 300000 | 2.100 | 03/15/28 | 244485 |
| WEA Finance LLC/Westfield UK & Europe Finance PLC | WEA Finance LLC/Westfield UK & Europe Finance PLC | WEA Finance LLC/Westfield UK & Europe Finance PLC | WEA Finance LLC/Westfield UK & Europe Finance PLC |
| 400000 | 3.750 <sup>(a)</sup> | 09/17/24 | 378076 |
| Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
| 250000 | 4.000 | 03/09/52 | 189500 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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)** |
| **Real Estate Investment Trust<sup>(d)</sup> – (continued)** | **Real Estate Investment Trust<sup>(d)</sup> – (continued)** | **Real Estate Investment Trust<sup>(d)</sup> – (continued)** | **Real Estate Investment Trust<sup>(d)</sup> – (continued)** |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 240000 | 4.600% | 04/01/24 | $237737 |
| 170000 | 4.000 | 02/01/25 | 165784 |
|  |  |  | 3140673 |
| **Retailing<sup>(d)</sup> – 0.7%** | **Retailing<sup>(d)</sup> – 0.7%** | **Retailing<sup>(d)</sup> – 0.7%** | **Retailing<sup>(d)</sup> – 0.7%** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 200000 | 1.950 | 08/01/28 | 159782 |
| CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. |
| 200000 | 2.500 <sup>(a)</sup> | 05/08/30 | 168132 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 650000 | 4.000 | 05/15/25 | 634797 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 325000 | 4.250 | 04/01/52 | 260283 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 237000 | 4.600 | 09/09/32 | 232037 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 700000 | 3.000 | 02/14/32 | 598479 |
| The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. |
| 600000 | 4.500 | 09/15/32 | 587952 |
| Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
| 1375000 | 0.950 | 11/17/23 | 1326036 |
|  |  |  | 3967498 |
| **Semiconductors<sup>(d)</sup> – 0.5%** | **Semiconductors<sup>(d)</sup> – 0.5%** | **Semiconductors<sup>(d)</sup> – 0.5%** | **Semiconductors<sup>(d)</sup> – 0.5%** |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 175000 | 3.469 | 04/15/34 | 138749 |
| 2784000 | 3.137 | 11/15/35 | 2042509 |
| 350000 | 4.926 | 05/15/37 | 305910 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 150000 | 4.150 | 08/05/32 | 140264 |
| 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. |
| 695000 | 3.250 | 11/30/51 | 433944 |
|  |  |  | 3061376 |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| Fidelity National Information Services, Inc.<sup>(d)</sup>  | Fidelity National Information Services, Inc.<sup>(d)</sup>  | Fidelity National Information Services, Inc.<sup>(d)</sup>  | Fidelity National Information Services, Inc.<sup>(d)</sup>  |
| 400000 | 0.750 | 05/21/23 | 424990 |
| 550000 | 0.625 | 12/03/25 | 535789 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1200000 | 2.875 <sup>(d)</sup> | 03/25/31 | 995556 |
| 450000 | 6.250 | 11/09/32 | 472523 |
| 850000 | 3.950 <sup>(d)</sup> | 03/25/51 | 612416 |
| 900000 | 6.900 | 11/09/52 | 973926 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 250000 | 1.800 <sup>(d)</sup> | 08/15/28 | 204105 |
|  |  |  | 4219305 |
| **Sovereign – 0.3%** | **Sovereign – 0.3%** | **Sovereign – 0.3%** | **Sovereign – 0.3%** |
| European Financial Stability Facility<sup>(h)</sup>  | European Financial Stability Facility<sup>(h)</sup>  | European Financial Stability Facility<sup>(h)</sup>  | European Financial Stability Facility<sup>(h)</sup>  |
| 1170000 | 0.875 <sup>(i)</sup> | 04/10/35 | 947323 |
| European Union | European Union | European Union | European Union |
| 820000 | 0.200 | 06/04/36 | 585410 |
|  |  |  | 1532733 |
| **Telecommunication Services – 1.5%** | **Telecommunication Services – 1.5%** | **Telecommunication Services – 1.5%** | **Telecommunication Services – 1.5%** |
| AT&T, Inc.<sup>(d)</sup>  | AT&T, Inc.<sup>(d)</sup>  | AT&T, Inc.<sup>(d)</sup>  | AT&T, Inc.<sup>(d)</sup>  |
| 1879000 | 2.550 | 12/01/33 | 1444951 |
| 600000 | 1.800 | 09/14/39 | 443988 |
| 350000 | 4.750 | 05/15/46 | 298673 |
| 400000 | 3.650 | 06/01/51 | 282904 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** |
|  Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. |
|  $ | 500000 | 2.485 %<sup>(a)(d)</sup> | 09/19/23 | $489435 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  GBP | 450000 | 5.445 | 10/08/29 | 538783 |
|  T-Mobile USA, Inc.<sup>(d)</sup>  | T-Mobile USA, Inc.<sup>(d)</sup>  | T-Mobile USA, Inc.<sup>(d)</sup>  | T-Mobile USA, Inc.<sup>(d)</sup>  | T-Mobile USA, Inc.<sup>(d)</sup>  |
|  $ | 500000 | 3.500 | 04/15/25 | 481340 |
|  | 900000 | 3.750 | 04/15/27 | 848565 |
|  | 900000 | 3.875 | 04/15/30 | 816957 |
|  | 1675000 | 2.550 | 02/15/31 | 1365008 |
|  | 375000 | 2.700 | 03/15/32 | 303487 |
|  | 1525000 | 5.200 | 01/15/33 | 1509948 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  EUR | 165000 | 1.875 <sup>(d)</sup> | 09/11/25 | 168791 |
|  |  |  |  | 8992830 |
|  **Transportation<sup>(d)</sup> – 0.2%** | **Transportation<sup>(d)</sup> – 0.2%** | **Transportation<sup>(d)</sup> – 0.2%** | **Transportation<sup>(d)</sup> – 0.2%** | **Transportation<sup>(d)</sup> – 0.2%** |
|  CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
|  $ | 1025000 | 4.100 | 11/15/32 | 960148 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $224,701,993)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $224,701,993)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $224,701,993)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $224,701,993)** | $201640044 |
| **Mortgage-Backed Obligations – 31.0%** | **Mortgage-Backed Obligations – 31.0%** | **Mortgage-Backed Obligations – 31.0%** | **Mortgage-Backed Obligations – 31.0%** | **Mortgage-Backed Obligations – 31.0%** |
|  **FNMA Collateral – 0.2%** | **FNMA Collateral – 0.2%** | **FNMA Collateral – 0.2%** | **FNMA Collateral – 0.2%** | **FNMA Collateral – 0.2%** |
|  **UMBS, 30 Year, Single Family – 0.2%** | **UMBS, 30 Year, Single Family – 0.2%** | **UMBS, 30 Year, Single Family – 0.2%** | **UMBS, 30 Year, Single Family – 0.2%** | **UMBS, 30 Year, Single Family – 0.2%** |
|  UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family |
|  $ | 1000000 | 5.000% | 01/12/53 | $986094 |
|  **Collateralized Mortgage Obligations – 1.2%** | **Collateralized Mortgage Obligations – 1.2%** | **Collateralized Mortgage Obligations – 1.2%** | **Collateralized Mortgage Obligations – 1.2%** | **Collateralized Mortgage Obligations – 1.2%** |
|  **Interest Only – 0.3%** | **Interest Only – 0.3%** | **Interest Only – 0.3%** | **Interest Only – 0.3%** | **Interest Only – 0.3%** |
|  FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) |
|  $ | 122496 | 1.682 %<sup>(g)</sup> | 05/15/41 | $10433 |
|  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%) | FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%) |
|  | 130272 | 1.732 <sup>(g)</sup> | 03/15/44 | 12495 |
|  FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%) |
|  | 456430 | 1.682 <sup>(g)</sup> | 05/15/46 | 47409 |
|  FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI |
|  | 960640 | 4.000 | 08/25/50 | 188765 |
|  FHLMC REMIC Series 5002, Class SJ (-1X 1M USD LIBOR + 6.100%) | FHLMC REMIC Series 5002, Class SJ (-1X 1M USD LIBOR + 6.100%) | FHLMC REMIC Series 5002, Class SJ (-1X 1M USD LIBOR + 6.100%) | FHLMC REMIC Series 5002, Class SJ (-1X 1M USD LIBOR + 6.100%) | FHLMC REMIC Series 5002, Class SJ (-1X 1M USD LIBOR + 6.100%) |
|  | 1100169 | 1.711 <sup>(g)</sup> | 07/25/50 | 123580 |
|  FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI |
|  | 183213 | 4.000 | 09/25/50 | 36124 |
|  FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH |
|  | 967606 | 3.000 | 08/25/50 | 154801 |
|  FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) | FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) | FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) | FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) | FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%) |
|  | 125337 | 2.161 <sup>(g)</sup> | 12/25/41 | 13330 |
|  FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) | FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) | FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) | FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) | FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%) |
|  | 179359 | 1.561 <sup>(g)</sup> | 02/25/42 | 16316 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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)** |
| **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) | FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) | FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) | FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%) |
| 167680 | 2.211 %<sup>(g)</sup> | 02/25/44 | $18081 |
| FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) | FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%) |
| 357154 | 1.711 <sup>(g)</sup> | 05/25/47 | 40335 |
| FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) | FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%) |
| 878305 | 0.336 <sup>(g)</sup> | 03/25/48 | 14079 |
| 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 |
| 170150 | 4.000 | 09/25/50 | 33549 |
| GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%) |
| 319944 | 1.897 <sup>(g)</sup> | 02/20/40 | 31492 |
| 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%) |
| 263784 | 1.697 <sup>(g)</sup> | 08/20/43 | 27231 |
| GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) |
| 90688 | 1.747 <sup>(g)</sup> | 06/20/43 | 8176 |
| GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) |
| 160419 | 1.747 <sup>(g)</sup> | 10/20/43 | 7943 |
| 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 |
| 262737 | 4.000 | 08/20/45 | 39730 |
| GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%) |
| 161617 | 1.897 <sup>(g)</sup> | 09/20/45 | 17277 |
| GNMA REMIC Series 2015-129, Class IC | GNMA REMIC Series 2015-129, Class IC | GNMA REMIC Series 2015-129, Class IC | GNMA REMIC Series 2015-129, Class IC |
| 105562 | 4.500 | 09/16/45 | 19374 |
| GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) | GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%) |
| 96803 | 1.897 <sup>(g)</sup> | 11/20/45 | 9526 |
| GNMA REMIC Series 2016-1, Class ST (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2016-1, Class ST (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2016-1, Class ST (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2016-1, Class ST (-1X 1M USD LIBOR + 6.200%) |
| 119665 | 1.847 <sup>(g)</sup> | 01/20/46 | 11813 |
| GNMA REMIC Series 2016-138, Class GI | GNMA REMIC Series 2016-138, Class GI | GNMA REMIC Series 2016-138, Class GI | GNMA REMIC Series 2016-138, Class GI |
| 281470 | 4.000 | 10/20/46 | 49607 |
| 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 |
| 122578 | 4.000 | 06/20/45 | 15271 |
| GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%) |
| 329681 | 1.847 <sup>(g)</sup> | 09/20/48 | 32965 |
| GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%) |
| 362054 | 1.797 <sup>(g)</sup> | 10/20/48 | 35284 |
| 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%) |
| 193848 | 1.797 <sup>(g)</sup> | 10/20/48 | 18317 |
| GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) |
| 163272 | 1.697 <sup>(g)</sup> | 01/20/49 | 15263 |
| GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) |
| 1108083 | 1.697 <sup>(g)</sup> | 09/20/49 | 117338 |
| 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%) |
| 435132 | 1.747 <sup>(g)</sup> | 09/20/49 | 39281 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR + 6.100%) |
| 425992 | 1.747 %<sup>(g)</sup> | 09/20/49 | $42034 |
| GNMA REMIC Series 2019-151, Class IA | GNMA REMIC Series 2019-151, Class IA | GNMA REMIC Series 2019-151, Class IA | GNMA REMIC Series 2019-151, Class IA |
| 1548478 | 3.500 | 12/20/49 | 263220 |
| GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI |
| 576196 | 3.500 | 10/20/49 | 86784 |
| GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) | GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%) |
| 412319 | 0.301 <sup>(g)</sup> | 02/20/49 | 10531 |
| GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) |
| 113958 | 1.747 <sup>(g)</sup> | 06/20/49 | 10339 |
| GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI |
| 1283526 | 2.500 | 10/20/50 | 167926 |
| GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) |
| 452874 | 1.697 <sup>(g)</sup> | 04/20/50 | 46801 |
| GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%) |
| 515344 | 1.697 <sup>(g)</sup> | 08/20/49 | 48864 |
| GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI |
| 651902 | 4.000 | 06/20/50 | 119689 |
|  |  |  | 2001373 |
| **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** | **Sequential Fixed Rate – 0.1%** |
| 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 |
| 182059 | 5.000 | 06/25/41 | 183419 |
| 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 |
| 169873 | 5.000 | 10/25/41 | 171095 |
| 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 |
| 21930 | 7.000 | 10/25/42 | 23277 |
| 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 |
| 88192 | 7.000 | 07/25/42 | 94289 |
| 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 |
| 172854 | 5.110 <sup>(a)(j)</sup> | 08/25/62 | 170528 |
|  |  |  | 642608 |
| **Sequential Floating Rate – 0.8%** | **Sequential Floating Rate – 0.8%** | **Sequential Floating Rate – 0.8%** | **Sequential Floating Rate – 0.8%** |
| Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%) | Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%) | Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%) | Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%) |
| 41620 | 3.548 <sup>(g)</sup> | 09/25/35 | 36495 |
| 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%) |
| 365000 | 5.428 <sup>(a)(g)</sup> | 06/25/31 | 347955 |
| 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%) |
| 285000 | 5.578 <sup>(a)</sup> | 12/25/41 | 268672 |
| Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) | Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) | Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) | Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (SOFR30A + 1.550%) |
| 318000 | 5.478 <sup>(a)</sup> | 10/25/41 | 309894 |
| 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%) |
| 268633 | 5.828 <sup>(a)(g)</sup> | 04/25/42 | 266676 |
| Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) |
| 227000 | 6.928 <sup>(a)(g)</sup> | 04/25/42 | 219637 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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 – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) | FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) | FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) | FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (SOFR30A + 1.650%) |
| 186552 | 5.578 %<sup>(a)</sup> | 01/25/34 | $183666 |
| 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%) |
| 598626 | 4.928 <sup>(a)</sup> | 01/25/42 | 584317 |
| FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%) | FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%) | FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%) | FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%) |
| 367145 | 8.189 <sup>(g)</sup> | 03/25/29 | 374441 |
| 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 |
| 170380 | 5.269 <sup>(a)(j)</sup> | 08/25/67 | 171321 |
| Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A | Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A | Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A | Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A |
| 198844 | 3.446 | 08/19/36 | 158871 |
| 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 |
| 1175206 | 2.520 <sup>(a)</sup> | 05/25/52 | 961805 |
| JPMorgan Mortgage Trust Series 2022-LTV1, Class A2 | JPMorgan Mortgage Trust Series 2022-LTV1, Class A2 | JPMorgan Mortgage Trust Series 2022-LTV1, Class A2 | JPMorgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 377773 | 3.520 <sup>(a)</sup> | 07/25/52 | 308731 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 209037 | 3.128 <sup>(a)</sup> | 07/25/59 | 196269 |
| Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%) |
| 34297 | 5.375 <sup>(g)</sup> | 11/20/34 | 30488 |
| 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 |
| 139104 | 1.824 <sup>(a)</sup> | 11/25/66 | 118335 |
| Verus Securitization Trust Series 2022-INV1, Class A1 | Verus Securitization Trust Series 2022-INV1, Class A1 | Verus Securitization Trust Series 2022-INV1, Class A1 | Verus Securitization Trust Series 2022-INV1, Class A1 |
| 97011 | 5.041 <sup>(a)(j)</sup> | 08/25/67 | 95943 |
|  |  |  | 4633516 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 7277497 |
| **Commercial Mortgage-Backed Securities – 2.4%** | **Commercial Mortgage-Backed Securities – 2.4%** | **Commercial Mortgage-Backed Securities – 2.4%** | **Commercial Mortgage-Backed Securities – 2.4%** |
| **Sequential Fixed Rate – 1.1%** | **Sequential Fixed Rate – 1.1%** | **Sequential Fixed Rate – 1.1%** | **Sequential Fixed Rate – 1.1%** |
| BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D |
| 350000 | 3.000 %<sup>(a)</sup> | 09/15/60 | $240026 |
| BANK Series 2019-BNK19, Class D | BANK Series 2019-BNK19, Class D | BANK Series 2019-BNK19, Class D | BANK Series 2019-BNK19, Class D |
| 200000 | 3.000 <sup>(a)</sup> | 08/15/61 | 127304 |
| BBCMS Mortgage Trust Series 2022-C17, Class A5 | BBCMS Mortgage Trust Series 2022-C17, Class A5 | BBCMS Mortgage Trust Series 2022-C17, Class A5 | BBCMS Mortgage Trust Series 2022-C17, Class A5 |
| 2000000 | 4.441 | 09/15/55 | 1898742 |
| BX Trust Series 2022, Class A | BX Trust Series 2022, Class A | BX Trust Series 2022, Class A | BX Trust Series 2022, Class A |
| 1650000 | 5.760 <sup>(a)</sup> | 10/13/27 | 1618222 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 400000 | 3.000 <sup>(a)</sup> | 09/15/50 | 279407 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1500000 | 2.956 <sup>(a)</sup> | 05/10/41 | 1196567 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 1100000 | 2.626 | 04/15/54 | 904411 |
|  |  |  | 6264679 |
| **Sequential Floating Rate – 1.3%** | **Sequential Floating Rate – 1.3%** | **Sequential Floating Rate – 1.3%** | **Sequential Floating Rate – 1.3%** |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 850000 | 2.778 | 11/15/54 | 654711 |
| BANK Series 2017-BNK4, Class C | BANK Series 2017-BNK4, Class C | BANK Series 2017-BNK4, Class C | BANK Series 2017-BNK4, Class C |
| 900000 | 4.372 | 05/15/50 | 771490 |
| BANK Series 2022-BNK40, Class A4 | BANK Series 2022-BNK40, Class A4 | BANK Series 2022-BNK40, Class A4 | BANK Series 2022-BNK40, Class A4 |
| 1150000 | 3.394 | 03/15/64 | 1014789 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) | BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) | BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) | BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%) |
| 950000 | 5.964 %<sup>(a)(g)</sup> | 10/15/36 | $886299 |
| BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) |
| 1186276 | 6.787 <sup>(a)(g)</sup> | 08/15/39 | 1183768 |
| Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) |
| 950000 | 6.522 <sup>(a)(g)</sup> | 05/15/37 | 921802 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B | Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B | Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B | Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B |
| 1300000 | 3.514 | 10/15/52 | 1066539 |
| 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 |
| 1250000 | 4.000 <sup>(g)</sup> | 04/15/55 | 1137470 |
|  |  |  | 7636868 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $13901547 |
| **Federal Agencies – 27.2%** | **Federal Agencies – 27.2%** | **Federal Agencies – 27.2%** | **Federal Agencies – 27.2%** |
| **FHLMC – 0.0%** | **FHLMC – 0.0%** | **FHLMC – 0.0%** | **FHLMC – 0.0%** |
| 1795 | 5.000% | 01/01/33 | $1802 |
| 170 | 5.000 | 06/01/33 | 171 |
| 1973 | 5.000 | 07/01/33 | 1982 |
| 2602 | 5.000 | 08/01/33 | 2614 |
| 475 | 5.000 | 10/01/33 | 477 |
| 1117 | 5.000 | 11/01/33 | 1121 |
| 573 | 5.000 | 12/01/33 | 576 |
| 1909 | 5.000 | 02/01/34 | 1918 |
| 853 | 5.000 | 03/01/34 | 857 |
| 1542 | 5.000 | 04/01/34 | 1551 |
| 2113 | 5.000 | 05/01/34 | 2122 |
| 31214 | 5.000 | 06/01/34 | 31355 |
| 729 | 5.000 | 11/01/34 | 732 |
| 8125 | 5.000 | 04/01/35 | 8161 |
| 52 | 5.000 | 11/01/35 | 52 |
| 2712 | 5.000 | 02/01/37 | 2703 |
| 9194 | 5.000 | 01/01/40 | 9294 |
| 5934 | 4.000 | 06/01/40 | 5752 |
| 44088 | 4.000 | 02/01/41 | 42661 |
| 3229 | 4.000 | 11/01/41 | 3126 |
|  |  |  | 119027 |
| **FNMA – 0.2%** | **FNMA – 0.2%** | **FNMA – 0.2%** | **FNMA – 0.2%** |
| 994237 | 5.500 | 09/01/52 | 1012287 |
| **[H]4GNMA – 5.4%** | **[H]4GNMA – 5.4%** | **[H]4GNMA – 5.4%** | **[H]4GNMA – 5.4%** |
| 184600 | 4.000 | 11/20/44 | 179016 |
| 17228 | 4.000 | 05/20/45 | 16706 |
| 396851 | 4.000 | 07/20/45 | 384845 |
| 274489 | 4.000 | 01/20/46 | 265327 |
| 96860 | 4.500 | 02/20/48 | 95590 |
| 32439 | 4.500 | 03/20/48 | 31983 |
| 112567 | 4.500 | 04/20/48 | 110740 |
| 255803 | 4.500 | 05/20/48 | 251410 |
| 356023 | 4.500 | 08/20/48 | 349574 |
| 205827 | 5.000 | 08/20/48 | 207042 |
| 1664324 | 4.500 | 09/20/48 | 1634178 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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)** |
|  $ | 238901 | 5.000% | 09/20/48 | $240311 |
|  | 233956 | 5.000 | 10/20/48 | 235191 |
|  | 963765 | 5.000 | 11/20/48 | 968851 |
|  | 393341 | 5.000 | 12/20/48 | 395417 |
|  | 1273870 | 4.500 | 01/20/49 | 1251592 |
|  | 671024 | 5.000 | 01/20/49 | 673884 |
|  | 348973 | 4.500 | 02/20/49 | 342870 |
|  | 249497 | 4.500 | 03/20/49 | 245134 |
|  | 381701 | 5.000 | 03/20/49 | 383208 |
|  | 712735 | 3.000 | 08/20/49 | 641786 |
|  | 555637 | 4.500 | 10/20/49 | 543662 |
|  | 210799 | 4.500 | 12/20/49 | 205992 |
|  | 2301587 | 3.000 | 03/20/50 | 2067412 |
|  | 840253 | 3.000 | 07/20/51 | 752457 |
|  | 915731 | 3.000 | 12/20/51 | 818547 |
|  | 2698413 | 3.000 | 02/20/52 | 2405344 |
|  | 1000000 | 2.000 | 01/23/53<sup>(k)</sup> | 838970 |
|  | 2000000 | 2.500 | 01/23/53<sup>(k)</sup> | 1732486 |
|  | 3000000 | 3.000 | TBA-30yr<sup>(k)</sup> | 2672030 |
|  | 3000000 | 5.000 | TBA-30yr<sup>(k)</sup> | 2972543 |
|  | 8000000 | 5.500 | TBA-30yr<sup>(k)</sup> | 8040526 |
|  |  |  |  | 31954624 |
|  **Malaysian Ringgit – 2.3%** | **Malaysian Ringgit – 2.3%** | **Malaysian Ringgit – 2.3%** | **Malaysian Ringgit – 2.3%** | **Malaysian Ringgit – 2.3%** |
|  | 13935049 | 4.500 | 10/20/52 | 13503312 |
|  **UMBS – 8.5%** | **UMBS – 8.5%** | **UMBS – 8.5%** | **UMBS – 8.5%** | **UMBS – 8.5%** |
|  | 91359 | 2.000 | 08/01/52 | 74349 |
|  | 160942 | 4.500 | 07/01/36 | 159300 |
|  | 11469 | 4.500 | 12/01/36 | 11352 |
|  | 4598 | 4.500 | 05/01/38 | 4554 |
|  | 12398 | 4.500 | 05/01/39 | 12269 |
|  | 8771 | 4.500 | 06/01/39 | 8680 |
|  | 4309 | 4.500 | 08/01/39 | 4265 |
|  | 5292 | 4.500 | 09/01/39 | 5241 |
|  | 9483 | 4.500 | 10/01/39 | 9391 |
|  | 4046 | 4.500 | 03/01/40 | 4006 |
|  | 52817 | 4.500 | 04/01/40 | 52295 |
|  | 5309 | 4.500 | 12/01/40 | 5256 |
|  | 42213 | 4.500 | 01/01/41 | 41795 |
|  | 15336 | 4.500 | 04/01/41 | 15180 |
|  | 25578 | 4.500 | 06/01/41 | 25318 |
|  | 23939 | 4.500 | 07/01/41 | 23694 |
|  | 35829 | 4.500 | 08/01/41 | 35485 |
|  | 98545 | 4.500 | 09/01/41 | 97541 |
|  | 49765 | 4.500 | 10/01/41 | 49257 |
|  | 64501 | 4.500 | 11/01/41 | 63843 |
|  | 52017 | 4.500 | 12/01/41 | 51487 |
|  | 45515 | 4.500 | 01/01/42 | 44668 |
|  | 3324 | 4.500 | 03/01/42 | 3322 |
|  | 11871 | 4.500 | 04/01/42 | 11746 |
|  | 55126 | 3.000 | 12/01/42 | 50209 |
|  | 132074 | 3.000 | 01/01/43 | 120458 |
|  | 186275 | 3.000 | 04/01/43 | 169892 |
|  | 1196977 | 4.000 | 12/01/44 | 1157337 |
|  | 219598 | 4.500 | 06/01/45 | 216955 |
|  | 1827668 | 3.500 | 07/01/45 | 1692704 |
|  | 4220778 | 4.000 | 08/01/45 | 4084424 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  $ | 962668 | 4.500% | 11/01/47 | $949810 |
|  | 2800091 | 4.000 | 01/01/48 | 2692484 |
|  | 16474 | 4.500 | 08/01/48 | 16135 |
|  | 298105 | 4.500 | 09/01/48 | 294868 |
|  | 207176 | 5.000 | 11/01/48 | 209903 |
|  | 927816 | 3.000 | 02/01/49 | 833234 |
|  | 13452 | 4.500 | 03/01/49 | 13164 |
|  | 1112135 | 3.500 | 07/01/49 | 1034189 |
|  | 952220 | 4.000 | 07/01/49 | 908457 |
|  | 723152 | 3.500 | 08/01/49 | 672469 |
|  | 453564 | 4.500 | 10/01/50 | 444105 |
|  | 2685421 | 3.000 | 12/01/50 | 2399726 |
|  | 158684 | 2.500 | 03/01/51 | 136707 |
|  | 2877394 | 2.500 | 05/01/51 | 2455212 |
|  | 762220 | 2.000 | 07/01/51 | 622234 |
|  | 991766 | 2.000 | 08/01/51 | 809338 |
|  | 2903631 | 2.500 | 09/01/51 | 2482890 |
|  | 801632 | 2.500 | 10/01/51 | 688858 |
|  | 828138 | 2.500 | 11/01/51 | 711636 |
|  | 1843638 | 2.000 | 01/01/52 | 1504844 |
|  | 914321 | 2.000 | 02/01/52 | 745538 |
|  | 460268 | 2.000 | 03/01/52 | 374586 |
|  | 953384 | 4.500 | 04/01/52 | 918638 |
|  | 2156360 | 2.000 | 04/01/52 | 1754942 |
|  | 6330796 | 2.000 | 05/01/52 | 5152088 |
|  | 63184 | 5.000 | 05/01/52 | 63364 |
|  | 2064669 | 5.000 | 06/01/52 | 2072982 |
|  | 448373 | 2.000 | 06/01/52 | 365287 |
|  | 4595188 | 5.000 | 07/01/52 | 4608531 |
|  | 970448 | 4.500 | 08/01/52 | 946038 |
|  | 1041335 | 5.000 | 08/01/52 | 1041216 |
|  | 993205 | 3.000 | 08/01/52 | 883040 |
|  | 999999 | 2.000 | 09/01/52 | 814693 |
|  | 1987245 | 5.500 | 11/01/52 | 2023323 |
|  |  |  |  | 49950802 |
|  **UMBS, 30 Year, Single Family – 10.8%** | **UMBS, 30 Year, Single Family – 10.8%** | **UMBS, 30 Year, Single Family – 10.8%** | **UMBS, 30 Year, Single Family – 10.8%** | **UMBS, 30 Year, Single Family – 10.8%** |
|  | 15000000 | 6.000 | 01/12/53<sup>(k)</sup> | 15232038 |
|  | 27000000 | 5.500 | 01/23/53<sup>(k)</sup> | 27080168 |
|  | 7000000 | 3.500 | TBA-30yr | 6366168 |
|  | 10000000 | 3.000 | 02/25/52<sup>(k)</sup> | 8785156 |
|  | 3000000 | 2.500 | TBA-30yr<sup>(k)</sup> | 2543438 |
|  | 3999998 | 2.000 | 04/01/52 | 3255377 |
|  |  |  |  | 63262345 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $159802397 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $188,946,915)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $188,946,915)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $188,946,915)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $188,946,915)** | $181967535 |
|  **Asset-Backed Securities<sup>(g)</sup> – 5.4%** | **Asset-Backed Securities<sup>(g)</sup> – 5.4%** | **Asset-Backed Securities<sup>(g)</sup> – 5.4%** | **Asset-Backed Securities<sup>(g)</sup> – 5.4%** | **Asset-Backed Securities<sup>(g)</sup> – 5.4%** |
|  **Collateralized Loan Obligations<sup>(a)</sup> – 3.9%** | **Collateralized Loan Obligations<sup>(a)</sup> – 3.9%** | **Collateralized Loan Obligations<sup>(a)</sup> – 3.9%** | **Collateralized Loan Obligations<sup>(a)</sup> – 3.9%** | **Collateralized Loan Obligations<sup>(a)</sup> – 3.9%** |
|  AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) | AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%) |
|  $ | 2100000 | 5.379% | 01/15/33 | $2061140 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(g)</sup> – (continued)** | **Asset-Backed Securities<sup>(g)</sup> – (continued)** | **Asset-Backed Securities<sup>(g)</sup> – (continued)** | **Asset-Backed Securities<sup>(g)</sup> – (continued)** |
| **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** |
| Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) |
| 2100000 | 5.299% | 04/15/33 | $2059071 |
| Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) | Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) | Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) | Ares LXIV CLO Ltd. Series 22-64A, Class A1 (TSFR3M + 1.440%) |
| 3225000 | 5.304 | 04/15/35 | 3146245 |
| Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) | Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) | Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) | Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) |
| 5300000 | 5.319 | 04/15/33 | 5213562 |
| LCM 38 Ltd. (TSFR3M + 2.100%) | LCM 38 Ltd. (TSFR3M + 2.100%) |  |  |
| 950000 | 4.592 | 07/15/34 | 942214 |
| Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) | Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%) |
| 1800000 | 5.371 | 04/14/33 | 1757659 |
| OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%) | OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%) | OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%) | OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%) |
| 1700000 | 7.469 | 07/15/34 | 1510419 |
| 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%) |
| 900000 | 8.393 | 04/20/32 | 791607 |
| Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) |
| 3475000 | 5.359 | 04/15/33 | 3382186 |
| Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) | Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) | Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) | Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) |
| 2100000 | 5.139 | 04/15/31 | 2066847 |
|  |  |  | 22930950 |
| **Student Loan – 1.5%** | **Student Loan – 1.5%** | **Student Loan – 1.5%** | **Student Loan – 1.5%** |
| 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%) |
| 2577793 | 5.589 <sup>(a)</sup> | 12/27/66 | 2491192 |
| 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%) |
| 258303 | 5.389 <sup>(a)</sup> | 12/25/56 | 258850 |
| Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) | Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%) |
| 473734 | 5.807 <sup>(a)</sup> | 05/25/34 | 473321 |
| 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%) |
| 141447 | 5.707 | 02/25/42 | 139833 |
| 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%) |
| 4065896 | 5.439 <sup>(a)</sup> | 12/27/66 | 3974092 |
| 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%) |
| 1298657 | 5.539 <sup>(a)</sup> | 09/25/65 | 1277011 |
|  |  |  | 8614299 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $32,356,110)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $32,356,110)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $32,356,110)** | $31545249 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Agency Debentures – 0.2%** | **Agency Debentures – 0.2%** | **Agency Debentures – 0.2%** | **Agency Debentures – 0.2%** | **Agency Debentures – 0.2%** |
|  **United States Dollar – 0.2%** | **United States Dollar – 0.2%** | **United States Dollar – 0.2%** | **United States Dollar – 0.2%** | **United States Dollar – 0.2%** |
|  FHLMC | FHLMC |  |  |  |
|  $ | 1160000 | 6.750% | 03/15/31 | $1364879 |
|  **(Cost $1,388,219)** | **(Cost $1,388,219)** |  |  |  |
| **TOTAL AGENCY DEBENTURES<br>(Cost $1,388,219)** | **TOTAL AGENCY DEBENTURES<br>(Cost $1,388,219)** | **TOTAL AGENCY DEBENTURES<br>(Cost $1,388,219)** | **TOTAL AGENCY DEBENTURES<br>(Cost $1,388,219)** | $1364879 |
| **Structured Note<sup>(a)</sup> – 0.2%** | **Structured Note<sup>(a)</sup> – 0.2%** | **Structured Note<sup>(a)</sup> – 0.2%** | **Structured Note<sup>(a)</sup> – 0.2%** | **Structured Note<sup>(a)</sup> – 0.2%** |
|  **Banks – 0.2%** | **Banks – 0.2%** | **Banks – 0.2%** | **Banks – 0.2%** | **Banks – 0.2%** |
|  Republic of Indonesia (Issuer JPMorgan Chase Bank NA) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) |
|  IDR | 15414000000 | 7.500% | 06/17/35 | $1016378 |
|  **(Cost $1,112,346)** | **(Cost $1,112,346)** | **(Cost $1,112,346)** | **(Cost $1,112,346)** | **(Cost $1,112,346)** |
| **TOTAL STRUCTURED NOTES<br>(Cost $1,112,346)** | **TOTAL STRUCTURED NOTES<br>(Cost $1,112,346)** | **TOTAL STRUCTURED NOTES<br>(Cost $1,112,346)** | **TOTAL STRUCTURED NOTES<br>(Cost $1,112,346)** | $1016378 |
| **U.S. Treasury Obligations – 0.1%** | **U.S. Treasury Obligations – 0.1%** | **U.S. Treasury Obligations – 0.1%** | **U.S. Treasury Obligations – 0.1%** | **U.S. Treasury Obligations – 0.1%** |
|  United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds |
|  $ | 1080000 | 1.875% | 11/15/51 | $687487 |
|  **(Cost $812,827)** | **(Cost $812,827)** | **(Cost $812,827)** | **(Cost $812,827)** | **(Cost $812,827)** |

---

---

| | | |
|:---|:---|:---|
| **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 |
| 6605444 | 4.159% | $6605444 |
| **(Cost $6,605,444)** | **(Cost $6,605,444)** |  |
| **TOTAL INVESTMENTS – 108.5%<br>(Cost $672,631,053)** | **TOTAL INVESTMENTS – 108.5%<br>(Cost $672,631,053)** | $637699687 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (8.5)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (8.5)%** | (50016222) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $587683465 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Actual maturity date is September 20, 2117. |
| (c) | Actual maturity date is June 30, 2120. |
| (d) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (e) | Actual maturity date is July 28, 2121. |
| (f) | Actual maturity date is April 03, 2120. |
| (g) | 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. |
| (h) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $2,194,212, which represents approximately 0% of the Fund's net assets as of December 31, 2022. |
| (i) | Guaranteed by a foreign government until maturity. |
| (j) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (k) | 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 $69,897,355 which represents approximately 11.9% of net assets as of December 31, 2022. |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED 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> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | AUD | 479000 | NZD | 512916 | 03/15/23 | $1212 |
|  | AUD | 3323857 | USD | 2255576 | 03/15/23 | 14393 |
|  | CAD | 922900 | USD | 678487 | 03/15/23 | 3529 |
|  | CHF | 758385 | EUR | 768000 | 03/15/23 | 574 |
|  | CHF | 1033146 | USD | 1119673 | 03/15/23 | 6882 |
|  | CLP | 748558509 | USD | 859953 | 01/03/23 | 22257 |
|  | CLP | 509819670 | USD | 551190 | 01/10/23 | 49250 |
|  | CNH | 4893849 | USD | 707962 | 03/15/23 | 3320 |
|  | COP | 2814126066 | USD | 554027 | 01/23/23 | 23817 |
|  | CZK | 448164 | USD | 19392 | 03/15/23 | 359 |
|  | EUR | 306000 | CHF | 301695 | 03/15/23 | 288 |
|  | EUR | 390262 | GBP | 338115 | 03/15/23 | 10396 |
|  | EUR | 396161 | NZD | 660729 | 03/15/23 | 6440 |
|  | EUR | 606851 | SEK | 6696676 | 03/15/23 | 8440 |
|  | EUR | 23351055 | USD | 24414599 | 01/06/23 | 592173 |
|  | EUR | 2567863 | USD | 2743585 | 03/15/23 | 19471 |
|  | GBP | 132673 | USD | 159976 | 03/15/23 | 720 |
|  | JPY | 51310375 | USD | 389888 | 03/15/23 | 5082 |
|  | JPY | 285742480 | USD | 2192122 | 03/16/23 | 7741 |
|  | MXN | 154834 | USD | 7700 | 03/15/23 | 136 |
|  | NOK | 9039788 | USD | 910763 | 03/15/23 | 14998 |
|  | NZD | 537494 | USD | 336202 | 03/15/23 | 5328 |
|  | SGD | 533375 | USD | 395546 | 03/15/23 | 3163 |
|  | TWD | 19627258 | USD | 637746 | 01/03/23 | 1286 |
|  | USD | 173309 | BRL | 904274 | 01/04/23 | 2188 |
|  | USD | 299985 | BRL | 1559758 | 02/02/23 | 6481 |
|  | USD | 420184 | EUR | 390262 | 03/15/23 | 257 |
|  | USD | 15240883 | GBP | 12359310 | 02/23/23 | 278685 |
|  | USD | 3437214 | GBP | 2792530 | 03/15/23 | 54858 |
|  | USD | 1058859 | ILS | 3614928 | 03/15/23 | 26110 |
|  | USD | 1336903 | ILS | 4594000 | 03/17/23 | 24260 |
|  | USD | 649929 | NZD | 1018976 | 03/15/23 | 2460 |
|  | USD | 2192949 | SEK | 22557405 | 03/15/23 | 21855 |
|  | USD | 1354688 | THB | 46278286 | 03/15/23 | 8606 |
|  | USD | 418871 | TWD | 12823732 | 01/03/23 | 1351 |
|  | ZAR | 2753287 | USD | 157345 | 03/15/23 | 3658 |
|  **TOTAL** |  |  |  |  |  | $1232024 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. | BRL | 1815223 | USD | 349767 | 01/04/23 | $(6262) |
|  | CHF | 379957 | USD | 414678 | 03/15/23 | (368) |
|  | COP | 792635845 | USD | 163565 | 01/23/23 | (808) |
|  | EUR | 385562 | NZD | 653369 | 03/15/23 | (289) |
|  | GBP | 659947 | USD | 801939 | 02/23/23 | (3006) |
|  | GBP | 669544 | USD | 826283 | 03/15/23 | (15321) |
|  | ILS | 564424 | USD | 164268 | 03/15/23 | (3018) |
|  | INR | 127227 | USD | 1539 | 02/16/23 | (5) |
|  | NZD | 962799 | AUD | 902262 | 03/15/23 | (4411) |
|  | NZD | 652088 | EUR | 389128 | 03/15/23 | (4364) |
|  | NZD | 2688401 | USD | 1718993 | 03/15/23 | (10753) |
|  | SEK | 4272026 | EUR | 392902 | 03/15/23 | (11596) |
|  | TWD | 19627258 | USD | 642716 | 01/03/23 | (3684) |
|  | TWD | 6803526 | USD | 224576 | 03/27/23 | (1097) |
|  | USD | 168006 | BRL | 910949 | 01/04/23 | (4378) |
|  | USD | 6713141 | CAD | 9172084 | 03/08/23 | (64459) |
|  | USD | 294422 | CHF | 272218 | 03/15/23 | (2408) |
|  | USD | 846645 | CLP | 748558509 | 01/03/23 | (35566) |
|  | USD | 969122 | CLP | 915900554 | 01/10/23 | (109580) |
|  | USD | 664585 | CNH | 4619595 | 03/15/23 | (6836) |
|  | USD | 746755 | COP | 3727869500 | 01/23/23 | (18713) |
|  | USD | 94052622 | EUR | 94502264 | 01/06/23 | (7150370) |
|  | USD | 995503 | EUR | 933202 | 03/15/23 | (8636) |
|  | USD | 2287719 | IDR | 35611321465 | 03/16/23 | (10522) |
|  | USD | 33608967 | JPY | 4783989757 | 01/06/23 | (2873015) |
|  | USD | 23131089 | JPY | 3345900439 | 02/06/23 | (2489960) |
|  | USD | 80243069 | JPY | 10483275465 | 03/16/23 | (465162) |
|  | USD | 4049183 | KRW | 5232759550 | 03/16/23 | (113804) |
|  | USD | 243627 | NOK | 2386130 | 03/15/23 | (736) |
|  | USD | 1608793 | NZD | 2553121 | 03/15/23 | (13488) |
|  | USD | 87714 | PLN | 393891 | 03/15/23 | (1612) |
|  | USD | 1388596 | SGD | 1974906 | 01/31/23 | (86714) |
|  | USD | 859128 | TWD | 26430784 | 01/03/23 | (1415) |
|  **TOTAL** |  |  |  |  |  | $(13522356) |

---

**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 |  | $(8000000) | $(6529750) |
|  GNMA | 4.500 | TBA-30yr |  | (19000000) | (18436107) |
|  **(PROCEEDS RECEIVABLE: $(25485547))** | **(PROCEEDS RECEIVABLE: $(25485547))** |  |  |  | $(24965857) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**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 | 64 | 03/29/23 | $7729543 | $(429517) |
|  30 Year German Euro-Buxl | 24 | 03/08/23 | 3474422 | (627019) |
|  5 Year German Euro-Bobl | 126 | 03/08/23 | 16237242 | (433729) |
|  5 Year U.S. Treasury Notes | 37 | 03/31/23 | 3993398 | (6132) |
|  Australian 10 Year Government Bonds | 60 | 03/15/23 | 4725704 | (279965) |
|  Australian 3 Year Government Bonds | 92 | 03/15/23 | 6689553 | (90606) |
|  Canada 10 Year Government Bonds | 104 | 03/22/23 | 9412999 | (225283) |
|  Euro-Btp Future Mar 23 Xeur 20230308 | 20 | 03/08/23 | 2331867 | (173014) |
|  Euro-Schatz Fut Mar 23 Xeur 20230308 | 156 | 03/08/23 | 17604099 | (202711) |
|  French 10 Year Government Bonds | 63 | 03/08/23 | 8584898 | (607316) |
|  Japan 10 Year Government Bonds | 18 | 03/13/23 | 19950320 | (345680) |
|  Ultra Long U.S. Treasury Bonds | 107 | 03/22/23 | 14299687 | (616922) |
|  **Total** |  |  |  | $(4037894) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (64) | 03/22/23 | (7486219) | (10711) |
|  2 Year U.S. Treasury Notes | (276) | 03/31/23 | (56601563) | 39149 |
|  **Total** |  |  |  | $28438 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(4009456) |

---

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

**OVER THE COUNTER INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Payments**<br> **Received by**<br> **the Fund** | **Counterparty** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Notional**<br> **Amount**<br> **(000s)** | **Value** | **Upfront**<br> **Payments**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  3M KLIBOR<sup>(a)</sup>  | 3.271<sup>(a)</sup> | Citibank NA | 12/21/31 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | $(20078) | $— | $(20078) |
|  3M KLIBOR<sup>(a)</sup>  | 3.735<sup>(a)</sup> | Citibank NA | 07/14/32 |  | 1950 | (9213) |  | (9213) |
|  3M KLIBOR<sup>(a)</sup>  | 3.750<sup>(a)</sup> | Citibank NA | 12/21/32 |  | 3450 | (18747) | (48263) | 29516 |
|  3M KLIBOR<sup>(a)</sup>  | 3.680<sup>(a)</sup> | MS & Co. Int. PLC | 07/12/32 |  | 1940 | (11297) |  | (11297) |
|  **TOTAL** |  |  |  |  |  | $(59335) | $(48263) | $(11072) |

---

(a) Payments made quarterly.

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Notional**<br> **Amount**<br> **(000s)** | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  1M BID Average<sup>(a)</sup> <br> 10.565%<sup>(a)</sup> | 01/02/23 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7140 | $(16491) | $— | $(16491) |
|  1M BID Average<sup>(a)</sup> <br> 12.400<sup>(a)</sup> | 01/02/23 |  | 6350 | 7247 | 27 | 7220 |
|  5.800%<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/23 |  | 16560 | 173018 | (815) | 173833 |
|  1M BID Average<sup>(a)</sup> <br> 11.814<sup>(a)</sup> | 01/02/24 |  | 20820 | (54332) | 11765 | (66097) |
|  1M BID Average<sup>(a)</sup> <br> 13.950<sup>(a)</sup> | 01/02/24 |  | 22540 | 18961 | (1124) | 20085 |
| 12.795<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/24 |  | 19730 | 24067 |  | 24067 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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)** |
|  6M EURO<sup>(b)</sup> <br> 1.750%<sup>(c)</sup> | 09/21/24 | 2880 | $(68580) | $(19122) | $(49458) |
|  3M LIBOR<sup>(c)</sup> <br> 4.430<sup>(c)</sup> | 12/31/24 | $20180 <sup>(d)</sup> | (5753) | 27462 | (33215) |
|  1M BID Average<sup>(a)</sup> <br> 11.488<sup>(a)</sup> | 01/02/25 | 7190 | (27244) | (894) | (26350) |
|  10.950%<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/25 | 530 | 3641 | (628) | 4269 |
| 13.300<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/25 | 7340 | (12894) | (56) | (12838) |
| 9.250<sup>(a)</sup> <br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/12/25 | 21345 <sup>(d)</sup> | 6317 | (2070) | 8387 |
|  3M STIBOR<sup>(b)</sup> <br> 3.000<sup>(c)</sup> | 03/15/25 | 317210 <sup>(d)</sup> | (337771) | (173337) | (164434) |
| 8.250<sup>(b)</sup> <br> 3M JIBAR<sup>(b)</sup> | 03/15/25 | 39600 <sup>(d)</sup> | (16458) | (12763) | (3695) |
| 3.750<sup>(c)</sup> <br> 3M NIBOR<sup>(e)</sup> | 03/15/25 | 221270 <sup>(d)</sup> | (123983) | (147098) | 23115 |
|  6M CDOR<sup>(e)</sup> <br> 4.000<sup>(e)</sup> | 03/15/25 | 24460 <sup>(d)</sup> | (138884) | 17406 | (156290) |
|  3M NZDOR<sup>(b)</sup> <br> 5.000<sup>(e)</sup> | 03/15/25 | 26060 <sup>(d)</sup> | (130732) | (71799) | (58933) |
| 4.000<sup>(b)</sup> <br> 6M AUDOR<sup>(b)</sup> | 03/15/25 | 26400 <sup>(d)</sup> | 32746 | (63185) | 95931 |
| 4.000<sup>(e)</sup> <br> 6M AUDOR<sup>(e)</sup> | 03/15/25 | 19020 <sup>(d)</sup> | 69152 | (1805) | 70957 |
| 4.500<sup>(b)</sup> <br> 3M KWCDC<sup>(b)</sup> | 03/17/25 | 1084890 <sup>(d)</sup> | (12445) | (10104) | (2341) |
|  3M LIBOR<sup>(c)</sup> <br> 3.388<sup>(c)</sup> | 11/15/26 | $33240 <sup>(d)</sup> | 86663 | 202450 | (115787) |
| 11.230<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/04/27 | 6430 | 40202 | 46710 | (6508) |
| 2.350<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 09/09/27 | 4170 <sup>(d)</sup> | 93371 | 1329 | 92042 |
|  3M LIBOR<sup>(c)</sup> <br> 3.350<sup>(c)</sup> | 10/06/27 | $23090 <sup>(d)</sup> | 57843 | 12607 | 45236 |
|  6M GBP<sup>(c)</sup> <br> 4.605<sup>(c)</sup> | 10/18/27 | 9560 <sup>(d)</sup> | 217291 | 256908 | (39617) |
|  3M CNRR<sup>(b)</sup> <br> 2.500<sup>(b)</sup> | 03/15/28 | 431730 <sup>(d)</sup> | (946254) | (131317) | (814937) |
|  6M EURO<sup>(c)</sup> <br> 2.750<sup>(c)</sup> | 03/15/28 | 2110 <sup>(d)</sup> | (24538) | 39202 | (63740) |
|  6M GBP<sup>(c)</sup> <br> 3.500<sup>(c)</sup> | 03/15/28 | 6440 <sup>(d)</sup> | (200413) | (68517) | (131896) |
| 3.500<sup>(c)</sup> <br> 3M NIBOR<sup>(e)</sup> | 03/15/28 | 61310 <sup>(d)</sup> | (73055) | (71278) | (1777) |
|  3M LIBOR<sup>(c)</sup> <br> 4.000<sup>(c)</sup> | 03/15/28 | $2470 <sup>(d)</sup> | 34230 | 65216 | (30986) |
|  3M KWCDC<sup>(b)</sup> <br> 4.500<sup>(b)</sup> | 03/15/28 | 5579920 <sup>(d)</sup> | 190426 | 208889 | (18463) |
|  3M NZDOR<sup>(b)</sup> <br> 4.500<sup>(e)</sup> | 03/15/28 | 8480 <sup>(d)</sup> | (86480) | (41106) | (45374) |
| 4.250<sup>(e)</sup> <br> 6M AUDOR<sup>(e)</sup> | 03/15/28 | 4530 <sup>(d)</sup> | 6898 | (51731) | 58629 |
| 3.500<sup>(e)</sup> <br> 6M CDOR<sup>(e)</sup> | 03/15/28 | 7220 <sup>(d)</sup> | 44089 | (70637) | 114726 |
| 1.500<sup>(c)</sup> <br> 6M CHFOR<sup>(c)</sup> | 03/15/28 | 5000 <sup>(d)</sup> | 105590 | (29626) | 135216 |
| 3.000<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 03/15/28 | 3120 <sup>(d)</sup> | 42163 | (48956) | 91119 |
| 0.250<sup>(c)</sup> <br> 6M JYOR<sup>(c)</sup> | 03/15/28 | 3430930 <sup>(d)</sup> | 505123 | 141064 | 364059 |
|  3M LIBOR<sup>(c)</sup> <br> 2.500<sup>(c)</sup> | 06/04/29 | $7320 <sup>(d)</sup> | (91897) | (4933) | (86964) |
| 2.350<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 07/04/29 | 1240 <sup>(d)</sup> | 44961 | 17411 | 27550 |
|  6M GBP<sup>(c)</sup> <br> 3.250<sup>(c)</sup> | 03/15/30 | 1940 <sup>(d)</sup> | (88512) | (22313) | (66199) |
| 2.570<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/04/31 | $19310 <sup>(d)</sup> | 218172 | 18851 | 199321 |
| 3.000<sup>(c)</sup> <br> 6M GBP<sup>(c)</sup> | 03/15/32 | 3950 <sup>(d)</sup> | 274070 | 93953 | 180117 |
| 2.680<sup>(c)</sup> <br> 3M LIBOR<sup>(c)</sup> | 07/28/32 | $3340 <sup>(d)</sup> | 82260 | 61430 | 20830 |
|  6M EURO<sup>(e)</sup> <br> 2.650<sup>(c)</sup> | 09/09/32 | 6140 <sup>(d)</sup> | (129468) | (136716) | 7248 |
| 3.912<sup>(c)</sup> <br> 6M GBP<sup>(c)</sup> | 10/18/32 | 6570 <sup>(d)</sup> | (169554) | (232657) | 63103 |
|  6M EURO<sup>(e)</sup> <br> 2.500<sup>(c)</sup> | 12/20/32 | 5170 <sup>(d)</sup> | (141525) | (10838) | (130687) |
|  Mexico Interbank TIIE 28 Days<sup>(a)</sup><br> 8.250<sup>(a)</sup> | 03/02/33 | 21600 <sup>(d)</sup> | (29916) | (2884) | (27032) |
|  6M CHFOR<sup>(c)</sup> <br> 1.750<sup>(c)</sup> | 03/15/33 | 1710 <sup>(d)</sup> | (60909) | 31036 | (91945) |
|  6M GBP<sup>(c)</sup> <br> 3.000<sup>(c)</sup> | 03/15/33 | 1350 <sup>(d)</sup> | (98064) | (28047) | (70017) |
|  3M STIBOR<sup>(b)</sup> <br> 3.000<sup>(c)</sup> | 03/15/33 | 4940 <sup>(d)</sup> | (5732) | 18981 | (24713) |
| 3.750<sup>(c)</sup> <br> 3M LIBOR<sup>(c)</sup> | 03/15/33 | $5540 <sup>(d)</sup> | (100589) | (134930) | 34341 |
| 3.500<sup>(c)</sup> <br> 3M NIBOR<sup>(e)</sup> | 03/15/33 | 45980 <sup>(d)</sup> | (86443) | (161568) | 75125 |
|  3M KWCDC<sup>(b)</sup> <br> 4.250<sup>(b)</sup> | 03/15/33 | 1353560 <sup>(d)</sup> | 71215 | 79735 | (8520) |
|  6M AUDOR<sup>(e)</sup> <br> 4.500<sup>(e)</sup> | 03/15/33 | 11770 <sup>(d)</sup> | (49596) | 255742 | (305338) |
|  6M WIBOR<sup>(e)</sup> <br> 5.500<sup>(c)</sup> | 03/15/33 | 9200 <sup>(d)</sup> | (95500) | (11017) | (84483) |
| 3.500<sup>(e)</sup> <br> 6M CDOR<sup>(e)</sup> | 03/15/33 | 6480 <sup>(d)</sup> | 87794 | (88760) | 176554 |
| 3.000<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 03/15/33 | 9310 <sup>(d)</sup> | 183377 | (77411) | 260788 |
| 0.500<sup>(c)</sup> <br> 6M JYOR<sup>(c)</sup> | 03/15/33 | 564000 <sup>(d)</sup> | 180149 | 127645 | 52504 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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)** |
|  3M JIBAR<sup>(b)</sup> <br> 9.500%<sup>(b)</sup> | 03/15/33 | 10485 <sup>(d)</sup> | $10206 | $(43) | $10249 |
|  3M LIBOR<sup>(c)</sup> <br> 2.730<sup>(c)</sup> | 06/04/33 | $12260 <sup>(d)</sup> | (123202) | (10386) | (112816) |
|  3.500%<sup>(c)</sup> <br> 3M LIBOR<sup>(c)</sup> | 11/15/34 | 7370 <sup>(d)</sup> | (102459) | (222018) | 119559 |
| 3.000<sup>(c)</sup> <br> 6M GBP<sup>(c)</sup> | 03/15/35 | 1600 <sup>(d)</sup> | 127910 | 28497 | 99413 |
| 3.240<sup>(c)</sup> <br> 3M LIBOR<sup>(c)</sup> | 10/06/35 | $5220 <sup>(d)</sup> | 38413 | 83 | 38330 |
|  6M EURO<sup>(e)</sup> <br> 2.855<sup>(c)</sup> | 07/04/37 | 4580 <sup>(d)</sup> | (68309) | (66550) | (1759) |
|  12M LIBOR<sup>(c)</sup> <br> 2.910<sup>(c)</sup> | 07/28/37 | $8190 <sup>(d)</sup> | (151514) | (119127) | (32387) |
|  6M EURO<sup>(e)</sup> <br> 2.152<sup>(c)</sup> | 08/09/37 | 5850 <sup>(d)</sup> | (189694) | (78966) | (110728) |
|  12M SOFR<sup>(c)</sup> <br> 2.720<sup>(c)</sup> | 08/11/37 | $24000 <sup>(d)</sup> | (591946) | (575419) | (16527) |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 12/20/37 | 5860 <sup>(d)</sup> | 103732 | 70 | 103662 |
| 1.451<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 08/10/42 | 13240 <sup>(d)</sup> | 301709 | 101352 | 200357 |
|  6M GBP<sup>(c)</sup> <br> 2.750<sup>(c)</sup> | 03/15/43 | 900 <sup>(d)</sup> | (126103) | (50396) | (75707) |
| 2.750<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 03/15/43 | 370 <sup>(d)</sup> | 10207 | (22663) | 32870 |
| 2.080<sup>(c)</sup> <br> 3M SOFR<sup>(c)</sup> | 07/28/47 | $6230 <sup>(d)</sup> | 78001 | 50612 | 27389 |
|  6M EURO<sup>(e)</sup> <br> 1.051<sup>(c)</sup> | 08/11/47 | 7290 <sup>(d)</sup> | (111453) | (26688) | (84765) |
| 1.560<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 07/06/52 | 3270 <sup>(d)</sup> | 38776 | (23562) | 62338 |
| 2.170<sup>(c)</sup> <br> 3M LIBOR<sup>(c)</sup> | 08/11/52 | $11590 <sup>(d)</sup> | 474744 | 380050 | 94694 |
| 1.800<sup>(c)</sup> <br> 6M EURO<sup>(e)</sup> | 09/09/52 | 1300 <sup>(d)</sup> | 43744 | (13711) | 57455 |
|  6M EURO<sup>(e)</sup> <br> 2.250<sup>(c)</sup> | 03/15/53 | 470 <sup>(d)</sup> | (27121) | 29524 | (56645) |
|  6M GBP<sup>(c)</sup> <br> 2.750<sup>(c)</sup> | 03/15/53 | 1070 <sup>(d)</sup> | (163509) | (45122) | (118387) |
|  6M GBP<sup>(c)</sup> <br> 3.000<sup>(c)</sup> | 12/21/62 | 470 | (38845) | 3795 | (42640) |
|  **TOTAL** |  |  | $(989689) | $(854891) | $(134798) |

---

(a) Payments made at monthly.

(b) Payments made quarterly.

(c) Payments made annually.

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

(e) Payments made semi-annually.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread at**<br> **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 Purchased:** |  |  |  |  |  |  |  |
|  | (1.000)% | 0.905% | 12/20/27 | 13625 | $(67199) | $(48744) | $(18455) |
|  Bayerische Motoren Werke Aktiengesellschaft, 0.75%, 7/12/24 | (1.000) | 0.781 | 12/20/27 | 5850 | (64435) | 62086 | (126521) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  | 1.000 | 0.813 | 12/20/27 | $14375 | 123468 | 111160 | 12308 |
|  CDX.NA.IG Index 34 | 1.000 | 0.724 | 06/20/25 | 4175 | 28073 | 36615 | (8542) |
|  CDX.NA.IG Index 37 | 1.000 | 0.685 | 12/20/26 | 97850 | 1142522 | 1314203 | (171681) |
|  Republic of Chile, 3.240% , 2/6/28 | 1.000 | 1.070 | 12/20/27 | 3350 | (9343) | (62002) | 52659 |
|  Republic of Indonesia, 4.125%, 01/15/25 | 1.000 | 1.018 | 12/20/27 | 3340 | (1612) | (27263) | 25651 |
|  Republic of Panama, 8.875%, 09/30/27 | 1.000 | 1.171 | 12/20/27 | 830 | (6006) | (12728) | 6722 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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)**<br> **by 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)** |
|  Republic of Panama, 8.875%, 09/30/27 | 1.000% | 1.076% | 06/20/27 | $460 | $(1260) | $(10099) | $8839 |
|  Unibail-Rodamco-Westfield |  |  |  |  |  |  |  |
|  SE, 2.375%, 02/25/21 | 1.000 | 1.374 | 06/20/24 | 1200 | (6470) | 7076 | (13546) |
|  United Mexican States, 4.150%, 03/28/27 | 1.000 | 1.299 | 12/20/27 | $3370 | (43294) | (95025) | 51731 |
|  **TOTAL** |  |  |  |  | $1094444 | $1275279 | $(180835) |

---

(a) Payments made quarterly.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 5000000 | $5000000 | $28690 | $167500 | $(138810) |
|  1Y IRS | Citibank NA | 1.977 | 12/01/2023 | 4610000 | 4610000 | 32782 | 104865 | (72083) |
|  1Y IRS | MS & Co. Int. PLC | 2.518 | 10/27/2023 | 4600000 | 4600000 | 69133 | 122172 | (53039) |
|  |  |  |  | 14210000 | $14210000 | $130605 | $394537 | $(263932) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 5040000 | 5040000 | 286486 | 196207 | 90278 |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800 | 08/23/2023 | 5040000 | 5040000 | 332379 | 181967 | 150413 |
|  |  |  |  | 10080000 | $10080000 | $618865 | $378174 | $240691 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 24290000 | $24290000 | $749470 | $772711 | $(23241) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (2650000) | (2650000) | (62583) | (98712) | 36130 |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (2740000) | (2740000) | (5388) | (36044) | 30656 |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (5000000) | (5000000) | (8329) | (62500) | 54172 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (5000000) | (5000000) | (15656) | (105000) | 89344 |
|  1Y IRS | Citibank NA | 1.484 | 12/01/2023 | (1860000) | (1860000) | (42990) | (104979) | 61989 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (2640000) | (2640000) | (64462) | (105732) | 41270 |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (2640000) | (2640000) | (66884) | (105534) | 38650 |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (1890000) | (1890000) | (233) | (28341) | 28108 |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (2850000) | (2850000) | (32886) | (35055) | 2169 |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (1910000) | (1910000) | (371) | (25659) | 25288 |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (2850000) | (2850000) | (11454) | (33772) | 22318 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (2640000) | (2640000) | (68237) | (102564) | 34327 |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (1900000) | (1900000) | (318) | (23774) | 23456 |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (1900000) | (1900000) | (2096) | (24463) | 22367 |
|  1Y IRS | MS & Co. Int. PLC | 1.945 | 10/27/2023 | (1930000) | (1930000) | (79715) | (121963) | 42248 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2M IRS | MS & Co. Int. PLC | 2.595% | 01/04/2023 | (1820000) | $(1820000) | $— | $(27571) | $27570 |
|  |  |  |  | (42220000) | $(42220000) | $(461602) | $(1041663) | $580062 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (2650000) | (2650000) | (158688) | (98712) | (59975) |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (2740000) | (2740000) | (88943) | (36044) | (52898) |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (2640000) | (2640000) | (153560) | (105732) | (47828) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (2640000) | (2640000) | (149593) | (105534) | (44059) |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (1890000) | (1890000) | (84135) | (28341) | (55794) |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (2850000) | (2850000) | (36146) | (35055) | (1091) |
|  1Y IRS | Deutsche Bank AG (London) | 3.405 | 09/05/2023 | (5040000) | (5040000) | (179386) | (120256) | (59130) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (5040000) | (5040000) | (106216) | (75951) | (30265) |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (1910000) | (1910000) | (104736) | (25659) | (79077) |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (2850000) | (2850000) | (61214) | (33773) | (27442) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (5040000) | (5040000) | (130967) | (69622) | (61345) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (5040000) | (5040000) | (215545) | (112345) | (103200) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (2640000) | (2640000) | (147923) | (102564) | (45359) |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (1900000) | (1900000) | (44987) | (23774) | (21214) |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (1900000) | (1900000) | (58489) | (24463) | (34027) |
|  2M IRS | MS & Co. Int. PLC | 2.595 | 01/04/2023 | (1820000) | (1820000) | (99200) | (27571) | (71629) |
|  |  |  |  | (48590000) | $(48590000) | $(1819728) | $(1025396) | $(794333) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (90810000) | $(90810000) | $(2281330) | $(2067059) | $(214271) |
|  **TOTAL** | **TOTAL** |  |  | (66520000) | $(66520000) | $(1531860) | $(1294348) | $(237512) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| IDR | — Indonesia Rupiah |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| MYR | — Malaysia Ringgit |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MTA | — Monthly Treasury Average |
| PLC | — Public Limited Company |
| REMIC | — Real Estate Mortgage Investment Conduit |
| SOFR | — Secured Overnight Funding Rate |
| STACR | — Structured Agency Credit Risk |
| TSFR | — Term Secured Overnight Financing Rate |
| UMBS | — Uniform Mortgage Backed Securities |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **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 |
| CDX.NA.HY Index 34 | — CDX North America High Yield Index 34 |
| CDX.NA.HY Index 37 | — CDX North America High Yield Index 37 |
| CHFOR | — Swiss Franc Offered Rate |
| EURO | — Euro Offered Rate |
| GNMA | — Government National Mortgage Association |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| JYOR | — Japanese Yen Offered Rate |
| KLIBOR | — Kuala Lumpur Interbank Offered Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| LIBOR | — London Interbank Offered Rate |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| SOFR | — Secured Overnight Funding Rate |
| STIBOR | — Stockholm Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

------

GOLDMAN SACHS INCOME FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 68.9%** | **Corporate Obligations – 68.9%** | **Corporate Obligations – 68.9%** | **Corporate Obligations – 68.9%** |
| **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** |
| CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
| 127000 | 8.875% | 12/15/27 | $95555 |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 220000 | 5.950 | 02/01/37 | 213653 |
| The Boeing Co.<sup>(b)</sup>  | The Boeing Co.<sup>(b)</sup>  | The Boeing Co.<sup>(b)</sup>  | The Boeing Co.<sup>(b)</sup>  |
| 90000 | 5.150 | 05/01/30 | 87774 |
| 25000 | 3.250 | 02/01/35 | 18987 |
| 90000 | 5.805 | 05/01/50 | 83736 |
| TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  |
| 130000 | 5.500 | 11/15/27 | 122077 |
| 40000 | 4.625 | 01/15/29 | 35147 |
| 270000 | 4.875 | 05/01/29 | 235405 |
| Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
| 270000 | 7.750 <sup>(b)</sup> | 08/15/25 | 229945 |
|  |  |  | 1026724 |
| **Agriculture – 0.1%** | **Agriculture – 0.1%** | **Agriculture – 0.1%** | **Agriculture – 0.1%** |
| MHP Lux SA | MHP Lux SA | MHP Lux SA | MHP Lux SA |
| 200000 | 6.950 | 04/03/26 | 96125 |
| **Airlines<sup>(a)</sup> – 0.9%** | **Airlines<sup>(a)</sup> – 0.9%** | **Airlines<sup>(a)</sup> – 0.9%** | **Airlines<sup>(a)</sup> – 0.9%** |
| Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
| 70000 | 7.250 <sup>(b)</sup> | 08/15/27 | 66633 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| 55000 | 5.500 | 04/20/26 | 52891 |
| 181000 | 5.750 | 04/20/29 | 165590 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. |
| 142209 | 6.500 <sup>(b)</sup> | 06/20/27 | 141690 |
| United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
| 165000 | 4.375 <sup>(b)</sup> | 04/15/26 | 153676 |
|  |  |  | 580480 |
| **Automotive – 1.5%** | **Automotive – 1.5%** | **Automotive – 1.5%** | **Automotive – 1.5%** |
| Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC |
| 374000 | 8.000 <sup>(a)(b)</sup> | 02/01/28 | 318685 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 130000 | 4.750 | 01/15/43 | 94054 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 235000 | 4.950 <sup>(b)</sup> | 05/28/27 | 219495 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 175000 | 6.125 <sup>(b)</sup> | 10/01/25 | 178405 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 150000 | 5.650 <sup>(b)</sup> | 01/17/29 | 147222 |
|  |  |  | 957861 |
| **Banks – 12.0%** | **Banks – 12.0%** | **Banks – 12.0%** | **Banks – 12.0%** |
| Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) |
| 400000 | 6.250 <sup>(b)(c)</sup> | 10/29/49 | 358200 |
| Banco Mercantil del Norte SA (10 Year CMT + 5.353%) | Banco Mercantil del Norte SA (10 Year CMT + 5.353%) | Banco Mercantil del Norte SA (10 Year CMT + 5.353%) | Banco Mercantil del Norte SA (10 Year CMT + 5.353%) |
| 400000 | 7.625 <sup>(c)</sup> | 12/31/99 | 371700 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 400000 | 2.749 | 12/03/30 | 306276 |
| 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 + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) |
| 50000 | 2.496 | 02/13/31 | 40621 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Bank of America Corp.<sup>(b)(c)</sup> – (continued) | Bank of America Corp.<sup>(b)(c)</sup> – (continued) | Bank of America Corp.<sup>(b)(c)</sup> – (continued) | Bank of America Corp.<sup>(b)(c)</sup> – (continued) |
| (3M USD LIBOR + 1.070%) | (3M USD LIBOR + 1.070%) | (3M USD LIBOR + 1.070%) | (3M USD LIBOR + 1.070%) |
| 375000 | 3.970% | 03/05/29 | $346155 |
| (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) | (3M USD LIBOR + 1.190%) |
| 125000 | 2.884 | 10/22/30 | 105001 |
| (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) |
| 100000 | 4.271 | 07/23/29 | 93406 |
| (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) |
| 200000 | 1.898 | 07/23/31 | 153770 |
| (SOFR + 2.150%) | (SOFR + 2.150%) | (SOFR + 2.150%) | (SOFR + 2.150%) |
| 275000 | 2.592 | 04/29/31 | 224331 |
| Barclays PLC<sup>(b)</sup>  | Barclays PLC<sup>(b)</sup>  | Barclays PLC<sup>(b)</sup>  | Barclays PLC<sup>(b)</sup>  |
| 250000 | 4.337 | 01/10/28 | 232302 |
| (SOFR + 2.714%) | (SOFR + 2.714%) | (SOFR + 2.714%) | (SOFR + 2.714%) |
| 225000 | 2.852 <sup>(c)</sup> | 05/07/26 | 208901 |
| BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) |
| 200000 | 5.125 <sup>(b)(c)</sup> | 01/18/33 | 179413 |
| BNP Paribas SA (SOFR + 1.004%) | BNP Paribas SA (SOFR + 1.004%) | BNP Paribas SA (SOFR + 1.004%) | BNP Paribas SA (SOFR + 1.004%) |
| 200000 | 1.323 <sup>(a)(b)(c)</sup> | 01/13/27 | 174792 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 475000 | 4.125 | 07/25/28 | 442847 |
| (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |
| 100000 | 2.976 <sup>(b)(c)</sup> | 11/05/30 | 84057 |
| Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG |
| 250000 | 4.550 | 04/17/26 | 222425 |
| (5 year CMT + 4.889%) | (5 year CMT + 4.889%) | (5 year CMT + 4.889%) | (5 year CMT + 4.889%) |
| 200000 | 5.250 <sup>(a)(b)(c)</sup> | 12/31/99 | 131334 |
| Deutsche Bank AG (SOFR + 2.159%) | Deutsche Bank AG (SOFR + 2.159%) | Deutsche Bank AG (SOFR + 2.159%) | Deutsche Bank AG (SOFR + 2.159%) |
| 150000 | 2.222 <sup>(b)(c)</sup> | 09/18/24 | 144840 |
| Fifth Third Bancorp (SOFR + 2.127%) | Fifth Third Bancorp (SOFR + 2.127%) | Fifth Third Bancorp (SOFR + 2.127%) | Fifth Third Bancorp (SOFR + 2.127%) |
| 100000 | 4.772 <sup>(b)(c)</sup> | 07/28/30 | 95228 |
| Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
| 315000 | 7.625 <sup>(a)(b)</sup> | 05/01/26 | 264843 |
| HSBC Holdings PLC (SOFR + 1.538%) | HSBC Holdings PLC (SOFR + 1.538%) | HSBC Holdings PLC (SOFR + 1.538%) | HSBC Holdings PLC (SOFR + 1.538%) |
| 200000 | 1.645 <sup>(b)(c)</sup> | 04/18/26 | 180592 |
| Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) |
| 200000 | 7.721 <sup>(b)(c)</sup> | 12/31/99 | 194787 |
| 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 + 0.945%) | (3M USD LIBOR + 0.945%) | (3M USD LIBOR + 0.945%) | (3M USD LIBOR + 0.945%) |
| 375000 | 3.509 | 01/23/29 | 340125 |
| (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) |
| 50000 | 2.956 | 05/13/31 | 41167 |
| (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) |
| 111000 | 4.600 | 12/31/99 | 98560 |
| Macquarie Bank Ltd. (5 year CMT + 1.700%) | Macquarie Bank Ltd. (5 year CMT + 1.700%) | Macquarie Bank Ltd. (5 year CMT + 1.700%) | Macquarie Bank Ltd. (5 year CMT + 1.700%) |
| 200000 | 3.052 <sup>(a)(b)(c)</sup> | 03/03/36 | 145104 |
| Morgan Stanley<sup>(b)(c)</sup>  | Morgan Stanley<sup>(b)(c)</sup>  | Morgan Stanley<sup>(b)(c)</sup>  | Morgan Stanley<sup>(b)(c)</sup>  |
| (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) |
| 25000 | 4.431 | 01/23/30 | 23339 |
| (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) |
| 100000 | 1.794 | 02/13/32 | 74955 |
| (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) |
| 600000 | 2.699 | 01/22/31 | 496548 |
| (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) |
| 200000 | 4.210 | 04/20/28 | 189968 |
| Natwest Group PLC (3M USD LIBOR + 1.762%) | Natwest Group PLC (3M USD LIBOR + 1.762%) | Natwest Group PLC (3M USD LIBOR + 1.762%) | Natwest Group PLC (3M USD LIBOR + 1.762%) |
| 225000 | 4.269 <sup>(b)(c)</sup> | 03/22/25 | 219748 |
| The Bank of New York Mellon Corp. (SOFR + 1.755%) | The Bank of New York Mellon Corp. (SOFR + 1.755%) | The Bank of New York Mellon Corp. (SOFR + 1.755%) | The Bank of New York Mellon Corp. (SOFR + 1.755%) |
| 15000 | 4.596 <sup>(b)(c)</sup> | 07/26/30 | 14567 |

---

------

GOLDMAN SACHS 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)** |
| The PNC Financial Services Group, Inc. (5 year CMT + 3.238%) | The PNC Financial Services Group, Inc. (5 year CMT + 3.238%) | The PNC Financial Services Group, Inc. (5 year CMT + 3.238%) | The PNC Financial Services Group, Inc. (5 year CMT + 3.238%) |
| 310000 | 6.200 %<sup>(b)(c)</sup> | 12/31/99 | $303605 |
| Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) |
| 316000 | 5.100 <sup>(b)(c)</sup> | 12/31/99 | 293460 |
| Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
| 200000 | 6.500 <sup>(a)</sup> | 01/08/26 | 188225 |
| UBS Group AG (1 year CMT + 1.100%) | UBS Group AG (1 year CMT + 1.100%) | UBS Group AG (1 year CMT + 1.100%) | UBS Group AG (1 year CMT + 1.100%) |
| 200000 | 2.746 <sup>(a)(b)(c)</sup> | 02/11/33 | 154714 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 300000 | 4.300 | 07/22/27 | 288936 |
| 125000 | 4.150 <sup>(b)</sup> | 01/24/29 | 117444 |
| (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) |
| 155000 | 4.897 <sup>(b)(c)</sup> | 07/25/33 | 146787 |
| Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) |
| 200000 | 13.875 <sup>(a)(b)(c)</sup> | 12/31/99 | 208912 |
|  |  |  | 7901985 |
| **Beverages<sup>(b)</sup> – 0.6%** | **Beverages<sup>(b)</sup> – 0.6%** | **Beverages<sup>(b)</sup> – 0.6%** | **Beverages<sup>(b)</sup> – 0.6%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 150000 | 4.700 | 02/01/36 | 141416 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 100000 | 3.150 | 08/01/29 | 87629 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 176000 | 3.200 | 05/01/30 | 153160 |
|  |  |  | 382205 |
| **Building Materials<sup>(b)</sup> – 0.8%** | **Building Materials<sup>(b)</sup> – 0.8%** | **Building Materials<sup>(b)</sup> – 0.8%** | **Building Materials<sup>(b)</sup> – 0.8%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 150000 | 2.722 | 02/15/30 | 126411 |
| Cornerstone Building Brands, Inc. | Cornerstone Building Brands, Inc. | Cornerstone Building Brands, Inc. | Cornerstone Building Brands, Inc. |
| 167000 | 6.125 <sup>(a)</sup> | 01/15/29 | 117717 |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| 198000 | 7.000 <sup>(a)</sup> | 12/01/28 | 148231 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| 25000 | 4.900 | 12/01/32 | 24571 |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 150000 | 4.375 <sup>(a)</sup> | 07/15/30 | 122874 |
|  |  |  | 539804 |
| **Chemicals<sup>(a)(b)</sup> – 1.8%** | **Chemicals<sup>(a)(b)</sup> – 1.8%** | **Chemicals<sup>(a)(b)</sup> – 1.8%** | **Chemicals<sup>(a)(b)</sup> – 1.8%** |
| ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. |
| 60000 | 5.250 | 09/30/28 | 48318 |
| Avient Corp. | Avient Corp. | Avient Corp. | Avient Corp. |
| 115000 | 7.125 | 08/01/30 | 113115 |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 250000 | 3.375 | 02/15/29 | 207463 |
| Ingevity Corp. | Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
| 125000 | 3.875 | 11/01/28 | 107831 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| 275000 | 2.300 | 11/01/30 | 217874 |
| Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. |
| 210000 | 5.000 | 07/01/28 | 190094 |
| The Chemours Co. | The Chemours Co. | The Chemours Co. | The Chemours Co. |
| 205000 | 4.625 | 11/15/29 | 168102 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(a)(b)</sup> – (continued)** | **Chemicals<sup>(a)(b)</sup> – (continued)** | **Chemicals<sup>(a)(b)</sup> – (continued)** | **Chemicals<sup>(a)(b)</sup> – (continued)** |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| 150000 | 5.625% | 08/15/29 | $121353 |
|  |  |  | 1174150 |
| **Commercial Services – 2.1%** | **Commercial Services – 2.1%** | **Commercial Services – 2.1%** | **Commercial Services – 2.1%** |
| Alarm.com Holdings, Inc.<sup>(d)</sup>  | Alarm.com Holdings, Inc.<sup>(d)</sup>  | Alarm.com Holdings, Inc.<sup>(d)</sup>  | Alarm.com Holdings, Inc.<sup>(d)</sup>  |
| 15000 | 0.000 | 01/15/26 | 12179 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
| 170000 | 6.000 <sup>(a)(b)</sup> | 06/01/29 | 124370 |
| APi Group DE, Inc.<sup>(a)(b)</sup>  | APi Group DE, Inc.<sup>(a)(b)</sup>  | APi Group DE, Inc.<sup>(a)(b)</sup>  | APi Group DE, Inc.<sup>(a)(b)</sup>  |
| 396000 | 4.125 | 07/15/29 | 334806 |
| 32000 | 4.750 | 10/15/29 | 28029 |
| APX Group, Inc. | APX Group, Inc. | APX Group, Inc. | APX Group, Inc. |
| 199000 | 5.750 <sup>(a)(b)</sup> | 07/15/29 | 164991 |
| CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
| 75000 | 2.800 <sup>(a)(b)</sup> | 07/15/30 | 61445 |
| DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
| 200000 | 3.750 <sup>(b)</sup> | 01/30/30 | 183913 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 61000 | 2.900 <sup>(b)</sup> | 10/01/30 | 50224 |
| Verisure Holding AB | Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
| 125000 | 3.250 <sup>(a)(b)</sup> | 02/15/27 | 115869 |
| Verisure Midholding AB<sup>(b)</sup>  | Verisure Midholding AB<sup>(b)</sup>  | Verisure Midholding AB<sup>(b)</sup>  | Verisure Midholding AB<sup>(b)</sup>  |
| 125000 | 5.250 <sup>(a)</sup> | 02/15/29 | 107382 |
| 200000 | 5.250 | 02/15/29 | 171811 |
|  |  |  | 1355019 |
| **Computers<sup>(b)</sup> – 0.5%** | **Computers<sup>(b)</sup> – 0.5%** | **Computers<sup>(b)</sup> – 0.5%** | **Computers<sup>(b)</sup> – 0.5%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 129000 | 6.020 | 06/15/26 | 131695 |
| 25000 | 5.300 | 10/01/29 | 24401 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. |
| 71000 | 4.750 <sup>(a)</sup> | 09/30/28 | 62148 |
| Presidio Holdings, Inc. | Presidio Holdings, Inc. | Presidio Holdings, Inc. | Presidio Holdings, Inc. |
| 25000 | 8.250 <sup>(a)</sup> | 02/01/28 | 23169 |
| Unisys Corp. | Unisys Corp. | Unisys Corp. | Unisys Corp. |
| 80000 | 6.875 <sup>(a)</sup> | 11/01/27 | 61464 |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| 62000 | 7.125 <sup>(a)</sup> | 12/15/28 | 47567 |
|  |  |  | 350444 |
| **Distribution & Wholesale<sup>(a)(b)</sup> – 0.3%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.3%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.3%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.3%** |
| BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
| 246000 | 7.625 | 05/01/27 | 220692 |
| **Diversified Financial Services<sup>(b)</sup> – 4.7%** | **Diversified Financial Services<sup>(b)</sup> – 4.7%** | **Diversified Financial Services<sup>(b)</sup> – 4.7%** | **Diversified Financial Services<sup>(b)</sup> – 4.7%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 175000 | 6.500 | 07/15/25 | 177775 |
| AG Issuer LLC | AG Issuer LLC | AG Issuer LLC | AG Issuer LLC |
| 228000 | 6.250 <sup>(a)</sup> | 03/01/28 | 210079 |
| AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC |
| 30000 | 8.625 <sup>(a)</sup> | 09/30/27 | 30281 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 75000 | 2.875 | 01/15/26 | 69445 |
| 320000 | 3.750 | 06/01/26 | 299779 |
| Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) |
| 295000 | 4.700 <sup>(c)</sup> | 12/31/99 | 188443 |

---

------

GOLDMAN SACHS 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<sup>(b)</sup> – (continued)** | **Diversified Financial Services<sup>(b)</sup> – (continued)** | **Diversified Financial Services<sup>(b)</sup> – (continued)** | **Diversified Financial Services<sup>(b)</sup> – (continued)** |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 75000 | 1.950 %<sup>(a)</sup> | 01/30/26 | $65337 |
| Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  |
| 60000 | 3.950 | 07/01/24 | 57509 |
| 100000 | 2.875 | 02/15/25 | 92390 |
| 50000 | 4.250 | 04/15/26 | 45367 |
| Global Aircraft Leasing Co. Ltd.<sup>(e)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(e)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(e)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(e)</sup> (PIK 7.250%, Cash 6.500%) |
| 94581 | 6.500 <sup>(a)</sup> | 09/15/24 | 80618 |
| LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC |
| 150000 | 6.500 <sup>(a)</sup> | 11/01/25 | 102244 |
| Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
| 200000 | 6.500 <sup>(a)</sup> | 05/01/28 | 172206 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| 132000 | 5.500 <sup>(a)</sup> | 08/15/28 | 107996 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 351000 | 5.500 | 03/15/29 | 287852 |
| NFP Corp. | NFP Corp. | NFP Corp. | NFP Corp. |
| 354000 | 6.875 <sup>(a)</sup> | 08/15/28 | 293108 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 164000 | 4.000 | 09/15/30 | 122587 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
| 105000 | 6.375 <sup>(a)</sup> | 02/01/27 | 96454 |
| United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  |
| 175000 | 5.500 | 11/15/25 | 158046 |
| 138000 | 5.500 | 04/15/29 | 110018 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)</sup>  | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)</sup>  | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)</sup>  | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)</sup>  |
| 75000 | 7.875 | 05/01/27 | 67873 |
| 275000 | 6.375 | 02/01/30 | 220907 |
|  |  |  | 3056314 |
| **Electrical<sup>(b)</sup> – 1.2%** | **Electrical<sup>(b)</sup> – 1.2%** | **Electrical<sup>(b)</sup> – 1.2%** | **Electrical<sup>(b)</sup> – 1.2%** |
| AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl |
| 400000 | 4.375 | 05/31/30 | 344950 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 25000 | 2.300 | 03/01/30 | 20467 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 25000 | 2.100 | 08/01/27 | 21406 |
| 50000 | 2.500 | 02/01/31 | 38875 |
| Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| 290000 | 5.500 <sup>(a)</sup> | 09/01/28 | 253489 |
| Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  |
| 50000 | 3.550 | 07/15/24 | 47982 |
| 60000 | 4.300 | 07/15/29 | 53856 |
|  |  |  | 781025 |
| **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** |
| Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| 75000 | 6.500 | 12/31/27 | 71538 |
| **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 245000 | 4.750 | 05/15/29 | 212278 |
| **Engineering & Construction – 1.6%** | **Engineering & Construction – 1.6%** | **Engineering & Construction – 1.6%** | **Engineering & Construction – 1.6%** |
| Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA |
| 210000 | 4.000 <sup>(a)(b)</sup> | 08/11/41 | 172896 |
| Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
| 125000 | 4.375 <sup>(a)(b)</sup> | 04/15/29 | 108726 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Engineering & Construction – (continued)** | **Engineering & Construction – (continued)** | **Engineering & Construction – (continued)** | **Engineering & Construction – (continued)** |
| Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
| 100000 | 1.250 %<sup>(b)</sup> | 01/15/29 | $85704 |
| Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup>  |
| 135000 | 5.625 | 06/01/29 | 105266 |
| 105000 | 7.500 | 04/15/32 | 84438 |
| IHS Netherlands Holdco B.V. | IHS Netherlands Holdco B.V. | IHS Netherlands Holdco B.V. | IHS Netherlands Holdco B.V. |
| 200000 | 8.000 <sup>(b)</sup> | 09/18/27 | 175725 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 400000 | 5.500 | 10/31/46 | 306950 |
|  |  |  | 1039705 |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| Allen Media LLC/Allen Media Co-Issuer, Inc. | Allen Media LLC/Allen Media Co-Issuer, Inc. | Allen Media LLC/Allen Media Co-Issuer, Inc. | Allen Media LLC/Allen Media Co-Issuer, Inc. |
| 115000 | 10.500 <sup>(a)(b)</sup> | 02/15/28 | 43723 |
| Cinemark Holdings, Inc. | Cinemark Holdings, Inc. | Cinemark Holdings, Inc. | Cinemark Holdings, Inc. |
| 140000 | 4.500 | 08/15/25 | 133711 |
| SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. |
| 190000 | 5.250 <sup>(a)(b)</sup> | 08/15/29 | 165726 |
|  |  |  | 343160 |
| **Environmental<sup>(a)(b)</sup> – 1.1%** | **Environmental<sup>(a)(b)</sup> – 1.1%** | **Environmental<sup>(a)(b)</sup> – 1.1%** | **Environmental<sup>(a)(b)</sup> – 1.1%** |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 441000 | 4.000 | 08/01/28 | 383661 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 349000 | 5.500 | 02/15/26 | 309263 |
|  |  |  | 692924 |
| **Food & Drug Retailing – 0.9%** | **Food & Drug Retailing – 0.9%** | **Food & Drug Retailing – 0.9%** | **Food & Drug Retailing – 0.9%** |
| H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. |
| 230000 | 8.500 <sup>(a)(b)</sup> | 06/01/26 | 131976 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 205000 | 6.875 | 01/26/39 | 222724 |
| 101000 | 5.500 <sup>(b)</sup> | 06/01/50 | 96916 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 135000 | 4.625 <sup>(a)(b)</sup> | 06/01/30 | 119290 |
|  |  |  | 570906 |
| **Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8%** | **Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8%** | **Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8%** | **Healthcare Providers & Services<sup>(a)(b)</sup> – 1.8%** |
| CAB SELAS | CAB SELAS | CAB SELAS | CAB SELAS |
| 150000 | 3.375 | 02/01/28 | 128918 |
| Chrome Holdco SASU | Chrome Holdco SASU | Chrome Holdco SASU | Chrome Holdco SASU |
| 200000 | 5.000 | 05/31/29 | 165868 |
| CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
| 149000 | 4.750 | 02/15/31 | 108444 |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 201000 | 3.750 | 02/15/31 | 149910 |
| Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas |
| 100000 | 5.000 | 02/01/29 | 81871 |
| Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| 260000 | 3.875 | 04/01/29 | 209550 |
| 180000 | 5.250 | 10/01/29 | 143060 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 96000 | 6.125 | 10/01/28 | 86147 |
| 99000 | 6.125 | 06/15/30 | 94289 |
|  |  |  | 1168057 |

---

------

GOLDMAN SACHS 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)** |
| **Home Builders<sup>(b)</sup> – 0.5%** | **Home Builders<sup>(b)</sup> – 0.5%** | **Home Builders<sup>(b)</sup> – 0.5%** | **Home Builders<sup>(b)</sup> – 0.5%** |
| KB Home | KB Home | KB Home | KB Home |
| 120000 | 7.250% | 07/15/30 | $116537 |
| LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
| 315000 | 4.000 <sup>(a)</sup> | 07/15/29 | 243095 |
|  |  |  | 359632 |
| **Housewares<sup>(b)</sup> – 0.1%** | **Housewares<sup>(b)</sup> – 0.1%** | **Housewares<sup>(b)</sup> – 0.1%** | **Housewares<sup>(b)</sup> – 0.1%** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 120000 | 5.750 | 04/01/46 | 94350 |
| **Insurance<sup>(b)</sup> –1.4%** | **Insurance<sup>(b)</sup> –1.4%** | **Insurance<sup>(b)</sup> –1.4%** | **Insurance<sup>(b)</sup> –1.4%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)</sup>  |
| 60000 | 10.125 | 08/01/26 | 58636 |
| 250000 | 4.250 | 02/15/29 | 207537 |
| 210000 | 6.000 | 08/01/29 | 169006 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| 119000 | 6.750 <sup>(a)</sup> | 10/15/27 | 107224 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 25000 | 3.400 | 06/30/30 | 22058 |
| AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
| 70000 | 5.625 <sup>(a)</sup> | 01/15/29 | 58154 |
| BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
| 300000 | 5.875 <sup>(a)</sup> | 04/15/29 | 257886 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| 60000 | 4.350 | 04/20/28 | 57104 |
|  |  |  | 937605 |
| **Internet – 2.0%** | **Internet – 2.0%** | **Internet – 2.0%** | **Internet – 2.0%** |
| Adevinta ASA | Adevinta ASA | Adevinta ASA | Adevinta ASA |
| 100000 | 3.000 <sup>(b)</sup> | 11/15/27 | 94665 |
| Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. |
| 164000 | 6.000 <sup>(a)(b)</sup> | 02/15/29 | 106744 |
| Expedia Group, Inc.<sup>(b)</sup>  | Expedia Group, Inc.<sup>(b)</sup>  | Expedia Group, Inc.<sup>(b)</sup>  | Expedia Group, Inc.<sup>(b)</sup>  |
| 167000 | 4.625 | 08/01/27 | 160298 |
| 21000 | 2.950 | 03/15/31 | 16908 |
| Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| 358000 | 9.750 <sup>(a)(b)</sup> | 03/01/27 | 352952 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 167000 | 3.625 <sup>(a)(b)</sup> | 10/01/31 | 127929 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 225000 | 3.850 | 08/15/32 | 197986 |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 120000 | 2.031 <sup>(a)(b)</sup> | 08/03/32 | 90881 |
| United Group B.V. | United Group B.V. | United Group B.V. | United Group B.V. |
| 175000 | 4.625 <sup>(a)(b)</sup> | 08/15/28 | 137158 |
|  |  |  | 1285521 |
| **Investment Companies<sup>(a)(b)</sup> – 0.3%** | **Investment Companies<sup>(a)(b)</sup> – 0.3%** | **Investment Companies<sup>(a)(b)</sup> – 0.3%** | **Investment Companies<sup>(a)(b)</sup> – 0.3%** |
| JAB Holdings B.V. | JAB Holdings B.V. | JAB Holdings B.V. | JAB Holdings B.V. |
| 250000 | 2.200 | 11/23/30 | 187383 |
| **Iron/Steel<sup>(b)</sup> – 0.2%** | **Iron/Steel<sup>(b)</sup> – 0.2%** | **Iron/Steel<sup>(b)</sup> – 0.2%** | **Iron/Steel<sup>(b)</sup> – 0.2%** |
| Metinvest B.V. | Metinvest B.V. | Metinvest B.V. | Metinvest B.V. |
| 200000 | 8.500 | 04/23/26 | 103600 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 60000 | 3.750 | 07/08/30 | 52418 |
|  |  |  | 156018 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Leisure Time<sup>(a)(b)</sup> – 0.2%** | **Leisure Time<sup>(a)(b)</sup> – 0.2%** | **Leisure Time<sup>(a)(b)</sup> – 0.2%** | **Leisure Time<sup>(a)(b)</sup> – 0.2%** |
| TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH |
| 125000 | 6.500% | 05/15/26 | $111059 |
| **Lodging<sup>(b)</sup> –0.5%** | **Lodging<sup>(b)</sup> –0.5%** | **Lodging<sup>(b)</sup> –0.5%** | **Lodging<sup>(b)</sup> –0.5%** |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |
| 230000 | 5.000 <sup>(a)</sup> | 06/01/29 | 199670 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 100000 | 5.000 | 10/15/27 | 98774 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
| 60000 | 4.500 <sup>(a)</sup> | 06/15/29 | 49928 |
|  |  |  | 348372 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.3%** |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 244000 | 4.125 | 11/15/28 | 208205 |
| **Machinery-Diversified<sup>(b)</sup> – 1.6%** | **Machinery-Diversified<sup>(b)</sup> – 1.6%** | **Machinery-Diversified<sup>(b)</sup> – 1.6%** | **Machinery-Diversified<sup>(b)</sup> – 1.6%** |
| Husky III Holding Ltd.<sup>(e)</sup>  | Husky III Holding Ltd.<sup>(e)</sup>  | Husky III Holding Ltd.<sup>(e)</sup>  | Husky III Holding Ltd.<sup>(e)</sup>  |
| 30000 | 13.000 <sup>(a)</sup> | 02/15/25 | 26568 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 325000 | 2.565 | 02/15/30 | 273234 |
| Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC |
| 401000 | 7.750 <sup>(a)</sup> | 04/15/26 | 362107 |
| TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
| 456000 | 7.625 <sup>(a)</sup> | 07/15/28 | 373678 |
|  |  |  | 1035587 |
| **Media – 4.0%** | **Media – 4.0%** | **Media – 4.0%** | **Media – 4.0%** |
| Altice Financing SA | Altice Financing SA | Altice Financing SA | Altice Financing SA |
| 200000 | 5.000 <sup>(a)(b)</sup> | 01/15/28 | 161636 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| 375000 | 4.750 <sup>(a)(b)</sup> | 02/01/32 | 304016 |
| 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 |
| 225000 | 3.750 <sup>(b)</sup> | 02/15/28 | 203760 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 200000 | 5.000 <sup>(a)(b)</sup> | 11/15/31 | 111774 |
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |
| 239000 | 5.875 <sup>(a)(b)</sup> | 08/15/27 | 214328 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 133000 | 7.750 | 07/01/26 | 107332 |
| 135000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 | 113877 |
| 180000 | 7.375 <sup>(b)</sup> | 07/01/28 | 127224 |
| 200000 | 5.125 | 06/01/29 | 129022 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| 245000 | 7.000 <sup>(a)(b)</sup> | 05/15/27 | 217609 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 190000 | 8.375 <sup>(b)</sup> | 05/01/27 | 161823 |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| 130000 | 5.375 <sup>(a)(b)</sup> | 01/15/31 | 104623 |
| Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
| 115000 | 5.875 <sup>(a)(b)</sup> | 07/15/27 | 102994 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 110000 | 5.125 <sup>(a)(b)</sup> | 02/15/27 | 89872 |
| Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. |
| 210000 | 6.875 <sup>(a)(b)</sup> | 02/01/26 | 185056 |
| Urban One, Inc. | Urban One, Inc. | Urban One, Inc. | Urban One, Inc. |
| 265000 | 7.375 <sup>(a)(b)</sup> | 02/01/28 | 224055 |

---

------

GOLDMAN SACHS 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)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| Ziggo Bond Co. B.V. | Ziggo Bond Co. B.V. | Ziggo Bond Co. B.V. | Ziggo Bond Co. B.V. |
| 100000 | 3.375 %<sup>(a)(b)</sup> | 02/28/30 | $77172 |
|  |  |  | 2636173 |
| **Mining<sup>(b)</sup> – 0.2%** | **Mining<sup>(b)</sup> – 0.2%** | **Mining<sup>(b)</sup> – 0.2%** | **Mining<sup>(b)</sup> – 0.2%** |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 100000 | 1.625 <sup>(a)</sup> | 04/27/26 | 88506 |
| Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. |
| 25000 | 3.900 | 07/15/30 | 22436 |
|  |  |  | 110942 |
| **Miscellaneous Manufacturing – 1.5%** | **Miscellaneous Manufacturing – 1.5%** | **Miscellaneous Manufacturing – 1.5%** | **Miscellaneous Manufacturing – 1.5%** |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 125000 | 5.875 | 01/14/38 | 127348 |
| General Electric Co. (3M USD LIBOR + 3.330%) | General Electric Co. (3M USD LIBOR + 3.330%) | General Electric Co. (3M USD LIBOR + 3.330%) | General Electric Co. (3M USD LIBOR + 3.330%) |
| 742000 | 8.099 <sup>(b)(c)</sup> | 12/29/49 | 734765 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 154000 | 3.750 <sup>(b)</sup> | 03/01/31 | 126984 |
|  |  |  | 989097 |
| **Multi-National<sup>(a)(b)</sup> – 0.6%** | **Multi-National<sup>(a)(b)</sup> – 0.6%** | **Multi-National<sup>(a)(b)</sup> – 0.6%** | **Multi-National<sup>(a)(b)</sup> – 0.6%** |
| Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
| 480000 | 2.750 | 01/22/33 | 384632 |
| **Oil Field Services – 3.9%** | **Oil Field Services – 3.9%** | **Oil Field Services – 3.9%** | **Oil Field Services – 3.9%** |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 38000 | 6.750 | 11/15/39 | 39362 |
| Civitas Resources, Inc | Civitas Resources, Inc | Civitas Resources, Inc | Civitas Resources, Inc |
| 105000 | 5.000 <sup>(a)(b)</sup> | 10/15/26 | 96494 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 240000 | 6.875 <sup>(b)</sup> | 04/29/30 | 217200 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
| 50000 | 3.800 <sup>(b)</sup> | 04/01/28 | 46215 |
| MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
| 140000 | 5.875 <sup>(a)(b)</sup> | 02/01/29 | 132089 |
| Nabors Industries, Inc.<sup>(a)(b)</sup>  | Nabors Industries, Inc.<sup>(a)(b)</sup>  | Nabors Industries, Inc.<sup>(a)(b)</sup>  | Nabors Industries, Inc.<sup>(a)(b)</sup>  |
| 322000 | 9.000 | 02/01/25 | 327548 |
| 85000 | 7.375 | 05/15/27 | 83286 |
| Noble Finance Co.<sup>(e)</sup> (PIK 15.000%, Cash 11.000%) | Noble Finance Co.<sup>(e)</sup> (PIK 15.000%, Cash 11.000%) | Noble Finance Co.<sup>(e)</sup> (PIK 15.000%, Cash 11.000%) | Noble Finance Co.<sup>(e)</sup> (PIK 15.000%, Cash 11.000%) |
| 36761 | 11.000 <sup>(b)</sup> | 02/15/28 | 40315 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 200000 | 5.550 <sup>(b)</sup> | 03/15/26 | 199290 |
| Range Resources Corp. | Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
| 75000 | 4.750 <sup>(a)(b)</sup> | 02/15/30 | 66353 |
| Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
| 115000 | 4.750 <sup>(b)</sup> | 02/01/32 | 98190 |
| TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC |
| 245000 | 6.500 <sup>(a)(b)</sup> | 02/01/26 | 239367 |
| Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |
| 70000 | 6.875 <sup>(a)(b)</sup> | 02/01/27 | 68206 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 479000 | 11.500 <sup>(a)(b)</sup> | 01/30/27 | 481093 |
| 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. |
| 473000 | 6.875 <sup>(b)</sup> | 04/01/26 | 454416 |
|  |  |  | 2589424 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| 239000 | 3.000 %<sup>(b)</sup> | 09/01/29 | $186761 |
| Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC |
| 228000 | 6.000 <sup>(a)(b)</sup> | 09/15/28 | 184076 |
| Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC |
| 88000 | 4.000 <sup>(a)(b)</sup> | 10/15/27 | 78132 |
| Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| 113000 | 6.875 <sup>(a)</sup> | 07/15/33 | 112450 |
|  |  |  | 561419 |
| **Pharmaceuticals<sup>(a)(b)</sup> – 0.5%** | **Pharmaceuticals<sup>(a)(b)</sup> – 0.5%** | **Pharmaceuticals<sup>(a)(b)</sup> – 0.5%** | **Pharmaceuticals<sup>(a)(b)</sup> – 0.5%** |
| AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
| 65000 | 6.125 | 08/01/28 | 60099 |
| 120000 | 4.625 | 08/01/29 | 100584 |
| 80000 | 5.125 | 03/01/30 | 68089 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 175000 | 6.125 | 02/01/27 | 120388 |
|  |  |  | 349160 |
| **Pipelines<sup>(b)</sup> – 4.0%** | **Pipelines<sup>(b)</sup> – 4.0%** | **Pipelines<sup>(b)</sup> – 4.0%** | **Pipelines<sup>(b)</sup> – 4.0%** |
| CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
| 95000 | 4.750 <sup>(a)</sup> | 04/15/30 | 78420 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
| 360000 | 5.500 <sup>(a)</sup> | 06/15/31 | 315439 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 175000 | 5.250 | 04/15/29 | 169662 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 345000 | 6.875 | 01/15/29 | 312473 |
| Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
| 70000 | 5.500 <sup>(a)</sup> | 10/15/30 | 64377 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 125000 | 6.750 <sup>(a)</sup> | 01/15/27 | 120794 |
| Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
| 175000 | 5.875 <sup>(a)</sup> | 06/15/30 | 164001 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 135000 | 4.000 | 03/15/28 | 125748 |
| 75000 | 2.650 | 08/15/30 | 60850 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 185000 | 6.375 | 10/01/30 | 171623 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 50000 | 6.350 | 01/15/31 | 50954 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 150000 | 3.800 | 09/15/30 | 130408 |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. |
| 265000 | 5.750 | 04/15/25 | 223122 |
| 269000 | 8.500 <sup>(a)</sup> | 10/15/26 | 255407 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
| 50000 | 6.000 <sup>(a)</sup> | 12/31/30 | 43489 |
| 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. |
| 160000 | 4.875 | 02/01/31 | 144568 |
| 262000 | 4.000 | 01/15/32 | 220253 |
|  |  |  | 2651588 |

---

------

GOLDMAN SACHS 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)** |
| **Real Estate<sup>(b)</sup> – 0.3%** | **Real Estate<sup>(b)</sup> – 0.3%** | **Real Estate<sup>(b)</sup> – 0.3%** | **Real Estate<sup>(b)</sup> – 0.3%** |
| NE Property B.V. | NE Property B.V. | NE Property B.V. | NE Property B.V. |
| 200000 | 3.375% | 07/14/27 | $183355 |
| **Real Estate Investment Trust – 0.7%** | **Real Estate Investment Trust – 0.7%** | **Real Estate Investment Trust – 0.7%** | **Real Estate Investment Trust – 0.7%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 25000 | 2.900 <sup>(b)</sup> | 10/01/30 | 20329 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 25000 | 1.750 | 07/01/30 | 19768 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 50000 | 2.850 <sup>(b)</sup> | 12/15/32 | 40614 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 60000 | 2.950 <sup>(b)</sup> | 09/15/29 | 50307 |
| Spirit Realty LP | Spirit Realty LP | Spirit Realty LP | Spirit Realty LP |
| 60000 | 4.000 <sup>(b)</sup> | 07/15/29 | 52166 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 200000 | 4.869 <sup>(b)</sup> | 01/15/30 | 171538 |
| WP Carey, Inc.<sup>(b)</sup>  | WP Carey, Inc.<sup>(b)</sup>  | WP Carey, Inc.<sup>(b)</sup>  | WP Carey, Inc.<sup>(b)</sup>  |
| 60000 | 3.850 | 07/15/29 | 53945 |
| 25000 | 2.400 | 02/01/31 | 19925 |
|  |  |  | 428592 |
| **Retailing<sup>(b)</sup> – 2.9%** | **Retailing<sup>(b)</sup> – 2.9%** | **Retailing<sup>(b)</sup> – 2.9%** | **Retailing<sup>(b)</sup> – 2.9%** |
| 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
| 237000 | 4.000 <sup>(a)</sup> | 10/15/30 | 192456 |
| Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  |
| 117000 | 4.625 | 11/15/29 | 98715 |
| 65000 | 5.000 | 02/15/32 | 53622 |
| Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. |
| 360000 | 6.000 <sup>(a)</sup> | 03/01/29 | 270338 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
| 70000 | 4.000 <sup>(a)</sup> | 08/15/28 | 59514 |
| GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. |
| 115000 | 4.625 <sup>(a)</sup> | 05/01/29 | 94402 |
| Ken Garff Automotive LLC | Ken Garff Automotive LLC | Ken Garff Automotive LLC | Ken Garff Automotive LLC |
| 190000 | 4.875 <sup>(a)</sup> | 09/15/28 | 159279 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 267000 | 4.875 <sup>(a)</sup> | 05/01/29 | 215661 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 189000 | 3.750 | 06/15/29 | 153496 |
| Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  |
| 82000 | 4.625 | 11/15/29 | 66120 |
| 95000 | 4.875 | 11/15/31 | 74793 |
| Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
| 215000 | 6.375 <sup>(a)</sup> | 09/30/26 | 172692 |
| SRS Distribution, Inc.<sup>(a)</sup>  | SRS Distribution, Inc.<sup>(a)</sup>  | SRS Distribution, Inc.<sup>(a)</sup>  | SRS Distribution, Inc.<sup>(a)</sup>  |
| 100000 | 6.125 | 07/01/29 | 81165 |
| 134000 | 6.000 | 12/01/29 | 107171 |
| Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. |
| 75000 | 1.750 | 11/01/30 | 57614 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 88000 | 4.750 <sup>(a)</sup> | 01/15/30 | 80891 |
|  |  |  | 1937929 |
| **Semiconductors<sup>(b)</sup> – 1.3%** | **Semiconductors<sup>(b)</sup> – 1.3%** | **Semiconductors<sup>(b)</sup> – 1.3%** | **Semiconductors<sup>(b)</sup> – 1.3%** |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 87000 | 3.469 | 04/15/34 | 68978 |
| 344000 | 3.137 | 11/15/35 | 252379 |
| 400000 | 3.187 | 11/15/36 | 288696 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Semiconductors<sup>(b)</sup> – (continued)** | **Semiconductors<sup>(b)</sup> – (continued)** | **Semiconductors<sup>(b)</sup> – (continued)** | **Semiconductors<sup>(b)</sup> – (continued)** |
| 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. |
| 165000 | 3.875% | 06/18/26 | $157077 |
| 100000 | 3.400 | 05/01/30 | 86296 |
|  |  |  | 853426 |
| **Software – 2.9%** | **Software – 2.9%** | **Software – 2.9%** | **Software – 2.9%** |
| AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
| 147000 | 6.500 <sup>(a)(b)</sup> | 02/15/30 | 108902 |
| Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. |
| 362000 | 9.500 <sup>(a)(b)</sup> | 02/15/28 | 142371 |
| Clarivate Science Holdings Corp.<sup>(a)(b)</sup>  | Clarivate Science Holdings Corp.<sup>(a)(b)</sup>  | Clarivate Science Holdings Corp.<sup>(a)(b)</sup>  | Clarivate Science Holdings Corp.<sup>(a)(b)</sup>  |
| 385000 | 3.875 | 07/01/28 | 333991 |
| 204000 | 4.875 | 07/01/29 | 173457 |
| Elastic NV | Elastic NV | Elastic NV | Elastic NV |
| 160000 | 4.125 <sup>(a)(b)</sup> | 07/15/29 | 129183 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 125000 | 2.875 <sup>(b)</sup> | 03/25/31 | 103704 |
| 450000 | 6.250 | 11/09/32 | 472523 |
| ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. |
| 125000 | 1.400 <sup>(b)</sup> | 09/01/30 | 95246 |
| TeamSystem SpA | TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
| 350000 | 3.500 <sup>(a)(b)</sup> | 02/15/28 | 313172 |
|  |  |  | 1872549 |
| **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** |
| Altice France SA<sup>(a)(b)</sup>  | Altice France SA<sup>(a)(b)</sup>  | Altice France SA<sup>(a)(b)</sup>  | Altice France SA<sup>(a)(b)</sup>  |
| 100000 | 2.125 | 02/15/25 | 94339 |
| 374000 | 5.500 | 10/15/29 | 286349 |
| AT&T, Inc.<sup>(b)</sup>  | AT&T, Inc.<sup>(b)</sup>  | AT&T, Inc.<sup>(b)</sup>  | AT&T, Inc.<sup>(b)</sup>  |
| 75000 | 2.750 | 06/01/31 | 62276 |
| 202000 | 2.550 | 12/01/33 | 155338 |
| 175000 | 4.900 | 08/15/37 | 161156 |
| 25000 | 5.150 | 11/15/46 | 22544 |
| 25000 | 3.650 | 06/01/51 | 17682 |
| 25000 | 3.500 | 09/15/53 | 17009 |
| Bharti Airtel Ltd. | Bharti Airtel Ltd. | Bharti Airtel Ltd. | Bharti Airtel Ltd. |
| 360000 | 3.250 <sup>(a)(b)</sup> | 06/03/31 | 303260 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| 83000 | 5.000 <sup>(a)(b)</sup> | 05/01/28 | 72378 |
| Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
| 450000 | 0.000 <sup>(f)</sup> | 08/01/23 |  |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 125000 | 8.750 | 03/15/32 | 148696 |
| T-Mobile USA, Inc.<sup>(b)</sup>  | T-Mobile USA, Inc.<sup>(b)</sup>  | T-Mobile USA, Inc.<sup>(b)</sup>  | T-Mobile USA, Inc.<sup>(b)</sup>  |
| 250000 | 2.050 | 02/15/28 | 215073 |
| 167000 | 3.875 | 04/15/30 | 151591 |
|  |  |  | 1707691 |
| **Transportation – 1.0%** | **Transportation – 1.0%** | **Transportation – 1.0%** | **Transportation – 1.0%** |
| Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. |
| 80000 | 4.750 <sup>(a)(b)</sup> | 02/01/28 | 72549 |
| MV24 Capital B.V. | MV24 Capital B.V. | MV24 Capital B.V. | MV24 Capital B.V. |
| 513900 | 6.748 | 06/01/34 | 469351 |

---

------

GOLDMAN SACHS 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)** |
| **Transportation – (continued)** | **Transportation – (continued)** | **Transportation – (continued)** | **Transportation – (continued)** |
| XPO Escrow Sub LLC | XPO Escrow Sub LLC | XPO Escrow Sub LLC | XPO Escrow Sub LLC |
| 110000 | 7.500% | 11/15/27 | $110993 |
|  |  |  | 652893 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $53,689,240)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $53,689,240)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $53,689,240)** | $45249553 |
| **Mortgage-Backed Obligations – 24.6%** | **Mortgage-Backed Obligations – 24.6%** | **Mortgage-Backed Obligations – 24.6%** | **Mortgage-Backed Obligations – 24.6%** |
| **Collateralized Mortgage Obligations – 1.6%** | **Collateralized Mortgage Obligations – 1.6%** | **Collateralized Mortgage Obligations – 1.6%** | **Collateralized Mortgage Obligations – 1.6%** |
| **Interest Only – 0.4%** | **Interest Only – 0.4%** | **Interest Only – 0.4%** | **Interest Only – 0.4%** |
| GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) |
| 154638 | 1.847 %<sup>(c)</sup> | 09/20/48 | $15956 |
| GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%) |
| 391365 | 1.697 <sup>(c)</sup> | 09/20/49 | 41443 |
| GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI | GNMA REMIC Series 2019-153, Class EI |
| 264497 | 4.000 | 12/20/49 | 48457 |
| GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI |
| 641763 | 2.500 | 10/20/50 | 83963 |
| GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) |
| 194331 | 1.697 <sup>(c)</sup> | 02/20/50 | 20510 |
| GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%) |
| 288977 | 1.697 <sup>(c)</sup> | 04/20/50 | 29863 |
| GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI | GNMA REMIC Series 2020-61, Class GI |
| 162150 | 5.000 | 05/20/50 | 31095 |
| GNMA REMIC Series 2020-7, Class GI | GNMA REMIC Series 2020-7, Class GI | GNMA REMIC Series 2020-7, Class GI | GNMA REMIC Series 2020-7, Class GI |
| 70754 | 4.000 | 01/20/50 | 11937 |
|  |  |  | 283224 |
| **Sequential Floating Rate<sup>(a)(c)</sup> – 1.2%** | **Sequential Floating Rate<sup>(a)(c)</sup> – 1.2%** | **Sequential Floating Rate<sup>(a)(c)</sup> – 1.2%** | **Sequential Floating Rate<sup>(a)(c)</sup> – 1.2%** |
| Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) |
| 95000 | 8.428 | 04/25/42 | 91262 |
| Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) |
| 85000 | 6.928 | 04/25/42 | 82243 |
| Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (SOFR30A + 3.600%) | Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (SOFR30A + 3.600%) | Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (SOFR30A + 3.600%) | Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (SOFR30A + 3.600%) |
| 30000 | 7.528 | 07/25/42 | 30115 |
| FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) |
| 35043 | 5.728 | 01/25/51 | 34213 |
| FHLMC STACR REMIC Trust Series 2021-DNA3, Class M2 (SOFR30A + 2.100%) | FHLMC STACR REMIC Trust Series 2021-DNA3, Class M2 (SOFR30A + 2.100%) | FHLMC STACR REMIC Trust Series 2021-DNA3, Class M2 (SOFR30A + 2.100%) | FHLMC STACR REMIC Trust Series 2021-DNA3, Class M2 (SOFR30A + 2.100%) |
| 100000 | 6.028 | 10/25/33 | 98100 |
| FHLMC STACR REMIC Trust Series 2022-DNA4, Class M1A (SOFR30A + 2.200%) | FHLMC STACR REMIC Trust Series 2022-DNA4, Class M1A (SOFR30A + 2.200%) | FHLMC STACR REMIC Trust Series 2022-DNA4, Class M1A (SOFR30A + 2.200%) | FHLMC STACR REMIC Trust Series 2022-DNA4, Class M1A (SOFR30A + 2.200%) |
| 149105 | 6.128 | 05/25/42 | 149068 |
| FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) | FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) | FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) | FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) |
| 180000 | 7.089 | 10/25/49 | 177184 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(c)</sup> – (continued)** |
| FHLMC Structured Agency Credit Risk Debt Notes Series 22-HQA2, Class M1B (SOFR30A + 4.000%) | FHLMC Structured Agency Credit Risk Debt Notes Series 22-HQA2, Class M1B (SOFR30A + 4.000%) | FHLMC Structured Agency Credit Risk Debt Notes Series 22-HQA2, Class M1B (SOFR30A + 4.000%) | FHLMC Structured Agency Credit Risk Debt Notes Series 22-HQA2, Class M1B (SOFR30A + 4.000%) |
| 100000 | 7.928% | 07/25/42 | $100750 |
|  |  |  | 762935 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 1046159 |
| **Commercial Mortgage-Backed Securities<sup>(a)(c)</sup> – 0.2%** | **Commercial Mortgage-Backed Securities<sup>(a)(c)</sup> – 0.2%** | **Commercial Mortgage-Backed Securities<sup>(a)(c)</sup> – 0.2%** | **Commercial Mortgage-Backed Securities<sup>(a)(c)</sup> – 0.2%** |
| **Sequential Floating Rate – 0.2%** | **Sequential Floating Rate – 0.2%** | **Sequential Floating Rate – 0.2%** | **Sequential Floating Rate – 0.2%** |
| Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR LIBOR + 2.186%) |
| 150000 | 6.522% | 05/15/37 | $145548 |
| **Federal Agencies<sup>(g)</sup> – 22.8%** | **Federal Agencies<sup>(g)</sup> – 22.8%** | **Federal Agencies<sup>(g)</sup> – 22.8%** | **Federal Agencies<sup>(g)</sup> – 22.8%** |
| **[H]4GNMA – 15.0%** | **[H]4GNMA – 15.0%** | **[H]4GNMA – 15.0%** | **[H]4GNMA – 15.0%** |
| 1000000 | 4.000% | TBA-30yr | $946672 |
| 3000000 | 4.500 | TBA-30yr | 2910964 |
| 3000000 | 5.000 | TBA-30yr | 2972543 |
| 1000000 | 5.500 | TBA-30yr | 1005066 |
| 2000000 | 6.000 | TBA-30yr | 2031690 |
|  |  |  | 9866935 |
| **UMBS, 30 Year, Single Family – 7.8%** | **UMBS, 30 Year, Single Family – 7.8%** | **UMBS, 30 Year, Single Family – 7.8%** | **UMBS, 30 Year, Single Family – 7.8%** |
| 5000000 | 6.500 | TBA-30yr | 5122648 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $14989583 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $16,247,367)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $16,247,367)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $16,247,367)** | $16181290 |
| **Bank Loans<sup>(c)(h)</sup> – 9.0%** | **Bank Loans<sup>(c)(h)</sup> – 9.0%** | **Bank Loans<sup>(c)(h)</sup> – 9.0%** | **Bank Loans<sup>(c)(h)</sup> – 9.0%** |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| ADS Tactical, Inc. (1M USD LIBOR + 5.750%) | ADS Tactical, Inc. (1M USD LIBOR + 5.750%) | ADS Tactical, Inc. (1M USD LIBOR + 5.750%) | ADS Tactical, Inc. (1M USD LIBOR + 5.750%) |
| 267506 | 10.139% | 03/19/26 | $238749 |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |
| (1M SOFR + 5.000%) | (1M SOFR + 5.000%) | (1M SOFR + 5.000%) | (1M SOFR + 5.000%) |
| 70000 | 8.368 | 03/30/27 | 65888 |
| (3M USD LIBOR + 8.500%) | (3M USD LIBOR + 8.500%) | (3M USD LIBOR + 8.500%) | (3M USD LIBOR + 8.500%) |
| 250000 | 11.871 | 03/30/28 | 224167 |
| (3M SOFR + 5.000%) | (3M SOFR + 5.000%) | (3M SOFR + 5.000%) | (3M SOFR + 5.000%) |
| 331769 | 8.369 | 03/30/27 | 313190 |
|  |  |  | 603245 |
| **Building & Construction Materials – 0.4%** | **Building & Construction Materials – 0.4%** | **Building & Construction Materials – 0.4%** | **Building & Construction Materials – 0.4%** |
| Energize HoldCo LLC | Energize HoldCo LLC | Energize HoldCo LLC | Energize HoldCo LLC |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 173690 | 8.134 | 12/08/28 | 165613 |
| (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) |
| 75000 | 11.134 <sup>(f)</sup> | 12/07/29 | 68625 |
| KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) |
| 25000 | 10.134 | 09/21/29 | 24036 |
|  |  |  | 258274 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(c)(h)</sup> – (continued)** | **Bank Loans<sup>(c)(h)</sup> – (continued)** | **Bank Loans<sup>(c)(h)</sup> – (continued)** | **Bank Loans<sup>(c)(h)</sup> – (continued)** |
| **Building Materials – 0.8%** | **Building Materials – 0.8%** | **Building Materials – 0.8%** | **Building Materials – 0.8%** |
| Chamberlain Group Inc (1M USD LIBOR + 3.250%) | Chamberlain Group Inc (1M USD LIBOR + 3.250%) | Chamberlain Group Inc (1M USD LIBOR + 3.250%) | Chamberlain Group Inc (1M USD LIBOR + 3.250%) |
| 346500 | 7.634% | 11/03/28 | $325998 |
| Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 173837 | 8.230 | 12/22/28 | 159930 |
| (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) |
| 50000 | 11.480 | 12/21/29 | 44000 |
|  |  |  | 529928 |
| **Capital Goods - Others – 0.4%** | **Capital Goods - Others – 0.4%** | **Capital Goods - Others – 0.4%** | **Capital Goods - Others – 0.4%** |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 187716 | 8.480 | 05/19/28 | 181381 |
| (3M EURIBOR + 3.750%) | (3M EURIBOR + 3.750%) | (3M EURIBOR + 3.750%) | (3M EURIBOR + 3.750%) |
| 74063 | 5.952 | 05/21/28 | 74821 |
|  |  |  | 256202 |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) | Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) | Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) | Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) |
| 172906 | 8.730 | 09/15/28 | 165743 |
| **Commercial Services – 0.2%** | **Commercial Services – 0.2%** | **Commercial Services – 0.2%** | **Commercial Services – 0.2%** |
| Vaco Holdings LLC (3M SOFR CME + 5.000%) | Vaco Holdings LLC (3M SOFR CME + 5.000%) | Vaco Holdings LLC (3M SOFR CME + 5.000%) | Vaco Holdings LLC (3M SOFR CME + 5.000%) |
| 123750 | 9.730 | 01/21/29 | 118903 |
| **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** |
| DRW Holdings, LLC (1M USD LIBOR + 3.750%) | DRW Holdings, LLC (1M USD LIBOR + 3.750%) | DRW Holdings, LLC (1M USD LIBOR + 3.750%) | DRW Holdings, LLC (1M USD LIBOR + 3.750%) |
| 371250 | 8.134 | 03/01/28 | 360811 |
| Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) |
| 213677 | 11.230 | 12/10/27 | 211140 |
|  |  |  | 571951 |
| **Diversified Manufacturing – 0.3%** | **Diversified Manufacturing – 0.3%** | **Diversified Manufacturing – 0.3%** | **Diversified Manufacturing – 0.3%** |
| Apex Tool Group LLC (1M USD SOFR + 5.250%) | Apex Tool Group LLC (1M USD SOFR + 5.250%) | Apex Tool Group LLC (1M USD SOFR + 5.250%) | Apex Tool Group LLC (1M USD SOFR + 5.250%) |
| 223875 | 9.667 | 02/08/29 | 191097 |
| **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** |
| Sigma Bidco B.V. (6M USD LIBOR + 3.000%) | Sigma Bidco B.V. (6M USD LIBOR + 3.000%) | Sigma Bidco B.V. (6M USD LIBOR + 3.000%) | Sigma Bidco B.V. (6M USD LIBOR + 3.000%) |
| 49740 | 7.767 | 07/02/25 | 44884 |
| **Home Construction – 0.3%** | **Home Construction – 0.3%** | **Home Construction – 0.3%** | **Home Construction – 0.3%** |
| Packers Holdings LLC (3M USD LIBOR + 3.250%) | Packers Holdings LLC (3M USD LIBOR + 3.250%) | Packers Holdings LLC (3M USD LIBOR + 3.250%) | Packers Holdings LLC (3M USD LIBOR + 3.250%) |
| 245747 | 7.542 | 03/09/28 | 213955 |
| **Leisure Time – 0.3%** | **Leisure Time – 0.3%** | **Leisure Time – 0.3%** | **Leisure Time – 0.3%** |
| Arcis Golf LLC (1M USD LIBOR + 4.250%) | Arcis Golf LLC (1M USD LIBOR + 4.250%) | Arcis Golf LLC (1M USD LIBOR + 4.250%) | Arcis Golf LLC (1M USD LIBOR + 4.250%) |
| 173688 | 8.634 | 11/24/28 | 168911 |
| **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** |
| Clark Equipment Company (3M USD SOFR + 2.500%) | Clark Equipment Company (3M USD SOFR + 2.500%) | Clark Equipment Company (3M USD SOFR + 2.500%) | Clark Equipment Company (3M USD SOFR + 2.500%) |
| 24813 | 6.538 | 04/20/29 | 24433 |
| **Media - Cable – 0.3%** | **Media - Cable – 0.3%** | **Media - Cable – 0.3%** | **Media - Cable – 0.3%** |
| DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) |
| 199688 | 9.384 | 08/02/27 | 193988 |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) |
| 197500 | 8.056 | 10/12/28 | 182688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(c)(h)</sup> – (continued)** | **Bank Loans<sup>(c)(h)</sup> – (continued)** | **Bank Loans<sup>(c)(h)</sup> – (continued)** | **Bank Loans<sup>(c)(h)</sup> – (continued)** |
| **Packaging – 0.3%** | **Packaging – 0.3%** | **Packaging – 0.3%** | **Packaging – 0.3%** |
| LABL, Inc. (3M USD LIBOR + 5.000%) | LABL, Inc. (3M USD LIBOR + 5.000%) | LABL, Inc. (3M USD LIBOR + 5.000%) | LABL, Inc. (3M USD LIBOR + 5.000%) |
| 148500 | 9.384% | 10/29/28 | $140559 |
| Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) |
| 99000 | 8.073 | 10/02/28 | 78635 |
|  |  |  | 219194 |
| **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** |
| Centurion Pipeline Co. LLC (1M USD LIBOR + 4.000%) | Centurion Pipeline Co. LLC (1M USD LIBOR + 4.000%) | Centurion Pipeline Co. LLC (1M USD LIBOR + 4.000%) | Centurion Pipeline Co. LLC (1M USD LIBOR + 4.000%) |
| 86506 | 8.384 | 09/28/25 | 85100 |
| **Retailers – 0.6%** | **Retailers – 0.6%** | **Retailers – 0.6%** | **Retailers – 0.6%** |
| New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) |
| 168437 | 9.941 | 07/13/27 | 156647 |
| TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) |
| 310000 | 13.431 | 11/02/28 | 226300 |
|  |  |  | 382947 |
| **Retailing – 0.3%** | **Retailing – 0.3%** | **Retailing – 0.3%** | **Retailing – 0.3%** |
| RC Buyer, Inc. | RC Buyer, Inc. | RC Buyer, Inc. | RC Buyer, Inc. |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 148125 | 8.230 | 07/28/28 | 138035 |
| (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) |
| 50000 | 11.230 | 07/30/29 | 44833 |
|  |  |  | 182868 |
| **Technology - Software – 0.3%** | **Technology - Software – 0.3%** | **Technology - Software – 0.3%** | **Technology - Software – 0.3%** |
| Syndigo LLC (1M USD LIBOR + 4.500%) | Syndigo LLC (1M USD LIBOR + 4.500%) | Syndigo LLC (1M USD LIBOR + 4.500%) | Syndigo LLC (1M USD LIBOR + 4.500%) |
| 221062 | 8.839 | 12/15/27 | 198956 |
| **Technology - Software/Services – 0.9%** | **Technology - Software/Services – 0.9%** | **Technology - Software/Services – 0.9%** | **Technology - Software/Services – 0.9%** |
| DCert Buyer, Inc. (6M USD LIBOR + 7.000%) | DCert Buyer, Inc. (6M USD LIBOR + 7.000%) | DCert Buyer, Inc. (6M USD LIBOR + 7.000%) | DCert Buyer, Inc. (6M USD LIBOR + 7.000%) |
| 325000 | 11.696 | 02/19/29 | 295425 |
| Epicor Software Corp. (1M USD LIBOR + 7.750%) | Epicor Software Corp. (1M USD LIBOR + 7.750%) | Epicor Software Corp. (1M USD LIBOR + 7.750%) | Epicor Software Corp. (1M USD LIBOR + 7.750%) |
| 50000 | 12.134 | 07/31/28 | 49175 |
| Loyalty Ventures Inc (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (1M USD LIBOR + 4.500%) |
| 208125 | 8.884 <sup>(f)</sup> | 11/03/27 | 82730 |
| Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) |
| 193807 | 8.134 | 02/11/28 | 186539 |
|  |  |  | 613869 |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| Intelsat Jackson Holdings S.A. (6M SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (6M SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (6M SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (6M SOFR + 4.250%) |
| 329599 | 7.445 | 02/01/29 | 317592 |
| **Transportation Services – 0.2%** | **Transportation Services – 0.2%** | **Transportation Services – 0.2%** | **Transportation Services – 0.2%** |
| LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) |
| 197500 | 9.230 | 05/07/28 | 140636 |
| **TOTAL BANK LOANS<br>(Cost $6,528,279)** | **TOTAL BANK LOANS<br>(Cost $6,528,279)** | **TOTAL BANK LOANS<br>(Cost $6,528,279)** | $5904113 |
| **Sovereign Debt Obligations – 7.4%** | **Sovereign Debt Obligations – 7.4%** | **Sovereign Debt Obligations – 7.4%** | **Sovereign Debt Obligations – 7.4%** |
| **Euro – 2.1%** | **Euro – 2.1%** | **Euro – 2.1%** | **Euro – 2.1%** |
| Benin Government International Bond | Benin Government International Bond | Benin Government International Bond | Benin Government International Bond |
| 260000 | 4.875 %<sup>(a)</sup> | 01/19/32 | $214304 |
| Republic Of Cameroon | Republic Of Cameroon | Republic Of Cameroon | Republic Of Cameroon |
| 220000 | 5.950 <sup>(a)</sup> | 07/07/32 | 173504 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** |
| Republic of Egypt | Republic of Egypt | Republic of Egypt | Republic of Egypt |
| 200000 | 4.750% | 04/16/26 | $176624 |
| 200000 | 5.625 | 04/16/30 | 147187 |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 100000 | 1.100 | 03/12/33 | 77762 |
| Republic of Ivory Coast | Republic of Ivory Coast | Republic of Ivory Coast | Republic of Ivory Coast |
| 500000 | 4.875 <sup>(a)</sup> | 01/30/32 | 421255 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 30000 | 2.625 <sup>(a)</sup> | 12/02/40 | 17839 |
| Republic of Senegal | Republic of Senegal | Republic of Senegal | Republic of Senegal |
| 200000 | 5.375 <sup>(a)</sup> | 06/08/37 | 143440 |
|  |  |  | 1371915 |
| **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** |
| Republic of Ecuador<sup>(d)</sup>  | Republic of Ecuador<sup>(d)</sup>  | Republic of Ecuador<sup>(d)</sup>  | Republic of Ecuador<sup>(d)</sup>  |
| 34036 | 0.000 <sup>(a)</sup> | 07/31/30 | 13174 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 290000 | 2.875 | 03/11/29 | 256163 |
|  |  |  | 269337 |
| **United States Dollar – 4.9%** | **United States Dollar – 4.9%** | **United States Dollar – 4.9%** | **United States Dollar – 4.9%** |
| Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| 240000 | 4.875 <sup>(a)</sup> | 09/23/32 | 198420 |
| Morocco Government International Bond | Morocco Government International Bond | Morocco Government International Bond | Morocco Government International Bond |
| 310000 | 3.000 <sup>(a)</sup> | 12/15/32 | 244861 |
| National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan |
| 260000 | 4.850 | 10/21/25 | 234374 |
| Republic of Abu Dhabi | Republic of Abu Dhabi | Republic of Abu Dhabi | Republic of Abu Dhabi |
| 200000 | 3.875 <sup>(a)</sup> | 04/16/50 | 168537 |
| Republic of Argentina<sup>(b)</sup>  | Republic of Argentina<sup>(b)</sup>  | Republic of Argentina<sup>(b)</sup>  | Republic of Argentina<sup>(b)</sup>  |
| 13920 | 1.000 | 07/09/29 | 3689 |
| 455900 | 0.500 <sup>(i)</sup> | 07/09/30 | 123321 |
| Republic of Ecuador<sup>(a)(i)</sup>  | Republic of Ecuador<sup>(a)(i)</sup>  | Republic of Ecuador<sup>(a)(i)</sup>  | Republic of Ecuador<sup>(a)(i)</sup>  |
| 40000 | 5.500 | 07/31/30 | 25445 |
| 46400 | 1.500 | 07/31/40 | 18786 |
| Republic of Egypt | Republic of Egypt | Republic of Egypt | Republic of Egypt |
| 200000 | 8.875 <sup>(a)</sup> | 05/29/50 | 133250 |
| Republic of Lebanon<sup>(j)</sup>  | Republic of Lebanon<sup>(j)</sup>  | Republic of Lebanon<sup>(j)</sup>  | Republic of Lebanon<sup>(j)</sup>  |
| 10000 | 8.250 | 05/17/34 | 564 |
| 10000 | 6.750 | 11/29/27 | 568 |
| 10000 | 6.200 | 02/26/25 | 568 |
| 20000 | 6.850 | 05/25/29 | 1129 |
| 110000 | 6.650 | 02/26/30 | 6243 |
| Republic of Nigeria | Republic of Nigeria | Republic of Nigeria | Republic of Nigeria |
| 400000 | 7.625 | 11/21/25 | 366500 |
| Republic of Peru | Republic of Peru | Republic of Peru | Republic of Peru |
| 400000 | 2.783 <sup>(b)</sup> | 01/23/31 | 330700 |
| Republic of Turkey | Republic of Turkey | Republic of Turkey | Republic of Turkey |
| 200000 | 6.125 | 10/24/28 | 178037 |
| 200000 | 7.625 | 04/26/29 | 188750 |
| 200000 | 6.500 | 09/20/33 | 165600 |
| Republic of Uzbekistan | Republic of Uzbekistan | Republic of Uzbekistan | Republic of Uzbekistan |
| 200000 | 3.700 <sup>(a)</sup> | 11/25/30 | 166100 |
| Russian Federation Bond | Russian Federation Bond | Russian Federation Bond | Russian Federation Bond |
| 200000 | 4.750 | 05/27/26 | 62000 |
| Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond |
| 190000 | 7.750 | 09/01/25 | 42607 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
| 200000 | 7.750% | 09/01/26 | $42038 |
| 200000 | 7.750 | 09/01/28 | 42700 |
| United Mexican States | United Mexican States | United Mexican States | United Mexican States |
| 603000 | 3.500 <sup>(b)</sup> | 02/12/34 | 483907 |
|  |  |  | 3228694 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $7,145,492)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $7,145,492)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $7,145,492)** | $4869946 |
| **Asset-Backed Securities<sup>(a)(c)</sup> – 5.3%** | **Asset-Backed Securities<sup>(a)(c)</sup> – 5.3%** | **Asset-Backed Securities<sup>(a)(c)</sup> – 5.3%** | **Asset-Backed Securities<sup>(a)(c)</sup> – 5.3%** |
| **Collateralized Loan Obligations – 5.3%** | **Collateralized Loan Obligations – 5.3%** | **Collateralized Loan Obligations – 5.3%** | **Collateralized Loan Obligations – 5.3%** |
| Bain Capital Credit CLO Series 2019-1A, Class DR (3M USD | Bain Capital Credit CLO Series 2019-1A, Class DR (3M USD | Bain Capital Credit CLO Series 2019-1A, Class DR (3M USD | Bain Capital Credit CLO Series 2019-1A, Class DR (3M USD |
| &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 3.450%) |
| 175000 | 7.677% | 04/19/34 | $159884 |
| Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD | Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD | Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD | Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD |
| &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 4.280%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 4.280%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 4.280%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 4.280%) |
| 200000 | 8.359 | 01/15/32 | 176192 |
| Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR | Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR | Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR | Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.250%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.250%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.250%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.250%) |
| 600000 | 7.329 | 10/15/32 | 558129 |
| Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, | Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, | Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, | Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, |
| &nbsp;&nbsp;&nbsp;&nbsp; Class DR (3M USD LIBOR + 3.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Class DR (3M USD LIBOR + 3.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Class DR (3M USD LIBOR + 3.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Class DR (3M USD LIBOR + 3.250%) |
| 600000 | 7.493 | 04/20/31 | 561821 |
| Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, | Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, | Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, | Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D (TSFR3M + 3.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Class D (TSFR3M + 3.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Class D (TSFR3M + 3.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Class D (TSFR3M + 3.400%) |
| 650000 | 7.460 | 07/25/34 | 603362 |
| OCP CLO Ltd. Series 2022-24A, Class D (TSFR3M + 3.800%) | OCP CLO Ltd. Series 2022-24A, Class D (TSFR3M + 3.800%) | OCP CLO Ltd. Series 2022-24A, Class D (TSFR3M + 3.800%) | OCP CLO Ltd. Series 2022-24A, Class D (TSFR3M + 3.800%) |
| 700000 | 5.461 | 07/20/35 | 653011 |
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR + 3.720%) | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR + 3.720%) | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR + 3.720%) | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR + 3.720%) |
| 600000 | 7.914 | 04/18/36 | 524806 |
| Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD | Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD | Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD | Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD |
| &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 6.910%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 6.910%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 6.910%) | &nbsp;&nbsp;&nbsp;&nbsp; LIBOR + 6.910%) |
| 300000 | 11.104 | 01/18/35 | 258403 |
|  |  |  | 3495608 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,804,000)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,804,000)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,804,000)** | $3495608 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks<sup>(j)</sup> – 0.3%** | **Common Stocks<sup>(j)</sup> – 0.3%** | **Common Stocks<sup>(j)</sup> – 0.3%** | **Common Stocks<sup>(j)</sup> – 0.3%** |
| **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** |
| 4207 | Intelsat Emergence SA | Intelsat Emergence SA | $94657 |
| **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** |
| 6420 | Summit Midstream Partners LP | Summit Midstream Partners LP | 107086 |
| **TOTAL COMMON STOCKS**<br> **(Cost $357,099)** | **TOTAL COMMON STOCKS**<br> **(Cost $357,099)** | **TOTAL COMMON STOCKS**<br> **(Cost $357,099)** | $201743 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Units** | **Units** | **Expiration**<br> **Date** | **Expiration**<br> **Date** | **Value** |
| **Rights<sup>(j)</sup> – 0.0%** | **Rights<sup>(j)</sup> – 0.0%** | **Rights<sup>(j)</sup> – 0.0%** | **Rights<sup>(j)</sup> – 0.0%** | **Rights<sup>(j)</sup> – 0.0%** |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  | 440 | 12/05/25 | 12/05/25 | $2274 |
|  | 440 | 12/05/25 | 12/05/25 | 1870 |
| **TOTAL RIGHTS**<br> **(Cost $—)** | **TOTAL RIGHTS**<br> **(Cost $—)** | **TOTAL RIGHTS**<br> **(Cost $—)** |  | $4144 |
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations – 1.4%** | **U.S. Treasury Obligations – 1.4%** | **U.S. Treasury Obligations – 1.4%** | **U.S. Treasury Obligations – 1.4%** | **U.S. Treasury Obligations – 1.4%** |
|  United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |  |  |
|  $ | 920000 | 3.875% | 12/31/29 | $914556 |
| **(Cost $917,428)** | **(Cost $917,428)** | **(Cost $917,428)** |  |  |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(k)</sup> – 0.2%** | **Investment Company<sup>(k)</sup> – 0.2%** | **Investment Company<sup>(k)</sup> – 0.2%** | **Investment Company<sup>(k)</sup> – 0.2%** | **Investment Company<sup>(k)</sup> – 0.2%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 159585 | 4.159% | 4.159% | $159585 |
| **(Cost $159,585)** | **(Cost $159,585)** | **(Cost $159,585)** |  |  |
| **TOTAL INVESTMENTS – 117.1%<br>(Cost $88,848,490)** | **TOTAL INVESTMENTS – 117.1%<br>(Cost $88,848,490)** | **TOTAL INVESTMENTS – 117.1%<br>(Cost $88,848,490)** | **TOTAL INVESTMENTS – 117.1%<br>(Cost $88,848,490)** | $76980538 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (17.1)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (17.1)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (17.1)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (17.1)%** | (11257270) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $65723268 |

---

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

(e) Pay-in-kind securities.

(f) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(g) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $14,989,583 which represents approximately 22.8% of net assets as of December 31, 2022.

(h) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2022. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

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

(j) Security is currently in default and/or non-income producing.

(k) Represents an Affiliated Issuer.

------

GOLDMAN SACHS 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** |
|  JPMorgan Securities, Inc. | EUR 242,742 | USD 252,262 | 01/06/23 | $7692 |

---

**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** |
|  JPMorgan Securities, Inc. | USD | 4275271 | EUR | 4306710 | 01/06/23 | $(336808) |

---

**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 | 10 | 03/22/23 | $1122969 | $(8646) |
|  2 Year U.S. Treasury Notes | 33 | 03/31/23 | 6767578 | 6119 |
|  5 Year U.S. Treasury Notes | 35 | 03/31/23 | 3777539 | (13590) |
|  **Total** |  |  |  | $(16117) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (14) | 03/22/23 | (1655937) | 18251 |
|  20 Year U.S. Treasury Bonds | (11) | 03/22/23 | (1378781) | 15308 |
|  Ultra Long U.S. Treasury Bonds | (5) | 03/22/23 | (671563) | 10276 |
|  **Total** |  |  |  | $43835 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $27718 |

---

**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)<sup>(a)</sup>** | **Market**<br> **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.000%<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/15/26 | EUR 490 | $5489 | $(4274) | $9763 |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/15/27 | 150 | 1777 | (2155) | 3932 |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/15/28 | 880 | 11892 | (6006) | 17898 |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/15/30 | 850 | 12424 | (25264) | 37688 |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/15/33 | 750 | 14773 | (23516) | 38289 |
|  **TOTAL** |  |  | $46355 | $(61215) | $107570 |

---

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

(b) Payments made annually.

(c) Payments made semi-annually.

------

GOLDMAN SACHS INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing<br>Rate<br>Received/<br>(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:** | **Protection Sold:** |  |  |  |  |  |  |
|  CDX.NA.HY Index 34 | 5.000% | 3.900% | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $1180 | $(892) | $2072 |
|  CDX.NA.IG Index 33 | 1.000 | 0.628 | 12/20/24 | 1950 | 14330 | 17518 | (3188) |
|  CDX.NA.IG Index 34 | 1.000 | 0.724 | 06/20/25 | 15350 | 103639 | 93937 | 9702 |
|  **TOTAL** |  |  |  |  | $119149 | $110563 | $8586 |

---

(a) Payments made quarterly.

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| GNMA | — Government National Mortgage Association |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REMIC | — Real Estate Mortgage Investment Conduit |
| SOFR | — Secured Overnight Funding Rate |
| STACR | — Structured Agency Credit Risk |
| TSFR | — Term Secured Overnight Financing Rate |
| UMBS | — Uniform Mortgage Backed Securities |
| WR | — Withdrawn Rating |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.HY Index 34 | — CDX North America High Yield Index 34 |
| CDX.NA.IG Ind 33 | — CDX North America Investment Grade Index 33 |
| CDX.NA.IG Ind 34 | — CDX North America Investment Grade Index 34 |
| EURO | — Euro Offered Rate |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 52.5%** | **Corporate Obligations – 52.5%** | **Corporate Obligations – 52.5%** | **Corporate Obligations – 52.5%** |
| **Advertising – 0.9%** | **Advertising – 0.9%** | **Advertising – 0.9%** | **Advertising – 0.9%** |
| CMG Media Corp.(CCC+/Caa1)(a) | CMG Media Corp.(CCC+/Caa1)(a) | CMG Media Corp.(CCC+/Caa1)(a) | CMG Media Corp.(CCC+/Caa1)(a) |
| 97000 | 8.875 %<sup>(b)</sup> | 12/15/27 | $72983 |
| Lamar Media Corp.(BB/Ba3)(a) | Lamar Media Corp.(BB/Ba3)(a) | Lamar Media Corp.(BB/Ba3)(a) | Lamar Media Corp.(BB/Ba3)(a) |
| 177000 | 3.625 | 01/15/31 | 146448 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.(B+/B2)<sup>(a)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.(B+/B2)<sup>(a)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.(B+/B2)<sup>(a)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.(B+/B2)<sup>(a)</sup> |
| 46000 | 4.250 <sup>(b)</sup> | 01/15/29 | 38156 |
| 279000 | 4.625 <sup>(b)</sup> | 03/15/30 | 231375 |
|  |  |  | 488962 |
| **Aerospace & Defense<sup>(a)</sup> – 1.4%** | **Aerospace & Defense<sup>(a)</sup> – 1.4%** | **Aerospace & Defense<sup>(a)</sup> – 1.4%** | **Aerospace & Defense<sup>(a)</sup> – 1.4%** |
| Spirit AeroSystems, Inc.(CCC+/Caa1) | Spirit AeroSystems, Inc.(CCC+/Caa1) | Spirit AeroSystems, Inc.(CCC+/Caa1) | Spirit AeroSystems, Inc.(CCC+/Caa1) |
| 343000 | 4.600 | 06/15/28 | 277803 |
| TransDigm, Inc.(B-/B3) | TransDigm, Inc.(B-/B3) | TransDigm, Inc.(B-/B3) | TransDigm, Inc.(B-/B3) |
| 327000 | 4.625 | 01/15/29 | 287328 |
| Triumph Group, Inc.(CCC-/Caa3) | Triumph Group, Inc.(CCC-/Caa3) | Triumph Group, Inc.(CCC-/Caa3) | Triumph Group, Inc.(CCC-/Caa3) |
| 209000 | 7.750 | 08/15/25 | 177995 |
|  |  |  | 743126 |
| **Automotive – 1.6%** | **Automotive – 1.6%** | **Automotive – 1.6%** | **Automotive – 1.6%** |
| Allison Transmission, Inc.(NR/Ba2)(a) | Allison Transmission, Inc.(NR/Ba2)(a) | Allison Transmission, Inc.(NR/Ba2)(a) | Allison Transmission, Inc.(NR/Ba2)(a) |
| 282000 | 3.750 <sup>(b)</sup> | 01/30/31 | 232018 |
| Dana, Inc.(BB/B1)<sup>(a)</sup>  | Dana, Inc.(BB/B1)<sup>(a)</sup>  | Dana, Inc.(BB/B1)<sup>(a)</sup>  | Dana, Inc.(BB/B1)<sup>(a)</sup>  |
| 162000 | 5.625 | 06/15/28 | 147375 |
| 79000 | 4.250 | 09/01/30 | 63660 |
| Dealer Tire LLC/DT Issuer LLC(CCC/Caa1)(a) | Dealer Tire LLC/DT Issuer LLC(CCC/Caa1)(a) | Dealer Tire LLC/DT Issuer LLC(CCC/Caa1)(a) | Dealer Tire LLC/DT Issuer LLC(CCC/Caa1)(a) |
| 107000 | 8.000 <sup>(b)</sup> | 02/01/28 | 91175 |
| Ford Motor Co.(BB+/Ba2)(a) | Ford Motor Co.(BB+/Ba2)(a) | Ford Motor Co.(BB+/Ba2)(a) | Ford Motor Co.(BB+/Ba2)(a) |
| 319000 | 6.100 | 08/19/32 | 295541 |
| Real Hero Merger Sub 2, Inc.(CCC/Caa2)(a) | Real Hero Merger Sub 2, Inc.(CCC/Caa2)(a) | Real Hero Merger Sub 2, Inc.(CCC/Caa2)(a) | Real Hero Merger Sub 2, Inc.(CCC/Caa2)(a) |
| 23000 | 6.250 <sup>(b)</sup> | 02/01/29 | 15753 |
|  |  |  | 845522 |
| **Banks<sup>(a)(b)</sup> – 0.2%** | **Banks<sup>(a)(b)</sup> – 0.2%** | **Banks<sup>(a)(b)</sup> – 0.2%** | **Banks<sup>(a)(b)</sup> – 0.2%** |
| Freedom Mortgage Corp.(B/B2) | Freedom Mortgage Corp.(B/B2) | Freedom Mortgage Corp.(B/B2) | Freedom Mortgage Corp.(B/B2) |
| 139000 | 6.625 | 01/15/27 | 108584 |
| **Building Materials<sup>(b)</sup> – 1.0%** | **Building Materials<sup>(b)</sup> – 1.0%** | **Building Materials<sup>(b)</sup> – 1.0%** | **Building Materials<sup>(b)</sup> – 1.0%** |
| Builders FirstSource, Inc.(BB-/Ba2)(a) | Builders FirstSource, Inc.(BB-/Ba2)(a) | Builders FirstSource, Inc.(BB-/Ba2)(a) | Builders FirstSource, Inc.(BB-/Ba2)(a) |
| 293000 | 4.250 | 02/01/32 | 238540 |
| CP Atlas Buyer, Inc.(CCC/Caa2)(a) | CP Atlas Buyer, Inc.(CCC/Caa2)(a) | CP Atlas Buyer, Inc.(CCC/Caa2)(a) | CP Atlas Buyer, Inc.(CCC/Caa2)(a) |
| 137000 | 7.000 | 12/01/28 | 102564 |
| Standard Industries, Inc.(BB/B1)<sup>(a)</sup>  | Standard Industries, Inc.(BB/B1)<sup>(a)</sup>  | Standard Industries, Inc.(BB/B1)<sup>(a)</sup>  | Standard Industries, Inc.(BB/B1)<sup>(a)</sup>  |
| 96000 | 5.000 | 02/15/27 | 88793 |
| 95000 | 4.375 | 07/15/30 | 77820 |
|  |  |  | 507717 |
| **Chemicals<sup>(b)</sup> – 2.4%** | **Chemicals<sup>(b)</sup> – 2.4%** | **Chemicals<sup>(b)</sup> – 2.4%** | **Chemicals<sup>(b)</sup> – 2.4%** |
| Ashland LLC(BB+/Ba1)(a) | Ashland LLC(BB+/Ba1)(a) | Ashland LLC(BB+/Ba1)(a) | Ashland LLC(BB+/Ba1)(a) |
| 155000 | 3.375 | 09/01/31 | 123337 |
| Avient Corp.(BB-/Ba3)(a) | Avient Corp.(BB-/Ba3)(a) | Avient Corp.(BB-/Ba3)(a) | Avient Corp.(BB-/Ba3)(a) |
| 102000 | 7.125 | 08/01/30 | 100328 |
| Axalta Coating Systems LLC(BB-/B1)(a) | Axalta Coating Systems LLC(BB-/B1)(a) | Axalta Coating Systems LLC(BB-/B1)(a) | Axalta Coating Systems LLC(BB-/B1)(a) |
| 160000 | 3.375 | 02/15/29 | 132776 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.(BB-/B1)(a) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.(BB-/B1)(a) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.(BB-/B1)(a) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.(BB-/B1)(a) |
| 183000 | 4.750 | 06/15/27 | 169105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** |
| Diamond BC BV(B/Caa1)(a) | Diamond BC BV(B/Caa1)(a) | Diamond BC BV(B/Caa1)(a) | Diamond BC BV(B/Caa1)(a) |
| 30000 | 4.625% | 10/01/29 | $24070 |
| Element Solutions, Inc.(BB/B1)(a) | Element Solutions, Inc.(BB/B1)(a) | Element Solutions, Inc.(BB/B1)(a) | Element Solutions, Inc.(BB/B1)(a) |
| 147000 | 3.875 | 09/01/28 | 125476 |
| Ingevity Corp.(NR/Ba3)(a) | Ingevity Corp.(NR/Ba3)(a) | Ingevity Corp.(NR/Ba3)(a) | Ingevity Corp.(NR/Ba3)(a) |
| 256000 | 3.875 | 11/01/28 | 220838 |
| The Chemours Co.(BB/B1)<sup>(a)</sup>  | The Chemours Co.(BB/B1)<sup>(a)</sup>  | The Chemours Co.(BB/B1)<sup>(a)</sup>  | The Chemours Co.(BB/B1)<sup>(a)</sup>  |
| 155000 | 5.750 | 11/15/28 | 139178 |
| 222000 | 4.625 | 11/15/29 | 182042 |
| WR Grace Holdings LLC(CCC+/B3)(a) | WR Grace Holdings LLC(CCC+/B3)(a) | WR Grace Holdings LLC(CCC+/B3)(a) | WR Grace Holdings LLC(CCC+/B3)(a) |
| 58000 | 5.625 | 08/15/29 | 46923 |
|  |  |  | 1264073 |
| **Commercial Services<sup>(b)</sup> – 1.5%** | **Commercial Services<sup>(b)</sup> – 1.5%** | **Commercial Services<sup>(b)</sup> – 1.5%** | **Commercial Services<sup>(b)</sup> – 1.5%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.(CCC+/Caa1)(a) | Allied Universal Holdco LLC/Allied Universal Finance Corp.(CCC+/Caa1)(a) | Allied Universal Holdco LLC/Allied Universal Finance Corp.(CCC+/Caa1)(a) | Allied Universal Holdco LLC/Allied Universal Finance Corp.(CCC+/Caa1)(a) |
| 95000 | 6.000 | 06/01/29 | 69501 |
| APi Group DE, Inc.(B/B1)<sup>(a)</sup>  | APi Group DE, Inc.(B/B1)<sup>(a)</sup>  | APi Group DE, Inc.(B/B1)<sup>(a)</sup>  | APi Group DE, Inc.(B/B1)<sup>(a)</sup>  |
| 421000 | 4.125 | 07/15/29 | 355943 |
| 28000 | 4.750 | 10/15/29 | 24525 |
| APX Group, Inc.(CCC/Caa1)(a) | APX Group, Inc.(CCC/Caa1)(a) | APX Group, Inc.(CCC/Caa1)(a) | APX Group, Inc.(CCC/Caa1)(a) |
| 149000 | 5.750 | 07/15/29 | 123536 |
| Metis Merger Sub LLC(CCC/Caa2)(a) | Metis Merger Sub LLC(CCC/Caa2)(a) | Metis Merger Sub LLC(CCC/Caa2)(a) | Metis Merger Sub LLC(CCC/Caa2)(a) |
| 41000 | 6.500 | 05/15/29 | 34670 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(NR/Ba3)(a) | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(NR/Ba3)(a) | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(NR/Ba3)(a) | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(NR/Ba3)(a) |
| 175000 | 4.625 | 11/01/26 | 165081 |
|  |  |  | 773256 |
| **Computers<sup>(a)(b)</sup> – 0.3%** | **Computers<sup>(a)(b)</sup> – 0.3%** | **Computers<sup>(a)(b)</sup> – 0.3%** | **Computers<sup>(a)(b)</sup> – 0.3%** |
| Science Applications International Corp.(BB-/B1) | Science Applications International Corp.(BB-/B1) | Science Applications International Corp.(BB-/B1) | Science Applications International Corp.(BB-/B1) |
| 134000 | 4.875 | 04/01/28 | 124545 |
| Virtusa Corp.(CCC+/Caa2) | Virtusa Corp.(CCC+/Caa2) | Virtusa Corp.(CCC+/Caa2) | Virtusa Corp.(CCC+/Caa2) |
| 39000 | 7.125 | 12/15/28 | 29921 |
|  |  |  | 154466 |
| **Distribution & Wholesale<sup>(a)(b)</sup> – 1.0%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 1.0%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 1.0%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 1.0%** |
| American Builders & Contractors Supply Co., Inc.(B+/B1) | American Builders & Contractors Supply Co., Inc.(B+/B1) | American Builders & Contractors Supply Co., Inc.(B+/B1) | American Builders & Contractors Supply Co., Inc.(B+/B1) |
| 148000 | 3.875 | 11/15/29 | 120956 |
| BCPE Empire Holdings, Inc.(CCC/Caa2) | BCPE Empire Holdings, Inc.(CCC/Caa2) | BCPE Empire Holdings, Inc.(CCC/Caa2) | BCPE Empire Holdings, Inc.(CCC/Caa2) |
| 295000 | 7.625 | 05/01/27 | 264651 |
| H&E Equipment Services, Inc.(BB-/B2) | H&E Equipment Services, Inc.(BB-/B2) | H&E Equipment Services, Inc.(BB-/B2) | H&E Equipment Services, Inc.(BB-/B2) |
| 174000 | 3.875 | 12/15/28 | 148133 |
|  |  |  | 533740 |
| **Diversified Financial Services – 3.3%** | **Diversified Financial Services – 3.3%** | **Diversified Financial Services – 3.3%** | **Diversified Financial Services – 3.3%** |
| Castlelake Aviation Finance DAC(B+/B2)(a) | Castlelake Aviation Finance DAC(B+/B2)(a) | Castlelake Aviation Finance DAC(B+/B2)(a) | Castlelake Aviation Finance DAC(B+/B2)(a) |
| 116000 | 5.000 <sup>(b)</sup> | 04/15/27 | 100657 |
| Coinbase Global, Inc.(BB/Ba2)(a) | Coinbase Global, Inc.(BB/Ba2)(a) | Coinbase Global, Inc.(BB/Ba2)(a) | Coinbase Global, Inc.(BB/Ba2)(a) |
| 360000 | 3.375 <sup>(b)</sup> | 10/01/28 | 190184 |
| Global Aircraft Leasing Co. Ltd.(NR/B2)(a)(c) (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.(NR/B2)(a)(c) (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.(NR/B2)(a)(c) (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.(NR/B2)(a)(c) (PIK 7.250%, Cash 6.500%) |
| 101529 | 6.500 <sup>(b)</sup> | 09/15/24 | 86540 |
| Nationstar Mortgage Holdings, Inc.(B/B1)(a) | Nationstar Mortgage Holdings, Inc.(B/B1)(a) | Nationstar Mortgage Holdings, Inc.(B/B1)(a) | Nationstar Mortgage Holdings, Inc.(B/B1)(a) |
| 46000 | 5.125 <sup>(b)</sup> | 12/15/30 | 35372 |
| Navient Corp.(B+/Ba3)<sup>(a)</sup>  | Navient Corp.(B+/Ba3)<sup>(a)</sup>  | Navient Corp.(B+/Ba3)<sup>(a)</sup>  | Navient Corp.(B+/Ba3)<sup>(a)</sup>  |
| 219000 | 4.875 | 03/15/28 | 179771 |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES 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)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Navient Corp.(B+/Ba3)<sup>(a)</sup> – (continued) | Navient Corp.(B+/Ba3)<sup>(a)</sup> – (continued) | Navient Corp.(B+/Ba3)<sup>(a)</sup> – (continued) | Navient Corp.(B+/Ba3)<sup>(a)</sup> – (continued) |
| 218000 | 5.500% | 03/15/29 | $178780 |
| NFP Corp.(CCC+/Caa2)(a) | NFP Corp.(CCC+/Caa2)(a) | NFP Corp.(CCC+/Caa2)(a) | NFP Corp.(CCC+/Caa2)(a) |
| 224000 | 6.875 <sup>(b)</sup> | 08/15/28 | 185470 |
| PennyMac Financial Services, Inc.(B+/Ba3)(a) | PennyMac Financial Services, Inc.(B+/Ba3)(a) | PennyMac Financial Services, Inc.(B+/Ba3)(a) | PennyMac Financial Services, Inc.(B+/Ba3)(a) |
| 191000 | 5.750 <sup>(b)</sup> | 09/15/31 | 154721 |
| United Wholesale Mortgage LLC(NR/Ba3)<sup>(a)</sup>  | United Wholesale Mortgage LLC(NR/Ba3)<sup>(a)</sup>  | United Wholesale Mortgage LLC(NR/Ba3)<sup>(a)</sup>  | United Wholesale Mortgage LLC(NR/Ba3)<sup>(a)</sup>  |
| 122000 | 5.500 <sup>(b)</sup> | 11/15/25 | 110181 |
| 138000 | 5.500 <sup>(b)</sup> | 04/15/29 | 110018 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc.(B-/Caa1)<sup>(a)</sup>  | VistaJet Malta Finance PLC/XO Management Holding, Inc.(B-/Caa1)<sup>(a)</sup>  | VistaJet Malta Finance PLC/XO Management Holding, Inc.(B-/Caa1)<sup>(a)</sup>  | VistaJet Malta Finance PLC/XO Management Holding, Inc.(B-/Caa1)<sup>(a)</sup>  |
| 243000 | 7.875 <sup>(b)</sup> | 05/01/27 | 219910 |
| 235000 | 6.375 <sup>(b)</sup> | 02/01/30 | 188775 |
|  |  |  | 1740379 |
| **Electrical<sup>(b)</sup> – 0.8%** | **Electrical<sup>(b)</sup> – 0.8%** | **Electrical<sup>(b)</sup> – 0.8%** | **Electrical<sup>(b)</sup> – 0.8%** |
| NRG Energy, Inc.(BB+/Ba2)<sup>(a)</sup>  | NRG Energy, Inc.(BB+/Ba2)<sup>(a)</sup>  | NRG Energy, Inc.(BB+/Ba2)<sup>(a)</sup>  | NRG Energy, Inc.(BB+/Ba2)<sup>(a)</sup>  |
| 50000 | 3.375 | 02/15/29 | 40370 |
| 131000 | 3.625 | 02/15/31 | 100232 |
| Pike Corp.(CCC+/B3)(a) | Pike Corp.(CCC+/B3)(a) | Pike Corp.(CCC+/B3)(a) | Pike Corp.(CCC+/B3)(a) |
| 305000 | 5.500 | 09/01/28 | 266600 |
|  |  |  | 407202 |
| **Electrical Components & Equipment<sup>(b)</sup> – 0.8%** | **Electrical Components & Equipment<sup>(b)</sup> – 0.8%** | **Electrical Components & Equipment<sup>(b)</sup> – 0.8%** | **Electrical Components & Equipment<sup>(b)</sup> – 0.8%** |
| Energizer Holdings, Inc.(B/B2)<sup>(a)</sup>  | Energizer Holdings, Inc.(B/B2)<sup>(a)</sup>  | Energizer Holdings, Inc.(B/B2)<sup>(a)</sup>  | Energizer Holdings, Inc.(B/B2)<sup>(a)</sup>  |
| 52000 | 6.500 | 12/31/27 | 49600 |
| 237000 | 4.375 | 03/31/29 | 201457 |
| WESCO Distribution, Inc.(BB/Ba3)(a) | WESCO Distribution, Inc.(BB/Ba3)(a) | WESCO Distribution, Inc.(BB/Ba3)(a) | WESCO Distribution, Inc.(BB/Ba3)(a) |
| 178000 | 7.250 | 06/15/28 | 180465 |
|  |  |  | 431522 |
| **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** |
| Atkore, Inc.(BB/Ba2) | Atkore, Inc.(BB/Ba2) | Atkore, Inc.(BB/Ba2) | Atkore, Inc.(BB/Ba2) |
| 108000 | 4.250 | 06/01/31 | 93407 |
| Coherent Corp.(B+/B2) | Coherent Corp.(B+/B2) | Coherent Corp.(B+/B2) | Coherent Corp.(B+/B2) |
| 89000 | 5.000 | 12/15/29 | 77006 |
|  |  |  | 170413 |
| **Engineering & Construction<sup>(b)</sup> – 0.7%** | **Engineering & Construction<sup>(b)</sup> – 0.7%** | **Engineering & Construction<sup>(b)</sup> – 0.7%** | **Engineering & Construction<sup>(b)</sup> – 0.7%** |
| Global Infrastructure Solutions, Inc.(BB-/B1)<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.(BB-/B1)<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.(BB-/B1)<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.(BB-/B1)<sup>(a)</sup>  |
| 257000 | 5.625 | 06/01/29 | 200396 |
| 176000 | 7.500 | 04/15/32 | 141534 |
|  |  |  | 341930 |
| **Entertainment<sup>(a)(b)</sup> – 0.5%** | **Entertainment<sup>(a)(b)</sup> – 0.5%** | **Entertainment<sup>(a)(b)</sup> – 0.5%** | **Entertainment<sup>(a)(b)</sup> – 0.5%** |
| Boyne USA, Inc.(B/B1) | Boyne USA, Inc.(B/B1) | Boyne USA, Inc.(B/B1) | Boyne USA, Inc.(B/B1) |
| 120000 | 4.750 | 05/15/29 | 107442 |
| Caesars Entertainment, Inc.(B-/Caa1) | Caesars Entertainment, Inc.(B-/Caa1) | Caesars Entertainment, Inc.(B-/Caa1) | Caesars Entertainment, Inc.(B-/Caa1) |
| 88000 | 4.625 | 10/15/29 | 71562 |
| SeaWorld Parks & Entertainment, Inc.(B/B3) | SeaWorld Parks & Entertainment, Inc.(B/B3) | SeaWorld Parks & Entertainment, Inc.(B/B3) | SeaWorld Parks & Entertainment, Inc.(B/B3) |
| 115000 | 5.250 | 08/15/29 | 100307 |
|  |  |  | 279311 |
| **Environmental<sup>(a)(b)</sup> – 0.4%** | **Environmental<sup>(a)(b)</sup> – 0.4%** | **Environmental<sup>(a)(b)</sup> – 0.4%** | **Environmental<sup>(a)(b)</sup> – 0.4%** |
| GFL Environmental, Inc.(B-/B3) | GFL Environmental, Inc.(B-/B3) | GFL Environmental, Inc.(B-/B3) | GFL Environmental, Inc.(B-/B3) |
| 122000 | 4.375 | 08/15/29 | 103871 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Environmental<sup>(a)(b)</sup> – (continued)** | **Environmental<sup>(a)(b)</sup> – (continued)** | **Environmental<sup>(a)(b)</sup> – (continued)** | **Environmental<sup>(a)(b)</sup> – (continued)** |
| Stericycle, Inc.(BB-/NR) | Stericycle, Inc.(BB-/NR) | Stericycle, Inc.(BB-/NR) | Stericycle, Inc.(BB-/NR) |
| 138000 | 3.875% | 01/15/29 | $120468 |
|  |  |  | 224339 |
| **Food & Drug Retailing<sup>(b)</sup> – 1.0%** | **Food & Drug Retailing<sup>(b)</sup> – 1.0%** | **Food & Drug Retailing<sup>(b)</sup> – 1.0%** | **Food & Drug Retailing<sup>(b)</sup> – 1.0%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC(BB/Ba3)(a) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC(BB/Ba3)(a) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC(BB/Ba3)(a) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC(BB/Ba3)(a) |
| 197000 | 3.500 | 03/15/29 | 165192 |
| Performance Food Group, Inc.(BB-/B2)(a) | Performance Food Group, Inc.(BB-/B2)(a) | Performance Food Group, Inc.(BB-/B2)(a) | Performance Food Group, Inc.(BB-/B2)(a) |
| 93000 | 4.250 | 08/01/29 | 80565 |
| Post Holdings, Inc.(B+/B2)(a) | Post Holdings, Inc.(B+/B2)(a) | Post Holdings, Inc.(B+/B2)(a) | Post Holdings, Inc.(B+/B2)(a) |
| 51000 | 5.500 | 12/15/29 | 46205 |
| US Foods, Inc.(B+/B3)<sup>(a)</sup>  | US Foods, Inc.(B+/B3)<sup>(a)</sup>  | US Foods, Inc.(B+/B3)<sup>(a)</sup>  | US Foods, Inc.(B+/B3)<sup>(a)</sup>  |
| 176000 | 4.750 | 02/15/29 | 156290 |
| 84000 | 4.625 | 06/01/30 | 74225 |
|  |  |  | 522477 |
| **Forest Products&Paper<sup>(a)(b)</sup> – 0.4%** | **Forest Products&Paper<sup>(a)(b)</sup> – 0.4%** | **Forest Products&Paper<sup>(a)(b)</sup> – 0.4%** | **Forest Products&Paper<sup>(a)(b)</sup> – 0.4%** |
| Clearwater Paper Corp.(BB-/Ba3) | Clearwater Paper Corp.(BB-/Ba3) | Clearwater Paper Corp.(BB-/Ba3) | Clearwater Paper Corp.(BB-/Ba3) |
| 138000 | 4.750 | 08/15/28 | 121742 |
| Glatfelter Corp.(CCC/Caa2) | Glatfelter Corp.(CCC/Caa2) | Glatfelter Corp.(CCC/Caa2) | Glatfelter Corp.(CCC/Caa2) |
| 122000 | 4.750 | 11/15/29 | 74084 |
|  |  |  | 195826 |
| **Gaming<sup>(a)(b)</sup> – 0.2%** | **Gaming<sup>(a)(b)</sup> – 0.2%** | **Gaming<sup>(a)(b)</sup> – 0.2%** | **Gaming<sup>(a)(b)</sup> – 0.2%** |
| Boyd Gaming Corp.(BB/B3) | Boyd Gaming Corp.(BB/B3) | Boyd Gaming Corp.(BB/B3) | Boyd Gaming Corp.(BB/B3) |
| 130000 | 4.750 | 06/15/31 | 113148 |
| **Healthcare Providers & Services<sup>(a)</sup> – 0.7%** | **Healthcare Providers & Services<sup>(a)</sup> – 0.7%** | **Healthcare Providers & Services<sup>(a)</sup> – 0.7%** | **Healthcare Providers & Services<sup>(a)</sup> – 0.7%** |
| Encompass Health Corp.(B+/B1) | Encompass Health Corp.(B+/B1) | Encompass Health Corp.(B+/B1) | Encompass Health Corp.(B+/B1) |
| 182000 | 4.500 | 02/01/28 | 165230 |
| Medline Borrower LP(B-/Caa1) | Medline Borrower LP(B-/Caa1) | Medline Borrower LP(B-/Caa1) | Medline Borrower LP(B-/Caa1) |
| 210000 | 5.250 <sup>(b)</sup> | 10/01/29 | 166904 |
| Surgery Center Holdings, Inc.(CCC/Caa2) | Surgery Center Holdings, Inc.(CCC/Caa2) | Surgery Center Holdings, Inc.(CCC/Caa2) | Surgery Center Holdings, Inc.(CCC/Caa2) |
| 20000 | 6.750 <sup>(b)</sup> | 07/01/25 | 19822 |
|  |  |  | 351956 |
| **Home Builders – 1.4%** | **Home Builders – 1.4%** | **Home Builders – 1.4%** | **Home Builders – 1.4%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co.(B+/B1)(a) | Ashton Woods USA LLC/Ashton Woods Finance Co.(B+/B1)(a) | Ashton Woods USA LLC/Ashton Woods Finance Co.(B+/B1)(a) | Ashton Woods USA LLC/Ashton Woods Finance Co.(B+/B1)(a) |
| 85000 | 4.625 <sup>(b)</sup> | 04/01/30 | 68806 |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC(B+/B1)(a) | Brookfield Residential Properties, Inc./Brookfield Residential US LLC(B+/B1)(a) | Brookfield Residential Properties, Inc./Brookfield Residential US LLC(B+/B1)(a) | Brookfield Residential Properties, Inc./Brookfield Residential US LLC(B+/B1)(a) |
| 181000 | 4.875 <sup>(b)</sup> | 02/15/30 | 141341 |
| Century Communities, Inc.(BB-/Ba2)(a) | Century Communities, Inc.(BB-/Ba2)(a) | Century Communities, Inc.(BB-/Ba2)(a) | Century Communities, Inc.(BB-/Ba2)(a) |
| 220000 | 3.875 <sup>(b)</sup> | 08/15/29 | 172922 |
| KB Home(BB/Ba2)(a) | KB Home(BB/Ba2)(a) | KB Home(BB/Ba2)(a) | KB Home(BB/Ba2)(a) |
| 82000 | 7.250 | 07/15/30 | 79634 |
| LGI Homes, Inc.(BB-/Ba2)(a) | LGI Homes, Inc.(BB-/Ba2)(a) | LGI Homes, Inc.(BB-/Ba2)(a) | LGI Homes, Inc.(BB-/Ba2)(a) |
| 108000 | 4.000 <sup>(b)</sup> | 07/15/29 | 83347 |
| Tri Pointe Homes, Inc.(BB-/Ba2)<sup>(a)</sup>  | Tri Pointe Homes, Inc.(BB-/Ba2)<sup>(a)</sup>  | Tri Pointe Homes, Inc.(BB-/Ba2)<sup>(a)</sup>  | Tri Pointe Homes, Inc.(BB-/Ba2)<sup>(a)</sup>  |
| 144000 | 5.250 | 06/01/27 | 128534 |
| 32000 | 5.700 | 06/15/28 | 29142 |
|  |  |  | 703726 |
| **Household Products<sup>(a)(b)</sup> – 0.5%** | **Household Products<sup>(a)(b)</sup> – 0.5%** | **Household Products<sup>(a)(b)</sup> – 0.5%** | **Household Products<sup>(a)(b)</sup> – 0.5%** |
| Spectrum Brands, Inc.(B/B2) | Spectrum Brands, Inc.(B/B2) | Spectrum Brands, Inc.(B/B2) | Spectrum Brands, Inc.(B/B2) |
| 315000 | 3.875 | 03/15/31 | 246273 |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES 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)** |
| **Insurance<sup>(a)(b)</sup> – 0.5%** | **Insurance<sup>(a)(b)</sup> – 0.5%** | **Insurance<sup>(a)(b)</sup> – 0.5%** | **Insurance<sup>(a)(b)</sup> – 0.5%** |
| Acrisure LLC/Acrisure Finance, Inc.(CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.(CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.(CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.(CCC+/Caa2) |
| 90000 | 6.000% | 08/01/29 | $72431 |
| AssuredPartners, Inc.(CCC+/Caa2) | AssuredPartners, Inc.(CCC+/Caa2) | AssuredPartners, Inc.(CCC+/Caa2) | AssuredPartners, Inc.(CCC+/Caa2) |
| 24000 | 5.625 | 01/15/29 | 19939 |
| HUB International Ltd.(CCC+/Caa2) | HUB International Ltd.(CCC+/Caa2) | HUB International Ltd.(CCC+/Caa2) | HUB International Ltd.(CCC+/Caa2) |
| 164000 | 7.000 | 05/01/26 | 160984 |
|  |  |  | 253354 |
| **Internet<sup>(b)</sup> – 3.2%** | **Internet<sup>(b)</sup> – 3.2%** | **Internet<sup>(b)</sup> – 3.2%** | **Internet<sup>(b)</sup> – 3.2%** |
| Arches Buyer, Inc.(CCC+/Caa1)(a) | Arches Buyer, Inc.(CCC+/Caa1)(a) | Arches Buyer, Inc.(CCC+/Caa1)(a) | Arches Buyer, Inc.(CCC+/Caa1)(a) |
| 30000 | 6.125 | 12/01/28 | 24073 |
| Endurance International Group Holdings, Inc.(CCC+/Caa2)(a) | Endurance International Group Holdings, Inc.(CCC+/Caa2)(a) | Endurance International Group Holdings, Inc.(CCC+/Caa2)(a) | Endurance International Group Holdings, Inc.(CCC+/Caa2)(a) |
| 100000 | 6.000 | 02/15/29 | 65088 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.(BB-/Ba3)(a) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.(BB-/Ba3)(a) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.(BB-/Ba3)(a) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.(BB-/Ba3)(a) |
| 248000 | 3.500 | 03/01/29 | 209213 |
| GrubHub Holdings, Inc.(B-/B3)(a) | GrubHub Holdings, Inc.(B-/B3)(a) | GrubHub Holdings, Inc.(B-/B3)(a) | GrubHub Holdings, Inc.(B-/B3)(a) |
| 609000 | 5.500 | 07/01/27 | 441135 |
| Match Group Holdings II LLC(BB/Ba3)<sup>(a)</sup>  | Match Group Holdings II LLC(BB/Ba3)<sup>(a)</sup>  | Match Group Holdings II LLC(BB/Ba3)<sup>(a)</sup>  | Match Group Holdings II LLC(BB/Ba3)<sup>(a)</sup>  |
| 242000 | 4.625 | 06/01/28 | 216425 |
| 590000 | 4.125 | 08/01/30 | 482172 |
| Uber Technologies, Inc.(B-/B2)<sup>(a)</sup>  | Uber Technologies, Inc.(B-/B2)<sup>(a)</sup>  | Uber Technologies, Inc.(B-/B2)<sup>(a)</sup>  | Uber Technologies, Inc.(B-/B2)<sup>(a)</sup>  |
| 135000 | 6.250 | 01/15/28 | 130063 |
| 147000 | 4.500 | 08/15/29 | 128158 |
|  |  |  | 1696327 |
| **Leisure Time<sup>(b)</sup> – 1.4%** | **Leisure Time<sup>(b)</sup> – 1.4%** | **Leisure Time<sup>(b)</sup> – 1.4%** | **Leisure Time<sup>(b)</sup> – 1.4%** |
| Carnival Corp.(B/B3)<sup>(a)</sup>  | Carnival Corp.(B/B3)<sup>(a)</sup>  | Carnival Corp.(B/B3)<sup>(a)</sup>  | Carnival Corp.(B/B3)<sup>(a)</sup>  |
| 111000 | 7.625 | 03/01/26 | 88654 |
| 92000 | 5.750 | 03/01/27 | 65641 |
| 186000 | 6.000 | 05/01/29 | 124635 |
| MajorDrive Holdings IV LLC(CCC+/Caa2)(a) | MajorDrive Holdings IV LLC(CCC+/Caa2)(a) | MajorDrive Holdings IV LLC(CCC+/Caa2)(a) | MajorDrive Holdings IV LLC(CCC+/Caa2)(a) |
| 90000 | 6.375 | 06/01/29 | 67214 |
| NCL Corp. Ltd.(B-/Caa1)<sup>(a)</sup>  | NCL Corp. Ltd.(B-/Caa1)<sup>(a)</sup>  | NCL Corp. Ltd.(B-/Caa1)<sup>(a)</sup>  | NCL Corp. Ltd.(B-/Caa1)<sup>(a)</sup>  |
| 71000 | 3.625 | 12/15/24 | 60804 |
| 18000 | 5.875 | 03/15/26 | 14167 |
| NCL Finance Ltd.(B-/Caa1)(a) | NCL Finance Ltd.(B-/Caa1)(a) | NCL Finance Ltd.(B-/Caa1)(a) | NCL Finance Ltd.(B-/Caa1)(a) |
| 105000 | 6.125 | 03/15/28 | 77948 |
| Royal Caribbean Cruises Ltd.(B/B3)<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.(B/B3)<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.(B/B3)<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.(B/B3)<sup>(a)</sup>  |
| 157000 | 4.250 | 07/01/26 | 127121 |
| 143000 | 5.500 | 04/01/28 | 114230 |
|  |  |  | 740414 |
| **Lodging<sup>(b)</sup> – 0.5%** | **Lodging<sup>(b)</sup> – 0.5%** | **Lodging<sup>(b)</sup> – 0.5%** | **Lodging<sup>(b)</sup> – 0.5%** |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(B/B2)<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(B/B2)<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(B/B2)<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(B/B2)<sup>(a)</sup>  |
| 139000 | 5.000 | 06/01/29 | 120670 |
| 193000 | 4.875 | 07/01/31 | 157961 |
|  |  |  | 278631 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 0.7%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.7%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.7%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.7%** |
| Titan Acquisition Ltd./Titan Co-Borrower LLC(CCC/Caa2) | Titan Acquisition Ltd./Titan Co-Borrower LLC(CCC/Caa2) | Titan Acquisition Ltd./Titan Co-Borrower LLC(CCC/Caa2) | Titan Acquisition Ltd./Titan Co-Borrower LLC(CCC/Caa2) |
| 419000 | 7.750 | 04/15/26 | 378361 |
| **Media – 6.2%** | **Media – 6.2%** | **Media – 6.2%** | **Media – 6.2%** |
| Cable One, Inc.(BB-/B2) | Cable One, Inc.(BB-/B2) | Cable One, Inc.(BB-/B2) | Cable One, Inc.(BB-/B2) |
| 256000 | 4.000 <sup>(a)(b)</sup> | 11/15/30 | 199442 |
| CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) |
| 420000 | 4.750 <sup>(a)(b)</sup> | 03/01/30 | 362750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) – (continued) | CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) – (continued) | CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) – (continued) | CCO Holdings LLC/CCO Holdings Capital Corp.(BB-/B1) – (continued) |
| 141000 | 4.250 %<sup>(b)</sup> | 02/01/31 | $113206 |
| 320000 | 4.250 <sup>(a)(b)</sup> | 01/15/34 | 236634 |
| CSC Holdings LLC(B-/Caa1) | CSC Holdings LLC(B-/Caa1) | CSC Holdings LLC(B-/Caa1) | CSC Holdings LLC(B-/Caa1) |
| 303000 | 5.750 <sup>(a)(b)</sup> | 01/15/30 | 171322 |
| 369000 | 4.625 <sup>(a)(b)</sup> | 12/01/30 | 203057 |
| DISH DBS Corp.(B/B3) | DISH DBS Corp.(B/B3) | DISH DBS Corp.(B/B3) | DISH DBS Corp.(B/B3) |
| 364000 | 7.375 <sup>(a)</sup> | 07/01/28 | 257275 |
| 161000 | 5.125 | 06/01/29 | 103863 |
| GCI LLC(B/B3) | GCI LLC(B/B3) | GCI LLC(B/B3) | GCI LLC(B/B3) |
| 190000 | 4.750 <sup>(a)(b)</sup> | 10/15/28 | 161648 |
| Gray Television, Inc.(B/B3) | Gray Television, Inc.(B/B3) | Gray Television, Inc.(B/B3) | Gray Television, Inc.(B/B3) |
| 273000 | 4.750 <sup>(a)(b)</sup> | 10/15/30 | 197529 |
| iHeartCommunications, Inc.(B-/Caa1) | iHeartCommunications, Inc.(B-/Caa1) | iHeartCommunications, Inc.(B-/Caa1) | iHeartCommunications, Inc.(B-/Caa1) |
| 154113 | 8.375 <sup>(a)</sup> | 05/01/27 | 131258 |
| Nexstar Media, Inc.(B+/B2) | Nexstar Media, Inc.(B+/B2) | Nexstar Media, Inc.(B+/B2) | Nexstar Media, Inc.(B+/B2) |
| 261000 | 4.750 <sup>(a)(b)</sup> | 11/01/28 | 226115 |
| Sirius XM Radio, Inc.(BB/Ba3)<sup>(a)(b)</sup>  | Sirius XM Radio, Inc.(BB/Ba3)<sup>(a)(b)</sup>  | Sirius XM Radio, Inc.(BB/Ba3)<sup>(a)(b)</sup>  | Sirius XM Radio, Inc.(BB/Ba3)<sup>(a)(b)</sup>  |
| 202000 | 4.125 | 07/01/30 | 166880 |
| 152000 | 3.875 | 09/01/31 | 120101 |
| TEGNA, Inc.(BB/Ba3)(a) | TEGNA, Inc.(BB/Ba3)(a) | TEGNA, Inc.(BB/Ba3)(a) | TEGNA, Inc.(BB/Ba3)(a) |
| 475000 | 5.000 | 09/15/29 | 449673 |
| Ziggo Bond Co. B.V.(B-/B3) | Ziggo Bond Co. B.V.(B-/B3) | Ziggo Bond Co. B.V.(B-/B3) | Ziggo Bond Co. B.V.(B-/B3) |
| 200000 | 5.125 <sup>(a)(b)</sup> | 02/28/30 | 162252 |
|  |  |  | 3263005 |
| **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.3%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.3%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.3%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.3%** |
| Roller Bearing Co of America, Inc.(B+/B2) | Roller Bearing Co of America, Inc.(B+/B2) | Roller Bearing Co of America, Inc.(B+/B2) | Roller Bearing Co of America, Inc.(B+/B2) |
| 170000 | 4.375 | 10/15/29 | 146967 |
| **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** |
| Hillenbrand, Inc.(BB+/Ba1) | Hillenbrand, Inc.(BB+/Ba1) | Hillenbrand, Inc.(BB+/Ba1) | Hillenbrand, Inc.(BB+/Ba1) |
| 498000 | 3.750 | 03/01/31 | 410636 |
| **Oil Field Services – 4.1%** | **Oil Field Services – 4.1%** | **Oil Field Services – 4.1%** | **Oil Field Services – 4.1%** |
| Archrock Partners LP/Archrock Partners Finance Corp.(B+/ B2)(a) | Archrock Partners LP/Archrock Partners Finance Corp.(B+/ B2)(a) | Archrock Partners LP/Archrock Partners Finance Corp.(B+/ B2)(a) | Archrock Partners LP/Archrock Partners Finance Corp.(B+/ B2)(a) |
| 157000 | 6.250 <sup>(b)</sup> | 04/01/28 | 144299 |
| California Resources Corp.(BB-/B2)(a) | California Resources Corp.(BB-/B2)(a) | California Resources Corp.(BB-/B2)(a) | California Resources Corp.(BB-/B2)(a) |
| 164000 | 7.125 <sup>(b)</sup> | 02/01/26 | 156438 |
| Callon Petroleum Co.(B+/B3)(a) | Callon Petroleum Co.(B+/B3)(a) | Callon Petroleum Co.(B+/B3)(a) | Callon Petroleum Co.(B+/B3)(a) |
| 77000 | 7.500 <sup>(b)</sup> | 06/15/30 | 70687 |
| CNX Resources Corp.(BB/B1)<sup>(a)</sup>  | CNX Resources Corp.(BB/B1)<sup>(a)</sup>  | CNX Resources Corp.(BB/B1)<sup>(a)</sup>  | CNX Resources Corp.(BB/B1)<sup>(a)</sup>  |
| 77000 | 6.000 <sup>(b)</sup> | 01/15/29 | 71070 |
| 90000 | 7.375 <sup>(b)</sup> | 01/15/31 | 86355 |
| CrownRock LP/CrownRock Finance, Inc.(BB-/B1)(a) | CrownRock LP/CrownRock Finance, Inc.(BB-/B1)(a) | CrownRock LP/CrownRock Finance, Inc.(BB-/B1)(a) | CrownRock LP/CrownRock Finance, Inc.(BB-/B1)(a) |
| 84000 | 5.000 <sup>(b)</sup> | 05/01/29 | 75298 |
| MEG Energy Corp.(BB-/B2)(a) | MEG Energy Corp.(BB-/B2)(a) | MEG Energy Corp.(BB-/B2)(a) | MEG Energy Corp.(BB-/B2)(a) |
| 80000 | 5.875 <sup>(b)</sup> | 02/01/29 | 75479 |
| Nabors Industries, Inc.(B/B1)(a) | Nabors Industries, Inc.(B/B1)(a) | Nabors Industries, Inc.(B/B1)(a) | Nabors Industries, Inc.(B/B1)(a) |
| 144000 | 7.375 <sup>(b)</sup> | 05/15/27 | 141097 |
| Nabors Industries, Ltd.(CCC/B3)(a) | Nabors Industries, Ltd.(CCC/B3)(a) | Nabors Industries, Ltd.(CCC/B3)(a) | Nabors Industries, Ltd.(CCC/B3)(a) |
| 332000 | 7.500 <sup>(b)</sup> | 01/15/28 | 302575 |
| Range Resources Corp.(BB/Ba3)(a) | Range Resources Corp.(BB/Ba3)(a) | Range Resources Corp.(BB/Ba3)(a) | Range Resources Corp.(BB/Ba3)(a) |
| 47000 | 4.750 <sup>(b)</sup> | 02/15/30 | 41581 |
| Southwestern Energy Co.(BB+/NR)(a) | Southwestern Energy Co.(BB+/NR)(a) | Southwestern Energy Co.(BB+/NR)(a) | Southwestern Energy Co.(BB+/NR)(a) |
| 229000 | 5.375 | 02/01/29 | 212107 |
| Southwestern Energy Co.(BB+/Ba2)<sup>(a)</sup>  | Southwestern Energy Co.(BB+/Ba2)<sup>(a)</sup>  | Southwestern Energy Co.(BB+/Ba2)<sup>(a)</sup>  | Southwestern Energy Co.(BB+/Ba2)<sup>(a)</sup>  |
| 135000 | 5.375 | 03/15/30 | 122773 |
| 67000 | 4.750 | 02/01/32 | 57207 |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES 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)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Sunoco LP/Sunoco Finance Corp.(BB/Ba3)(a) | Sunoco LP/Sunoco Finance Corp.(BB/Ba3)(a) | Sunoco LP/Sunoco Finance Corp.(BB/Ba3)(a) | Sunoco LP/Sunoco Finance Corp.(BB/Ba3)(a) |
| 194000 | 4.500% | 04/30/30 | $168471 |
| TechnipFMC PLC(BB+/Ba1)(a) | TechnipFMC PLC(BB+/Ba1)(a) | TechnipFMC PLC(BB+/Ba1)(a) | TechnipFMC PLC(BB+/Ba1)(a) |
| 188000 | 6.500 <sup>(b)</sup> | 02/01/26 | 183678 |
| Transocean, Inc.(CCC+/Caa1)(a) | Transocean, Inc.(CCC+/Caa1)(a) | Transocean, Inc.(CCC+/Caa1)(a) | Transocean, Inc.(CCC+/Caa1)(a) |
| 207000 | 11.500 <sup>(b)</sup> | 01/30/27 | 207904 |
|  |  |  | 2117019 |
| **Other Secured Debt Obligations – 0.2%** | **Other Secured Debt Obligations – 0.2%** | **Other Secured Debt Obligations – 0.2%** | **Other Secured Debt Obligations – 0.2%** |
| Cinemark Holdings, Inc.(NR/NR) | Cinemark Holdings, Inc.(NR/NR) | Cinemark Holdings, Inc.(NR/NR) | Cinemark Holdings, Inc.(NR/NR) |
| 100000 | 4.500 | 08/15/25 | 95508 |
| **Packaging – 1.7%** | **Packaging – 1.7%** | **Packaging – 1.7%** | **Packaging – 1.7%** |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(B-/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(B-/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(B-/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(B-/Caa1) |
| 725000 | 5.250 <sup>(a)(b)</sup> | 08/15/27 | 546730 |
| Ball Corp.(BB+/Ba1) | Ball Corp.(BB+/Ba1) | Ball Corp.(BB+/Ba1) | Ball Corp.(BB+/Ba1) |
| 115000 | 6.875 | 03/15/28 | 118212 |
| Trident TPI Holdings, Inc.(CCC+/Caa2) | Trident TPI Holdings, Inc.(CCC+/Caa2) | Trident TPI Holdings, Inc.(CCC+/Caa2) | Trident TPI Holdings, Inc.(CCC+/Caa2) |
| 253000 | 9.250 <sup>(a)(b)</sup> | 08/01/24 | 240663 |
|  |  |  | 905605 |
| **Pharmaceuticals<sup>(b)</sup> – 1.0%** | **Pharmaceuticals<sup>(b)</sup> – 1.0%** | **Pharmaceuticals<sup>(b)</sup> – 1.0%** | **Pharmaceuticals<sup>(b)</sup> – 1.0%** |
| AdaptHealth LLC(B/B1)<sup>(a)</sup>  | AdaptHealth LLC(B/B1)<sup>(a)</sup>  | AdaptHealth LLC(B/B1)<sup>(a)</sup>  | AdaptHealth LLC(B/B1)<sup>(a)</sup>  |
| 84000 | 6.125 | 08/01/28 | 77666 |
| 38000 | 4.625 | 08/01/29 | 31851 |
| 49000 | 5.125 | 03/01/30 | 41705 |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV(BB-/B1)(a) | Organon & Co./Organon Foreign Debt Co.-Issuer BV(BB-/B1)(a) | Organon & Co./Organon Foreign Debt Co.-Issuer BV(BB-/B1)(a) | Organon & Co./Organon Foreign Debt Co.-Issuer BV(BB-/B1)(a) |
| 200000 | 5.125 | 04/30/31 | 173244 |
| Prestige Brands, Inc.(BB-/B2)<sup>(a)</sup>  | Prestige Brands, Inc.(BB-/B2)<sup>(a)</sup>  | Prestige Brands, Inc.(BB-/B2)<sup>(a)</sup>  | Prestige Brands, Inc.(BB-/B2)<sup>(a)</sup>  |
| 96000 | 5.125 | 01/15/28 | 90679 |
| 105000 | 3.750 | 04/01/31 | 86850 |
|  |  |  | 501995 |
| **Pipelines – 2.8%** | **Pipelines – 2.8%** | **Pipelines – 2.8%** | **Pipelines – 2.8%** |
| Cheniere Energy Partners LP(BBB-/Ba1)(a) | Cheniere Energy Partners LP(BBB-/Ba1)(a) | Cheniere Energy Partners LP(BBB-/Ba1)(a) | Cheniere Energy Partners LP(BBB-/Ba1)(a) |
| 200000 | 4.500 | 10/01/29 | 180004 |
| DT Midstream, Inc.(BB+/Ba2)(a) | DT Midstream, Inc.(BB+/Ba2)(a) | DT Midstream, Inc.(BB+/Ba2)(a) | DT Midstream, Inc.(BB+/Ba2)(a) |
| 210000 | 4.375 <sup>(b)</sup> | 06/15/31 | 175636 |
| EQM Midstream Partners LP(BB-/Ba3)(a) | EQM Midstream Partners LP(BB-/Ba3)(a) | EQM Midstream Partners LP(BB-/Ba3)(a) | EQM Midstream Partners LP(BB-/Ba3)(a) |
| 164000 | 7.500 <sup>(b)</sup> | 06/01/27 | 160667 |
| Global Partners LP/GLP Finance Corp.(B+/B2)(a) | Global Partners LP/GLP Finance Corp.(B+/B2)(a) | Global Partners LP/GLP Finance Corp.(B+/B2)(a) | Global Partners LP/GLP Finance Corp.(B+/B2)(a) |
| 124000 | 6.875 | 01/15/29 | 112309 |
| Hess Midstream Operations LP(BB+/Ba2)<sup>(a)</sup>  | Hess Midstream Operations LP(BB+/Ba2)<sup>(a)</sup>  | Hess Midstream Operations LP(BB+/Ba2)<sup>(a)</sup>  | Hess Midstream Operations LP(BB+/Ba2)<sup>(a)</sup>  |
| 74000 | 4.250 <sup>(b)</sup> | 02/15/30 | 63458 |
| 48000 | 5.500 <sup>(b)</sup> | 10/15/30 | 44144 |
| Howard Midstream Energy Partners LLC(B/B3)(a) | Howard Midstream Energy Partners LLC(B/B3)(a) | Howard Midstream Energy Partners LLC(B/B3)(a) | Howard Midstream Energy Partners LLC(B/B3)(a) |
| 79000 | 6.750 <sup>(b)</sup> | 01/15/27 | 76342 |
| Kinetik Holdings LP(BB+/Ba1)(a) | Kinetik Holdings LP(BB+/Ba1)(a) | Kinetik Holdings LP(BB+/Ba1)(a) | Kinetik Holdings LP(BB+/Ba1)(a) |
| 231000 | 5.875 <sup>(b)</sup> | 06/15/30 | 216482 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(BB-/B1)<sup>(a)</sup>  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(BB-/B1)<sup>(a)</sup>  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(BB-/B1)<sup>(a)</sup>  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(BB-/B1)<sup>(a)</sup>  |
| 107000 | 6.000 <sup>(b)</sup> | 12/31/30 | 93065 |
| 217000 | 6.000 <sup>(b)</sup> | 09/01/31 | 186891 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp.(BBB-/Baa3)(a) | Targa Resources Partners LP/Targa Resources Partners Finance Corp.(BBB-/Baa3)(a) | Targa Resources Partners LP/Targa Resources Partners Finance Corp.(BBB-/Baa3)(a) | Targa Resources Partners LP/Targa Resources Partners Finance Corp.(BBB-/Baa3)(a) |
| 149000 | 4.875% | 02/01/31 | $134629 |
|  |  |  | 1443627 |
| **Real Estate<sup>(a)(b)</sup> – 0.1%** | **Real Estate<sup>(a)(b)</sup> – 0.1%** | **Real Estate<sup>(a)(b)</sup> – 0.1%** | **Real Estate<sup>(a)(b)</sup> – 0.1%** |
| The Howard Hughes Corp.(BB-/Ba3) | The Howard Hughes Corp.(BB-/Ba3) | The Howard Hughes Corp.(BB-/Ba3) | The Howard Hughes Corp.(BB-/Ba3) |
| 69000 | 4.125 | 02/01/29 | 57720 |
| **Real Estate Investment Trusts<sup>(a)</sup> – 0.7%** | **Real Estate Investment Trusts<sup>(a)</sup> – 0.7%** | **Real Estate Investment Trusts<sup>(a)</sup> – 0.7%** | **Real Estate Investment Trusts<sup>(a)</sup> – 0.7%** |
| SBA Communications Corp.(BB/B1) | SBA Communications Corp.(BB/B1) | SBA Communications Corp.(BB/B1) | SBA Communications Corp.(BB/B1) |
| 444000 | 3.125 | 02/01/29 | 369745 |
| **Retailing – 3.9%** | **Retailing – 3.9%** | **Retailing – 3.9%** | **Retailing – 3.9%** |
| Arko Corp.(B-/B3)(a) | Arko Corp.(B-/B3)(a) | Arko Corp.(B-/B3)(a) | Arko Corp.(B-/B3)(a) |
| 211000 | 5.125 <sup>(b)</sup> | 11/15/29 | 165508 |
| Asbury Automotive Group, Inc.(BB/B1)<sup>(a)</sup>  | Asbury Automotive Group, Inc.(BB/B1)<sup>(a)</sup>  | Asbury Automotive Group, Inc.(BB/B1)<sup>(a)</sup>  | Asbury Automotive Group, Inc.(BB/B1)<sup>(a)</sup>  |
| 86000 | 4.500 | 03/01/28 | 75733 |
| 42000 | 4.625 <sup>(b)</sup> | 11/15/29 | 35436 |
| 189000 | 4.750 | 03/01/30 | 158656 |
| 28000 | 5.000 <sup>(b)</sup> | 02/15/32 | 23099 |
| Beacon Roofing Supply, Inc.(B/B2)(a) | Beacon Roofing Supply, Inc.(B/B2)(a) | Beacon Roofing Supply, Inc.(B/B2)(a) | Beacon Roofing Supply, Inc.(B/B2)(a) |
| 137000 | 4.125 <sup>(b)</sup> | 05/15/29 | 114359 |
| Foundation Building Materials, Inc.(CCC+/Caa1)(a)(b) | Foundation Building Materials, Inc.(CCC+/Caa1)(a)(b) | Foundation Building Materials, Inc.(CCC+/Caa1)(a)(b) | Foundation Building Materials, Inc.(CCC+/Caa1)(a)(b) |
| 300000 | 6.000 | 03/01/29 | 225282 |
| Group 1 Automotive, Inc.(BB+/Ba2)(a) | Group 1 Automotive, Inc.(BB+/Ba2)(a) | Group 1 Automotive, Inc.(BB+/Ba2)(a) | Group 1 Automotive, Inc.(BB+/Ba2)(a) |
| 145000 | 4.000 <sup>(b)</sup> | 08/15/28 | 123279 |
| Ken Garff Automotive LLC(BB-/B1)(a) | Ken Garff Automotive LLC(BB-/B1)(a) | Ken Garff Automotive LLC(BB-/B1)(a) | Ken Garff Automotive LLC(BB-/B1)(a) |
| 147000 | 4.875 <sup>(b)</sup> | 09/15/28 | 123232 |
| LCM Investments Holdings II LLC(BB-/B2)(a) | LCM Investments Holdings II LLC(BB-/B2)(a) | LCM Investments Holdings II LLC(BB-/B2)(a) | LCM Investments Holdings II LLC(BB-/B2)(a) |
| 218000 | 4.875 <sup>(b)</sup> | 05/01/29 | 176083 |
| Lithia Motors, Inc.(BB+/Ba2)<sup>(a)</sup>  | Lithia Motors, Inc.(BB+/Ba2)<sup>(a)</sup>  | Lithia Motors, Inc.(BB+/Ba2)<sup>(a)</sup>  | Lithia Motors, Inc.(BB+/Ba2)<sup>(a)</sup>  |
| 93000 | 3.875 <sup>(b)</sup> | 06/01/29 | 76650 |
| 327000 | 4.375 <sup>(b)</sup> | 01/15/31 | 268346 |
| Murphy Oil USA, Inc.(BB+/Ba2)(a) | Murphy Oil USA, Inc.(BB+/Ba2)(a) | Murphy Oil USA, Inc.(BB+/Ba2)(a) | Murphy Oil USA, Inc.(BB+/Ba2)(a) |
| 29000 | 3.750 <sup>(b)</sup> | 02/15/31 | 24147 |
| Penske Automotive Group, Inc.(BB-/Ba3)(a) | Penske Automotive Group, Inc.(BB-/Ba3)(a) | Penske Automotive Group, Inc.(BB-/Ba3)(a) | Penske Automotive Group, Inc.(BB-/Ba3)(a) |
| 280000 | 3.750 | 06/15/29 | 227402 |
| Sonic Automotive, Inc.(BB-/B1)<sup>(a)</sup>  | Sonic Automotive, Inc.(BB-/B1)<sup>(a)</sup>  | Sonic Automotive, Inc.(BB-/B1)<sup>(a)</sup>  | Sonic Automotive, Inc.(BB-/B1)<sup>(a)</sup>  |
| 174000 | 4.625 <sup>(b)</sup> | 11/15/29 | 140303 |
| 63000 | 4.875 <sup>(b)</sup> | 11/15/31 | 49599 |
| SRS Distribution, Inc.(CCC/Caa2)(a) | SRS Distribution, Inc.(CCC/Caa2)(a) | SRS Distribution, Inc.(CCC/Caa2)(a) | SRS Distribution, Inc.(CCC/Caa2)(a) |
| 62000 | 6.125 <sup>(b)</sup> | 07/01/29 | 50322 |
|  |  |  | 2057436 |
| **Semiconductors<sup>(a)(b)</sup> – 0.2%** | **Semiconductors<sup>(a)(b)</sup> – 0.2%** | **Semiconductors<sup>(a)(b)</sup> – 0.2%** | **Semiconductors<sup>(a)(b)</sup> – 0.2%** |
| Qorvo, Inc.(BBB-/Ba1) | Qorvo, Inc.(BBB-/Ba1) | Qorvo, Inc.(BBB-/Ba1) | Qorvo, Inc.(BBB-/Ba1) |
| 114000 | 3.375 | 04/01/31 | 92465 |
| **Software<sup>(b)</sup> – 1.3%** | **Software<sup>(b)</sup> – 1.3%** | **Software<sup>(b)</sup> – 1.3%** | **Software<sup>(b)</sup> – 1.3%** |
| AthenaHealth Group, Inc.(CCC/Caa2)(a) | AthenaHealth Group, Inc.(CCC/Caa2)(a) | AthenaHealth Group, Inc.(CCC/Caa2)(a) | AthenaHealth Group, Inc.(CCC/Caa2)(a) |
| 161000 | 6.500 | 02/15/30 | 119274 |
| Castle U.S. Holding Corp.(CCC-/Caa2)(a) | Castle U.S. Holding Corp.(CCC-/Caa2)(a) | Castle U.S. Holding Corp.(CCC-/Caa2)(a) | Castle U.S. Holding Corp.(CCC-/Caa2)(a) |
| 111000 | 9.500 | 02/15/28 | 43655 |
| Clarivate Science Holdings Corp.(CCC+/Caa1)(a) | Clarivate Science Holdings Corp.(CCC+/Caa1)(a) | Clarivate Science Holdings Corp.(CCC+/Caa1)(a) | Clarivate Science Holdings Corp.(CCC+/Caa1)(a) |
| 119000 | 4.875 | 07/01/29 | 101183 |
| Open Text Corp.(BB-/Ba3)<sup>(a)</sup>  | Open Text Corp.(BB-/Ba3)<sup>(a)</sup>  | Open Text Corp.(BB-/Ba3)<sup>(a)</sup>  | Open Text Corp.(BB-/Ba3)<sup>(a)</sup>  |
| 122000 | 3.875 | 02/15/28 | 104704 |
| 159000 | 3.875 | 12/01/29 | 127995 |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES 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)** |
| **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(B+/B1)(a) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(B+/B1)(a) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(B+/B1)(a) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(B+/B1)(a) |
| 186000 | 3.875% | 02/01/29 | $156739 |
|  |  |  | 653550 |
| **Telecommunication Services<sup>(b)</sup> –1.3%** | **Telecommunication Services<sup>(b)</sup> –1.3%** | **Telecommunication Services<sup>(b)</sup> –1.3%** | **Telecommunication Services<sup>(b)</sup> –1.3%** |
| Level 3 Financing, Inc.(BB-/Ba3)<sup>(a)</sup>  | Level 3 Financing, Inc.(BB-/Ba3)<sup>(a)</sup>  | Level 3 Financing, Inc.(BB-/Ba3)<sup>(a)</sup>  | Level 3 Financing, Inc.(BB-/Ba3)<sup>(a)</sup>  |
| 180000 | 4.250 | 07/01/28 | 141800 |
| 103000 | 3.625 | 01/15/29 | 75355 |
| 97000 | 3.750 | 07/15/29 | 69858 |
| ViaSat, Inc.(B/Caa1)(a) | ViaSat, Inc.(B/Caa1)(a) | ViaSat, Inc.(B/Caa1)(a) | ViaSat, Inc.(B/Caa1)(a) |
| 406000 | 5.625 | 09/15/25 | 378944 |
|  |  |  | 665957 |
| **Transportation<sup>(a)(b)</sup> –0.3%** | **Transportation<sup>(a)(b)</sup> –0.3%** | **Transportation<sup>(a)(b)</sup> –0.3%** | **Transportation<sup>(a)(b)</sup> –0.3%** |
| Cargo Aircraft Management, Inc.(BB/Ba2) | Cargo Aircraft Management, Inc.(BB/Ba2) | Cargo Aircraft Management, Inc.(BB/Ba2) | Cargo Aircraft Management, Inc.(BB/Ba2) |
| 171000 | 4.750 | 02/01/28 | 155073 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $31887477) $** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $31887477) $** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $31887477) $** | 27431343 |
| **Secured Debt Obligations – 43.3%** | **Secured Debt Obligations – 43.3%** | **Secured Debt Obligations – 43.3%** | **Secured Debt Obligations – 43.3%** |
| **Bank Loans<sup>(d)</sup> – 29.5%** | **Bank Loans<sup>(d)</sup> – 29.5%** | **Bank Loans<sup>(d)</sup> – 29.5%** | **Bank Loans<sup>(d)</sup> – 29.5%** |
| **Aerospace & Defense<sup>(e)</sup> –0.5%** | **Aerospace & Defense<sup>(e)</sup> –0.5%** | **Aerospace & Defense<sup>(e)</sup> –0.5%** | **Aerospace & Defense<sup>(e)</sup> –0.5%** |
| ADS Tactical, Inc.(B+/B3) (1M USD LIBOR + 5.750%) | ADS Tactical, Inc.(B+/B3) (1M USD LIBOR + 5.750%) | ADS Tactical, Inc.(B+/B3) (1M USD LIBOR + 5.750%) | ADS Tactical, Inc.(B+/B3) (1M USD LIBOR + 5.750%) |
| 274827 | 10.139% | 03/19/26 | $245283 |
| **Airlines<sup>(e)</sup> –0.8%** | **Airlines<sup>(e)</sup> –0.8%** | **Airlines<sup>(e)</sup> –0.8%** | **Airlines<sup>(e)</sup> –0.8%** |
| Air Canada(BB-/Ba2) (3M USD LIBOR + 3.500%) | Air Canada(BB-/Ba2) (3M USD LIBOR + 3.500%) | Air Canada(BB-/Ba2) (3M USD LIBOR + 3.500%) | Air Canada(BB-/Ba2) (3M USD LIBOR + 3.500%) |
| 199000 | 8.130 | 08/11/28 | 196264 |
| United Airlines, Inc.(BB-/Ba1) (1M USD LIBOR + 3.750%) | United Airlines, Inc.(BB-/Ba1) (1M USD LIBOR + 3.750%) | United Airlines, Inc.(BB-/Ba1) (1M USD LIBOR + 3.750%) | United Airlines, Inc.(BB-/Ba1) (1M USD LIBOR + 3.750%) |
| 218444 | 2.836 | 10/01/25 | 215290 |
|  |  |  | 411554 |
| **Automotive<sup>(e)</sup> –0.8%** | **Automotive<sup>(e)</sup> –0.8%** | **Automotive<sup>(e)</sup> –0.8%** | **Automotive<sup>(e)</sup> –0.8%** |
| First Brands Group LLC(B+/B1) (3M SOFR + 5.000%) | First Brands Group LLC(B+/B1) (3M SOFR + 5.000%) | First Brands Group LLC(B+/B1) (3M SOFR + 5.000%) | First Brands Group LLC(B+/B1) (3M SOFR + 5.000%) |
| 385150 | 8.368 | 03/30/27 | 363582 |
| First Brands Group, LLC(NR/NR) (3M USD LIBOR + 5.000%) | First Brands Group, LLC(NR/NR) (3M USD LIBOR + 5.000%) | First Brands Group, LLC(NR/NR) (3M USD LIBOR + 5.000%) | First Brands Group, LLC(NR/NR) (3M USD LIBOR + 5.000%) |
| 85000 | 9.358 | 03/30/27 | 80006 |
|  |  |  | 443588 |
| **Automotive – Distributors<sup>(e)</sup> –0.5%** | **Automotive – Distributors<sup>(e)</sup> –0.5%** | **Automotive – Distributors<sup>(e)</sup> –0.5%** | **Automotive – Distributors<sup>(e)</sup> –0.5%** |
| Truck Hero, Inc.(B-/B2) (1M USD LIBOR + 3.750%) | Truck Hero, Inc.(B-/B2) (1M USD LIBOR + 3.750%) | Truck Hero, Inc.(B-/B2) (1M USD LIBOR + 3.750%) | Truck Hero, Inc.(B-/B2) (1M USD LIBOR + 3.750%) |
| 294750 | 8.133 | 01/31/28 | 251643 |
| **Automotive Parts<sup>(e)</sup> –1.0%** | **Automotive Parts<sup>(e)</sup> –1.0%** | **Automotive Parts<sup>(e)</sup> –1.0%** | **Automotive Parts<sup>(e)</sup> –1.0%** |
| Holley Purchaser, Inc.(B-/B2) (3M USD LIBOR + 3.750%) | Holley Purchaser, Inc.(B-/B2) (3M USD LIBOR + 3.750%) | Holley Purchaser, Inc.(B-/B2) (3M USD LIBOR + 3.750%) | Holley Purchaser, Inc.(B-/B2) (3M USD LIBOR + 3.750%) |
| 324675 | 8.424 | 11/17/28 | 280237 |
| Mavis Tire Express Services Corp.(B-/B2) (1M USD SOFR CME + 4.000%) | Mavis Tire Express Services Corp.(B-/B2) (1M USD SOFR CME + 4.000%) | Mavis Tire Express Services Corp.(B-/B2) (1M USD SOFR CME + 4.000%) | Mavis Tire Express Services Corp.(B-/B2) (1M USD SOFR CME + 4.000%) |
| 246622 | 8.500 | 05/04/28 | 234819 |
| Wheel Pros, LLC(CCC/Caa3) (3M USD LIBOR + 4.500%) | Wheel Pros, LLC(CCC/Caa3) (3M USD LIBOR + 4.500%) | Wheel Pros, LLC(CCC/Caa3) (3M USD LIBOR + 4.500%) | Wheel Pros, LLC(CCC/Caa3) (3M USD LIBOR + 4.500%) |
| 0 | 8.825 | 05/11/28 |  |
|  |  |  | 515056 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** |
| **Building & Construction Materials<sup>(e)</sup> –0.6%** | **Building & Construction Materials<sup>(e)</sup> –0.6%** | **Building & Construction Materials<sup>(e)</sup> –0.6%** | **Building & Construction Materials<sup>(e)</sup> –0.6%** |
| DG Investment Intermediate Holdings 2, Inc.(B/B2) (1M USD LIBOR + 3.750%) | DG Investment Intermediate Holdings 2, Inc.(B/B2) (1M USD LIBOR + 3.750%) | DG Investment Intermediate Holdings 2, Inc.(B/B2) (1M USD LIBOR + 3.750%) | DG Investment Intermediate Holdings 2, Inc.(B/B2) (1M USD LIBOR + 3.750%) |
| 221632 | 8.073% | 03/31/28 | $211659 |
| Energize HoldCo LLC(CCC+/Caa2) (1M USD LIBOR + 6.750%) | Energize HoldCo LLC(CCC+/Caa2) (1M USD LIBOR + 6.750%) | Energize HoldCo LLC(CCC+/Caa2) (1M USD LIBOR + 6.750%) | Energize HoldCo LLC(CCC+/Caa2) (1M USD LIBOR + 6.750%) |
| 100000 | 11.133 <sup>(f)</sup> | 12/07/29 | 91500 |
|  |  |  | 303159 |
| **Building Materials<sup>(e)</sup> –1.0%** | **Building Materials<sup>(e)</sup> –1.0%** | **Building Materials<sup>(e)</sup> –1.0%** | **Building Materials<sup>(e)</sup> –1.0%** |
| CP Atlas Buyer, Inc.(B-/B2) (1M USD LIBOR + 3.500%) | CP Atlas Buyer, Inc.(B-/B2) (1M USD LIBOR + 3.500%) | CP Atlas Buyer, Inc.(B-/B2) (1M USD LIBOR + 3.500%) | CP Atlas Buyer, Inc.(B-/B2) (1M USD LIBOR + 3.500%) |
| 295836 | 7.883 | 11/23/27 | 258324 |
| Icebox Holdco III, Inc.(B-/B2) (3M USD LIBOR + 3.750%) | Icebox Holdco III, Inc.(B-/B2) (3M USD LIBOR + 3.750%) | Icebox Holdco III, Inc.(B-/B2) (3M USD LIBOR + 3.750%) | Icebox Holdco III, Inc.(B-/B2) (3M USD LIBOR + 3.750%) |
| 223505 | 8.230 | 12/22/28 | 205625 |
| Icebox Holdco III, Inc.(CCC/Caa2) (3M USD LIBOR + 6.750%) | Icebox Holdco III, Inc.(CCC/Caa2) (3M USD LIBOR + 6.750%) | Icebox Holdco III, Inc.(CCC/Caa2) (3M USD LIBOR + 6.750%) | Icebox Holdco III, Inc.(CCC/Caa2) (3M USD LIBOR + 6.750%) |
| 50000 | 11.480 | 12/21/29 | 44000 |
|  |  |  | 507949 |
| **Capital Goods-Others<sup>(e)</sup> –0.4%** | **Capital Goods-Others<sup>(e)</sup> –0.4%** | **Capital Goods-Others<sup>(e)</sup> –0.4%** | **Capital Goods-Others<sup>(e)</sup> –0.4%** |
| Engineered Machinery Holdings, Inc.(B-/B1) (3M USD LIBOR + 3.750%) | Engineered Machinery Holdings, Inc.(B-/B1) (3M USD LIBOR + 3.750%) | Engineered Machinery Holdings, Inc.(B-/B1) (3M USD LIBOR + 3.750%) | Engineered Machinery Holdings, Inc.(B-/B1) (3M USD LIBOR + 3.750%) |
| 97366 | 8.480 | 05/19/28 | 94080 |
| Engineered Machinery Holdings, Inc.(NR/B1) (3M EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc.(NR/B1) (3M EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc.(NR/B1) (3M EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc.(NR/B1) (3M EURIBOR + 3.750%) |
| 123438 | 5.952 | 05/21/28 | 124701 |
|  |  |  | 218781 |
| **Chemicals<sup>(e)</sup> –0.9%** | **Chemicals<sup>(e)</sup> –0.9%** | **Chemicals<sup>(e)</sup> –0.9%** | **Chemicals<sup>(e)</sup> –0.9%** |
| Illuminate Buyer, LLC(B+/B1) (1M USD LIBOR + 3.500%) | Illuminate Buyer, LLC(B+/B1) (1M USD LIBOR + 3.500%) | Illuminate Buyer, LLC(B+/B1) (1M USD LIBOR + 3.500%) | Illuminate Buyer, LLC(B+/B1) (1M USD LIBOR + 3.500%) |
| 146806 | 7.883 | 06/30/27 | 140330 |
| Trident TPI Holdings, Inc.(B-/B2) (3M USD LIBOR + 3.250%) | Trident TPI Holdings, Inc.(B-/B2) (3M USD LIBOR + 3.250%) | Trident TPI Holdings, Inc.(B-/B2) (3M USD LIBOR + 3.250%) | Trident TPI Holdings, Inc.(B-/B2) (3M USD LIBOR + 3.250%) |
| 326298 | 7.980 | 10/17/24 | 321913 |
|  |  |  | 462243 |
| **Coal<sup>(e)</sup> –0.4%** | **Coal<sup>(e)</sup> –0.4%** | **Coal<sup>(e)</sup> –0.4%** | **Coal<sup>(e)</sup> –0.4%** |
| Oxbow Carbon LLC(BB-/B1) (3M USD LIBOR + 4.250%) | Oxbow Carbon LLC(BB-/B1) (3M USD LIBOR + 4.250%) | Oxbow Carbon LLC(BB-/B1) (3M USD LIBOR + 4.250%) | Oxbow Carbon LLC(BB-/B1) (3M USD LIBOR + 4.250%) |
| 207463 | 8.980 | 10/17/25 | 205855 |
| **Commercial Services<sup>(e)</sup> –1.5%** | **Commercial Services<sup>(e)</sup> –1.5%** | **Commercial Services<sup>(e)</sup> –1.5%** | **Commercial Services<sup>(e)</sup> –1.5%** |
| Allied Universal Holdco LLC(B/B2) (1M USD LIBOR + 3.750%) | Allied Universal Holdco LLC(B/B2) (1M USD LIBOR + 3.750%) | Allied Universal Holdco LLC(B/B2) (1M USD LIBOR + 3.750%) | Allied Universal Holdco LLC(B/B2) (1M USD LIBOR + 3.750%) |
| 0 | 8.173 | 05/12/28 |  |
| Amentum Government Services Holdings LLC(B/B1) (3M USD | Amentum Government Services Holdings LLC(B/B1) (3M USD | Amentum Government Services Holdings LLC(B/B1) (3M USD | Amentum Government Services Holdings LLC(B/B1) (3M USD |
| SOFR CME + 4.000%) | SOFR CME + 4.000%) | SOFR CME + 4.000%) | SOFR CME + 4.000%) |
| 345638 | 8.764 | 02/15/29 | 336026 |
| Garda World Security Corp.(B/B2) (3M USD LIBOR + 4.250%) | Garda World Security Corp.(B/B2) (3M USD LIBOR + 4.250%) | Garda World Security Corp.(B/B2) (3M USD LIBOR + 4.250%) | Garda World Security Corp.(B/B2) (3M USD LIBOR + 4.250%) |
| 232008 | 8.930 | 10/30/26 | 225164 |
| Holding Socotec(B/B2) | Holding Socotec(B/B2) | Holding Socotec(B/B2) | Holding Socotec(B/B2) |
| (3M EURIBOR + 3.500%) | (3M EURIBOR + 3.500%) | (3M EURIBOR + 3.500%) | (3M EURIBOR + 3.500%) |
| 100000 | 5.702 | 06/02/28 | $100569 |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 122250 | 8.730 | 06/30/28 | $114609 |
|  |  |  | 776368 |
| **Computers<sup>(e)</sup> –0.7%** | **Computers<sup>(e)</sup> –0.7%** | **Computers<sup>(e)</sup> –0.7%** | **Computers<sup>(e)</sup> –0.7%** |
| Perforce Software, Inc.(B-/B2) (1M USD LIBOR + 3.750%) | Perforce Software, Inc.(B-/B2) (1M USD LIBOR + 3.750%) | Perforce Software, Inc.(B-/B2) (1M USD LIBOR + 3.750%) | Perforce Software, Inc.(B-/B2) (1M USD LIBOR + 3.750%) |
| 396953 | 8.134 | 07/01/26 | 369166 |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Value** |
| **Consumer Cyclical Services<sup>(e)</sup> – 1.0%** | **Consumer Cyclical Services<sup>(e)</sup> – 1.0%** | **Consumer Cyclical Services<sup>(e)</sup> – 1.0%** | **Consumer Cyclical Services<sup>(e)</sup> – 1.0%** |
| FCG Acquisitions, Inc. (B-/B2) (3M SOFR + 4.750%) | FCG Acquisitions, Inc. (B-/B2) (3M SOFR + 4.750%) | FCG Acquisitions, Inc. (B-/B2) (3M SOFR + 4.750%) | FCG Acquisitions, Inc. (B-/B2) (3M SOFR + 4.750%) |
| 219450 | 9.330% | 03/31/28 | $210124 |
| The Hertz Corp. (BB+/Ba3) (1M USD LIBOR + 3.250%) | The Hertz Corp. (BB+/Ba3) (1M USD LIBOR + 3.250%) | The Hertz Corp. (BB+/Ba3) (1M USD LIBOR + 3.250%) | The Hertz Corp. (BB+/Ba3) (1M USD LIBOR + 3.250%) |
| 344540 | 15.260 | 06/30/28 | 337025 |
|  |  |  | 547149 |
| **Consumer Products<sup>(e)</sup> – 0.5%** | **Consumer Products<sup>(e)</sup> – 0.5%** | **Consumer Products<sup>(e)</sup> – 0.5%** | **Consumer Products<sup>(e)</sup> – 0.5%** |
| Springs Windows Fashions LLC (B-/B2) (3M USD LIBOR + 4.000%) | Springs Windows Fashions LLC (B-/B2) (3M USD LIBOR + 4.000%) | Springs Windows Fashions LLC (B-/B2) (3M USD LIBOR + 4.000%) | Springs Windows Fashions LLC (B-/B2) (3M USD LIBOR + 4.000%) |
| 297750 | 8.753 | 10/06/28 | 242517 |
| **Distribution & Wholesale<sup>(e)</sup> – 0.5%** | **Distribution & Wholesale<sup>(e)</sup> – 0.5%** | **Distribution & Wholesale<sup>(e)</sup> – 0.5%** | **Distribution & Wholesale<sup>(e)</sup> – 0.5%** |
| BCPE Empire Holdings, Inc. (NR/B3) (1M USD LIBOR + 4.000%) | BCPE Empire Holdings, Inc. (NR/B3) (1M USD LIBOR + 4.000%) | BCPE Empire Holdings, Inc. (NR/B3) (1M USD LIBOR + 4.000%) | BCPE Empire Holdings, Inc. (NR/B3) (1M USD LIBOR + 4.000%) |
| 246191 | 8.384 | 06/11/26 | 239113 |
| **Diversified Financial Services<sup>(e)</sup> – 1.0%** | **Diversified Financial Services<sup>(e)</sup> – 1.0%** | **Diversified Financial Services<sup>(e)</sup> – 1.0%** | **Diversified Financial Services<sup>(e)</sup> – 1.0%** |
| CQP Holdco LP (BB/B1) (3M USD LIBOR + 3.750%) | CQP Holdco LP (BB/B1) (3M USD LIBOR + 3.750%) | CQP Holdco LP (BB/B1) (3M USD LIBOR + 3.750%) | CQP Holdco LP (BB/B1) (3M USD LIBOR + 3.750%) |
| 219443 | 8.480 | 06/05/28 | 218133 |
| DRW Holdings, LLC (BB-/Ba3) (1M USD LIBOR + 3.750%) | DRW Holdings, LLC (BB-/Ba3) (1M USD LIBOR + 3.750%) | DRW Holdings, LLC (BB-/Ba3) (1M USD LIBOR + 3.750%) | DRW Holdings, LLC (BB-/Ba3) (1M USD LIBOR + 3.750%) |
| 321750 | 8.133 | 03/01/28 | 312702 |
|  |  |  | 530835 |
| **Diversified Manufacturing<sup>(e)</sup> – 1.2%** | **Diversified Manufacturing<sup>(e)</sup> – 1.2%** | **Diversified Manufacturing<sup>(e)</sup> – 1.2%** | **Diversified Manufacturing<sup>(e)</sup> – 1.2%** |
| Apex Tool Group LLC (B-/B2) (1M USD SOFR + 5.250%) | Apex Tool Group LLC (B-/B2) (1M USD SOFR + 5.250%) | Apex Tool Group LLC (B-/B2) (1M USD SOFR + 5.250%) | Apex Tool Group LLC (B-/B2) (1M USD SOFR + 5.250%) |
| 400800 | 9.667 | 02/08/29 | 342119 |
| Vertical US Newco, Inc. (B+/B1) (3M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (B+/B1) (3M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (B+/B1) (3M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (B+/B1) (3M USD LIBOR + 3.500%) |
| 308303 | 6.871 | 10/01/25 | 296165 |
|  |  |  | 638284 |
| **Electrical<sup>(e)</sup> – 0.5%** | **Electrical<sup>(e)</sup> – 0.5%** | **Electrical<sup>(e)</sup> – 0.5%** | **Electrical<sup>(e)</sup> – 0.5%** |
| TerraForm Power Operating, LLC (BB+/Ba2) (3M USD SOFR CME + 2.750%) | TerraForm Power Operating, LLC (BB+/Ba2) (3M USD SOFR CME + 2.750%) | TerraForm Power Operating, LLC (BB+/Ba2) (3M USD SOFR CME + 2.750%) | TerraForm Power Operating, LLC (BB+/Ba2) (3M USD SOFR CME + 2.750%) |
| 273625 | 7.430 | 05/21/29 | 271231 |
| **Food & Beverage<sup>(e)</sup> – 0.5%** | **Food & Beverage<sup>(e)</sup> – 0.5%** | **Food & Beverage<sup>(e)</sup> – 0.5%** | **Food & Beverage<sup>(e)</sup> – 0.5%** |
| Chobani, LLC (B-/B1) (1M USD LIBOR + 3.500%) | Chobani, LLC (B-/B1) (1M USD LIBOR + 3.500%) | Chobani, LLC (B-/B1) (1M USD LIBOR + 3.500%) | Chobani, LLC (B-/B1) (1M USD LIBOR + 3.500%) |
| 244375 | 7.884 | 10/25/27 | 239079 |
| **Health Care<sup>(e)</sup> – 1.2%** | **Health Care<sup>(e)</sup> – 1.2%** |  |  |
| Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M USD LIBOR + 3.500%) | Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M USD LIBOR + 3.500%) | Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M USD LIBOR + 3.500%) | Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M USD LIBOR + 3.500%) |
| 362008 | 7.883 | 10/02/28 | 358330 |
| Onex TSG Intermediate Corp. (B/B2) (3M USD LIBOR + 4.750%) | Onex TSG Intermediate Corp. (B/B2) (3M USD LIBOR + 4.750%) | Onex TSG Intermediate Corp. (B/B2) (3M USD LIBOR + 4.750%) | Onex TSG Intermediate Corp. (B/B2) (3M USD LIBOR + 4.750%) |
| 295500 | 9.165 | 02/28/28 | 262321 |
|  |  |  | 620651 |
| **Health Care - Services<sup>(e)</sup> – 0.5%** | **Health Care - Services<sup>(e)</sup> – 0.5%** | **Health Care - Services<sup>(e)</sup> – 0.5%** | **Health Care - Services<sup>(e)</sup> – 0.5%** |
| RegionalCare Hospital Partners Holdings, Inc. (B/B1) (3M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (B/B1) (3M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (B/B1) (3M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (B/B1) (3M USD LIBOR + 3.750%) |
| 300000 | 8.165 | 11/03/25 | 282150 |
| **Insurance<sup>(e)</sup> – 0.6%** | **Insurance<sup>(e)</sup> – 0.6%** | **Insurance<sup>(e)</sup> – 0.6%** | **Insurance<sup>(e)</sup> – 0.6%** |
| Acrisure, LLC (B/B2) (1M USD LIBOR + 3.500%) | Acrisure, LLC (B/B2) (1M USD LIBOR + 3.500%) | Acrisure, LLC (B/B2) (1M USD LIBOR + 3.500%) | Acrisure, LLC (B/B2) (1M USD LIBOR + 3.500%) |
| 345558 | 7.884 | 02/15/27 | 323529 |
| **Investment Companies<sup>(e)</sup> – 0.2%** | **Investment Companies<sup>(e)</sup> – 0.2%** | **Investment Companies<sup>(e)</sup> – 0.2%** | **Investment Companies<sup>(e)</sup> – 0.2%** |
| Energize HoldCo LLC (B/B2) (1M USD LIBOR + 3.750%) | Energize HoldCo LLC (B/B2) (1M USD LIBOR + 3.750%) | Energize HoldCo LLC (B/B2) (1M USD LIBOR + 3.750%) | Energize HoldCo LLC (B/B2) (1M USD LIBOR + 3.750%) |
| 123191 | 8.134 | 12/08/28 | 117463 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Value** |
| **Leisure Time<sup>(a)(b)</sup> – 0.1%** | **Leisure Time<sup>(a)(b)</sup> – 0.1%** |  |  |
| Carnival Corp. (BB-/B1) | Carnival Corp. (BB-/B1) |  |  |
| 81000 | 9.875% | 08/01/27 | $76727 |
| **Machinery<sup>(e)</sup> – 0.4%** | **Machinery<sup>(e)</sup> – 0.4%** | **Machinery<sup>(e)</sup> – 0.4%** | **Machinery<sup>(e)</sup> – 0.4%** |
| SPX Flow, Inc. (B-/B2) (1M SOFR + 4.500%) | SPX Flow, Inc. (B-/B2) (1M SOFR + 4.500%) | SPX Flow, Inc. (B-/B2) (1M SOFR + 4.500%) |  |
| 249375 | 8.923 | 04/05/29 | 232365 |
| **Media - Cable<sup>(e)</sup> – 0.6%** | **Media - Cable<sup>(e)</sup> – 0.6%** | **Media - Cable<sup>(e)</sup> – 0.6%** | **Media - Cable<sup>(e)</sup> – 0.6%** |
| DirecTV Financing LLC (BB/Ba3) (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (BB/Ba3) (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (BB/Ba3) (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (BB/Ba3) (1M USD LIBOR + 5.000%) |
| 308626 | 9.384 | 08/02/27 | 299817 |
| **Media - Non Cable<sup>(e)</sup> – 1.5%** | **Media - Non Cable<sup>(e)</sup> – 1.5%** | **Media - Non Cable<sup>(e)</sup> – 1.5%** | **Media - Non Cable<sup>(e)</sup> – 1.5%** |
| Allen Media, LLC (B+/Ba3) (3M USD LIBOR + 5.500%) | Allen Media, LLC (B+/Ba3) (3M USD LIBOR + 5.500%) | Allen Media, LLC (B+/Ba3) (3M USD LIBOR + 5.500%) | Allen Media, LLC (B+/Ba3) (3M USD LIBOR + 5.500%) |
| 410844 | 10.230 | 02/10/27 | 335097 |
| CMG Media Corp. (B+/B1) (3M USD LIBOR + 3.500%) | CMG Media Corp. (B+/B1) (3M USD LIBOR + 3.500%) | CMG Media Corp. (B+/B1) (3M USD LIBOR + 3.500%) | CMG Media Corp. (B+/B1) (3M USD LIBOR + 3.500%) |
| 337108 | 8.230 | 12/17/26 | 314896 |
| iHeartCommunications, Inc. (BB-/B1) (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (BB-/B1) (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (BB-/B1) (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (BB-/B1) (1M USD LIBOR + 3.000%) |
| 142962 | 7.384 | 05/01/26 | 130765 |
|  |  |  | 780758 |
| **Oil Field Services<sup>(e)</sup> – 0.7%** | **Oil Field Services<sup>(e)</sup> – 0.7%** | **Oil Field Services<sup>(e)</sup> – 0.7%** | **Oil Field Services<sup>(e)</sup> – 0.7%** |
| ChampionX Corporation (BBB-/Ba2) (1M SOFR + 3.250%) | ChampionX Corporation (BBB-/Ba2) (1M SOFR + 3.250%) | ChampionX Corporation (BBB-/Ba2) (1M SOFR + 3.250%) | ChampionX Corporation (BBB-/Ba2) (1M SOFR + 3.250%) |
| 349125 | 7.567 | 06/07/29 | 346943 |
| **Packaging<sup>(e)</sup> – 1.8%** | **Packaging<sup>(e)</sup> – 1.8%** | **Packaging<sup>(e)</sup> – 1.8%** | **Packaging<sup>(e)</sup> – 1.8%** |
| Charter NEX US, Inc. (B/B2) (1M USD LIBOR + 3.750%) | Charter NEX US, Inc. (B/B2) (1M USD LIBOR + 3.750%) | Charter NEX US, Inc. (B/B2) (1M USD LIBOR + 3.750%) | Charter NEX US, Inc. (B/B2) (1M USD LIBOR + 3.750%) |
| 320113 | 8.134 | 12/01/27 | 310410 |
| Clydesdale Acquisition Holdings, Inc. (B/B2) (1M SOFR + 4.175%) | Clydesdale Acquisition Holdings, Inc. (B/B2) (1M SOFR + 4.175%) | Clydesdale Acquisition Holdings, Inc. (B/B2) (1M SOFR + 4.175%) | Clydesdale Acquisition Holdings, Inc. (B/B2) (1M SOFR + 4.175%) |
| 372439 | 8.598 | 04/13/29 | 353974 |
| LABL, Inc. (B-/B2) (3M USD LIBOR + 5.000%) | LABL, Inc. (B-/B2) (3M USD LIBOR + 5.000%) | LABL, Inc. (B-/B2) (3M USD LIBOR + 5.000%) | LABL, Inc. (B-/B2) (3M USD LIBOR + 5.000%) |
| 221441 | 9.383 | 10/29/28 | 209600 |
| Trident TPI Holdings, Inc. (B-/B2) (1M SOFR + 5.250%) | Trident TPI Holdings, Inc. (B-/B2) (1M SOFR + 5.250%) | Trident TPI Holdings, Inc. (B-/B2) (1M SOFR + 5.250%) | Trident TPI Holdings, Inc. (B-/B2) (1M SOFR + 5.250%) |
| 50000 | 3.000 | 04/29/20 | 48063 |
|  |  |  | 922047 |
| **Pharmaceuticals<sup>(e)</sup> – 1.0%** | **Pharmaceuticals<sup>(e)</sup> – 1.0%** | **Pharmaceuticals<sup>(e)</sup> – 1.0%** | **Pharmaceuticals<sup>(e)</sup> – 1.0%** |
| Covetrus, Inc. (B-/B1) (3M SOFR + 5.000%) | Covetrus, Inc. (B-/B1) (3M SOFR + 5.000%) | Covetrus, Inc. (B-/B1) (3M SOFR + 5.000%) |  |
| 275000 | 9.580 | 10/13/29 | 256988 |
| Gainwell Acquisition Corp. (B+/B2) (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (B+/B2) (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (B+/B2) (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (B+/B2) (3M USD LIBOR + 4.000%) |
| 294000 | 8.730 | 10/01/27 | 275257 |
|  |  |  | 532245 |
| **Pipelines<sup>(e)</sup> – 1.0%** | **Pipelines<sup>(e)</sup> – 1.0%** | **Pipelines<sup>(e)</sup> – 1.0%** | **Pipelines<sup>(e)</sup> – 1.0%** |
| AL NGPL Holdings, LLC (B+/Ba3) (3M USD LIBOR + 3.750%) | AL NGPL Holdings, LLC (B+/Ba3) (3M USD LIBOR + 3.750%) | AL NGPL Holdings, LLC (B+/Ba3) (3M USD LIBOR + 3.750%) | AL NGPL Holdings, LLC (B+/Ba3) (3M USD LIBOR + 3.750%) |
| 334839 | 7.534 | 04/14/28 | 330151 |
| Freeport LNG Investments LLLP (B-/B3) (3M USD LIBOR + 3.500%) | Freeport LNG Investments LLLP (B-/B3) (3M USD LIBOR + 3.500%) | Freeport LNG Investments LLLP (B-/B3) (3M USD LIBOR + 3.500%) | Freeport LNG Investments LLLP (B-/B3) (3M USD LIBOR + 3.500%) |
| 0 | 7.743 | 12/21/28 |  |
| M6 ETX Holdings II Midco LLC (B+/B1) (3M SOFR + 4.500%) | M6 ETX Holdings II Midco LLC (B+/B1) (3M SOFR + 4.500%) | M6 ETX Holdings II Midco LLC (B+/B1) (3M SOFR + 4.500%) | M6 ETX Holdings II Midco LLC (B+/B1) (3M SOFR + 4.500%) |
| 199500 | 9.157 | 09/19/29 | 199313 |
|  |  |  | 529464 |
| **Restaurants<sup>(e)</sup> – 0.6%** | **Restaurants<sup>(e)</sup> – 0.6%** | **Restaurants<sup>(e)</sup> – 0.6%** | **Restaurants<sup>(e)</sup> – 0.6%** |
| IRB Holding Corp. (B+/B2) (1M USD LIBOR + 2.750%) | IRB Holding Corp. (B+/B2) (1M USD LIBOR + 2.750%) | IRB Holding Corp. (B+/B2) (1M USD LIBOR + 2.750%) | IRB Holding Corp. (B+/B2) (1M USD LIBOR + 2.750%) |
| 294588 | 7.134 | 02/05/25 | 291595 |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** |
| **Retailers<sup>(e)</sup> – 0.5%** | **Retailers<sup>(e)</sup> – 0.5%** | **Retailers<sup>(e)</sup> – 0.5%** | **Retailers<sup>(e)</sup> – 0.5%** |
| New Era Cap Co., Inc. (B+/B2) (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (B+/B2) (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (B+/B2) (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (B+/B2) (3M USD LIBOR + 6.000%) |
| 264687 | 9.941% | 07/13/27 | $246159 |
| **Retailing<sup>(e)</sup> – 0.6%** | **Retailing<sup>(e)</sup> – 0.6%** | **Retailing<sup>(e)</sup> – 0.6%** | **Retailing<sup>(e)</sup> – 0.6%** |
| RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%) | RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%) | RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%) | RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%) |
| 246875 | 8.230 | 07/28/28 | 230058 |
| RC Buyer, Inc. (CCC/Caa1) (3M USD LIBOR + 6.500%) | RC Buyer, Inc. (CCC/Caa1) (3M USD LIBOR + 6.500%) | RC Buyer, Inc. (CCC/Caa1) (3M USD LIBOR + 6.500%) | RC Buyer, Inc. (CCC/Caa1) (3M USD LIBOR + 6.500%) |
| 100000 | 11.230 | 07/30/29 | 89667 |
|  |  |  | 319725 |
| **Technology - Software<sup>(e)</sup> – 3.1%** | **Technology - Software<sup>(e)</sup> – 3.1%** | **Technology - Software<sup>(e)</sup> – 3.1%** | **Technology - Software<sup>(e)</sup> – 3.1%** |
| Ahead DB Holdings LLC (B+/B1) (3M USD LIBOR + 3.750%) | Ahead DB Holdings LLC (B+/B1) (3M USD LIBOR + 3.750%) | Ahead DB Holdings LLC (B+/B1) (3M USD LIBOR + 3.750%) | Ahead DB Holdings LLC (B+/B1) (3M USD LIBOR + 3.750%) |
| 270875 | 8.480 | 10/18/27 | 261056 |
| Camelot U.S. Acquisition LLC (B/B1) (1M USD LIBOR + 3.000%) | Camelot U.S. Acquisition LLC (B/B1) (1M USD LIBOR + 3.000%) | Camelot U.S. Acquisition LLC (B/B1) (1M USD LIBOR + 3.000%) | Camelot U.S. Acquisition LLC (B/B1) (1M USD LIBOR + 3.000%) |
| 325768 | 14.768 | 10/30/26 | 320236 |
| Castle US Holding Corp. (CCC+/B3) (1M USD LIBOR + 3.750%) | Castle US Holding Corp. (CCC+/B3) (1M USD LIBOR + 3.750%) | Castle US Holding Corp. (CCC+/B3) (1M USD LIBOR + 3.750%) | Castle US Holding Corp. (CCC+/B3) (1M USD LIBOR + 3.750%) |
| 293125 | 8.134 | 01/29/27 | 178440 |
| DCert Buyer, Inc. (B-/B2) (6M USD LIBOR + 4.000%) | DCert Buyer, Inc. (B-/B2) (6M USD LIBOR + 4.000%) | DCert Buyer, Inc. (B-/B2) (6M USD LIBOR + 4.000%) | DCert Buyer, Inc. (B-/B2) (6M USD LIBOR + 4.000%) |
| 182221 | 8.695 | 10/16/26 | 175778 |
| DCert Buyer, Inc. (CCC/Caa2) (6M USD LIBOR + 7.000%) | DCert Buyer, Inc. (CCC/Caa2) (6M USD LIBOR + 7.000%) | DCert Buyer, Inc. (CCC/Caa2) (6M USD LIBOR + 7.000%) | DCert Buyer, Inc. (CCC/Caa2) (6M USD LIBOR + 7.000%) |
| 125000 | 11.695 | 02/19/29 | 113625 |
| Loyalty Ventures Inc (CCC+/Caa2) (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (CCC+/Caa2) (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (CCC+/Caa2) (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (CCC+/Caa2) (1M USD LIBOR + 4.500%) |
| 254375 | 8.883 <sup>(f)</sup> | 11/03/27 | 101114 |
| Syndigo LLC (B-/B2) (1M USD LIBOR + 4.500%) | Syndigo LLC (B-/B2) (1M USD LIBOR + 4.500%) | Syndigo LLC (B-/B2) (1M USD LIBOR + 4.500%) | Syndigo LLC (B-/B2) (1M USD LIBOR + 4.500%) |
| 221063 | 8.839 | 12/15/27 | 198956 |
| Virtusa Corp. (B/B2) (1M USD LIBOR + 3.750%) | Virtusa Corp. (B/B2) (1M USD LIBOR + 3.750%) | Virtusa Corp. (B/B2) (1M USD LIBOR + 3.750%) | Virtusa Corp. (B/B2) (1M USD LIBOR + 3.750%) |
| 294750 | 8.134 | 02/11/28 | 283697 |
|  |  |  | 1632902 |
| **Telecommunications<sup>(e)</sup> – 0.8%** | **Telecommunications<sup>(e)</sup> – 0.8%** | **Telecommunications<sup>(e)</sup> – 0.8%** | **Telecommunications<sup>(e)</sup> – 0.8%** |
| GoTo Group, Inc. (B/B3) (1M USD LIBOR + 4.750%) | GoTo Group, Inc. (B/B3) (1M USD LIBOR + 4.750%) | GoTo Group, Inc. (B/B3) (1M USD LIBOR + 4.750%) | GoTo Group, Inc. (B/B3) (1M USD LIBOR + 4.750%) |
| 194502 | 9.138 | 08/31/27 | 124335 |
| Intelsat Jackson Holdings S.A. (B+/B3) (6M SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (B+/B3) (6M SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (B+/B3) (6M SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (B+/B3) (6M SOFR + 4.250%) |
| 318102 | 7.445 | 02/01/29 | 306514 |
|  |  |  | 430849 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | $15404242 |
| **Other Secured Debt Obligations – 13.8%** | **Other Secured Debt Obligations – 13.8%** | **Other Secured Debt Obligations – 13.8%** | **Other Secured Debt Obligations – 13.8%** |
| **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
| Spirit AeroSystems, Inc. (BB-/Ba2) | Spirit AeroSystems, Inc. (BB-/Ba2) | Spirit AeroSystems, Inc. (BB-/Ba2) | Spirit AeroSystems, Inc. (BB-/Ba2) |
| 135000 | 9.375% | 11/30/29 | $142267 |
| **Airlines<sup>(b)</sup> – 0.5%** | **Airlines<sup>(b)</sup> – 0.5%** | **Airlines<sup>(b)</sup> – 0.5%** | **Airlines<sup>(b)</sup> – 0.5%** |
| Allegiant Travel Co. (BB-/Ba3) | Allegiant Travel Co. (BB-/Ba3) | Allegiant Travel Co. (BB-/Ba3) | Allegiant Travel Co. (BB-/Ba3) |
| 70000 | 7.250 <sup>(a)</sup> | 08/15/27 | 66633 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2) | American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2) | American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2) | American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2) |
| 9842 | 5.500 | 04/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9465 |
| 42261 | 5.750 | 04/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38663 |
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3) | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3) | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3) | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3) |
| 139170 | 5.750 <sup>(a)</sup> | 01/20/26 | 125919 |
|  |  |  | 240680 |
| **Chemicals<sup>(a)(b)</sup> – 1.7%** | **Chemicals<sup>(a)(b)</sup> – 1.7%** | **Chemicals<sup>(a)(b)</sup> – 1.7%** | **Chemicals<sup>(a)(b)</sup> – 1.7%** |
| ASP Unifrax Holdings, Inc. (B-/B2) | ASP Unifrax Holdings, Inc. (B-/B2) | ASP Unifrax Holdings, Inc. (B-/B2) | ASP Unifrax Holdings, Inc. (B-/B2) |
| 182000 | 5.250 | 09/30/28 | 146563 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** |
| **Chemicals<sup>(a)(b)</sup> – (continued)** | **Chemicals<sup>(a)(b)</sup> – (continued)** | **Chemicals<sup>(a)(b)</sup> – (continued)** | **Chemicals<sup>(a)(b)</sup> – (continued)** |
| Herens Holdco S.a.r.l. (B-/B2) | Herens Holdco S.a.r.l. (B-/B2) | Herens Holdco S.a.r.l. (B-/B2) | Herens Holdco S.a.r.l. (B-/B2) |
| 245000 | 4.750% | 05/15/28 | $195939 |
| WR Grace Holdings LLC (B/B1) | WR Grace Holdings LLC (B/B1) | WR Grace Holdings LLC (B/B1) | WR Grace Holdings LLC (B/B1) |
| 600000 | 4.875 | 06/15/27 | 531534 |
|  |  |  | 874036 |
| **Commercial Services – 1.8%** | **Commercial Services – 1.8%** | **Commercial Services – 1.8%** | **Commercial Services – 1.8%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)<sup>(a)</sup> |
| 142000 | 6.625 <sup>(b)</sup> | 07/15/26 | 130218 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)<sup>(a)</sup> |
| 354000 | 4.625 <sup>(b)</sup> | 06/01/28 | 296429 |
| APX Group, Inc. (B/B1)<sup>(a)</sup> | APX Group, Inc. (B/B1)<sup>(a)</sup> | APX Group, Inc. (B/B1)<sup>(a)</sup> | APX Group, Inc. (B/B1)<sup>(a)</sup> |
| 50000 | 6.750 <sup>(b)</sup> | 02/15/27 | 48168 |
| The ADT Security Corp. (BB-/Ba3)<sup>(a)</sup> | The ADT Security Corp. (BB-/Ba3)<sup>(a)</sup> | The ADT Security Corp. (BB-/Ba3)<sup>(a)</sup> | The ADT Security Corp. (BB-/Ba3)<sup>(a)</sup> |
| 306000 | 4.125 <sup>(b)</sup> | 08/01/29 | 262312 |
| United Rentals North America, Inc. (BBB-/Baa3) | United Rentals North America, Inc. (BBB-/Baa3) | United Rentals North America, Inc. (BBB-/Baa3) | United Rentals North America, Inc. (BBB-/Baa3) |
| 230000 | 6.000 | 12/15/29 | 228850 |
|  |  |  | 965977 |
| **Diversified Financial Services<sup>(a)(b)</sup> – 0.1%** | **Diversified Financial Services<sup>(a)(b)</sup> – 0.1%** | **Diversified Financial Services<sup>(a)(b)</sup> – 0.1%** | **Diversified Financial Services<sup>(a)(b)</sup> – 0.1%** |
| NFP Corp. (B/B1) | NFP Corp. (B/B1) | NFP Corp. (B/B1) | NFP Corp. (B/B1) |
| 87000 | 4.875 | 08/15/28 | 74072 |
| **Electrical<sup>(a)(b)</sup> – 0.4%** | **Electrical<sup>(a)(b)</sup> – 0.4%** | **Electrical<sup>(a)(b)</sup> – 0.4%** | **Electrical<sup>(a)(b)</sup> – 0.4%** |
| Calpine Corp. (BB+/Ba2) | Calpine Corp. (BB+/Ba2) | Calpine Corp. (BB+/Ba2) | Calpine Corp. (BB+/Ba2) |
| 283000 | 3.750 | 03/01/31 | 228831 |
| **Environmental<sup>(a)(b)</sup> – 0.2%** | **Environmental<sup>(a)(b)</sup> – 0.2%** | **Environmental<sup>(a)(b)</sup> – 0.2%** | **Environmental<sup>(a)(b)</sup> – 0.2%** |
| GFL Environmental, Inc. (BB-/Ba3) | GFL Environmental, Inc. (BB-/Ba3) | GFL Environmental, Inc. (BB-/Ba3) | GFL Environmental, Inc. (BB-/Ba3) |
| 100000 | 3.500 | 09/01/28 | 87982 |
| **Healthcare Providers & Services<sup>(a)(b)</sup> – 0.9%** | **Healthcare Providers & Services<sup>(a)(b)</sup> – 0.9%** | **Healthcare Providers & Services<sup>(a)(b)</sup> – 0.9%** | **Healthcare Providers & Services<sup>(a)(b)</sup> – 0.9%** |
| CHS/Community Health Systems, Inc. (B/B2) | CHS/Community Health Systems, Inc. (B/B2) | CHS/Community Health Systems, Inc. (B/B2) | CHS/Community Health Systems, Inc. (B/B2) |
| 210000 | 5.250 | 05/15/30 | 158609 |
| Medline Borrower LP (B+/B1) | Medline Borrower LP (B+/B1) | Medline Borrower LP (B+/B1) | Medline Borrower LP (B+/B1) |
| 385000 | 3.875 | 04/01/29 | 310294 |
|  |  |  | 468903 |
| **Insurance<sup>(a)(b)</sup> – 0.3%** | **Insurance<sup>(a)(b)</sup> – 0.3%** | **Insurance<sup>(a)(b)</sup> – 0.3%** | **Insurance<sup>(a)(b)</sup> – 0.3%** |
| Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) |
| 178000 | 4.250 | 02/15/29 | 147767 |
| **Internet<sup>(a)(b)</sup> – 0.3%** | **Internet<sup>(a)(b)</sup> – 0.3%** | **Internet<sup>(a)(b)</sup> – 0.3%** | **Internet<sup>(a)(b)</sup> – 0.3%** |
| Arches Buyer, Inc. (B/B1) | Arches Buyer, Inc. (B/B1) | Arches Buyer, Inc. (B/B1) | Arches Buyer, Inc. (B/B1) |
| 178000 | 4.250 | 06/01/28 | 139609 |
| **Lodging<sup>(a)(b)</sup> – 0.3%** | **Lodging<sup>(a)(b)</sup> – 0.3%** | **Lodging<sup>(a)(b)</sup> – 0.3%** | **Lodging<sup>(a)(b)</sup> – 0.3%** |
| Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) |
| 191000 | 4.500 | 12/01/29 | 155682 |
| **Machinery-Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery-Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery-Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery-Construction & Mining<sup>(a)(b)</sup> – 0.2%** |
| Vertiv Group Corp. (BB-/B1) | Vertiv Group Corp. (BB-/B1) | Vertiv Group Corp. (BB-/B1) | Vertiv Group Corp. (BB-/B1) |
| 150000 | 4.125 | 11/15/28 | 127995 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** |
| Chart Industries, Inc. (B+/Ba3) | Chart Industries, Inc. (B+/Ba3) | Chart Industries, Inc. (B+/Ba3) | Chart Industries, Inc. (B+/Ba3) |
| 100000 | 7.500 | 01/01/30 | 100415 |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** |
| **Media<sup>(a)(b)</sup> – 3.2%** | **Media<sup>(a)(b)</sup> – 3.2%** | **Media<sup>(a)(b)</sup> – 3.2%** | **Media<sup>(a)(b)</sup> – 3.2%** |
| Altice Financing SA (B/B2) | Altice Financing SA (B/B2) | Altice Financing SA (B/B2) | Altice Financing SA (B/B2) |
| 316000 | 5.000% | 01/15/28 | $255385 |
| Audacy Capital Corp. (CCC-/Caa3) | Audacy Capital Corp. (CCC-/Caa3) | Audacy Capital Corp. (CCC-/Caa3) | Audacy Capital Corp. (CCC-/Caa3) |
| 63000 | 6.500 | 05/01/27 | 11959 |
| DISH DBS Corp. (B+/Ba3) | DISH DBS Corp. (B+/Ba3) | DISH DBS Corp. (B+/Ba3) | DISH DBS Corp. (B+/Ba3) |
| 195000 | 5.250 | 12/01/26 | 164488 |
| DISH Network Corp. (B+/Ba3) | DISH Network Corp. (B+/Ba3) | DISH Network Corp. (B+/Ba3) | DISH Network Corp. (B+/Ba3) |
| 195000 | 11.750 | 11/15/27 | 200526 |
| Scripps Escrow II, Inc. (BB/Ba3) | Scripps Escrow II, Inc. (BB/Ba3) | Scripps Escrow II, Inc. (BB/Ba3) | Scripps Escrow II, Inc. (BB/Ba3) |
| 305000 | 3.875 | 01/15/29 | 248145 |
| Sinclair Television Group, Inc. (BB-/Ba2) | Sinclair Television Group, Inc. (BB-/Ba2) | Sinclair Television Group, Inc. (BB-/Ba2) | Sinclair Television Group, Inc. (BB-/Ba2) |
| 227000 | 4.125 | 12/01/30 | 169480 |
| UPC Holding B.V. (B/B3) | UPC Holding B.V. (B/B3) | UPC Holding B.V. (B/B3) | UPC Holding B.V. (B/B3) |
| 200000 | 5.500 | 01/15/28 | 179536 |
| Urban One, Inc. (B-/B3) | Urban One, Inc. (B-/B3) | Urban One, Inc. (B-/B3) | Urban One, Inc. (B-/B3) |
| 62000 | 7.375 | 02/01/28 | 52420 |
| VZ Secured Financing B.V. (B+/B1) | VZ Secured Financing B.V. (B+/B1) | VZ Secured Financing B.V. (B+/B1) | VZ Secured Financing B.V. (B+/B1) |
| 256000 | 5.000 | 01/15/32 | 208725 |
| Ziggo B.V. (B+/B1) | Ziggo B.V. (B+/B1) | Ziggo B.V. (B+/B1) | Ziggo B.V. (B+/B1) |
| 200000 | 4.875 | 01/15/30 | 167230 |
|  |  |  | 1657894 |
| **Oil Field Services<sup>(a)(b)</sup> – 0.4%** | **Oil Field Services<sup>(a)(b)</sup> – 0.4%** | **Oil Field Services<sup>(a)(b)</sup> – 0.4%** | **Oil Field Services<sup>(a)(b)</sup> – 0.4%** |
| Transocean Poseidon Ltd. (B-/B2) | Transocean Poseidon Ltd. (B-/B2) | Transocean Poseidon Ltd. (B-/B2) | Transocean Poseidon Ltd. (B-/B2) |
| 45500 | 6.875 | 02/01/27 | 44334 |
| Transocean Proteus Ltd. (B-/NR) | Transocean Proteus Ltd. (B-/NR) | Transocean Proteus Ltd. (B-/NR) | Transocean Proteus Ltd. (B-/NR) |
| 15200 | 6.250 | 12/01/24 | 15048 |
| Transocean Sentry Ltd. (B-/B2) | Transocean Sentry Ltd. (B-/B2) | Transocean Sentry Ltd. (B-/B2) | Transocean Sentry Ltd. (B-/B2) |
| 180598 | 5.375 | 05/15/23 | 179164 |
|  |  |  | 238546 |
| **Oil, Gas & Consumable Fuels<sup>(a)(c)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(a)(c)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(a)(c)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(a)(c)</sup> – 0.1%** |
| Noble Finance Co. (NR/NR) (PIK 15.000%, Cash 11.000%) | Noble Finance Co. (NR/NR) (PIK 15.000%, Cash 11.000%) | Noble Finance Co. (NR/NR) (PIK 15.000%, Cash 11.000%) | Noble Finance Co. (NR/NR) (PIK 15.000%, Cash 11.000%) |
| 46709 | 11.000 | 02/15/28 | 51224 |
| **Packaging<sup>(a)(b)</sup> – 0.3%** | **Packaging<sup>(a)(b)</sup> – 0.3%** | **Packaging<sup>(a)(b)</sup> – 0.3%** | **Packaging<sup>(a)(b)</sup> – 0.3%** |
| Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1) | Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1) | Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1) | Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1) |
| 85000 | 4.375 | 10/15/28 | 75966 |
| Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (B+/B1) | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (B+/B1) | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (B+/B1) | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (B+/B1) |
| 87000 | 4.000 | 10/15/27 | 77245 |
|  |  |  | 153211 |
| **Pharmaceuticals<sup>(a)(b)</sup> – 0.1%** | **Pharmaceuticals<sup>(a)(b)</sup> – 0.1%** | **Pharmaceuticals<sup>(a)(b)</sup> – 0.1%** | **Pharmaceuticals<sup>(a)(b)</sup> – 0.1%** |
| Bausch Health Cos., Inc. (B-/Caa1) | Bausch Health Cos., Inc. (B-/Caa1) | Bausch Health Cos., Inc. (B-/Caa1) | Bausch Health Cos., Inc. (B-/Caa1) |
| 95000 | 4.875 | 06/01/28 | 60778 |
| **Retailing<sup>(b)</sup> – 1.0%** | **Retailing<sup>(b)</sup> – 1.0%** | **Retailing<sup>(b)</sup> – 1.0%** | **Retailing<sup>(b)</sup> – 1.0%** |
| 1011778 BC ULC/New Red Finance, Inc. (B+/B2)<sup>(a)</sup> | 1011778 BC ULC/New Red Finance, Inc. (B+/B2)<sup>(a)</sup> | 1011778 BC ULC/New Red Finance, Inc. (B+/B2)<sup>(a)</sup> | 1011778 BC ULC/New Red Finance, Inc. (B+/B2)<sup>(a)</sup> |
| 192000 | 4.375 | 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172664 |
| 305000 | 4.000 | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247675 |
| Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3)<sup>(a)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3)<sup>(a)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3)<sup>(a)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3)<sup>(a)</sup> |
| 158000 | 6.375 | 09/30/26 | 126909 |
|  |  |  | 547248 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** | **Secured Debt Obligations – (continued)** |
| **Software<sup>(a)(b)</sup> – 0.4%** | **Software<sup>(a)(b)</sup> – 0.4%** | **Software<sup>(a)(b)</sup> – 0.4%** | **Software<sup>(a)(b)</sup> – 0.4%** |
| Camelot Finance SA (B/B1) | Camelot Finance SA (B/B1) | Camelot Finance SA (B/B1) | Camelot Finance SA (B/B1) |
| 28000 | 4.500% | 11/01/26 | $26324 |
| Clarivate Science Holdings Corp. (B/B1) | Clarivate Science Holdings Corp. (B/B1) | Clarivate Science Holdings Corp. (B/B1) | Clarivate Science Holdings Corp. (B/B1) |
| 192000 | 3.875 | 07/01/28 | 166562 |
|  |  |  | 192886 |
| **Telecommunication Services<sup>(b)</sup> – 1.1%** | **Telecommunication Services<sup>(b)</sup> – 1.1%** | **Telecommunication Services<sup>(b)</sup> – 1.1%** | **Telecommunication Services<sup>(b)</sup> – 1.1%** |
| Altice France SA (B/B2)<sup>(a)</sup> | Altice France SA (B/B2)<sup>(a)</sup> | Altice France SA (B/B2)<sup>(a)</sup> | Altice France SA (B/B2)<sup>(a)</sup> |
| 225000 | 5.125 | 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171286 |
| 264000 | 5.500 | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202129 |
| Frontier Communications Holdings LLC (CCC+/Caa2)<sup>(a)</sup> | Frontier Communications Holdings LLC (CCC+/Caa2)<sup>(a)</sup> | Frontier Communications Holdings LLC (CCC+/Caa2)<sup>(a)</sup> | Frontier Communications Holdings LLC (CCC+/Caa2)<sup>(a)</sup> |
| 161000 | 6.750 | 05/01/29 | 133107 |
| Level 3 Financing, Inc. (BB+/Ba1)<sup>(a)</sup> | Level 3 Financing, Inc. (BB+/Ba1)<sup>(a)</sup> | Level 3 Financing, Inc. (BB+/Ba1)<sup>(a)</sup> | Level 3 Financing, Inc. (BB+/Ba1)<sup>(a)</sup> |
| 105000 | 3.875 | 11/15/29 | 82763 |
|  |  |  | 589285 |
| **TOTAL OTHER SECURED DEBT OBLIGATIONS** | **TOTAL OTHER SECURED DEBT OBLIGATIONS** | **TOTAL OTHER SECURED DEBT OBLIGATIONS** | $7245288 |
| **TOTAL SECURED DEBT OBLIGATIONS<br>(Cost $25,041,118)** | **TOTAL SECURED DEBT OBLIGATIONS<br>(Cost $25,041,118)** | **TOTAL SECURED DEBT OBLIGATIONS<br>(Cost $25,041,118)** | $22649530 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks<sup>(g)</sup> – 0.6%** | **Common Stocks<sup>(g)</sup> – 0.6%** | **Common Stocks<sup>(g)</sup> – 0.6%** | **Common Stocks<sup>(g)</sup> – 0.6%** |
| **Energy Equipment & Services – 0.4%** | **Energy Equipment & Services – 0.4%** | **Energy Equipment & Services – 0.4%** | **Energy Equipment & Services – 0.4%** |
| 4969 | Noble Corp. PLC | Noble Corp. PLC | $187381 |
| **(Cost $38,790)** | **(Cost $38,790)** | **(Cost $38,790)** | **(Cost $38,790)** |
| **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** |
| 1141924 | Prairie Provident Resources,<br>Inc. | Prairie Provident Resources,<br>Inc. | 105421 |
| **(Cost $2,946,424)** | **(Cost $2,946,424)** | **(Cost $2,946,424)** | **(Cost $2,946,424)** |
| **TOTAL COMMON STOCKS<br>(Cost $2,985,214)** | **TOTAL COMMON STOCKS<br>(Cost $2,985,214)** | **TOTAL COMMON STOCKS<br>(Cost $2,985,214)** | $292802 |
| **TOTAL INVESTMENTS – 96.4%<br>59,913,809)** | **TOTAL INVESTMENTS – 96.4%<br>59,913,809)** | **TOTAL INVESTMENTS – 96.4%<br>59,913,809)** | $50373675 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.6%** | $1898584 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $52272259 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Pay-in-kind securities. |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

*December 31, 2022 (Unaudited)* 

(d) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2022. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

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

---

| | |
|:---|:---|
| (e) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (f) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (g) | Security is currently in default and/or non-income producing. |
| Security ratings disclosed, if any, are obtained from Standard & Poor's/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are obtained from Standard & Poor's/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. |

---

------

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES 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 LOSS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 213965 | EUR | 216145 | 01/06/23 | $(17506) |

---

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3.750%<sup>(a)</sup> 12M SOFR<sup>(a)</sup> | 03/15/30 $2600<sup>(b)</sup> | $(26048) | $(61842) | $35794 |

---

(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.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>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 Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 38 | (5.000)% | 4.832% | 12/20/27 | $13000 | $(106204) | $632650 | $(738854) |

---

(a) Payments made quarterly.

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Funding Rate |
| **Abbreviations:** | **Abbreviations:** |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 53.1%** | **Mortgage-Backed Obligations – 53.1%** | **Mortgage-Backed Obligations – 53.1%** | **Mortgage-Backed Obligations – 53.1%** |
| **FNMA Collateral – 0.2%** | **FNMA Collateral – 0.2%** | **FNMA Collateral – 0.2%** | **FNMA Collateral – 0.2%** |
| **UMBS, 30 Year, Single Family – 0.2%** | **UMBS, 30 Year, Single Family – 0.2%** | **UMBS, 30 Year, Single Family – 0.2%** | **UMBS, 30 Year, Single Family – 0.2%** |
| UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family |
| (2000000) | 5.000% | 01/12/53 | $986094 |
| **WL Collat Support CMO<sup>(a)</sup> –0.2%** | **WL Collat Support CMO<sup>(a)</sup> –0.2%** | **WL Collat Support CMO<sup>(a)</sup> –0.2%** | **WL Collat Support CMO<sup>(a)</sup> –0.2%** |
| **Sequential Floating Rate – 0.2%** | **Sequential Floating Rate – 0.2%** | **Sequential Floating Rate – 0.2%** | **Sequential Floating Rate – 0.2%** |
| Countrywide Alternative Loan Trust Series 2007-16CB, | Countrywide Alternative Loan Trust Series 2007-16CB, | Countrywide Alternative Loan Trust Series 2007-16CB, | Countrywide Alternative Loan Trust Series 2007-16CB, |
| Class 4A3 (1M USD LIBOR + 0.500%) | Class 4A3 (1M USD LIBOR + 0.500%) | Class 4A3 (1M USD LIBOR + 0.500%) | Class 4A3 (1M USD LIBOR + 0.500%) |
| 1838721 | 4.889% | 08/25/37 | $1291334 |
| **Collateralized Mortgage Obligations – 6.5%** | **Collateralized Mortgage Obligations – 6.5%** | **Collateralized Mortgage Obligations – 6.5%** | **Collateralized Mortgage Obligations – 6.5%** |
| **Interest Only – 1.9%** | **Interest Only – 1.9%** | **Interest Only – 1.9%** | **Interest Only – 1.9%** |
| FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) | FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%) |
| 970778 | 1.682 %<sup>(a)(b)</sup> | 05/15/41 | $82680 |
| FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%) | FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%) | FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%) | FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%) |
| 4024857 | 1.782 <sup>(a)(b)</sup> | 05/15/45 | 429157 |
| FHLMC REMIC Series 4989, Class EI | FHLMC REMIC Series 4989, Class EI | FHLMC REMIC Series 4989, Class EI | FHLMC REMIC Series 4989, Class EI |
| 1025226 | 4.000 <sup>(b)</sup> | 07/25/50 | 198560 |
| FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI |
| 1985281 | 4.000 <sup>(b)</sup> | 09/25/50 | 391441 |
| FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH | FHLMC REMIC Series 5020, Class IH |
| 663114 | 3.000 <sup>(b)</sup> | 08/25/50 | 106088 |
| FHLMC REMIC Series 5148, Class AI | FHLMC REMIC Series 5148, Class AI | FHLMC REMIC Series 5148, Class AI | FHLMC REMIC Series 5148, Class AI |
| 8952417 | 2.500 | 10/25/51 | 856416 |
| FNMA REMIC Series 2011-100, Class S (-1X 1M USD LIBOR + 6.450%) | FNMA REMIC Series 2011-100, Class S (-1X 1M USD LIBOR + 6.450%) | FNMA REMIC Series 2011-100, Class S (-1X 1M USD LIBOR + 6.450%) | FNMA REMIC Series 2011-100, Class S (-1X 1M USD LIBOR + 6.450%) |
| 2396184 | 2.061 <sup>(a)(b)</sup> | 10/25/41 | 236807 |
| FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) | FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) | FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) | FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%) |
| 2296602 | 2.281 <sup>(a)(b)</sup> | 07/25/42 | 220927 |
| FNMA REMIC Series 2017-104, Class SB (-1X 1M USD LIBOR + 6.150%) | FNMA REMIC Series 2017-104, Class SB (-1X 1M USD LIBOR + 6.150%) | FNMA REMIC Series 2017-104, Class SB (-1X 1M USD LIBOR + 6.150%) | FNMA REMIC Series 2017-104, Class SB (-1X 1M USD LIBOR + 6.150%) |
| 991507 | 1.761 <sup>(a)(b)</sup> | 01/25/48 | 107567 |
| 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 |
| 1843739 | 4.000 <sup>(b)</sup> | 09/25/50 | 363533 |
| GNMA REMIC Series 2010-35, Class DS (-1X 1M USD LIBOR + 5.680%) | GNMA REMIC Series 2010-35, Class DS (-1X 1M USD LIBOR + 5.680%) | GNMA REMIC Series 2010-35, Class DS (-1X 1M USD LIBOR + 5.680%) | GNMA REMIC Series 2010-35, Class DS (-1X 1M USD LIBOR + 5.680%) |
| 3070624 | 1.327 <sup>(a)(b)</sup> | 03/20/40 | 236673 |
| GNMA REMIC Series 2013-103, Class DS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2013-103, Class DS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2013-103, Class DS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2013-103, Class DS (-1X 1M USD LIBOR + 6.150%) |
| 3864094 | 1.797 <sup>(a)(b)</sup> | 07/20/43 | 372251 |
| GNMA REMIC Series 2013-117, Class PS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2013-117, Class PS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2013-117, Class PS (-1X 1M USD LIBOR + 6.150%) | GNMA REMIC Series 2013-117, Class PS (-1X 1M USD LIBOR + 6.150%) |
| 4648832 | 1.797 <sup>(a)(b)</sup> | 04/20/43 | 304989 |
| GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%) |
| 90688 | 1.747 <sup>(a)(b)</sup> | 06/20/43 | 8176 |
| GNMA REMIC Series 2014-11, Class NI | GNMA REMIC Series 2014-11, Class NI | GNMA REMIC Series 2014-11, Class NI | GNMA REMIC Series 2014-11, Class NI |
| 1395540 | 4.500 <sup>(b)</sup> | 12/16/42 | 87438 |
| GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%) |
| 4582408 | 1.747 <sup>(a)(b)</sup> | 10/20/43 | 226900 |
| GNMA REMIC Series 2014-180, Class PI | GNMA REMIC Series 2014-180, Class PI | GNMA REMIC Series 2014-180, Class PI | GNMA REMIC Series 2014-180, Class PI |
| 3011667 | 4.000 <sup>(b)</sup> | 08/20/44 | 410203 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| GNMA REMIC Series 2015-111, Class SM (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-111, Class SM (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-111, Class SM (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-111, Class SM (-1X 1M USD LIBOR + 6.200%) |
| 3716637 | 1.847 %<sup>(a)(b)</sup> | 08/20/45 | $386475 |
| GNMA REMIC Series 2015-126, Class LS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-126, Class LS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-126, Class LS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-126, Class LS (-1X 1M USD LIBOR + 6.200%) |
| 2396218 | 1.847 <sup>(a)(b)</sup> | 09/20/45 | 243674 |
| GNMA REMIC Series 2015-129, Class IC | GNMA REMIC Series 2015-129, Class IC | GNMA REMIC Series 2015-129, Class IC | GNMA REMIC Series 2015-129, Class IC |
| 1055621 | 4.500 <sup>(b)</sup> | 09/16/45 | 193743 |
| GNMA REMIC Series 2015-133, Class SA (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-133, Class SA (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-133, Class SA (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-133, Class SA (-1X 1M USD LIBOR + 5.700%) |
| 1366114 | 1.347 <sup>(a)(b)</sup> | 09/20/45 | 111730 |
| GNMA REMIC Series 2015-133, Class SB (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-133, Class SB (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-133, Class SB (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-133, Class SB (-1X 1M USD LIBOR + 5.700%) |
| 1755152 | 1.347 <sup>(a)(b)</sup> | 09/20/45 | 140859 |
| GNMA REMIC Series 2015-144, Class QS (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-144, Class QS (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-144, Class QS (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2015-144, Class QS (-1X 1M USD LIBOR + 5.700%) |
| 4572234 | 1.347 <sup>(a)(b)</sup> | 10/20/45 | 353381 |
| GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%) |
| 7698702 | 1.847 <sup>(a)(b)</sup> | 11/20/45 | 811010 |
| GNMA REMIC Series 2016-6, Class S (-1X 1M USD LIBOR + 5.650%) | GNMA REMIC Series 2016-6, Class S (-1X 1M USD LIBOR + 5.650%) | GNMA REMIC Series 2016-6, Class S (-1X 1M USD LIBOR + 5.650%) | GNMA REMIC Series 2016-6, Class S (-1X 1M USD LIBOR + 5.650%) |
| 5776299 | 1.297 <sup>(a)(b)</sup> | 01/20/46 | 444542 |
| GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR + 5.660%) | GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR + 5.660%) | GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR + 5.660%) | GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR + 5.660%) |
| 1090084 | 1.307 <sup>(a)(b)</sup> | 07/20/47 | 92493 |
| 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%) |
| 781380 | 1.847 <sup>(a)(b)</sup> | 09/20/48 | 81343 |
| GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%) |
| 1614066 | 1.847 <sup>(a)(b)</sup> | 09/20/48 | 166550 |
| 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%) |
| 1076179 | 1.797 <sup>(a)(b)</sup> | 10/20/48 | 101691 |
| GNMA REMIC Series 2018-67, Class PS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-67, Class PS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-67, Class PS (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-67, Class PS (-1X 1M USD LIBOR + 6.200%) |
| 1820404 | 1.847 <sup>(a)(b)</sup> | 05/20/48 | 179110 |
| GNMA REMIC Series 2018-7, Class DS (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2018-7, Class DS (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2018-7, Class DS (-1X 1M USD LIBOR + 5.700%) | GNMA REMIC Series 2018-7, Class DS (-1X 1M USD LIBOR + 5.700%) |
| 1230189 | 1.347 <sup>(a)(b)</sup> | 01/20/48 | 108442 |
| GNMA REMIC Series 2018-79, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-79, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-79, Class SD (-1X 1M USD LIBOR + 6.200%) | GNMA REMIC Series 2018-79, Class SD (-1X 1M USD LIBOR + 6.200%) |
| 464309 | 1.847 <sup>(a)(b)</sup> | 06/20/48 | 44489 |
| GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%) |
| 1239440 | 1.697 <sup>(a)(b)</sup> | 01/20/49 | 115867 |
| GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI | GNMA REMIC Series 2019-151, Class NI |
| 2703725 | 3.500 <sup>(b)</sup> | 10/20/49 | 407223 |
| GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%) |
| 424042 | 1.697 <sup>(a)(b)</sup> | 01/20/49 | 40910 |
| GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) | GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%) |
| 769402 | 1.747 <sup>(a)(b)</sup> | 06/20/49 | 69805 |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

## Schedule of Investments (continued)
*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 – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** | **Interest Only – (continued)** |
| GNMA REMIC Series 2020-146, Class IM | GNMA REMIC Series 2020-146, Class IM | GNMA REMIC Series 2020-146, Class IM | GNMA REMIC Series 2020-146, Class IM |
| 1317987 | 2.500 %<sup>(b)</sup> | 10/20/50 | $172895 |
| GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI | GNMA REMIC Series 2020-146, Class KI |
| 9412520 | 2.500 <sup>(b)</sup> | 10/20/50 | 1231460 |
| GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) | GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%) |
| 3289755 | 1.697 <sup>(a)(b)</sup> | 02/20/50 | 347202 |
| GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) | GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) | GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) | GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%) |
| 5194052 | 2.087 <sup>(a)(b)</sup> | 07/20/43 | 532334 |
| GNMA REMIC Series 2020-7, Class GI | GNMA REMIC Series 2020-7, Class GI | GNMA REMIC Series 2020-7, Class GI | GNMA REMIC Series 2020-7, Class GI |
| 139061 | 4.000 <sup>(b)</sup> | 01/20/50 | 23461 |
| GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI | GNMA REMIC Series 2020-78, Class DI |
| 3847294 | 4.000 <sup>(b)</sup> | 06/20/50 | 706363 |
| 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 |
| 494411 | 4.000 <sup>(b)</sup> | 06/20/50 | 88808 |
|  |  |  | 11835666 |
| **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** |
| FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%) | FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%) | FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%) | FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%) |
| 164740 | 4.668 | 10/15/36 | 162877 |
| FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%) | FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%) | FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%) | FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%) |
| 97168 | 4.718 | 12/15/36 | 96061 |
| 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%) |
| 156682 | 4.918 | 09/15/37 | 155965 |
| 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%) |
| 44129 | 5.168 | 06/15/39 | 44377 |
| FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%) | FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%) | FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%) | FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%) |
| 225887 | 4.688 | 03/15/41 | 224587 |
| FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%) |
| 311446 | 4.789 | 06/25/36 | 308510 |
| FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%) |
| 372652 | 4.789 | 08/25/36 | 369211 |
| FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%) |
| 378351 | 4.789 | 08/25/36 | 371341 |
| FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%) | FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%) | FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%) | FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%) |
| 130532 | 4.839 | 08/25/37 | 129569 |
| FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%) | FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%) | FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%) | FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%) |
| 42284 | 5.489 | 10/25/39 | 43104 |
|  |  |  | 1905602 |
| **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** | **Sequential Fixed Rate – 0.4%** |
| 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 |
| 192060 | 5.110 <sup>(c)(d)</sup> | 08/25/62 | 189476 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9 | Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9 | Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9 | Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9 |
| 233481 | 5.500% | 02/25/36 | $176691 |
| Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13 | Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13 | Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13 | Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13 |
| 355033 | 6.000 | 06/25/36 | 288417 |
| Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11 | Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11 | Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11 | Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11 |
| 667965 | 6.500 | 07/25/36 | 521605 |
| Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 |
| 659065 | 6.000 | 08/25/36 | 440621 |
| Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1 | Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1 | Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1 | Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1 |
| 1889882 | 6.000 | 10/25/37 | 1222566 |
|  |  |  | 2839376 |
| **Sequential Floating Rate – 3.9%** | **Sequential Floating Rate – 3.9%** | **Sequential Floating Rate – 3.9%** | **Sequential Floating Rate – 3.9%** |
| Alternative Loan Trust Series 2007-16CB, Class 1A2 (1M USD LIBOR + 0.400%) | Alternative Loan Trust Series 2007-16CB, Class 1A2 (1M USD LIBOR + 0.400%) | Alternative Loan Trust Series 2007-16CB, Class 1A2 (1M USD LIBOR + 0.400%) | Alternative Loan Trust Series 2007-16CB, Class 1A2 (1M USD LIBOR + 0.400%) |
| 278486 | 4.789 <sup>(a)</sup> | 08/25/37 | 186991 |
| Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 |
| 23476 | 4.115 <sup>(a)</sup> | 03/25/37 | 21218 |
| 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%) |
| 475000 | 5.428 <sup>(a)(c)</sup> | 06/25/31 | 452819 |
| Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 (1M USD LIBOR + 2.450%) | Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 (1M USD LIBOR + 2.450%) | Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 (1M USD LIBOR + 2.450%) | Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 (1M USD LIBOR + 2.450%) |
| 191190 | 6.839 <sup>(a)(c)</sup> | 07/25/31 | 192250 |
| Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) | Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) | Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) | Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%) |
| 165924 | 6.689 <sup>(a)(c)</sup> | 08/25/31 | 165968 |
| Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) | Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) | Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) | Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%) |
| 55062 | 6.539 <sup>(a)(c)</sup> | 09/25/31 | 54926 |
| Connecticut Avenue Securities Trust Series 2022-R02, Class 1B1 (SOFR30A + 6.250%) | Connecticut Avenue Securities Trust Series 2022-R02, Class 1B1 (SOFR30A + 6.250%) | Connecticut Avenue Securities Trust Series 2022-R02, Class 1B1 (SOFR30A + 6.250%) | Connecticut Avenue Securities Trust Series 2022-R02, Class 1B1 (SOFR30A + 6.250%) |
| 153000 | 10.178 <sup>(a)(c)</sup> | 03/25/42 | 159011 |
| Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 (SOFR30A + 3.000%) |
| 590000 | 6.928 <sup>(a)(c)</sup> | 01/25/42 | 556153 |
| Connecticut Avenue Securities Trust Series 2022-R04, Class 1B1 (SOFR30A + 5.250%) | Connecticut Avenue Securities Trust Series 2022-R04, Class 1B1 (SOFR30A + 5.250%) | Connecticut Avenue Securities Trust Series 2022-R04, Class 1B1 (SOFR30A + 5.250%) | Connecticut Avenue Securities Trust Series 2022-R04, Class 1B1 (SOFR30A + 5.250%) |
| 433000 | 9.178 <sup>(a)(c)</sup> | 03/25/42 | 431181 |
| Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (SOFR30A + 4.500%) |
| 392000 | 8.428 <sup>(a)(c)</sup> | 04/25/42 | 376577 |
| Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) | Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (SOFR30A + 3.000%) |
| 279000 | 6.928 <sup>(a)(c)</sup> | 04/25/42 | 269950 |
| Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%) |
| 273108 | 4.889 <sup>(a)</sup> | 07/25/35 | 198625 |
| Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%) |
| 329986 | 5.189 <sup>(a)</sup> | 12/25/35 | 268923 |
| FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) | FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%) |
| 416893 | 6.528 <sup>(a)(c)</sup> | 11/25/50 | 413600 |

---

------

GOLDMAN SACHS STRATEGIC 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 – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| FHLMC STACR REMIC Trust Series 2019-DNA3, Class BI<sup>(c)</sup> (1M USD LIBOR + 3.250%) | FHLMC STACR REMIC Trust Series 2019-DNA3, Class BI<sup>(c)</sup> (1M USD LIBOR + 3.250%) | FHLMC STACR REMIC Trust Series 2019-DNA3, Class BI<sup>(c)</sup> (1M USD LIBOR + 3.250%) | FHLMC STACR REMIC Trust Series 2019-DNA3, Class BI<sup>(c)</sup> (1M USD LIBOR + 3.250%) |
| 770000 | 7.639 %<sup>(a)</sup> | 07/25/49 | $770823 |
| FHLMC STACR REMIC Trust Series 2020-DNA1, Class M2 (1M USD LIBOR + 1.700%) | FHLMC STACR REMIC Trust Series 2020-DNA1, Class M2 (1M USD LIBOR + 1.700%) | FHLMC STACR REMIC Trust Series 2020-DNA1, Class M2 (1M USD LIBOR + 1.700%) | FHLMC STACR REMIC Trust Series 2020-DNA1, Class M2 (1M USD LIBOR + 1.700%) |
| 619240 | 6.089 <sup>(a)(c)</sup> | 01/25/50 | 616669 |
| FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) | FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) | FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) | FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%) |
| 1476018 | 10.389 <sup>(a)(c)</sup> | 08/25/50 | 1560328 |
| FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%) |
| 1533000 | 8.728 <sup>(a)(c)</sup> | 10/25/50 | 1569514 |
| FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) | FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%) |
| 190587 | 6.728 <sup>(c)</sup> | 10/25/50 | 191507 |
| FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2 (SOFR30A + 5.650%) | FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2 (SOFR30A + 5.650%) | FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2 (SOFR30A + 5.650%) | FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2 (SOFR30A + 5.650%) |
| 600000 | 9.578 <sup>(a)(c)</sup> | 12/25/50 | 510775 |
| FHLMC STACR REMIC Trust Series 2020-DNA6, Class M2 (SOFR30A + 2.000%) | FHLMC STACR REMIC Trust Series 2020-DNA6, Class M2 (SOFR30A + 2.000%) | FHLMC STACR REMIC Trust Series 2020-DNA6, Class M2 (SOFR30A + 2.000%) | FHLMC STACR REMIC Trust Series 2020-DNA6, Class M2 (SOFR30A + 2.000%) |
| 1106101 | 5.928 <sup>(a)(c)</sup> | 12/25/50 | 1097361 |
| FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1 (1M USD LIBOR + 4.100%) | FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1 (1M USD LIBOR + 4.100%) | FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1 (1M USD LIBOR + 4.100%) | FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1 (1M USD LIBOR + 4.100%) |
| 3826645 | 8.489 <sup>(a)(c)</sup> | 03/25/50 | 3756632 |
| FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) | FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) | FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) | FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%) |
| 1374403 | 10.139 <sup>(a)(c)</sup> | 07/25/50 | 1415387 |
| FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%) |
| 879000 | 9.639 <sup>(a)(c)</sup> | 09/25/50 | 896165 |
| FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) | FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%) |
| 2738 | 7.539 <sup>(a)(c)</sup> | 09/25/50 | 2738 |
| FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) | FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%) |
| 282851 | 5.728 <sup>(a)(c)</sup> | 01/25/51 | 276147 |
| FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (SOFR30A + 3.400%) | FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (SOFR30A + 3.400%) | FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (SOFR30A + 3.400%) | FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (SOFR30A + 3.400%) |
| 137000 | 7.328 <sup>(a)(c)</sup> | 10/25/41 | 127627 |
| FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (SOFR30A + 2.050%) | FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (SOFR30A + 2.050%) | FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (SOFR30A + 2.050%) | FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (SOFR30A + 2.050%) |
| 410000 | 5.978 <sup>(a)(c)</sup> | 12/25/33 | 368223 |
| FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) | FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) | FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) | FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (SOFR30A + 3.500%) |
| 350000 | 7.428 <sup>(c)</sup> | 03/25/42 | 347055 |
| FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) | FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) | FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) | FHLMC STACR Trust Series 2019-DNA4, Class B1 (1M USD LIBOR + 2.700%) |
| 575000 | 7.089 <sup>(a)(c)</sup> | 10/25/49 | 566005 |
| FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%) | FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%) | FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%) | FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%) |
| 742607 | 11.139 <sup>(a)</sup> | 08/25/28 | 781280 |
| FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%) | FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%) | FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%) | FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%) |
| 1172000 | 9.689 <sup>(a)</sup> | 10/25/28 | 1231688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| FNMA Connecticut Avenue Securities Series 2021-R02, Class 2B1 (SOFR30A + 3.300%) | FNMA Connecticut Avenue Securities Series 2021-R02, Class 2B1 (SOFR30A + 3.300%) | FNMA Connecticut Avenue Securities Series 2021-R02, Class 2B1 (SOFR30A + 3.300%) | FNMA Connecticut Avenue Securities Series 2021-R02, Class 2B1 (SOFR30A + 3.300%) |
| 1350000 | 7.228 %<sup>(a)(c)</sup> | 11/25/41 | $1240963 |
| 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 |
| 194720 | 5.269 <sup>(c)(d)</sup> | 08/25/67 | 195795 |
| 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 |
| 1455187 | 2.520 <sup>(c)</sup> | 05/25/52 | 1190945 |
| JPMorgan Mortgage Trust Series 2022-LTV1,Class A2 | JPMorgan Mortgage Trust Series 2022-LTV1,Class A2 | JPMorgan Mortgage Trust Series 2022-LTV1,Class A2 | JPMorgan Mortgage Trust Series 2022-LTV1,Class A2 |
| 479126 | 3.520 <sup>(c)</sup> | 07/25/52 | 391561 |
| Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%) | Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%) | Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%) | Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%) |
| 990321 | 2.848 <sup>(a)</sup> | 12/25/46 | 706131 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 504645 | 3.128 <sup>(c)</sup> | 07/25/59 | 473820 |
| Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1 (12M MTA + 0.800%) | Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1 (12M MTA + 0.800%) | Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1 (12M MTA + 0.800%) | Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1 (12M MTA + 0.800%) |
| 16201 | 2.848 <sup>(a)</sup> | 09/25/46 | 10126 |
| Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%) | Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%) | Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%) | Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%) |
| 73359 | 4.799 <sup>(a)</sup> | 09/25/46 | 61767 |
|  |  |  | 24105224 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 40685868 |
| **Commercial Mortgage-Backed Securities – 3.5%** | **Commercial Mortgage-Backed Securities – 3.5%** | **Commercial Mortgage-Backed Securities – 3.5%** | **Commercial Mortgage-Backed Securities – 3.5%** |
| **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** |
| BANK Series 2018-BN10, Class D | BANK Series 2018-BN10, Class D | BANK Series 2018-BN10, Class D | BANK Series 2018-BN10, Class D |
| 500000 | 2.600 %<sup>(c)</sup> | 02/15/61 | $348524 |
| BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D |
| 500000 | 3.000 <sup>(c)</sup> | 09/15/60 | 342893 |
| BANK Series 2021-BN35, Class A5 | BANK Series 2021-BN35, Class A5 | BANK Series 2021-BN35, Class A5 | BANK Series 2021-BN35, Class A5 |
| 1750000 | 2.285 | 06/15/64 | 1414683 |
| BANK Series 2021-BNK38, Class A5 | BANK Series 2021-BNK38, Class A5 | BANK Series 2021-BNK38, Class A5 | BANK Series 2021-BNK38, Class A5 |
| 1050000 | 2.521 | 12/15/64 | 854912 |
| BANK Series 2021-BNK38, Class E | BANK Series 2021-BNK38, Class E | BANK Series 2021-BNK38, Class E | BANK Series 2021-BNK38, Class E |
| 300000 | 2.500 <sup>(c)</sup> | 12/15/64 | 161638 |
| BANK Series 2022-BNK39, Class A4 | BANK Series 2022-BNK39, Class A4 | BANK Series 2022-BNK39, Class A4 | BANK Series 2022-BNK39, Class A4 |
| 2400000 | 2.928 | 02/15/55 | 2019395 |
| BBCMS Mortgage Trust Series 2022-C17, Class A5 | BBCMS Mortgage Trust Series 2022-C17, Class A5 | BBCMS Mortgage Trust Series 2022-C17, Class A5 | BBCMS Mortgage Trust Series 2022-C17, Class A5 |
| 2000000 | 4.441 | 09/15/55 | 1898742 |
| BX Trust Series 2022, Class A | BX Trust Series 2022, Class A | BX Trust Series 2022, Class A | BX Trust Series 2022, Class A |
| 2000000 | 5.760 <sup>(c)</sup> | 10/13/27 | 1961482 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1000000 | 3.000 <sup>(c)</sup> | 09/15/50 | 698518 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| 756000 | 3.250 <sup>(c)</sup> | 01/15/60 | 550709 |
|  |  |  | 10251496 |
| **Sequential Floating Rate – 1.9%** | **Sequential Floating Rate – 1.9%** | **Sequential Floating Rate – 1.9%** | **Sequential Floating Rate – 1.9%** |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 1050000 | 2.778 | 11/15/54 | 808760 |
| BANK Series 2022-BNK44, Class A5 | BANK Series 2022-BNK44, Class A5 | BANK Series 2022-BNK44, Class A5 | BANK Series 2022-BNK44, Class A5 |
| 1400000 | 5.746 | 11/15/55 | 1459620 |

---

------

GOLDMAN SACHS STRATEGIC 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)** |
|  **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
|  BBCMS Mortgage Trust Series 2022-C17, Class AS | BBCMS Mortgage Trust Series 2022-C17, Class AS | BBCMS Mortgage Trust Series 2022-C17, Class AS | BBCMS Mortgage Trust Series 2022-C17, Class AS | BBCMS Mortgage Trust Series 2022-C17, Class AS |
|  $ | 1400000 | 4.971 %<sup>(a)</sup> | 09/15/55 | $1319252 |
|  BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) | BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) | BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) | BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) | BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%) |
|  | 2550000 | 6.912 <sup>(a)(c)</sup> | 10/15/36 | 2319646 |
|  BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) | BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%) |
|  | 3805967 | 6.787 <sup>(a)(c)</sup> | 08/15/39 | 3797922 |
|  Octagon Finance NO 1 DAC, Class A<sup>(e)</sup> (3M Euribor + 2.370%) | Octagon Finance NO 1 DAC, Class A<sup>(e)</sup> (3M Euribor + 2.370%) | Octagon Finance NO 1 DAC, Class A<sup>(e)</sup> (3M Euribor + 2.370%) | Octagon Finance NO 1 DAC, Class A<sup>(e)</sup> (3M Euribor + 2.370%) | Octagon Finance NO 1 DAC, Class A<sup>(e)</sup> (3M Euribor + 2.370%) |
|  EUR | 723677 | 4.165 <sup>(a)</sup> | 01/17/23 | 689447 |
|  Taubman Centers Commercial Mortgage Trust Series 2022-DPM, | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, | Taubman Centers Commercial Mortgage Trust Series 2022-DPM, |
|  Class A (1M TSFR LIBOR + 2.186%) | Class A (1M TSFR LIBOR + 2.186%) | Class A (1M TSFR LIBOR + 2.186%) | Class A (1M TSFR LIBOR + 2.186%) | Class A (1M TSFR LIBOR + 2.186%) |
|  $ | 1150000 | 6.522 <sup>(a)(c)</sup> | 05/15/37 | 1115865 |
|  |  |  |  | 11510512 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $21762008 |
|  **Federal Agencies – 42.7%** | **Federal Agencies – 42.7%** | **Federal Agencies – 42.7%** | **Federal Agencies – 42.7%** | **Federal Agencies – 42.7%** |
|  **FHLMC – 8.0%** | **FHLMC – 8.0%** | **FHLMC – 8.0%** | **FHLMC – 8.0%** | **FHLMC – 8.0%** |
|  $ | 10912 | 5.000% | 01/01/33 | $10954 |
|  | 306 | 5.000 | 03/01/33 | 308 |
|  | 4315 | 5.000 | 04/01/33 | 4334 |
|  | 523 | 5.000 | 05/01/33 | 525 |
|  | 1833 | 5.000 | 06/01/33 | 1841 |
|  | 11995 | 5.000 | 07/01/33 | 12048 |
|  | 18381 | 5.000 | 08/01/33 | 18462 |
|  | 2092 | 5.000 | 09/01/33 | 2101 |
|  | 4285 | 5.000 | 10/01/33 | 4303 |
|  | 6787 | 5.000 | 11/01/33 | 6816 |
|  | 3997 | 5.000 | 12/01/33 | 4014 |
|  | 3672 | 5.000 | 01/01/34 | 3688 |
|  | 12354 | 5.000 | 02/01/34 | 12409 |
|  | 6217 | 5.000 | 03/01/34 | 6249 |
|  | 10971 | 5.000 | 04/01/34 | 11030 |
|  | 13944 | 5.000 | 05/01/34 | 14008 |
|  | 189740 | 5.000 | 06/01/34 | 190595 |
|  | 5105 | 5.000 | 11/01/34 | 5133 |
|  | 49388 | 5.000 | 04/01/35 | 49605 |
|  | 313 | 5.000 | 11/01/35 | 315 |
|  | 60993946 | 2.000 | 04/01/52 | 49637702 |
|  |  |  |  | 49996440 |
|  **[H]4GNMA – 16.5%** | **[H]4GNMA – 16.5%** | **[H]4GNMA – 16.5%** | **[H]4GNMA – 16.5%** | **[H]4GNMA – 16.5%** |
|  | 8993353 | 4.500 | 12/20/48 | 8827647 |
|  | 3346564 | 5.000 | 12/20/48 | 3364223 |
|  | 5072011 | 4.500 | 01/20/49 | 4983313 |
|  | 8000000 | 4.000 | TBA-30yr <sup>(f)</sup> | 7573375 |
|  | 6000000 | 4.500 | TBA-30yr | 5821929 |
|  | 35000000 | 5.000 | TBA-30yr <sup>(f)</sup> | 34679673 |
|  | 26000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 26131708 |
|  | 11000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 11174296 |
|  |  |  |  | 102556164 |
|  **UMBS – 3.6%** | **UMBS – 3.6%** | **UMBS – 3.6%** | **UMBS – 3.6%** | **UMBS – 3.6%** |
|  | 12 | 5.000 | 04/01/23 | 12 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1 | 5.500% | 05/01/25 | $1 |
| 18080 | 4.500 | 08/01/37 | 17831 |
| 3444 | 4.500 | 04/01/39 | 3410 |
| 6009 | 4.000 | 08/01/39 | 5819 |
| 2453 | 4.000 | 09/01/39 | 2375 |
| 23850 | 4.500 | 10/01/39 | 23594 |
| 2457 | 4.500 | 05/01/41 | 2434 |
| 10165 | 4.500 | 06/01/41 | 10072 |
| 8801 | 4.500 | 08/01/41 | 8716 |
| 3021 | 4.500 | 10/01/41 | 3002 |
| 700 | 4.500 | 11/01/42 | 697 |
| 11785 | 4.500 | 12/01/43 | 11701 |
| 519990 | 4.500 | 11/01/48 | 509023 |
| 94221 | 4.500 | 01/01/49 | 92234 |
| 705430 | 4.500 | 06/01/49 | 690202 |
| 479123 | 4.500 | 08/01/49 | 468419 |
| 6176791 | 5.000 | 10/01/49 | 6184764 |
| 546387 | 4.500 | 01/01/50 | 534425 |
| 8546183 | 4.500 | 03/01/50 | 8367403 |
| 5561459 | 5.000 | 03/01/50 | 5559947 |
|  |  |  | 22496081 |
| **UMBS, 30 Year, Single Family – 14.6%** | **UMBS, 30 Year, Single Family – 14.6%** | **UMBS, 30 Year, Single Family – 14.6%** | **UMBS, 30 Year, Single Family – 14.6%** |
| 7000000 | 6.500 | TBA-30yr <sup>(f)</sup> | 7171707 |
| 27000000 | 6.000 | 01/12/53 <sup>(f)</sup> | 27417668 |
| (4000000) | 5.500 | 01/23/53 <sup>(f)</sup> | 12035630 |
| (4000000) | 4.500 | TBA-30yr | 23133749 |
| 9000000 | 3.500 | TBA-30yr | 8185073 |
| 15998409 | 2.000 | 04/01/52 | 13020221 |
|  |  |  | 90964048 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $266012733 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $335,230,633)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $335,230,633)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $335,230,633)** | $330738037 |
| **Corporate Obligations – 23.4%** | **Corporate Obligations – 23.4%** | **Corporate Obligations – 23.4%** | **Corporate Obligations – 23.4%** |
| **Advertising<sup>(c)(g)</sup> – 0.1%** | **Advertising<sup>(c)(g)</sup> – 0.1%** | **Advertising<sup>(c)(g)</sup> – 0.1%** | **Advertising<sup>(c)(g)</sup> – 0.1%** |
| 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. |
| 364000 | 5.000% | 08/15/27 | $328943 |
| **Aerospace & Defense<sup>(g)</sup> – 0.1%** | **Aerospace & Defense<sup>(g)</sup> – 0.1%** | **Aerospace & Defense<sup>(g)</sup> – 0.1%** | **Aerospace & Defense<sup>(g)</sup> – 0.1%** |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 650000 | 5.500 | 11/15/27 | 610383 |
| Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
| 285000 | 7.750 | 08/15/25 | 242720 |
|  |  |  | 853103 |
| **Automotive<sup>(g)</sup> – 0.8%** | **Automotive<sup>(g)</sup> – 0.8%** | **Automotive<sup>(g)</sup> – 0.8%** | **Automotive<sup>(g)</sup> – 0.8%** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 6188000 | 3.600 | 06/21/30 | 5202561 |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
|  **Banks<sup>(g)</sup> – 5.7%** | **Banks<sup>(g)</sup> – 5.7%** | **Banks<sup>(g)</sup> – 5.7%** | **Banks<sup>(g)</sup> – 5.7%** | **Banks<sup>(g)</sup> – 5.7%** |
|  AIB Group PLC (-1X 5 year EUR Swap + 6.629%) | AIB Group PLC (-1X 5 year EUR Swap + 6.629%) | AIB Group PLC (-1X 5 year EUR Swap + 6.629%) | AIB Group PLC (-1X 5 year EUR Swap + 6.629%) | AIB Group PLC (-1X 5 year EUR Swap + 6.629%) |
|  EUR | 372000 | 6.250 %<sup>(a)</sup> | 06/23/25 | $372794 |
|  Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) |
|  $ | 1550000 | 6.250 <sup>(a)</sup> | 10/29/49 | 1388025 |
|  Banco Mercantil del Norte SA (5 year CMT + 4.643%) | Banco Mercantil del Norte SA (5 year CMT + 4.643%) | Banco Mercantil del Norte SA (5 year CMT + 4.643%) | Banco Mercantil del Norte SA (5 year CMT + 4.643%) | Banco Mercantil del Norte SA (5 year CMT + 4.643%) |
|  | 640000 | 5.875 <sup>(a)(c)</sup> | 12/31/99 | 569920 |
|  Banco Santander SA (-1X 5 year EUR Swap + 4.534%) | Banco Santander SA (-1X 5 year EUR Swap + 4.534%) | Banco Santander SA (-1X 5 year EUR Swap + 4.534%) | Banco Santander SA (-1X 5 year EUR Swap + 4.534%) | Banco Santander SA (-1X 5 year EUR Swap + 4.534%) |
|  EUR | 400000 | 4.375 <sup>(a)</sup> | 12/31/99 | 363940 |
|  Bank of America Corp.<sup>(a)</sup>  | Bank of America Corp.<sup>(a)</sup>  | Bank of America Corp.<sup>(a)</sup>  | Bank of America Corp.<sup>(a)</sup>  | Bank of America Corp.<sup>(a)</sup>  |
|  (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
|  $ | 6692000 | 4.571 | 04/27/33 | 6131545 |
|  (SOFR + 2.16%) | (SOFR + 2.16%) | (SOFR + 2.16%) | (SOFR + 2.16%) | (SOFR + 2.16%) |
|  | 3525000 | 5.015 | 07/22/33 | 3344450 |
|  Citigroup, Inc. (SOFR + 2.086%) | Citigroup, Inc. (SOFR + 2.086%) | Citigroup, Inc. (SOFR + 2.086%) | Citigroup, Inc. (SOFR + 2.086%) | Citigroup, Inc. (SOFR + 2.086%) |
|  | 7250000 | 4.910 <sup>(a)</sup> | 05/24/33 | 6796657 |
|  Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG |
|  | 2875000 | 4.282 <sup>(c)</sup> | 01/09/28 | 2392518 |
|  JPMorgan Chase & Co. (SOFR + 2.080%) | JPMorgan Chase & Co. (SOFR + 2.080%) | JPMorgan Chase & Co. (SOFR + 2.080%) | JPMorgan Chase & Co. (SOFR + 2.080%) | JPMorgan Chase & Co. (SOFR + 2.080%) |
|  | 7200000 | 4.912 <sup>(a)</sup> | 07/25/33 | 6849360 |
|  Morgan Stanley (SOFR + 1.290%) | Morgan Stanley (SOFR + 1.290%) | Morgan Stanley (SOFR + 1.290%) | Morgan Stanley (SOFR + 1.290%) | Morgan Stanley (SOFR + 1.290%) |
|  | 8585000 | 2.943 <sup>(a)</sup> | 01/21/33 | 6962778 |
|  Societe Generale SA (5 year USD Swap + 3.929%) | Societe Generale SA (5 year USD Swap + 3.929%) | Societe Generale SA (5 year USD Swap + 3.929%) | Societe Generale SA (5 year USD Swap + 3.929%) | Societe Generale SA (5 year USD Swap + 3.929%) |
|  | 224000 | 6.750 <sup>(a)</sup> | 12/31/99 | 201062 |
|  Virgin Money UK PLC (5 year UK Government Bond + 8.307%) | Virgin Money UK PLC (5 year UK Government Bond + 8.307%) | Virgin Money UK PLC (5 year UK Government Bond + 8.307%) | Virgin Money UK PLC (5 year UK Government Bond + 8.307%) | Virgin Money UK PLC (5 year UK Government Bond + 8.307%) |
|  GBP | 344000 | 9.250 <sup>(a)</sup> | 12/31/99 | 415226 |
|  |  |  |  | 35788275 |
|  **Beverages<sup>(g)</sup> – 0.8%** | **Beverages<sup>(g)</sup> – 0.8%** | **Beverages<sup>(g)</sup> – 0.8%** | **Beverages<sup>(g)</sup> – 0.8%** | **Beverages<sup>(g)</sup> – 0.8%** |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  $ | 5528000 | 2.875 | 05/01/30 | 4698524 |
|  **Building Materials<sup>(c)(g)</sup> – 0.1%** | **Building Materials<sup>(c)(g)</sup> – 0.1%** | **Building Materials<sup>(c)(g)</sup> – 0.1%** | **Building Materials<sup>(c)(g)</sup> – 0.1%** | **Building Materials<sup>(c)(g)</sup> – 0.1%** |
|  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. | Summit Materials LLC/Summit Materials Finance Corp. |
|  | 305000 | 6.500 | 03/15/27 | 300422 |
|  | 438000 | 5.250 | 01/15/29 | 408054 |
|  |  |  |  | 708476 |
|  **Chemicals<sup>(c)(g)</sup> – 0.1%** | **Chemicals<sup>(c)(g)</sup> – 0.1%** | **Chemicals<sup>(c)(g)</sup> – 0.1%** | **Chemicals<sup>(c)(g)</sup> – 0.1%** | **Chemicals<sup>(c)(g)</sup> – 0.1%** |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  | 546000 | 3.875 | 11/01/28 | 471007 |
|  **Commercial Services – 0.5%** | **Commercial Services – 0.5%** | **Commercial Services – 0.5%** | **Commercial Services – 0.5%** | **Commercial Services – 0.5%** |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  | 843000 | 6.625 <sup>(c)(g)</sup> | 07/15/26 | 773056 |
|  DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
|  | 200000 | 4.848 | 09/26/28 | 196975 |
|  | 200000 | 3.875 | 07/18/29 | 186600 |
|  DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
|  | 200000 | 5.625 | 09/25/48 | 186725 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  | 1269000 | 5.500 <sup>(c)(g)</sup> | 07/15/27 | 1183089 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  | 604000 | 3.875 <sup>(g)</sup> | 02/15/31 | 508326 |
|  |  |  |  | 3034771 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Computers<sup>(c)(g)</sup> – 0.2%** | **Computers<sup>(c)(g)</sup> – 0.2%** | **Computers<sup>(c)(g)</sup> – 0.2%** | **Computers<sup>(c)(g)</sup> – 0.2%** |
| Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| 758000 | 3.875% | 09/01/28 | $675802 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. |
| 708000 | 4.750 | 09/30/28 | 619734 |
|  |  |  | 1295536 |
| **Distribution & Wholesale<sup>(c)(g)</sup> – 0.1%** | **Distribution & Wholesale<sup>(c)(g)</sup> – 0.1%** | **Distribution & Wholesale<sup>(c)(g)</sup> – 0.1%** | **Distribution & Wholesale<sup>(c)(g)</sup> – 0.1%** |
| Univar Solutions USA, Inc. | Univar Solutions USA, Inc. | Univar Solutions USA, Inc. | Univar Solutions USA, Inc. |
| 331000 | 5.125 | 12/01/27 | 314298 |
| **Diversified Financial Services – 1.4%** | **Diversified Financial Services – 1.4%** | **Diversified Financial Services – 1.4%** | **Diversified Financial Services – 1.4%** |
| AerCap Holdings NV (5 year CMT + 4.535%) | AerCap Holdings NV (5 year CMT + 4.535%) | AerCap Holdings NV (5 year CMT + 4.535%) | AerCap Holdings NV (5 year CMT + 4.535%) |
| 508000 | 5.875 <sup>(a)(g)</sup> | 10/10/79 | 464277 |
| American Express Co. (SOFR + 1.760%) | American Express Co. (SOFR + 1.760%) | American Express Co. (SOFR + 1.760%) | American Express Co. (SOFR + 1.760%) |
| 5388000 | 4.420 <sup>(a)(g)</sup> | 08/03/33 | 5107016 |
| Global Aircraft Leasing Co. Ltd.<sup>(h)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(h)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(h)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(h)</sup> (PIK 7.250%, Cash 6.500%) |
| 2008039 | 6.500 <sup>(c)(g)</sup> | 09/15/24 | 1711592 |
| Midcap Financial Issuer Trust<sup>(g)</sup>  | Midcap Financial Issuer Trust<sup>(g)</sup>  | Midcap Financial Issuer Trust<sup>(g)</sup>  | Midcap Financial Issuer Trust<sup>(g)</sup>  |
| 1681000 | 6.500 <sup>(c)</sup> | 05/01/28 | 1447391 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 255000 | 6.750 | 06/25/25 | 245126 |
|  |  |  | 8975402 |
| **Electrical<sup>(c)</sup> – 0.2%** | **Electrical<sup>(c)</sup> – 0.2%** | **Electrical<sup>(c)</sup> – 0.2%** | **Electrical<sup>(c)</sup> – 0.2%** |
| Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 1048000 | 4.625 <sup>(g)</sup> | 02/01/29 | 903072 |
| Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. |
| 191000 | 4.300 <sup>(g)</sup> | 12/13/28 | 159485 |
| Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. |
| 400000 | 4.250 | 07/27/27 | 382700 |
|  |  |  | 1445257 |
| **Electronics<sup>(c)(g)</sup> – 0.2%** | **Electronics<sup>(c)(g)</sup> – 0.2%** | **Electronics<sup>(c)(g)</sup> – 0.2%** | **Electronics<sup>(c)(g)</sup> – 0.2%** |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| 1659000 | 4.375 | 02/15/30 | 1459356 |
| **Energy-Alternate Sources<sup>(c)(g)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(g)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(g)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(g)</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 |
| **Engineering & Construction<sup>(g)</sup> – 0.1%** | **Engineering & Construction<sup>(g)</sup> – 0.1%** | **Engineering & Construction<sup>(g)</sup> – 0.1%** | **Engineering & Construction<sup>(g)</sup> – 0.1%** |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 320000 | 4.250 <sup>(c)</sup> | 10/31/26 | 303860 |
| 546000 | 5.500 | 07/31/47 | 420420 |
|  |  |  | 724280 |
| **Entertainment<sup>(c)(g)</sup> – 0.9%** | **Entertainment<sup>(c)(g)</sup> – 0.9%** | **Entertainment<sup>(c)(g)</sup> – 0.9%** | **Entertainment<sup>(c)(g)</sup> – 0.9%** |
| Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
| 567000 | 6.625 | 11/15/27 | 489871 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 6008000 | 4.279 | 03/15/32 | 4953716 |
|  |  |  | 5443587 |
| **Environmental<sup>(c)(g)</sup> – 0.7%** | **Environmental<sup>(c)(g)</sup> – 0.7%** | **Environmental<sup>(c)(g)</sup> – 0.7%** | **Environmental<sup>(c)(g)</sup> – 0.7%** |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 3270000 | 3.500 | 09/01/28 | 2877012 |

---

------

GOLDMAN SACHS STRATEGIC 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)** |
| **Environmental<sup>(c)(g)</sup> – (continued)** | **Environmental<sup>(c)(g)</sup> – (continued)** | **Environmental<sup>(c)(g)</sup> – (continued)** | **Environmental<sup>(c)(g)</sup> – (continued)** |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 1524000 | 5.500% | 02/15/26 | $1350477 |
|  |  |  | 4227489 |
| **Food & Drug Retailing<sup>(g)</sup> – 0.4%** | **Food & Drug Retailing<sup>(g)</sup> – 0.4%** | **Food & Drug Retailing<sup>(g)</sup> – 0.4%** | **Food & Drug Retailing<sup>(g)</sup> – 0.4%** |
| B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
| 1123000 | 5.250 | 04/01/25 | 989352 |
| 243000 | 5.250 | 09/15/27 | 186459 |
| Performance Food Group, Inc.<sup>(c)</sup>  | Performance Food Group, Inc.<sup>(c)</sup>  | Performance Food Group, Inc.<sup>(c)</sup>  | Performance Food Group, Inc.<sup>(c)</sup>  |
| 219000 | 6.875 | 05/01/25 | 219315 |
| 1041000 | 5.500 | 10/15/27 | 988908 |
|  |  |  | 2384034 |
| **Gaming<sup>(g)</sup> – 0.2%** | **Gaming<sup>(g)</sup> – 0.2%** | **Gaming<sup>(g)</sup> – 0.2%** | **Gaming<sup>(g)</sup> – 0.2%** |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 1425000 | 4.750 | 10/15/28 | 1244125 |
| **Healthcare Providers & Services<sup>(g)</sup> – 0.6%** | **Healthcare Providers & Services<sup>(g)</sup> – 0.6%** | **Healthcare Providers & Services<sup>(g)</sup> – 0.6%** | **Healthcare Providers & Services<sup>(g)</sup> – 0.6%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 2486000 | 2.625 | 08/01/31 | 1952629 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 641000 | 4.500 | 02/01/28 | 581938 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 1175000 | 8.750 <sup>(c)</sup> | 10/15/26 | 331033 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 841000 | 6.125 <sup>(c)</sup> | 10/01/28 | 754688 |
|  |  |  | 3620288 |
| **Insurance<sup>(c)(g)</sup> – 0.5%** | **Insurance<sup>(c)(g)</sup> – 0.5%** | **Insurance<sup>(c)(g)</sup> – 0.5%** | **Insurance<sup>(c)(g)</sup> – 0.5%** |
| Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| 1449000 | 7.000 | 11/15/25 | 1332588 |
| GTCR AP Finance, Inc. | GTCR AP Finance, Inc. | GTCR AP Finance, Inc. | GTCR AP Finance, Inc. |
| 729000 | 8.000 | 05/15/27 | 698885 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| 1237000 | 6.875 | 05/01/25 | 1187359 |
|  |  |  | 3218832 |
| **Internet<sup>(c)(g)</sup> – 0.7%** | **Internet<sup>(c)(g)</sup> – 0.7%** | **Internet<sup>(c)(g)</sup> – 0.7%** | **Internet<sup>(c)(g)</sup> – 0.7%** |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 1404000 | 4.625 | 06/01/28 | 1255625 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 2525000 | 4.875 | 06/15/30 | 2361355 |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 850000 | 3.680 | 01/21/30 | 704597 |
| 400000 | 4.027 | 08/03/50 | 253700 |
|  |  |  | 4575277 |
| **Lodging<sup>(g)</sup> – 0.3%** | **Lodging<sup>(g)</sup> – 0.3%** | **Lodging<sup>(g)</sup> – 0.3%** | **Lodging<sup>(g)</sup> – 0.3%** |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 110000 | 5.375 <sup>(c)</sup> | 05/01/25 | 109052 |
| 1584000 | 4.875 | 01/15/30 | 1437195 |
|  |  |  | 1546247 |
| **Machinery-Diversified<sup>(c)(g)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)(g)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)(g)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)(g)</sup> – 0.1%** |
| Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC |
| 646000 | 7.750 | 04/15/26 | 583344 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – 0.9%** | **Media – 0.9%** | **Media – 0.9%** | **Media – 0.9%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| 1334000 | 4.250 %<sup>(c)(g)</sup> | 02/01/31 | $1071042 |
| Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. |
| 724000 | 6.750 <sup>(c)(g)</sup> | 07/01/26 | 608052 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 240000 | 5.875 | 11/15/24 | 223848 |
| 279000 | 7.750 | 07/01/26 | 225156 |
| 643000 | 7.375 <sup>(g)</sup> | 07/01/28 | 454472 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 271665 | 8.375 <sup>(g)</sup> | 05/01/27 | 231377 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 784000 | 5.625 <sup>(c)(g)</sup> | 07/15/27 | 720065 |
| Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
| 887000 | 5.875 <sup>(c)(g)</sup> | 07/15/27 | 794397 |
| UPC Holding B.V. | UPC Holding B.V. | UPC Holding B.V. | UPC Holding B.V. |
| 231000 | 5.500 <sup>(c)(g)</sup> | 01/15/28 | 207364 |
| Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
| 1454000 | 5.500 <sup>(c)(g)</sup> | 05/15/29 | 1306666 |
|  |  |  | 5842439 |
| **Mining<sup>(c)(g)</sup> – 0.1%** | **Mining<sup>(c)(g)</sup> – 0.1%** | **Mining<sup>(c)(g)</sup> – 0.1%** | **Mining<sup>(c)(g)</sup> – 0.1%** |
| Alcoa Nederland Holding B.V. | Alcoa Nederland Holding B.V. | Alcoa Nederland Holding B.V. | Alcoa Nederland Holding B.V. |
| 620000 | 5.500 | 12/15/27 | 597382 |
| **Multi-National<sup>(c)(g)</sup> – 0.2%** | **Multi-National<sup>(c)(g)</sup> – 0.2%** | **Multi-National<sup>(c)(g)</sup> – 0.2%** | **Multi-National<sup>(c)(g)</sup> – 0.2%** |
| The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank |
| 550000 | 2.634 | 05/17/26 | 487586 |
| 850000 | 3.798 | 05/17/31 | 701292 |
|  |  |  | 1188878 |
| **Oil Field Services – 0.9%** | **Oil Field Services – 0.9%** | **Oil Field Services – 0.9%** | **Oil Field Services – 0.9%** |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 589000 | 6.625 <sup>(g)</sup> | 09/01/30 | 608608 |
| 657000 | 7.500 | 05/01/31 | 703699 |
| Petroleos de Venezuela SA<sup>(e)</sup>  | Petroleos de Venezuela SA<sup>(e)</sup>  | Petroleos de Venezuela SA<sup>(e)</sup>  | Petroleos de Venezuela SA<sup>(e)</sup>  |
| 137050000 | 6.000 <sup>(i)</sup> | 10/28/22 | 3289200 |
| Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. |
| 310000 | 3.625 <sup>(c)</sup> | 01/12/52 | 203320 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 531000 | 11.500 <sup>(c)(g)</sup> | 01/30/27 | 533320 |
| 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. |
| 318000 | 6.875 <sup>(g)</sup> | 04/01/26 | 305506 |
|  |  |  | 5643653 |
| **Packaging<sup>(g)</sup> – 0.9%** | **Packaging<sup>(g)</sup> – 0.9%** | **Packaging<sup>(g)</sup> – 0.9%** | **Packaging<sup>(g)</sup> – 0.9%** |
| ARD Finance SA<sup>(h)</sup>  | ARD Finance SA<sup>(h)</sup>  | ARD Finance SA<sup>(h)</sup>  | ARD Finance SA<sup>(h)</sup>  |
| (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) |
| 236165 | 5.000 | 06/30/27 | 169049 |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| 958594 | 6.500 <sup>(c)</sup> | 06/30/27 | 670210 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 524000 | 4.500 <sup>(c)</sup> | 02/15/26 | 504628 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 2933000 | 5.250 <sup>(c)</sup> | 04/01/30 | 2768283 |
| LABL, Inc.<sup>(c)</sup>  | LABL, Inc.<sup>(c)</sup>  | LABL, Inc.<sup>(c)</sup>  | LABL, Inc.<sup>(c)</sup>  |
| 231000 | 6.750 | 07/15/26 | 219272 |

---

------

GOLDMAN SACHS STRATEGIC 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<sup>(g)</sup> – (continued)** | **Packaging<sup>(g)</sup> – (continued)** | **Packaging<sup>(g)</sup> – (continued)** | **Packaging<sup>(g)</sup> – (continued)** |
| 241000 | 10.500% | 07/15/27 | $223648 |
| Trivium Packaging Finance B.V.<sup>(c)</sup>  | Trivium Packaging Finance B.V.<sup>(c)</sup>  | Trivium Packaging Finance B.V.<sup>(c)</sup>  | Trivium Packaging Finance B.V.<sup>(c)</sup>  |
| 516000 | 5.500 | 08/15/26 | 482331 |
| 353000 | 8.500 | 08/15/27 | 324580 |
|  |  |  | 5362001 |
| **Pharmaceuticals<sup>(g)</sup> – 0.8%** | **Pharmaceuticals<sup>(g)</sup> – 0.8%** | **Pharmaceuticals<sup>(g)</sup> – 0.8%** | **Pharmaceuticals<sup>(g)</sup> – 0.8%** |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 6223000 | 2.125 | 09/15/31 | 4931727 |
| **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** |
| Buckeye Partners LP<sup>(g)</sup>  | Buckeye Partners LP<sup>(g)</sup>  | Buckeye Partners LP<sup>(g)</sup>  | Buckeye Partners LP<sup>(g)</sup>  |
| 640000 | 4.350 | 10/15/24 | 615808 |
| 1049000 | 3.950 | 12/01/26 | 937586 |
| Cheniere Energy Partners LP<sup>(g)</sup>  | Cheniere Energy Partners LP<sup>(g)</sup>  | Cheniere Energy Partners LP<sup>(g)</sup>  | Cheniere Energy Partners LP<sup>(g)</sup>  |
| 710000 | 4.000 | 03/01/31 | 608136 |
| 3419000 | 3.250 | 01/31/32 | 2723268 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 240000 | 2.625 <sup>(c)</sup> | 03/31/36 | 192345 |
| 1894399 | 2.940 | 09/30/40 | 1515282 |
| 430000 | 3.250 <sup>(c)</sup> | 09/30/40 | 331584 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 215000 | 7.000 <sup>(g)</sup> | 08/01/27 | 205183 |
|  |  |  | 7129192 |
| **Real Estate<sup>(g)</sup> – 0.0%** | **Real Estate<sup>(g)</sup> – 0.0%** | **Real Estate<sup>(g)</sup> – 0.0%** | **Real Estate<sup>(g)</sup> – 0.0%** |
| Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. | Zhenro Properties Group Ltd. |
| 200000 | 6.700 | 08/04/26 | 5000 |
| **Real Estate Investment Trust<sup>(g)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(g)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(g)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(g)</sup> – 0.2%** |
| 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. |
| 1288000 | 4.625 | 08/01/29 | 997775 |
| **Retailing<sup>(g)</sup> – 1.1%** | **Retailing<sup>(g)</sup> – 1.1%** | **Retailing<sup>(g)</sup> – 1.1%** | **Retailing<sup>(g)</sup> – 1.1%** |
| CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. | CK Hutchison International 20 Ltd. |
| 200000 | 2.500 <sup>(c)</sup> | 05/08/30 | 168132 |
| CK Hutchison International 21 Ltd. | CK Hutchison International 21 Ltd. | CK Hutchison International 21 Ltd. | CK Hutchison International 21 Ltd. |
| 230000 | 2.500 <sup>(c)</sup> | 04/15/31 | 189449 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
| 314000 | 4.000 <sup>(c)</sup> | 08/15/28 | 266963 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 474000 | 4.875 <sup>(c)</sup> | 05/01/29 | 382859 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 5225000 | 5.000 | 04/15/33 | 5112558 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 942000 | 3.500 | 09/01/25 | 877492 |
|  |  |  | 6997453 |
| **Semiconductors<sup>(c)(g)</sup> – 0.9%** | **Semiconductors<sup>(c)(g)</sup> – 0.9%** | **Semiconductors<sup>(c)(g)</sup> – 0.9%** | **Semiconductors<sup>(c)(g)</sup> – 0.9%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 6186000 | 4.150 | 04/15/32 | 5437556 |
| **Software<sup>(c)(g)</sup> – 0.1%** | **Software<sup>(c)(g)</sup> – 0.1%** | **Software<sup>(c)(g)</sup> – 0.1%** | **Software<sup>(c)(g)</sup> – 0.1%** |
| Camelot Finance SA | Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
| 152000 | 4.500 | 11/01/26 | 142901 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software<sup>(c)(g)</sup> – (continued)** | **Software<sup>(c)(g)</sup> – (continued)** | **Software<sup>(c)(g)</sup> – (continued)** | **Software<sup>(c)(g)</sup> – (continued)** |
| Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. |
| 574000 | 9.500% | 02/15/28 | $225749 |
|  |  |  | 368650 |
| **Telecommunication Services<sup>(g)</sup> – 1.3%** | **Telecommunication Services<sup>(g)</sup> – 1.3%** | **Telecommunication Services<sup>(g)</sup> – 1.3%** | **Telecommunication Services<sup>(g)</sup> – 1.3%** |
| Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| 218000 | 5.500 <sup>(c)</sup> | 01/15/28 | 171158 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 8000000 | 5.200 | 01/15/33 | 7921040 |
|  |  |  | 8092198 |
| **Toys/Games/Hobbies<sup>(c)(g)</sup> – 0.1%** | **Toys/Games/Hobbies<sup>(c)(g)</sup> – 0.1%** | **Toys/Games/Hobbies<sup>(c)(g)</sup> – 0.1%** | **Toys/Games/Hobbies<sup>(c)(g)</sup> – 0.1%** |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 756000 | 5.875 | 12/15/27 | 741560 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $196,712,851)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $196,712,851)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $196,712,851)** | $145644169 |
| **Asset-Backed Securities – 11.5%** | **Asset-Backed Securities – 11.5%** | **Asset-Backed Securities – 11.5%** |  |
| **Collateralized Loan Obligations<sup>(c)</sup> – 10.2%** | **Collateralized Loan Obligations<sup>(c)</sup> – 10.2%** | **Collateralized Loan Obligations<sup>(c)</sup> – 10.2%** |  |
| Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) | Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%) |
| 2600000 | 5.299 %<sup>(a)</sup> | 04/15/33 | $2549326 |
| Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%) | Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%) | Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%) | Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%) |
| 1000000 | 7.943 <sup>(a)</sup> | 01/20/32 | 941322 |
| Birch Grove CLO Ltd. Series 2022-4A, Class D (TSFR3M + 3.860%) | Birch Grove CLO Ltd. Series 2022-4A, Class D (TSFR3M + 3.860%) | Birch Grove CLO Ltd. Series 2022-4A, Class D (TSFR3M + 3.860%) | Birch Grove CLO Ltd. Series 2022-4A, Class D (TSFR3M + 3.860%) |
| 1400000 | 7.724 <sup>(a)</sup> | 04/15/34 | 1225536 |
| 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%) |
| 810000 | 8.359 <sup>(a)</sup> | 01/15/32 | 713576 |
| CFIP CLO, Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.820%) | CFIP CLO, Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.820%) | CFIP CLO, Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.820%) | CFIP CLO, Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.820%) |
| 2200000 | 8.014 <sup>(a)</sup> | 10/18/34 | 1870088 |
| 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%) |
| 2000000 | 5.433 <sup>(a)</sup> | 07/20/34 | 1934736 |
| Crown Point CLO 9, Ltd. Series 2020-9A, Class AR (3M USD LIBOR + 1.190%) | Crown Point CLO 9, Ltd. Series 2020-9A, Class AR (3M USD LIBOR + 1.190%) | Crown Point CLO 9, Ltd. Series 2020-9A, Class AR (3M USD LIBOR + 1.190%) | Crown Point CLO 9, Ltd. Series 2020-9A, Class AR (3M USD LIBOR + 1.190%) |
| 8900000 | 5.201 <sup>(a)</sup> | 07/14/34 | 8691339 |
| Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) | Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) | Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) | Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%) |
| 3500000 | 5.319 <sup>(a)</sup> | 04/15/33 | 3442919 |
| 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%) |
| 9400000 | 5.593 <sup>(a)</sup> | 01/20/33 | 9233987 |
| LCCM Trust Series 2021-FL2, Class A (1M USD LIBOR + 1.200%) | LCCM Trust Series 2021-FL2, Class A (1M USD LIBOR + 1.200%) | LCCM Trust Series 2021-FL2, Class A (1M USD LIBOR + 1.200%) | LCCM Trust Series 2021-FL2, Class A (1M USD LIBOR + 1.200%) |
| 1150000 | 5.518 <sup>(a)</sup> | 12/13/38 | 1122543 |
| MAN GLG US. Ltd. Series CLO 2021-1A, Class A1 (3M USD LIBOR + 1.300%) | MAN GLG US. Ltd. Series CLO 2021-1A, Class A1 (3M USD LIBOR + 1.300%) | MAN GLG US. Ltd. Series CLO 2021-1A, Class A1 (3M USD LIBOR + 1.300%) | MAN GLG US. Ltd. Series CLO 2021-1A, Class A1 (3M USD LIBOR + 1.300%) |
| 6700000 | 5.379 <sup>(a)</sup> | 07/15/34 | 6481352 |

---

------

GOLDMAN SACHS STRATEGIC 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>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** |
| MF1 Ltd. Series 2021-FL6, Class A (1M USD LIBOR + 1.100%) | MF1 Ltd. Series 2021-FL6, Class A (1M USD LIBOR + 1.100%) | MF1 Ltd. Series 2021-FL6, Class A (1M USD LIBOR + 1.100%) | MF1 Ltd. Series 2021-FL6, Class A (1M USD LIBOR + 1.100%) |
| 1400000 | 5.426 %<sup>(a)</sup> | 07/16/36 | $1329279 |
| Ocean Trails CLO XI Series 21-11A, Class D (3M USD LIBOR + 3.700%) | Ocean Trails CLO XI Series 21-11A, Class D (3M USD LIBOR + 3.700%) | Ocean Trails CLO XI Series 21-11A, Class D (3M USD LIBOR + 3.700%) | Ocean Trails CLO XI Series 21-11A, Class D (3M USD LIBOR + 3.700%) |
| 3000000 | 7.943 <sup>(a)</sup> | 07/20/34 | 2684565 |
| Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%) | Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%) | Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%) | Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%) |
| 1600000 | 7.979 <sup>(a)</sup> | 07/15/29 | 1430821 |
| Stellar Jay Ireland DAC Series 2021-1, Class A | Stellar Jay Ireland DAC Series 2021-1, Class A | Stellar Jay Ireland DAC Series 2021-1, Class A | Stellar Jay Ireland DAC Series 2021-1, Class A |
| 2167433 | 3.967 | 10/15/41 | 1826859 |
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%) |
| 1400000 | 7.914 <sup>(a)</sup> | 04/18/36 | 1224548 |
| Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD LIBOR + 6.910%) | Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD LIBOR + 6.910%) | Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD LIBOR + 6.910%) | Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD LIBOR + 6.910%) |
| 1000000 | 11.104 <sup>(a)</sup> | 01/18/35 | 861343 |
| Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) | Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%) |
| 6200000 | 5.359 <sup>(a)</sup> | 04/15/33 | 6034404 |
| Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) | Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) | Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) | Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%) |
| 3900000 | 5.139 <sup>(a)</sup> | 04/15/31 | 3838431 |
| 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%) |
| 6000000 | 5.724 <sup>(a)</sup> | 07/28/32 | 5885244 |
|  |  |  | 63322218 |
| **Home Equity<sup>(a)</sup> – 0.0%** | **Home Equity<sup>(a)</sup> – 0.0%** | **Home Equity<sup>(a)</sup> – 0.0%** | **Home Equity<sup>(a)</sup> – 0.0%** |
| Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%) |
| 79666 | 5.709 | 03/25/37 | 72364 |
| Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.340%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.340%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.340%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.340%) |
| 685054 | 4.729 | 11/25/36 | 133013 |
|  |  |  | 205377 |
| **Student Loan<sup>(a)</sup> – 1.3%** | **Student Loan<sup>(a)</sup> – 1.3%** | **Student Loan<sup>(a)</sup> – 1.3%** | **Student Loan<sup>(a)</sup> – 1.3%** |
| SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%) | SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%) | SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%) | SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%) |
| 8382221 | 5.358 | 10/25/21 | 8177100 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $74,844,530)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $74,844,530)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $74,844,530)** | $71704695 |
| **Bank Loans – 3.0%** | **Bank Loans – 3.0%** | **Bank Loans – 3.0%** | **Bank Loans – 3.0%** |
| **Building & Construction Materials<sup>(a)</sup> – 0.2%** | **Building & Construction Materials<sup>(a)</sup> – 0.2%** | **Building & Construction Materials<sup>(a)</sup> – 0.2%** | **Building & Construction Materials<sup>(a)</sup> – 0.2%** |
| KKR Apple Bidco LLC (3M USD LIBOR + 2.750%) | KKR Apple Bidco LLC (3M USD LIBOR + 2.750%) | KKR Apple Bidco LLC (3M USD LIBOR + 2.750%) | KKR Apple Bidco LLC (3M USD LIBOR + 2.750%) |
| 1485000 | 7.134% | 10/02/28 | $1462487 |
| **Chemicals<sup>(a)</sup> – 0.6%** | **Chemicals<sup>(a)</sup> – 0.6%** | **Chemicals<sup>(a)</sup> – 0.6%** | **Chemicals<sup>(a)</sup> – 0.6%** |
| Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) |
| 2258100 | 7.640 | 05/15/24 | 2248232 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** |
| **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** |
| Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) |
| 1290205 | 7.165% | 11/03/25 | $1270207 |
|  |  |  | 3518439 |
| **Consumer Cyclical Services<sup>(a)</sup> – 0.6%** | **Consumer Cyclical Services<sup>(a)</sup> – 0.6%** | **Consumer Cyclical Services<sup>(a)</sup> – 0.6%** | **Consumer Cyclical Services<sup>(a)</sup> – 0.6%** |
| Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) |
| 2627603 | 7.634 | 12/23/26 | 2336938 |
| The Hertz Corp. | The Hertz Corp. | The Hertz Corp. | The Hertz Corp. |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 1036003 | 7.630 | 06/30/28 | 1013408 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 198220 | 7.630 | 06/30/28 | 193897 |
|  |  |  | 3544243 |
| **Food & Drug Retailing<sup>(a)</sup> – 0.1%** | **Food & Drug Retailing<sup>(a)</sup> – 0.1%** | **Food & Drug Retailing<sup>(a)</sup> – 0.1%** | **Food & Drug Retailing<sup>(a)</sup> – 0.1%** |
| B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) |
| 454208 | 6.884 | 10/10/26 | 427687 |
| **Health Care<sup>(a)</sup> – 0.1%** | **Health Care<sup>(a)</sup> – 0.1%** | **Health Care<sup>(a)</sup> – 0.1%** | **Health Care<sup>(a)</sup> – 0.1%** |
| Sotera Health Holdings LLC (3M USD LIBOR + 2.750%) | Sotera Health Holdings LLC (3M USD LIBOR + 2.750%) | Sotera Health Holdings LLC (3M USD LIBOR + 2.750%) | Sotera Health Holdings LLC (3M USD LIBOR + 2.750%) |
| 850000 | 7.165 | 12/11/26 | 782000 |
| **Media - Cable<sup>(a)(j)</sup> – 0.3%** | **Media - Cable<sup>(a)(j)</sup> – 0.3%** | **Media - Cable<sup>(a)(j)</sup> – 0.3%** | **Media - Cable<sup>(a)(j)</sup> – 0.3%** |
| CSC Holdings LLC (1 M LIBOR + 2.250%) | CSC Holdings LLC (1 M LIBOR + 2.250%) | CSC Holdings LLC (1 M LIBOR + 2.250%) | CSC Holdings LLC (1 M LIBOR + 2.250%) |
| 1923664 | 0.000 | 07/17/25 | 1894810 |
| **Media - Non Cable<sup>(a)</sup> – 0.4%** | **Media - Non Cable<sup>(a)</sup> – 0.4%** | **Media - Non Cable<sup>(a)</sup> – 0.4%** | **Media - Non Cable<sup>(a)</sup> – 0.4%** |
| CMG Media Corp. (3M USD LIBOR + 3.500%) | CMG Media Corp. (3M USD LIBOR + 3.500%) | CMG Media Corp. (3M USD LIBOR + 3.500%) | CMG Media Corp. (3M USD LIBOR + 3.500%) |
| 485100 | 8.230 | 12/17/26 | 453137 |
| Diamond Sports Group LLC (1M SOFR + 8.100%) | Diamond Sports Group LLC (1M SOFR + 8.100%) | Diamond Sports Group LLC (1M SOFR + 8.100%) | Diamond Sports Group LLC (1M SOFR + 8.100%) |
| 199844 | 12.317 | 05/25/26 | 188213 |
| Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) |
| 627914 | 8.938 | 02/19/26 | 626343 |
| iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) |
| 1300000 | 7.384 | 05/01/26 | 1189097 |
|  |  |  | 2456790 |
| **Restaurants<sup>(a)</sup> – 0.2%** | **Restaurants<sup>(a)</sup> – 0.2%** | **Restaurants<sup>(a)</sup> – 0.2%** | **Restaurants<sup>(a)</sup> – 0.2%** |
| IRB Holding Corp. (1M USD LIBOR + 2.750%) | IRB Holding Corp. (1M USD LIBOR + 2.750%) | IRB Holding Corp. (1M USD LIBOR + 2.750%) | IRB Holding Corp. (1M USD LIBOR + 2.750%) |
| 1325644 | 7.134 | 02/05/25 | 1312176 |
| **Technology - Software – 0.4%** | **Technology - Software – 0.4%** | **Technology - Software – 0.4%** | **Technology - Software – 0.4%** |
| Camelot U.S. Acquisition LLC (1M USD LIBOR + 3.000%) | Camelot U.S. Acquisition LLC (1M USD LIBOR + 3.000%) | Camelot U.S. Acquisition LLC (1M USD LIBOR + 3.000%) | Camelot U.S. Acquisition LLC (1M USD LIBOR + 3.000%) |
| 2239048 | 7.384 <sup>(a)</sup> | 10/30/26 | 2200425 |
| Travelport Finance (Luxembourg) S.a.r.l. (PIK 1.750%, Cash 5.000%) | Travelport Finance (Luxembourg) S.a.r.l. (PIK 1.750%, Cash 5.000%) | Travelport Finance (Luxembourg) S.a.r.l. (PIK 1.750%, Cash 5.000%) | Travelport Finance (Luxembourg) S.a.r.l. (PIK 1.750%, Cash 5.000%) |
| 38522 | 4.500 | 11/03/25 | 0 |
|  |  |  | 2200425 |
| **Technology - Software/Services<sup>(a)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)</sup> – 0.1%** |
| The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) |
| 894938 | 8.134 | 05/04/26 | 861377 |
| **TOTAL BANK LOANS<br>(Cost $19,122,320)** | **TOTAL BANK LOANS<br>(Cost $19,122,320)** | **TOTAL BANK LOANS<br>(Cost $19,122,320)** | $18460434 |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Debt Obligations – 1.4%** | **Municipal Debt Obligations – 1.4%** | **Municipal Debt Obligations – 1.4%** | **Municipal Debt Obligations – 1.4%** |
| **Illinois – 1.4%** | **Illinois – 1.4%** | **Illinois – 1.4%** | **Illinois – 1.4%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 4150714 | 7.350 %<sup>(g)</sup> | 07/01/35 | $4366654 |
| 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 |
| 4280000 | 5.100 | 06/01/33 | 4107682 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $8,768,501)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $8,768,501)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $8,768,501)** | $8474336 |
| **Sovereign Debt Obligations – 0.9%** | **Sovereign Debt Obligations – 0.9%** | **Sovereign Debt Obligations – 0.9%** | **Sovereign Debt Obligations – 0.9%** |
| **Euro<sup>(c)</sup> – 0.0%** | **Euro<sup>(c)</sup> – 0.0%** | **Euro<sup>(c)</sup> – 0.0%** | **Euro<sup>(c)</sup> – 0.0%** |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 230000 | 2.000% | 01/28/32 | $163772 |
| 200000 | 3.375 | 01/28/50 | 122740 |
|  |  |  | 286512 |
| **Sovereign – 0.8%** | **Sovereign – 0.8%** | **Sovereign – 0.8%** | **Sovereign – 0.8%** |
| Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia |
| 1020000 | 2.550 <sup>(c)</sup> | 06/09/31 | 862012 |
| Republic of Ivory Coast | Republic of Ivory Coast | Republic of Ivory Coast | Republic of Ivory Coast |
| 530000 | 4.875 | 01/30/32 | 446531 |
| 566000 | 6.125 | 06/15/33 | 503740 |
| Republic of Nigeria | Republic of Nigeria | Republic of Nigeria | Republic of Nigeria |
| 270000 | 7.875 | 02/16/32 | 202500 |
| Republic of Oman | Republic of Oman | Republic of Oman | Republic of Oman |
| 1410000 | 4.750 | 06/15/26 | 1356949 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 1250000 | 3.624 <sup>(c)</sup> | 05/26/30 | 1090353 |
| 120000 | 3.375 | 01/28/50 | 73644 |
| Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond |
| 1550000 | 4.375 <sup>(c)</sup> | 01/27/32 | 292433 |
|  |  |  | 4828162 |
| **United States Dollar – 0.1%** | **United States Dollar – 0.1%** | **United States Dollar – 0.1%** | **United States Dollar – 0.1%** |
| Republic of Nigeria | Republic of Nigeria | Republic of Nigeria | Republic of Nigeria |
| 210000 | 7.375 | 09/28/33 | 149100 |
| 590000 | 7.696 | 02/23/38 | 398914 |
|  |  |  | 548014 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $8,459,057)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $8,459,057)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $8,459,057)** | $5662688 |
| **U.S. Treasury Obligations – 19.4%** | **U.S. Treasury Obligations – 19.4%** | **U.S. Treasury Obligations – 19.4%** | **U.S. Treasury Obligations – 19.4%** |
| United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds |
| 20180000 | 4.375% | 05/15/41 | $20933597 |
| 21150000 | 3.000 <sup>(k)</sup> | 02/15/47 | 17379352 |
| 57700000 | 2.375 | 11/15/49 | 41976750 |
| 2000000 | 2.000 | 02/15/50 | 1327812 |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
| 39010000 | 4.250 | 10/15/25 | 38985619 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $151,051,479)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $151,051,479)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $151,051,479)** | $120603130 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(l)</sup> – 6.6%** | **Investment Company<sup>(l)</sup> – 6.6%** | **Investment Company<sup>(l)</sup> – 6.6%** | **Investment Company<sup>(l)</sup> – 6.6%** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 41169877 | 4.159% | 4.159% | $41169877 |
| **(Cost $41,169,877)** | **(Cost $41,169,877)** | **(Cost $41,169,877)** | **(Cost $41,169,877)** |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments – 1.8%** | **Short-term Investments – 1.8%** | **Short-term Investments – 1.8%** | **Short-term Investments – 1.8%** |
| **Certificates of Deposit – 1.6%** | **Certificates of Deposit – 1.6%** | **Certificates of Deposit – 1.6%** | **Certificates of Deposit – 1.6%** |
| Natixis SA | Natixis SA | Natixis SA | Natixis SA |
| 3965000 | 4.450% | 01/31/23 | $3965249 |
| Nordea Bank Abp (SOFR + 0.530%) | Nordea Bank Abp (SOFR + 0.530%) | Nordea Bank Abp (SOFR + 0.530%) | Nordea Bank Abp (SOFR + 0.530%) |
| 2000000 | 4.830 <sup>(a)</sup> | 09/11/23 | 2000712 |
| Svenska Handelsbanken AB (SOFR + 0.510%) | Svenska Handelsbanken AB (SOFR + 0.510%) | Svenska Handelsbanken AB (SOFR + 0.510%) | Svenska Handelsbanken AB (SOFR + 0.510%) |
| 3952000 | 4.810 <sup>(a)</sup> | 03/28/23 | 3953732 |
|  |  |  | 9919693 |
| **Commercial Paper<sup>(j)</sup> – 0.2%** | **Commercial Paper<sup>(j)</sup> – 0.2%** | **Commercial Paper<sup>(j)</sup> – 0.2%** | **Commercial Paper<sup>(j)</sup> – 0.2%** |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 1395000 | 0.000 | 07/12/23 | 1358036 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $11,283,356)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $11,283,356)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $11,283,356)** | $11277729 |
| **TOTAL INVESTMENTS – 121.1%<br>(Cost $846,642,604)** | **TOTAL INVESTMENTS – 121.1%<br>(Cost $846,642,604)** | **TOTAL INVESTMENTS – 121.1%<br>(Cost $846,642,604)** | $753735095 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (21.1)%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (21.1)%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (21.1)%** | (131104464) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $622630631 |

---

---

| | |
|:---|:---|
| 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) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $126,184,057 which represents approximately 20.3% of net assets as of December 31, 2022. |
| (g) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (h) | Pay-in-kind securities. |
| (i) | Security is currently in default and/or non-income producing. |
| (j) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (k) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (l) | Represents an Affiliated Issuer. |
| Security ratings disclosed, if any, are obtained from Standard & Poor's/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are obtained from Standard & Poor's/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. |

---

------

GOLDMAN SACHS STRATEGIC 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> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. | AUD | 10151400 | NZD | 10797878 | 01/25/23 | $60906 |
|  | AUD | 1569953 | NZD | 1681004 | 03/15/23 | 4043 |
|  | AUD | 5798027 | USD | 3897751 | 01/17/23 | 52743 |
|  | AUD | 2676799 | USD | 1790123 | 03/14/23 | 37875 |
|  | AUD | 10452217 | USD | 7092750 | 03/15/23 | 45407 |
|  | BRL | 1195830 | USD | 220340 | 01/04/23 | 5954 |
|  | CAD | 6615456 | USD | 4839440 | 03/08/23 | 48971 |
|  | CAD | 2795521 | USD | 2053286 | 03/15/23 | 12584 |
|  | CHF | 2403483 | EUR | 2434000 | 03/15/23 | 1771 |
|  | CHF | 1931365 | USD | 2076411 | 01/04/23 | 13239 |
|  | CHF | 3362942 | USD | 3644592 | 03/15/23 | 22402 |
|  | CLP | 2386313780 | USD | 2741426 | 01/03/23 | 70955 |
|  | CLP | 1722363936 | USD | 1861832 | 01/10/23 | 166683 |
|  | CNH | 11137440 | USD | 1611182 | 03/15/23 | 7555 |
|  | COP | 9429391382 | USD | 1856382 | 01/23/23 | 79817 |
|  | CZK | 61706700 | EUR | 2533805 | 01/25/23 | 8859 |
|  | CZK | 1725740 | USD | 74672 | 03/15/23 | 1381 |
|  | EUR | 3556469 | CHF | 3500019 | 01/25/23 | 17617 |
|  | EUR | 1012000 | CHF | 997913 | 03/15/23 | 789 |
|  | EUR | 1221819 | GBP | 1058561 | 03/15/23 | 32547 |
|  | EUR | 1242598 | NZD | 2072441 | 03/15/23 | 20199 |
|  | EUR | 4062934 | SEK | 44804258 | 01/25/23 | 56739 |
|  | EUR | 1904542 | SEK | 21016919 | 03/15/23 | 26487 |
|  | EUR | 11732442 | USD | 11995370 | 01/06/23 | 568966 |
|  | EUR | 14483602 | USD | 15441531 | 01/17/23 | 81488 |
|  | EUR | 7853121 | USD | 8392244 | 03/15/23 | 57819 |
|  | GBP | 1122258 | USD | 1345753 | 01/03/23 | 11110 |
|  | GBP | 1092355 | USD | 1316945 | 02/23/23 | 5462 |
|  | GBP | 921430 | USD | 1111051 | 03/15/23 | 5000 |
|  | JPY | 161172008 | USD | 1224683 | 03/15/23 | 15964 |
|  | MXN | 17504276 | USD | 874822 | 03/06/23 | 12589 |
|  | MXN | 47525 | USD | 2364 | 03/15/23 | 42 |
|  | NOK | 45662119 | USD | 4592751 | 03/15/23 | 83488 |
|  | NZD | 1969972 | USD | 1237052 | 01/25/23 | 14172 |
|  | NZD | 2200099 | USD | 1386703 | 03/15/23 | 11265 |
|  | PLN | 22656999 | USD | 4558384 | 01/13/23 | 607521 |
|  | SGD | 3634059 | USD | 2694312 | 01/25/23 | 20221 |
|  | SGD | 3228732 | USD | 2394396 | 03/15/23 | 19147 |
|  | TWD | 105152522 | USD | 3416706 | 01/03/23 | 6889 |
|  | USD | 2375633 | BRL | 12422383 | 01/04/23 | 24870 |
|  | USD | 1158117 | BRL | 6024018 | 02/02/23 | 24561 |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 4764933 | EUR | 4423604 | 01/17/23 | $23869 |
|  | USD | 1315498 | EUR | 1221819 | 03/15/23 | 805 |
|  | USD | 1891756 | GBP | 1542737 | 01/03/23 | 26516 |
|  | USD | 1319689 | GBP | 1070017 | 02/23/23 | 24325 |
|  | USD | 12564098 | GBP | 10210153 | 03/15/23 | 197397 |
|  | USD | 3397475 | ILS | 11598858 | 03/15/23 | 83800 |
|  | USD | 2244372 | NZD | 3516671 | 03/15/23 | 9840 |
|  | USD | 7020688 | SEK | 72220888 | 03/15/23 | 69608 |
|  | USD | 1337126 | TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40936098 | 01/03/23 | 4313 |
|  | ZAR | 71319615 | USD | 3967675 | 01/05/23 | 228028 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17606640 | USD | 1023426 | 03/15/23 | 6157 |
|  TOTAL | TOTAL | TOTAL | TOTAL | TOTAL | TOTAL | $&nbsp;&nbsp;&nbsp;&nbsp;3040755 |

---

**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** |
|  JPMorgan Securities, Inc. | AUD | 1173000 | NZD | 1259051 | 01/25/23 | $(171) |
|  | BRL | 14615986 | USD | 2812718 | 01/04/23 | (46847) |
|  | BRL | 1200356 | USD | 230952 | 02/02/23 | (5078) |
|  | CHF | 6084234 | EUR | 6185650 | 01/25/23 | (34149) |
|  | CHF | 1190227 | USD | 1298991 | 03/15/23 | (1153) |
|  | CHF | 1928934 | USD | 2111177 | 03/28/23 | (4931) |
|  | COP | 2683925165 | USD | 553843 | 01/23/23 | (2735) |
|  | EUR | 2434000 | CHF | 2408370 | 01/25/23 | (2048) |
|  | EUR | 2540207 | CZK | 61706700 | 01/25/23 | (1994) |
|  | EUR | 1186729 | NZD | 2011020 | 03/15/23 | (888) |
|  | GBP | 156365 | USD | 190946 | 01/03/23 | (1893) |
|  | GBP | 1224112 | USD | 1509740 | 02/23/23 | (27828) |
|  | GBP | 2107224 | USD | 2600521 | 03/15/23 | (48218) |
|  | ILS | 1768528 | USD | 514706 | 03/15/23 | (9455) |
|  | INR | 434909 | USD | 5260 | 02/16/23 | (17) |
|  | NZD | 8997914 | AUD | 8454086 | 01/25/23 | (47268) |
|  | NZD | 3041612 | AUD | 2850227 | 03/15/23 | (13838) |
|  | NZD | 2045337 | EUR | 1220540 | 03/15/23 | (13687) |
|  | NZD | 6023530 | USD | 3851512 | 03/15/23 | (24094) |
|  | SEK | 44804258 | EUR | 4080247 | 01/25/23 | (75304) |
|  | SEK | 13457426 | EUR | 1237692 | 03/15/23 | (36529) |
|  | TWD | 105152522 | USD | 3443334 | 01/03/23 | (19739) |
|  | TWD | 64216424 | USD | 2119704 | 03/27/23 | (10357) |
|  | USD | 2832140 | AUD | 4197467 | 01/17/23 | (27812) |
|  | USD | 632357 | BRL | 3389433 | 01/04/23 | (9046) |
|  | USD | 4021594 | CAD | 5497470 | 03/08/23 | (40695) |
|  | USD | 614936 | CHF | 568561 | 03/15/23 | (5030) |
|  | USD | 2699002 | CLP | 2386313780 | 01/03/23 | (113380) |
|  | USD | 3144316 | CLP | 2974289824 | 01/10/23 | (358656) |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 2081832 | CNH | 14471019 | 03/15/23 | $(21415) |
|  | USD | 2442715 | COP | 12193792142 | 01/23/23 | (61118) |
|  | USD | 18704316 | EUR | 18728655 | 01/06/23 | (1352303) |
|  | USD | 9767446 | EUR | 9150914 | 01/17/23 | (40183) |
|  | USD | 3346844 | EUR | 3138202 | 03/15/23 | (29904) |
|  | USD | 1092285 | GBP | 910897 | 01/03/23 | (9032) |
|  | USD | 1416597 | GBP | 1175173 | 02/23/23 | (6069) |
|  | USD | 3674476 | JPY | 480048282 | 03/16/23 | (21301) |
|  | USD | 1423174 | MXN | 28476226 | 03/06/23 | (20479) |
|  | USD | 763168 | NOK | 7474625 | 03/15/23 | (2305) |
|  | USD | 5225082 | NZD | 8292978 | 03/15/23 | (44368) |
|  | USD | 3593373 | PLN | 17860506 | 01/13/23 | (478908) |
|  | USD | 570067 | PLN | 2559944 | 03/15/23 | (10479) |
|  | USD | 2698291 | SGD | 3634059 | 01/25/23 | (16242) |
|  | USD | 5506267 | TWD | 169368946 | 01/03/23 | (8109) |
|  | USD | 3010252 | ZAR | 54484426 | 01/05/23 | (195044) |
|  | USD | 660033 | ZAR | 11545287 | 03/15/23 | (15101) |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | $(3315200) |

---

**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 |  |  |  |  |  |
|  (Proceeds Receivable: $(63783828)) | 2.000% | TBA-30yr | 12/01/99 | $(77000000) | $(62848848) |

---

(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:** | **Long position contracts:** | **Long position contracts:** | **Long position contracts:** | **Long position contracts:** |
|  30 Year German Euro-Buxl | 2 | 03/08/23 | $289535 | $(55024) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year German Euro-Bund | (1) | 03/08/23 | (142295) | 10039 |
|  10 Year U.K. Long Gilt | (1) | 03/29/23 | (120774) | 6611 |
|  10 Year U.S. Treasury Notes | (226) | 03/22/23 | (26049344) | (30055) |
|  2 Year U.S. Treasury Notes | (1302) | 03/31/23 | (267011720) | 29247 |
|  20 Year U.S. Treasury Bonds | (412) | 03/22/23 | (51641625) | 786767 |
|  5 Year U.S. Treasury Notes | (652) | 03/31/23 | (70370157) | 96127 |
|  Ultra Long U.S. Treasury Bonds | (519) | 03/22/23 | (69708187) | 1213934 |
|  **Total** | **Total** | **Total** | **Total** | $2112670 |
|  **TOTAL F UTURES CONTRACTS** | **TOTAL F UTURES CONTRACTS** | **TOTAL F UTURES CONTRACTS** | **TOTAL F UTURES CONTRACTS** | $2057646 |

---

------

GOLDMAN SACHS STRATEGIC INCOME 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** | **Termination<br>Date** | **Notional<br>Amount (000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M BID |  |  |  |  |  |
|  Average<sup>(a)</sup> <br> 12.400%<sup>(a)</sup> | 01/02/23 | 25920 | $29583 | $112 | $29471 |
|  5.800%<sup>(a)</sup> <br> 1M BID Avg<sup>(a)</sup> | 01/02/23 | 67660 | 706909 | (3326) | 710235 |
|  1M BID |  |  |  |  |  |
|  Average<sup>(a)</sup> <br> 13.950<sup>(a)</sup> | 01/02/24 | 73060 | 61458 | (3528) | 64986 |
| 12.795<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/24 | 7360 | 8978 |  | 8978 |
|  3M LIBOR<sup>(b)</sup> <br> 3.500<sup>(b)</sup> | 03/16/24 | $7390 | (114359) | 11169 | (125528) |
|  3M LIBOR<sup>(b)</sup> <br> 4.430<sup>(b)</sup> | 12/31/24 | 106230 <sup>(c)</sup> | (30287) | 119084 | (149371) |
|  1M BID |  |  |  |  |  |
|  Average<sup>(a)</sup> <br> 11.488<sup>(a)</sup> | 01/02/25 | 23710 | (89842) | (3108) | (86734) |
|  1M BID |  |  |  |  |  |
|  Average<sup>(a)</sup> <br> 12.060<sup>(a)</sup> | 01/02/25 | 10370 | (27290) | (118922) | 91632 |
| 13.300<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/25 | 26230 | (46079) | (201) | (45878) |
| 9.250<sup>(a)</sup> <br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/12/25 | 220560 <sup>(c)</sup> | 65272 | (21399) | 86671 |
|  3M STIBOR<sup>(b)</sup> <br> 3.000<sup>(d)</sup> | 03/15/25 | 954270 <sup>(c)</sup> | (1016123) | (521522) | (494601) |
| 8.250<sup>(d)</sup> <br> 3M JIBAR<sup>(d)</sup> | 03/15/25 | 69100 <sup>(c)</sup> | (28717) | (22273) | (6444) |
| 3.750<sup>(e)</sup> <br> 3M NIBOR<sup>(b)</sup> | 03/15/25 | 815520 <sup>(c)</sup> | (456957) | (542213) | 85256 |
|  6M CDOR<sup>(e)</sup> <br> 4.000<sup>(e)</sup> | 03/15/25 | 56560 <sup>(c)</sup> | (321148) | 40217 | (361365) |
|  3M NZDOR<sup>(e)</sup> <br> 5.000<sup>(d)</sup> | 03/15/25 | 88050 <sup>(c)</sup> | (441712) | (242634) | (199078) |
| 4.000<sup>(d)</sup> <br> 6M AUDOR<sup>(d)</sup> | 03/15/25 | 89260 <sup>(c)</sup> | 110715 | (213678) | 324393 |
| 4.000<sup>(e)</sup> <br> 6M AUDOR<sup>(e)</sup> | 03/15/25 | 64290 <sup>(c)</sup> | 233742 | (6133) | 239875 |
| 4.500<sup>(d)</sup> <br> 3M KWCDC<sup>(d)</sup> | 03/17/25 | 4261020 <sup>(c)</sup> | (48880) | (39684) | (9196) |
| 3.000<sup>(e)</sup> <br> 6M EURO<sup>(b)</sup> | 03/15/26 | 4380 <sup>(c)</sup> | 49063 | (35919) | 84982 |
|  3M LIBOR<sup>(b)</sup> <br> 3.388<sup>(b)</sup> | 11/15/26 | $104140 <sup>(c)</sup> | 271514 | 540445 | (268931) |
| 11.230<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/04/27 | 21580 | 134922 | 156367 | (21445) |
| 2.350<sup>(e)</sup> <br> 6M EURO<sup>(b)</sup> | 09/09/27 | 22730 <sup>(c)</sup> | 508948 | 6344 | 502604 |
|  3M LIBOR<sup>(b)</sup> <br> 3.350<sup>(b)</sup> | 10/06/27 | $110540 <sup>(c)</sup> | 276914 | (91121) | 368035 |
|  6M GBP<sup>(b)</sup> <br> 4.605<sup>(b)</sup> | 10/18/27 | 51280 <sup>(c)</sup> | 1165554 | 1160484 | 5070 |
|  <sup>(d)</sup><br> 2.500<sup>(d)</sup> | 03/15/28 | 56870 <sup>(c)</sup> | (124646) | (158783) | 34137 |
|  6M EURO<sup>(b)</sup> <br> 2.750<sup>(b)</sup> | 03/15/28 | 3100 <sup>(c)</sup> | (36051) | 57595 | (93646) |
|  6M GBP<sup>(b)</sup> <br> 3.500<sup>(b)</sup> | 03/15/28 | 21070 <sup>(c)</sup> | (655700) | (223458) | (432242) |
| 4.000<sup>(b)</sup> <br> 3M LIBOR<sup>(b)</sup> | 03/15/28 | $940 <sup>(c)</sup> | (13027) | (24574) | 11547 |
| 3.500<sup>(e)</sup> <br> 3M NIBOR<sup>(b)</sup> | 03/15/28 | 206900 <sup>(c)</sup> | (246535) | (238536) | (7999) |
|  3M KWCDC<sup>(d)</sup> <br> 4.500<sup>(d)</sup> | 03/15/28 | 13604900 <sup>(c)</sup> | 464295 | 526480 | (62185) |
|  3M NZDOR<sup>(e)</sup> <br> 4.500<sup>(d)</sup> | 03/15/28 | 19910 <sup>(c)</sup> | (203043) | (96511) | (106532) |
| 1.500<sup>(b)</sup> <br> 6M CHFOR<sup>(b)</sup> | 03/15/28 | 16420 <sup>(c)</sup> | 346760 | (97291) | 444051 |
| 3.000<sup>(e)</sup> <br> 6M EURO<sup>(b)</sup> | 03/15/28 | 10010 <sup>(c)</sup> | 135273 | (157853) | 293126 |
| 0.250<sup>(b)</sup> <br> 6M JYOR<sup>(b)</sup> | 03/15/28 | 10745630 <sup>(c)</sup> | 1582041 | 438998 | 1143043 |
| 1.250<sup>(e)</sup> <br> 6M EURO<sup>(b)</sup> | 12/19/28 | 5260 | 296022 | (47214) | 343236 |
|  3M LIBOR<sup>(b)</sup> <br> 2.500<sup>(b)</sup> | 06/04/29 | $47680 <sup>(c)</sup> | (598589) | (32421) | (566168) |
| 2.350<sup>(e)</sup> <br> 6M EURO<sup>(b)</sup> | 07/04/29 | 6790 <sup>(c)</sup> | 246201 | 97242 | 148959 |
| 2.570<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/04/31 | $125730 <sup>(c)</sup> | 1420548 | 122002 | 1298546 |
| 2.680<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 07/28/32 | 26870 <sup>(c)</sup> | 661768 | (127268) | 789036 |
|  6M EURO<sup>(b)</sup> <br> 2.650<sup>(e)</sup> | 09/09/32 | 33550 <sup>(c)</sup> | (707437) | (846041) | 138604 |
| 3.912<sup>(b)</sup> <br> 6M GBP<sup>(b)</sup> | 10/18/32 | 35230 <sup>(c)</sup> | (909193) | (1029868) | 120675 |
|  6M EURO<sup>(b)</sup> <br> 2.500<sup>(e)</sup> | 12/20/32 | 28680 <sup>(c)</sup> | (785094) | (60331) | (724763) |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Payments**<br> **Received**<br> **by Fund** | **Termination<br>Date** | **Notional<br>Amount (000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Mexico |  |  |  |  |  |  |
|  Interbank TIIE |  |  |  |  |  |  |
|  28 Days<sup>(a)</sup>  | 8.250%<sup>(a)</sup> | 03/02/33 | 84725 <sup>(c)</sup> | $(117344) | $(11314) | $(106030) |
|  6M GBP<sup>(b)</sup>  | 3.000<sup>(b)</sup> | 03/15/33 | 10 <sup>(c)</sup> | (727) | (208) | (519) |
|  3M STIBOR<sup>(b)</sup>  | 3.000<sup>(d)</sup> | 03/15/33 | 9550 <sup>(c)</sup> | (11082) | 36693 | (47775) |
|  3M LIBOR<sup>(b)</sup>  | 3.750<sup>(b)</sup> | 03/15/33 | $14100 <sup>(c)</sup> | 256012 | 540204 | (284192) |
|  4.250%<sup>(d)</sup>  | 3M KWCDC<sup>(d)</sup> | 03/15/33 | 3472980 <sup>(c)</sup> | (182722) | (194535) | 11813 |
| 3.750<sup>(b)</sup>  | 3M LIBOR<sup>(b)</sup> | 03/15/33 | $55880 <sup>(c)</sup> | (1014608) | (1620489) | 605881 |
| 3.500<sup>(e)</sup>  | 3M NIBOR<sup>(b)</sup> | 03/15/33 | 146290 <sup>(c)</sup> | (275027) | (513720) | 238693 |
|  6M AUDOR<sup>(e)</sup>  | 4.500<sup>(e)</sup> | 03/15/33 | 36820 <sup>(c)</sup> | (155149) | 799900 | (955049) |
|  6M WIBOR<sup>(b)</sup>  | 5.500<sup>(e)</sup> | 03/15/33 | 26050 <sup>(c)</sup> | (270410) | (31197) | (239213) |
| 3.500<sup>(e)</sup>  | 6M CDOR<sup>(e)</sup> | 03/15/33 | 13390 <sup>(c)</sup> | 181413 | (183415) | 364828 |
| 3.000<sup>(e)</sup>  | 6M EURO<sup>(b)</sup> | 03/15/33 | 43860 <sup>(c)</sup> | 863902 | (229596) | 1093498 |
| 0.500<sup>(b)</sup>  | 6M JYOR<sup>(b)</sup> | 03/15/33 | 1789000 <sup>(c)</sup> | 571427 | 404877 | 166550 |
|  3M JIBAR<sup>(d)</sup>  | 9.500<sup>(d)</sup> | 03/15/33 | 46290 <sup>(c)</sup> | 45060 | 5779 | 39281 |
|  3M LIBOR<sup>(b)</sup>  | 2.730<sup>(b)</sup> | 06/04/33 | $79810 <sup>(c)</sup> | (802019) | (68109) | (733910) |
| 3.500<sup>(b)</sup>  | 3M LIBOR<sup>(b)</sup> | 11/15/34 | 23280 <sup>(c)</sup> | (323644) | (569568) | 245924 |
| 3.240<sup>(b)</sup>  | 3M LIBOR<sup>(b)</sup> | 10/06/35 | 25230 <sup>(c)</sup> | 185663 | 220346 | (34683) |
|  6M EURO<sup>(b)</sup>  | 2.855<sup>(e)</sup> | 07/04/37 | 25050 <sup>(c)</sup> | (373612) | (380983) | 7371 |
|  3M LIBOR<sup>(b)</sup>  | 2.940<sup>(b)</sup> | 07/12/37 | $15180 <sup>(c)</sup> | (486625) | (117762) | (368863) |
|  3M LIBOR<sup>(b)</sup>  | 2.910<sup>(b)</sup> | 07/28/37 | 68450 <sup>(c)</sup> | (1266312) | (92159) | (1174153) |
|  6M EURO<sup>(b)</sup>  | 2.152<sup>(e)</sup> | 08/09/37 | 32420 <sup>(c)</sup> | (1051260) | (437265) | (613995) |
|  3M LIBOR<sup>(b)</sup>  | 2.720<sup>(b)</sup> | 08/11/37 | $133100 <sup>(c)</sup> | (3282831) | (2707304) | (575527) |
| 2.500<sup>(e)</sup>  | 6M EURO<sup>(b)</sup> | 12/20/37 | 32470 <sup>(c)</sup> | 574771 | 64 | 574707 |
| 1.451<sup>(e)</sup>  | 6M EURO<sup>(b)</sup> | 08/10/42 | 73630 <sup>(c)</sup> | 1677861 | 553023 | 1124838 |
| 2.750 | 6M EURO | 03/15/43 | 590 <sup>(c)</sup> | 16276 | (37171) | 53447 |
| 2.750<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 07/12/47 | $9450 <sup>(c)</sup> | 519923 | 142675 | 377248 |
| 2.080<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 07/28/47 | 53990 <sup>(c)</sup> | 675966 | 193655 | 482311 |
|  6M EURO<sup>(b)</sup>  | 1.051<sup>(e)</sup> | 08/11/47 | 40630 <sup>(c)</sup> | (621171) | (144421) | (476750) |
| 1.560<sup>(e)</sup>  | 6M EURO<sup>(b)</sup> | 07/06/52 | 17850 <sup>(c)</sup> | 211665 | (129113) | 340778 |
| 2.170<sup>(b)</sup>  | 3M LIBOR<sup>(b)</sup> | 08/11/52 | $64300 <sup>(c)</sup> | 2633824 | 2064627 | 569197 |
| 1.800<sup>(e)</sup>  | 6M EURO<sup>(b)</sup> | 09/09/52 | 7130 <sup>(c)</sup> | 239919 | (73089) | 313008 |
| 3.250 | 3M LIBOR | 03/15/53 | $2970 <sup>(c)</sup> | (31646) | (189904) | 158258 |
|  **TOTAL** |  |  |  | $263264 | $(4498750) | $4762014 |

---

(a) Payments made at monthly.

(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.

(d) Payments made quarterly.

(e) 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:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |
| CDX.NA.IG Index 39 | 1.000% | 0.813% | 12/20/27 | $32425 | $278503 | $(19090) | $297593 |

---

------

GOLDMAN SACHS STRATEGIC INCOME 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)** |
|  Republic of Chile, 3.875%, 08/05/20 | 1.000% | 1.070% | 12/20/27 | $6920 | $(19300) | $(128136) | $108836 |
|  Republic of Indonesia, 5.875%, 03/13/20 | 1.000 | 1.018 | 12/20/27 | 6900 | (3329) | (57558) | 54229 |
|  Republic of Panama | 1.000 | 1.171 | 12/20/27 | 4650 | (33649) | (75952) | 42303 |
|  Republic of Panama | 1.000 | 1.076 | 06/20/27 | 2270 | (6216) | (47021) | 40805 |
|  Republic of Peru | 1.000 | 1.195 | 12/20/27 | 2120 | (17606) | (14069) | (3537) |
|  Republic of Peru | 1.000 | 1.100 | 06/20/27 | 1540 | (5713) | (26052) | 20339 |
|  Republic of the Philippines, 10.625%, 03/16/25 | 1.000 | 0.990 | 12/20/27 | 2630 | 2084 | (32443) | 34527 |
|  United Mexican States, 4.150%, 03/28/27 | 1.000 | 1.299 | 12/20/27 | 6970 | (89544) | (196605) | 107061 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | $105230 | $(596926) | $702156 |

---

(a) Payments made quarterly.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 15400000 | $15400000 | $88365 | $515900 | $(427535) |
|  1Y IRS | Citibank NA | 1.977 | 12/01/2023 | 14020000 | 14020000 | 99696 | 318916 | (219220) |
|  1Y IRS | Deutsche Bank AG (London) | 2.700 | 04/28/2023 | 14290000 | 14290000 | 61704 | 530644 | (468940) |
|  1Y IRS | MS & Co. Int. PLC | 2.518 | 10/27/2023 | 14850000 | 14850000 | 223181 | 394403 | (171222) |
|  |  |  |  | 58560000 | $58560000 | $472946 | $1759863 | $(1286917) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  1Y IRS | Deutsche Bank AG (London) | 3.000 | 05/05/2023 | 14170000 | 14170000 | 721515 | 495720 | 225795 |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 15770000 | 15770000 | 896405 | 613927 | 282478 |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800 | 08/23/2023 | 15770000 | 15770000 | 1040005 | 569368 | 470637 |
|  |  |  |  | 45710000 | $45710000 | $2657925 | $1679015 | $978910 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 104270000  | $104270000 | $3130871 | $3438878 | $(308007) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (14050000) | (14050000) | (331806) | (523362) | 191556 |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (14700000) | (14700000) | (28908) | (193377) | 164469 |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (15400000) | (15400000) | (25652) | (192500) | 166848 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (15400000) | (15400000) | (48219) | (323400) | 275181 |
|  1Y IRS | Citibank NA | 1.484 | 12/01/2023 | (5650000) | (5650000) | (130588) | (318889) | 188301 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (14230000) | (14230000) | (347463) | (569911) | 222449 |

---

------

GOLDMAN SACHS STRATEGIC INCOME 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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1Y IRS | Citibank NA | 3.007% | 12/13/2023 | (14230000) | $(14230000) | $(360514) | $(568844) | $208330 |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (10350000) | (10350000) | (1276) | (155199) | 153922 |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (18480000) | (18480000) | (213239) | (227304) | 14065 |
|  1Y IRS | Deutsche Bank AG (London) | 2.013 | 04/28/2023 | (14290000) | (14290000) | (9753) | (202150) | 192397 |
|  1Y IRS | Deutsche Bank AG (London) | 2.356 | 04/28/2023 | (14290000) | (14290000) | (25352) | (328494) | 303142 |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (10280000) | (10280000) | (1998) | (138102) | 136103 |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (18480000) | (18480000) | (74273) | (218988) | 144715 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (14230000) | (14230000) | (367809) | (552835) | 185027 |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (12320000) | (12320000) | (2060) | (154154) | 152094 |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (12320000) | (12320000) | (13589) | (158620) | 145031 |
|  1Y IRS | MS & Co. Int. PLC | 1.945 | 10/27/2023 | (6240000) | (6240000) | (257731) | (394326) | 136595 |
|  2M IRS | MS & Co. Int. PLC | 2.595 | 01/04/2023 | (10090000) | (10090000) | (2) | (152851) | 152849 |
|  |  |  |  | (235030000) | $(235030000) | $(2240232) | $(5373306) | $3133074 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (14050000) | (14050000) | (841345) | (523363) | (317982) |
|  1M IRS | Citibank NA | 2.865 | 01/25/2023 | (14700000) | (14700000) | (477174) | (193377) | (283798) |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (14230000) | (14230000) | (827709) | (569911) | (257798) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (14230000) | (14230000) | (806329) | (568844) | (237484) |
|  2M IRS | Citibank NA | 2.708 | 01/11/2023 | (10350000) | (10350000) | (460740) | (155199) | (305541) |
|  1M IRS | Deutsche Bank AG (London) | 3.534 | 01/30/2023 | (18480000) | (18480000) | (234380) | (227304) | (7076) |
|  1Y IRS | Deutsche Bank AG (London) | 3.891 | 05/05/2023 | (14170000) | (14170000) | (185147) | (182101) | (3045) |
|  1Y IRS | Deutsche Bank AG (London) | 3.446 | 05/05/2023 | (14170000) | (14170000) | (389699) | (313619) | (76080) |
|  1Y IRS | Deutsche Bank AG (London) | 3.405 | 09/05/2023 | (15770000) | (15770000) | (561292) | (376278) | (185014) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (15770000) | (15770000) | (332348) | (237649) | (94699) |
|  1M IRS | JPMorgan Securities, Inc. | 2.598 | 01/18/2023 | (10280000) | (10280000) | (563710) | (138102) | (425608) |
|  1M IRS | JPMorgan Securities, Inc. | 3.340 | 01/23/2023 | (18480000) | (18480000) | (396925) | (218988) | (177937) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (15770000) | (15770000) | (409791) | (217845) | (191946) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (15770000) | (15770000) | (674433) | (351523) | (322910) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (14230000) | (14230000) | (797328) | (552835) | (244493) |
|  1M IRS | MS & Co. Int. PLC | 3.273 | 01/05/2023 | (12320000) | (12320000) | (291707) | (154154) | (137553) |
|  1M IRS | MS & Co. Int. PLC | 3.195 | 01/17/2023 | (12320000) | (12320000) | (379256) | (158620) | (220636) |
|  2M IRS | MS & Co. Int. PLC | 2.595 | 01/04/2023 | (10090000) | (10090000) | (549961) | (152851) | (397110) |
|  |  |  |  | (255180000) | $(255180000) | $(9179274) | $(5292563) | $(3886710) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (490210000) | $(490210000) | $(11419506) | $(10665869) | $(753636) |
|  **TOTAL** |  |  |  | (385940000) | $(385940000) | $(8288635) | $(7226991) | $(1061643) |

---

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  Put AUD/Call USD | Deutsche Bank AG | 0.664% | 01/13/2023 | 30662000 | $30662000 | $54988 | $163108 | $(108120) |

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |
|  Put EUR/Call USD | HSBC Bank PLC | 1.044% | 01/13/2023 | 9884000 | $9884000 | $10337 | $60038 | $(49701) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 40546000 | $40546000 | $65325 | $223146 | $(157821) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  Call AUD/Put NZD | HSBC Bank PLC | 1.053 | 01/18/2023 | (3854000) | (3854000) | (55849) | (20507) | (35342) |
|  Call EUR/Put CHF | UBS AG (London) | 0.987 | 01/18/2023 | (2434000) | (2434000) | (15484) | (17764) | 2280 |
|  **Total Calls** | **Total Calls** | **Total Calls** | **Total Calls** | (6288000) | $(6288000) | $(71333) | $(38271) | $(33062) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  Put AUD/Call USD | Deutsche Bank AG | 0.678 | 01/13/2023 | (15331000) | (15331000) | (84601) | (163119) | 78518 |
|  Put AUD/Call NZD | HSBC Bank PLC | 1.053 | 01/18/2023 | (3854000) | (3854000) | (2443) | (20507) | 18064 |
|  Put EUR/Call CHF | UBS AG (London) | 0.987 | 01/18/2023 | (2434000) | (2434000) | (11462) | (17456) | 5994 |
|  **Total Puts** |  |  |  | (21619000) | $(21619000) | $(98506) | $(201082) | $102576 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (27907000) | $(27907000) | $(169839) | $(239353) | $69514 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | 12639000 | $12639000 | $(104514) | $(16207) | $(88307) |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation  |
| CMO | — Collateralized Mortgage Obligation  |
| CMT | — Constant Maturity Treasury Indexes  |
| 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 |
| MTA | — Monthly Treasury Average |
| PI | — Private Investment |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REMIC | — Real Estate Mortgage Investment Conduit |
| SOFR | — Secured Overnight Funding Rate |
| STACR | — Structured Agency Credit Risk |
| TSFR | — Term Secured Overnight Financing Rate |
| UMBS | — Uniform Mortgage Backed Securities |
| **Abbreviations:** | **Abbreviations:** |
| 1M BID Avg | — 1 Month Brazilian Interbank Deposit Average |
| 1M IRS | — 1 Month Interest Rate Swaptions  |
| 1Y IRS | — 1 Year Interest Rate Swaptions  |
| AUDOR | — Australian Dollar Offered Rate  |
| BOFA | — BofA Securities LLC  |
| CDOR | — Canadian Dollar Offered Rate  |
| CDX.NA.IG Ind 39 | — CDX North America Investment Grade Index 39  |
| CHFOR | — Swiss Franc Offered Rate  |
| EURO | — Euro Offered Rate  |
| JIBAR | — Johannesburg Interbank Agreed Rate  |
| JYOR | — Japanese Yen Offered Rate  |
| KWCDC | — South Korean Won Certificate of Deposit  |
| LIBOR | — London Interbank Offered Rate  |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC  |
| NIBOR | — Norwegian Interbank Offered Rate  |
| NZDOR | — New Zealand Dollar Offered Rate  |
| SOFR | — Secured Overnight Funding Rate  |
| STIBOR | — Stockholm Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate  |
| WIBOR | — Warsaw Interbank Offered Rate  |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

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

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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:

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

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

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

**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 Fund invests in Underlying Funds that fluctuate in value, the Fund's shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Bank Loans** — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Multi-Manager Non-Core Fixed Income Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. The Fund is obligated to fund these commitments at the borrower's discretion. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

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

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

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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. Mortgage Dollar Rolls** — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii. 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;**viii. When-Issued Securities and Forward Commitments** — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Forward Contracts** — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

*A forward foreign currency exchange contract is a forward contract* in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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

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

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

*A total return swap* is an agreement that gives a Fund the right to receive the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of investments or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

**Level 3 Fair Value Investments** — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM 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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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**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:

---

| | | | |
|:---|:---|:---|:---|
| **BOND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $191004671 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 138061485 | 102720 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 39571355 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 19547400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 10635336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3880682 |  |
|  Short-term Investments |  | 5009719 |  |
| **Total** | $39571355 | $368139293 | $102720 |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(6021737) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $1379075 | $— |
|  Futures Contracts<sup>(a)</sup>  | 321160 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 2324351 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 510299 |  |
|  Purchased Option Contracts |  | 800987 |  |
| **Total** | $321160 | $5014712 | $— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(37697) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (1873199) |  |
|  Futures Contracts<sup>(a)</sup>  | (692151) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (1598854) |  |
|  Written Option Contracts |  | (2030927) |  |
| **Total** | $(692151) | $(5540677) | $— |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **CORE FIXED INCOME**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $800478153 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 584687294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 162967262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 66701636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 34074337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 19827105 |  |
|  Agency Debentures |  | 27365060 |  |
|  Investment Company | 7486153 |  |  |
|  Short-term Investments |  | 26511179 |  |
| **Total** | $170453415 | $1559644764 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(64852181) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $137629 | $— |
|  Futures Contracts<sup>(a)</sup>  | 970548 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 2503162 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 208726 |  |
|  Purchased Option Contracts |  | 1241010 |  |
| **Total** | $970548 | $4090527 | $— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(205432) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (254328) |  |
|  Futures Contracts<sup>(a)</sup>  | (2318492) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (1513385) |  |
|  Written Option Contracts |  | (3582609) |  |
| **Total** | $(2318492) | $(5555754) | $— |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL CORE FIXED INCOME**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $181409572 | $31463099 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 201640044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 181967535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 31545249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Note |  | 1016378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 687487 |  |  |
|  Agency Debentures |  | 1364879 |  |
|  Investment Company | 6605444 |  |  |
| **Total** | $188702503 | $448997184 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(24965857) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $1232024 | $— |
|  Futures Contracts<sup>(a)</sup>  | 39149 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 3302204 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 157910 |  |
|  Purchased Option Contracts |  | 749470 |  |
| **Total** | $39149 | $5441608 | $— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(338745) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (13522356) |  |
|  Futures Contracts<sup>(a)</sup>  | (4048605) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (3448074) |  |
|  Written Option Contracts |  | (2281330) |  |
| **Total** | $(4048605) | $(19590505) | $— |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **INCOME**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
|  Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $45249553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 16181290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 5752758 | 151355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 4869946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 3495608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 914556 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 94657 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 107086 |  |  |
|  Rights |  | 4144 |  |
|  Investment Company | 159585 |  |  |
| **Total** | $1275884 | $75553299 | $151355 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $7692 | $— |
|  Futures Contracts<sup>(a)</sup>  | 49954 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 107570 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 11774 |  |
| **Total** | $49954 | $127036 | $— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(3188) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (336808) |  |
|  Futures Contracts<sup>(a)</sup>  | (22236) |  |  |
| **Total** | $(22236) | $(339996) | $— |
| **LONG SHORT CREDIT STRATEGIES** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsecured Debt Obligations | $— | $28879520 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 15134901 | 192614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Secured Debt Obligations |  | 5873838 |  |
|  Common Stock and/or Other Equity Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 187381 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 105421 |  |  |
| **Total** | $292802 | $49888259 | $192614 |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **LONG SHORT CREDIT STRATEGIES (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $35794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(738854) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (17506) |  |
| **Total** | $— | $(756360) | $— |
| **STRATEGIC INCOME** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $330048590 | $689447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 142354969 | 3289200 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 120603130 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 71704695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 18460434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 8474336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 5662688 |  |
|  Investment Company | 41169877 |  |  |
|  Short-term Investments |  | 11277729 |  |
| **Total** | $161773007 | $587983441 | $3978647 |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(62848848) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $3040755 | $— |
|  Futures Contracts<sup>(a)</sup>  | 2142725 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 14134779 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 705693 |  |
|  Purchased Option Contracts |  | 3196196 |  |
| **Total** | $2142725 | $21077423 | $— |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC INCOME (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3537) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (3315200) |  |
|  Futures Contracts<sup>(a)</sup>  | (85079) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (9372765) |  |
|  Written Option Contracts |  | (11589345) |  |
| **Total** | $(85079) | $(24280847) | $— |

---

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

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

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

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

**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.

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**Foreign Custody Risk** — A Fund that invests in foreign securities may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters into bankruptcy. [Include for Emerging Markets Funds ONLY] Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

**Geographic Risk** — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

**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.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an exchange-traded fund ("ETF"), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

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

**Leverage Risk** — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

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

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

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

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

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

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

**Non-Diversification Risk** — The Global Core Fixed Income Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

**Sector Risk** — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $762091120.23

**Total Liabilities:** $175352015.44

**Net Assets:** $586739104.79

**Delayed Delivery Securities:** $7896947.00

**Cash Not Reported:** $46533438.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 7884.24000000 | **1-Year:** 22210.20000000 | **5-Year:** 65823.20000000 | **10-Year:** 70008.77000000 | **30-Year:** 109701.60000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 94.17000000 | **10-Year:** 979.23000000 | **30-Year:** 108.51000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025415 | -0.14%               | 3.14%                | -1.46%               |
| Class ID C000025418 | -0.28%               | 3.10%                | -1.51%               |
| Class ID C000090762 | -0.10%               | 3.17%                | -1.42%               |
| Class ID C000025416 | -0.12%               | 3.13%                | -1.43%               |
| Class ID C000025414 | -0.09%               | 3.17%                | -1.41%               |
| Class ID C000161291 | -0.19%               | 3.26%                | -1.50%               |
| Class ID C000202039 | -0.09%               | 3.26%                | -1.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8211506.66             | $3767212.85                                |
| Month 2  | $1686300.86              | $27746031.99                               |
| Month 3  | $540548.01               | $3205868.71                                |

**Designated Index Information**

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

- **Index Identifier:** LMGLRETWTY

### Schedule of Portfolio Investments

| Name                                             | Title                                                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138W7WP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       19515 | PA      | $17798.89     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                             | Westpac Banking Corp                                                                                             | CUSIP: 961214EM1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     1200000 | PA      | $1100148.00   | 0.19%             | 2030-02-04      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| CNP ASSURANCES                                   | CNP Assurances                                                                                                   | CUSIP: 000000000<br>LEI: 969500QKVPV2H8UXM738 | Long             | DBT              | CORP              | FR        |      700000 | PA      | $596551.87    | 0.10%             | 2028-03-08      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05367A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | DE        |    -1930000 | NC      | $-79714.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA                         | African Export-Import Bank/The                                                                                   | CUSIP: 00831TAC5<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |      360000 | PA      | $297018.00    | 0.05%             | 2031-05-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     8310000 | PA      | $8877288.59   | 1.51%             | 2023-03-15      | Fixed         | 0.95%                 | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                   | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      775000 | PA      | $565308.25    | 0.10%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MKQH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       30452 | PA      | $27774.14     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      915731 | PA      | $818546.63    | 0.14%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219280  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR219280  IRS EUR P F  2.75000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      370000 | OU      | $10206.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  2641660000 | PA      | $1780851.74   | 0.30%             | 2029-12-10      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                   | CUSIP: 09659T2A8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      950000 | PA      | $841861.50    | 0.14%             | 2033-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED TWD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $-3535.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sempra Energy                                    | Sempra Energy                                                                                                    | CUSIP: 816851BG3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      700000 | PA      | $650440.00    | 0.11%             | 2028-02-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                          | Romanian Government International Bond                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       70000 | PA      | $49843.48     | 0.01%             | 2032-01-28      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EATON CORP                                       | Eaton Corp                                                                                                       | CUSIP: 278062AH7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |      725000 | PA      | $675460.75    | 0.12%             | 2033-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219310  IRS CAD R V 03MCDOR 1 CCPVANILLA / Short: BR219310  IRS CAD P F  3.50000 2 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     7220000 | OU      | $44088.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      488000 | PA      | $451795.28    | 0.08%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219087  IRS BRL R V 01MBRCDI CCPNDFPREDISWAP / Short: BR219087  IRS BRL P F 13.30000 CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | BR        |     7340000 | OU      | $-12894.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138NXRK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        9410 | PA      | $8582.84      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JAPAN (2 YEAR ISSUE)                             | Japan Government Two Year Bond                                                                                   | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   984300000 | PA      | $7497225.00   | 1.28%             | 2024-12-01      | Fixed         | 0.01%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3132DWEZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       91359 | PA      | $74349.42     | 0.01%             | 2052-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3132DNK77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      952220 | PA      | $908457.40    | 0.15%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05512A SWAPTION SPFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -2640000 | NC      | $-147923.16   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219274  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR219274  IRS EUR P F  3.00000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3120000 | OU      | $42163.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381AQL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      362054 | PA      | $35284.02     | 0.01%             | 2048-10-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR218545  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR218545  IRS EUR P F  1.45150 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    13240000 | OU      | $301709.53    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2017-BNK4                                                                                                   | CUSIP: 06541FBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $771490.33    | 0.13%             | 2050-05-15      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                                                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     6710000 | PA      | $201545.60    | 0.03%             | 2028-12-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MJGD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       13460 | PA      | $12207.30     | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                         | Santander UK Group Holdings PLC                                                                                  | CUSIP: 80281LAN5<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     1250000 | PA      | $1169937.50   | 0.20%             | 2025-03-15      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED JPY / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $5082.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                         | Constellation Brands Inc                                                                                         | CUSIP: 21036PBL1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |      600000 | PA      | $575052.00    | 0.10%             | 2032-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                             | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      455000 | PA      | $402702.30    | 0.07%             | 2026-04-27      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136B06N1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      878305 | PA      | $14078.71     | 0.00%             | 2048-03-25      | Floating      | 0.37%                 | 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    | 0.03%             | 2044-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                     | ING Groep NV                                                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $176388.67    | 0.03%             | 2032-11-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 10Y BOND FUT MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |          60 | NC      | $-281783.31   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE MAR23                                                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          34 | NC      | $-246071.63   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 31397S7M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      182059 | PA      | $183419.34    | 0.03%             | 2041-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SS006144  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006144  CDS USD P V 03MEVENT 1 CCPCORPORATE       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     3370000 | OU      | $-44417.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219304  IRS GBP R F  2.75000 2 CCPOIS / Short: SR219304  IRS GBP P V 00MSONIA 1 CCPOIS                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      900000 | OU      | $-126103.08   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                    | Citigroup Inc                                                                                                    | CUSIP: 000000000<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      600000 | PA      | $709760.10    | 0.12%             | 2024-01-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38378WUZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      263784 | PA      | $27231.26     | 0.00%             | 2043-08-20      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| ABU DHABI CRUDE OIL                              | Abu Dhabi Crude Oil Pipeline LLC                                                                                 | CUSIP: 00401MAB2<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |     1260000 | PA      | $1154711.25   | 0.20%             | 2047-11-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05448A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |    -1900000 | NC      | $-317.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                             | Glencore Funding LLC                                                                                             | CUSIP: 378272AF5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1392636.00   | 0.24%             | 2023-05-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                     | ING Groep NV                                                                                                     | CUSIP: 456837BC6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      225000 | PA      | $198868.50    | 0.03%             | 2033-03-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                  | McDonald's Corp                                                                                                  | CUSIP: 58013MFS8<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      237000 | PA      | $232037.22    | 0.04%             | 2032-09-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CHF                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2408.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05507A SWAPTION SOFFRATE                                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    -2640000 | NC      | $-66883.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen Leasing GmbH                          | Volkswagen Leasing GmbH                                                                                          | CUSIP: 000000000<br>LEI: 5299004GLEUX88BSNB74 | Long             | DBT              | CORP              | DE        |      600000 | PA      | $603617.91    | 0.10%             | 2025-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219356  IRS SEK R F  3.00000 2 CCPVANILLA / Short: SR219356  IRS SEK P V 03MSTIBO 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   317210000 | OU      | $-337770.43   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38378UYN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       90688 | PA      | $8175.73      | 0.00%             | 2043-06-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                         | BX Trust 2022-PSB                                                                                                | CUSIP: 05606DAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1186276 | PA      | $1183768.03   | 0.20%             | 2039-08-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CNH                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6836.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38379FEG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       96803 | PA      | $9525.74      | 0.00%             | 2045-11-20      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD CHF                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $288.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                                       | AbbVie Inc                                                                                                       | CUSIP: 00287YBC2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      300000 | PA      | $297066.00    | 0.05%             | 2023-11-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                           | Pertamina Persero PT                                                                                             | CUSIP: 000000000<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |      200000 | PA      | $201975.00    | 0.03%             | 2041-05-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                                                       | CUSIP: 14040HBT1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      505000 | PA      | $487390.65    | 0.08%             | 2024-10-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05501A SWAPTION SOFFRATE                                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    -2640000 | NC      | $-64462.46    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NOK / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $4376.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED AUD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $6656.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KL2H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1915449 | PA      | $1628293.34   | 0.28%             | 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        |     1250000 | PA      | $1137470.13   | 0.19%             | 2055-04-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                              | Macquarie Group Ltd                                                                                              | CUSIP: 55608JAK4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |      380000 | PA      | $347810.20    | 0.06%             | 2028-11-28      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp                                   | Air Lease Corp                                                                                                   | CUSIP: 00912XBA1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1092051.50   | 0.19%             | 2025-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | LONG GILT FUTURE MAR23                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |          64 | NC      | $-431064.02   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296XPM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1006 | PA      | $1011.71      | 0.00%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219298  IRS GBP R F  3.50000 2 CCPOIS / Short: SR219298  IRS GBP P V 00MSONIA 1 CCPOIS                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     6440000 | OU      | $-200413.24   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                      | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      850000 | PA      | $612416.50    | 0.10%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136A9EA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       21930 | PA      | $23276.86     | 0.00%             | 2042-10-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 3128M6UY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        2113 | PA      | $2122.50      | 0.00%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | Long: IR219081  IRS MYR R F  3.75000 NDF / Short: IR219081  IRS MYR P V 03MKLIB NDF                              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | MY        |     3450000 | OU      | $-18780.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219262  IRS USD R F  4.00000 2 CCPOIS / Short: SR219262  IRS USD P V 00MSOFR 1 CCPOIS                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     2470000 | OU      | $34229.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                                                       | CUSIP: 21H042612<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -19000000 | PA      | $-18436106.60 | -3.14%            | 2053-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140XDRN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      362651 | PA      | $311633.10    | 0.05%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust                    | ECMC Group Student Loan Trust                                                                                    | CUSIP: 26828WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2577793 | PA      | $2491191.83   | 0.42%             | 2066-12-27      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                  | CMS Energy Corp                                                                                                  | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |      550000 | PA      | $414859.50    | 0.07%             | 2050-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                 | Peruvian Government International Bond                                                                           | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      100000 | PA      | $58300.00     | 0.01%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD SGD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-86732.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | OPS05545A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -2850000 | NC      | $-32885.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7211.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CHF / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $6882.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                                                             | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      375000 | PA      | $305906.25    | 0.05%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                  | CUSIP: 37045XDV5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      650000 | PA      | $583479.00    | 0.10%             | 2029-04-06      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ARZ31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       82996 | PA      | $82149.86     | 0.01%             | 2041-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133B5LS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1843638 | PA      | $1504844.20   | 0.26%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      900000 | PA      | $848565.00    | 0.14%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179RD89<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       17228 | PA      | $16706.47     | 0.00%             | 2045-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                               | Banco Santander SA                                                                                               | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      500000 | PA      | $422993.47    | 0.07%             | 2030-10-22      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 312938XT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        9194 | PA      | $9294.34      | 0.00%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE AMERICA LLC                         | Enel Finance America LLC                                                                                         | CUSIP: 29280HAB8<br>LEI: 549300EGNLVUJX1DEC60 | Long             | DBT              | CORP              | US        |      675000 | PA      | $414726.75    | 0.07%             | 2041-07-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                    | AIB Group PLC                                                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      494000 | PA      | $474827.22    | 0.08%             | 2031-05-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                          | Romanian Government International Bond                                                                           | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      240000 | PA      | $211920.00    | 0.04%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138AGL89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       25578 | PA      | $25317.50     | 0.00%             | 2041-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                     | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     2784000 | PA      | $2042509.44   | 0.35%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                   | Starbucks Corp                                                                                                   | CUSIP: 855244BC2<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |      700000 | PA      | $598479.00    | 0.10%             | 2032-02-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LEGAL & GENERAL GROUP                            | Legal & General Group PLC                                                                                        | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | DBT              | CORP              | GB        |      500000 | PA      | $505093.31    | 0.09%             | 2049-11-26      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     1760000 | PA      | $1531138.41   | 0.26%             | 2034-05-25      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| AT&T Inc                                         | AT&T Inc                                                                                                         | CUSIP: 00206RCQ3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      350000 | PA      | $298672.50    | 0.05%             | 2046-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179TV77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      112567 | PA      | $110739.53    | 0.02%             | 2048-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                   | HarborView Mortgage Loan Trust 2006-6                                                                            | CUSIP: 41161UAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      198845 | PA      | $158870.90    | 0.03%             | 2036-08-19      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136A2K28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      125337 | PA      | $13330.05     | 0.00%             | 2041-12-25      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31419LZL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5309 | PA      | $5256.44      | 0.00%             | 2040-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                          | Fidelity National Information Services Inc                                                                       | CUSIP: 31620MBC9<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |      400000 | PA      | $424989.86    | 0.07%             | 2023-05-21      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| LOGICOR FINANCING SARL                           | Logicor Financing Sarl                                                                                           | CUSIP: 000000000<br>LEI: 254900IS16Q1A2TQFN22 | Long             | DBT              | CORP              | LU        |      325000 | PA      | $253598.85    | 0.04%             | 2030-01-17      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED TWD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $497.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | United States Treasury Note/Bond                                                                                 | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     1080000 | PA      | $687487.50    | 0.12%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38382BDB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      576196 | PA      | $86784.10     | 0.01%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31417MFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        4309 | PA      | $4264.86      | 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        |    -8000000 | PA      | $-6529750.40  | -1.11%            | 2053-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                                                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    12000000 | PA      | $349393.68    | 0.06%             | 2043-06-17      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381YXM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      435132 | PA      | $39280.51     | 0.01%             | 2049-09-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3132DVMC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1000000 | PA      | $889081.69    | 0.15%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                            | American Homes 4 Rent LP                                                                                         | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |      125000 | PA      | $96136.25     | 0.02%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                      | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      750000 | PA      | $587595.00    | 0.10%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                | Mountain View CLO 2016-1 LLC                                                                                     | CUSIP: 62432FAM6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1800000 | PA      | $1757658.60   | 0.30%             | 2033-04-14      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                     | CaixaBank SA                                                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      300000 | PA      | $292839.66    | 0.05%             | 2030-04-17      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD THB                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $8606.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CHF / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $574.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140X6J77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1196977 | PA      | $1157336.79   | 0.20%             | 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        |      169874 | PA      | $171094.78    | 0.03%             | 2041-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |      210000 | PA      | $173390.66    | 0.03%             | 2048-05-25      | Fixed         | 2.00%                 | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                     | CUSIP: 251526CC1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      600000 | PA      | $579360.00    | 0.10%             | 2024-09-18      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      100000 | PA      | $70744.94     | 0.01%             | 2067-03-01      | Fixed         | 2.80%                 | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                               | Ally Financial Inc                                                                                               | CUSIP: 02005NBR0<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      650000 | PA      | $662694.50    | 0.11%             | 2027-11-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38376VHU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      319944 | PA      | $31491.90     | 0.01%             | 2040-02-20      | Floating      | 1.90%                 | No            |                  2 | 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        |     7320000 | OU      | $-91897.48    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                                                         | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      483000 | PA      | $371427.00    | 0.06%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                     | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      350000 | PA      | $305910.50    | 0.05%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                     | CUSIP: 251526CM9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $960440.00    | 0.16%             | 2023-11-08      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MRK75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       48400 | PA      | $44143.46     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138AWRQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       64501 | PA      | $63843.35     | 0.01%             | 2041-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                  | CUSIP: 37045XCS3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      200000 | PA      | $196296.00    | 0.03%             | 2029-01-17      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                         | International Flavors & Fragrances Inc                                                                           | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |      200000 | PA      | $167660.00    | 0.03%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED AUD / SOLD NZD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $1212.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NZD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $5327.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ASU83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       15549 | PA      | $15390.83     | 0.00%             | 2041-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FINANCE                          | Wintershall Dea Finance BV                                                                                       | CUSIP: 000000000<br>LEI: 529900SUC9JUI6M74U66 | Long             | DBT              | CORP              | NL        |     1300000 | PA      | $1128324.41   | 0.19%             | 2028-09-25      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179WJS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      840253 | PA      | $752457.03    | 0.13%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179VBJ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      210799 | PA      | $205992.35    | 0.04%             | 2049-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38382EML8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      452874 | PA      | $46801.13     | 0.01%             | 2050-04-20      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179TUC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       32439 | PA      | $31982.76     | 0.01%             | 2048-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA                         | African Export-Import Bank/The                                                                                   | CUSIP: 00831TAB7<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |      390000 | PA      | $345742.80    | 0.06%             | 2026-05-17      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                                                               | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      250000 | PA      | $242375.00    | 0.04%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | 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        |    20180000 | OU      | $-5753.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD KRW                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-113803.77   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-SCHATZ FUT MAR23                                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         156 | NC      | $-211895.78   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| MEXICO CITY ARPT TRUST                           | Mexico City Airport Trust                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      200000 | PA      | $154000.00    | 0.03%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust              | Citigroup Commercial Mortgage Trust 2017-P8                                                                      | CUSIP: 17326DAM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      400000 | PA      | $279407.38    | 0.05%             | 2050-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KMQE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1802935 | PA      | $1541409.53   | 0.26%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2021-8                                                                                | CUSIP: 92538GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      139104 | PA      | $118334.82    | 0.02%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219371  IRS NOK R V 06MNIBOR 1 CCPVANILLA / Short: BR219371  IRS NOK P F  3.50000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    61310000 | OU      | $-73054.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138AK6U8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       23938 | PA      | $23694.37     | 0.00%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                        | Prosus NV                                                                                                        | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $122287.50    | 0.02%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                                                    | CUSIP: 172967MT5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1575000 | PA      | $1511181.00   | 0.26%             | 2024-10-30      | Fixed         | 0.78%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219433  IRS MXN R F  8.25000 2 CCPVANILLA / Short: SR219433  IRS MXN P V 01MTIIE 1 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    21600000 | OU      | $-29915.88    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381AQC3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      193848 | PA      | $18317.27     | 0.00%             | 2048-10-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| JAPAN (2 YEAR ISSUE)                             | Japan Government Two Year Bond                                                                                   | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  4031000000 | PA      | $30703049.53  | 5.23%             | 2024-07-01      | Fixed         | 0.01%                 | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS/TYCO FI                         | Johnson Controls International plc / Tyco Fire & Security Finance SCA                                            | CUSIP: 47837RAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      200000 | PA      | $196572.00    | 0.03%             | 2032-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KPMX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1144005 | PA      | $1149771.96   | 0.20%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR216975  IRS BRL R F 11.81400 CCPNDFPREDISWAP / Short: SR216975  IRS BRL P V 01MBRCDI CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | BR        |    20820000 | OU      | $-54331.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140X6J69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2392941 | PA      | $2313693.35   | 0.39%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                                                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      650000 | PA      | $460600.50    | 0.08%             | 2037-07-30      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $45693.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219325  IRS AUD R V 06MBBSW 1 CCPVANILLA / Short: BR219325  IRS AUD P F  4.25000 2 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |     4530000 | OU      | $6897.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                         | Uruguay Government International Bond                                                                            | CUSIP: 917288BK7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |       90000 | PA      | $89595.00     | 0.02%             | 2031-01-23      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IRELAND GOVERNMENT BOND                          | Ireland Government Bond                                                                                          | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |      430000 | PA      | $373822.59    | 0.06%             | 2030-10-18      | Fixed         | 0.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ANNR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      160942 | PA      | $159300.37    | 0.03%             | 2036-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                         | Walgreens Boots Alliance Inc                                                                                     | CUSIP: 931427AU2<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |     1375000 | PA      | $1326036.25   | 0.23%             | 2023-11-17      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD NZD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8509.04     | -0.00%            |  |  |  | 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     | 0.00%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 3128KRY73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        3466 | PA      | $3483.89      | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138WMWQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       67311 | PA      | $61391.37     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WP Carey Inc                                     | WP Carey Inc                                                                                                     | CUSIP: 92936UAC3<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |      170000 | PA      | $165784.00    | 0.03%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                         | Constellation Brands Inc                                                                                         | CUSIP: 21036PBB3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1474875.00   | 0.25%             | 2025-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31418ECP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3999998 | PA      | $3255376.98   | 0.55%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US ULTRA BOND CBT MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         111 | NC      | $-722249.84   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140L5BW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      159085 | PA      | $137052.94    | 0.02%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED ZAR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $3658.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR218258  IRS EUR R F  1.75000 2 CCPVANILLA / Short: SR218258  IRS EUR P V 03MEURIB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |     2880000 | OU      | $-81622.72    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PAP1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      305000 | PA      | $303041.90    | 0.05%             | 2024-04-23      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KPAD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      953384 | PA      | $918637.48    | 0.16%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38379M4U5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      105562 | PA      | $19374.30     | 0.00%             | 2045-09-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                        | Amgen Inc                                                                                                        | CUSIP: 031162DJ6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      650000 | PA      | $603180.50    | 0.10%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $12917.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CLP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $27244.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                   | CUSIP: 09659W2L7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      550000 | PA      | $506737.00    | 0.09%             | 2026-06-09      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                           | Credit Suisse Group AG                                                                                           | CUSIP: 225401AF5<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     2800000 | PA      | $2238264.00   | 0.38%             | 2029-01-12      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219029  IRS BRL R F 11.48800 2 CCPNDFPREDISWAP / Short: SR219029  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |     7190000 | OU      | $-27244.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KPHT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       63184 | PA      | $63363.92     | 0.01%             | 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        |     4550000 | OU      | $-82613.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BTP FUTURE MAR23                                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          20 | NC      | $-176653.71   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Limited                                      | Long: SR219281  IRS EUR R F  2.25000 2 CCPVANILLA / Short: SR219281  IRS EUR P V 06MEURIB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      470000 | OU      | $-27120.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR218991  IRS USD R F  3.35000 2 CCPOIS / Short: SR218991  IRS USD P V 00MSOFR 1 CCPOIS                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    23090000 | OU      | $57842.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05186A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    -5000000 | NC      | $-15655.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31416NFG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3649 | PA      | $3611.13      | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                           | Aviation Capital Group LLC                                                                                       | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      400000 | PA      | $348464.00    | 0.06%             | 2026-01-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Connecticut Avenue Securities Trust 2021-R01                                                                     | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      318000 | PA      | $309893.61    | 0.05%             | 2041-10-25      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UMM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      348973 | PA      | $342870.34    | 0.06%             | 2049-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QQUM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1987245 | PA      | $2023322.58   | 0.34%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                  | Danske Bank A/S                                                                                                  | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |     1275000 | PA      | $1175052.75   | 0.20%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                                                       | CUSIP: 21H052611<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     8000000 | PA      | $8040525.60   | 1.37%             | 2053-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SINGAPORE GOVERNMENT                             | Singapore Government Bond                                                                                        | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     2150000 | PA      | $1594345.23   | 0.27%             | 2023-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219402  IRS ZAR R F  9.50000 2 CCPVANILLA / Short: SR219402  IRS ZAR P V 03MJIBAR 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    10485000 | OU      | $10206.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CLP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $21950.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CLP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-16775.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD SEK                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $224.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                           | Blackstone Property Partners Europe Holdings Sarl                                                                | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |      600000 | PA      | $469781.75    | 0.08%             | 2029-03-12      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                     | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      175000 | PA      | $138748.75    | 0.02%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| JAPAN TREASURY DISC BILL                         | Japan Treasury Discount Bill                                                                                     | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | STIV             | NUSS              | JP        |  3344800000 | PA      | $25490719.78  | 4.34%             | 2023-02-06      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381RAZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      412319 | PA      | $10530.58     | 0.00%             | 2049-02-20      | Floating      | 0.30%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F042616<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -4000000 | PA      | $-3855624.80  | -0.66%            | 2053-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                             | Glencore Funding LLC                                                                                             | CUSIP: 378272AV0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      775000 | PA      | $742915.00    | 0.13%             | 2029-03-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR ULTRA FUT MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -75 | NC      | $38227.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANZ SE                                       | Allianz SE                                                                                                       | CUSIP: 018820AB6<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |      800000 | PA      | $595976.00    | 0.10%             | 2027-10-30      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CLP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-92705.32    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                              | Nomura Holdings Inc                                                                                              | CUSIP: 65535HAX7<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |      400000 | PA      | $308608.00    | 0.05%             | 2031-07-14      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                 | ABN AMRO Bank NV                                                                                                 | CUSIP: 00084DAU4<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |     1200000 | PA      | $1032384.00   | 0.18%             | 2027-06-16      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05447A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |    -1900000 | NC      | $-44987.25    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38379QCY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      161617 | PA      | $17277.00     | 0.00%             | 2045-09-20      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31412MRD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        4598 | PA      | $4553.71      | 0.00%             | 2038-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA ACQUISITIO                         | Smurfit Kappa Acquisitions ULC                                                                                   | CUSIP: 000000000<br>LEI: 6354002XN4LUSDRPTR29 | Long             | DBT              | CORP              | IE        |      185000 | PA      | $192090.18    | 0.03%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CAD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-64458.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2022-BNK40                                                                                                  | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1150000 | PA      | $1014789.10   | 0.17%             | 2064-03-15      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                          | JPMorgan Chase Bank NA                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        | 15414000000 | PA      | $1016378.42   | 0.17%             | 2035-06-17      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                       | AbbVie Inc                                                                                                       | CUSIP: 00287YBZ1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1292517.00   | 0.22%             | 2024-11-21      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SR219057  IRS KRW R F  4.50000 CCPNDF / Short: SR219057  IRS KRW P V 03MKSDA CCPNDF                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | KR        |  5579920000 | OU      | $190426.41    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN MEDICAL SYST EU                         | American Medical Systems Europe BV                                                                               | CUSIP: 000000000<br>LEI: 549300AA2JE6ZQ5D2493 | Long             | DBT              | CORP              | NL        |     1325000 | PA      | $1330294.68   | 0.23%             | 2025-03-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ECUR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3324 | PA      | $3322.23      | 0.00%             | 2042-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                            | Mexico Government International Bond                                                                             | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      360000 | PA      | $224280.00    | 0.04%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138W4AP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       13558 | PA      | $12365.38     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: BR218982  IRS BRL R V 00MBRCDI CCPNDFPREDISWAP / Short: BR218982  IRS BRL P F 12.79500 CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | BR        |    19730000 | OU      | $24067.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296XES0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         536 | PA      | $539.07       | 0.00%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KPR42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1888890 | PA      | $1893689.19   | 0.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                                                          | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     2425000 | PA      | $2099662.00   | 0.36%             | 2026-09-17      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140XDPA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1827668 | PA      | $1692703.60   | 0.29%             | 2045-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                           | UnitedHealth Group Inc                                                                                           | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      675000 | PA      | $732874.50    | 0.12%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                           | Asian Development Bank                                                                                           | CUSIP: 000000000<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |     4200000 | PA      | $4714390.37   | 0.80%             | 2025-06-10      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MQHG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       13098 | PA      | $11946.29     | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GCAT                                             | GCAT 2022-NQM4 Trust                                                                                             | CUSIP: 36170HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      170380 | PA      | $171320.56    | 0.03%             | 2067-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $2359.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                    | AIB Group PLC                                                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      375000 | PA      | $339929.26    | 0.06%             | 2027-11-17      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219054  IRS CNY R F  2.50000 CCPVANILLA / Short: SR219054  IRS CNY P V 03MCNRR CCPVANILLA                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | CN        |   431730000 | OU      | $-946253.94   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                                                         | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      975000 | PA      | $803907.00    | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                         | Santander UK Group Holdings PLC                                                                                  | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     1000000 | PA      | $880320.00    | 0.15%             | 2026-08-21      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219302  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR219302  IRS GBP P F  3.00000 2 CCPOIS                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1600000 | OU      | $127909.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31297CWV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       27062 | PA      | $27180.94     | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                                                       | CUSIP: 21H022614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     2000000 | PA      | $1732486.40   | 0.30%             | 2053-01-23      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219286  IRS EUR R F  2.75000 CCPVANILLA / Short: SR219286  IRS EUR P V 12MESTR CCPVANILLA                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | ER        |     2110000 | OU      | $-24537.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                 | Bellemeade Re Ltd                                                                                                | CUSIP: 07876AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |      365000 | PA      | $347955.30    | 0.06%             | 2031-06-25      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-51882.46    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD ILS                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $24259.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179VHS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     2301587 | PA      | $2067412.14   | 0.35%             | 2050-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219347  IRS CHF R V 12MSARON CCPVANILLA / Short: BR219347  IRS CHF P F  1.50000 CCPVANILLA               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CH        |     5000000 | OU      | $105590.77    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219400  IRS PLN R F  5.50000 2 CCPVANILLA / Short: SR219400  IRS PLN P V 06MWIBOR 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     9200000 | OU      | $-95499.96    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SR219391  IRS BRL R F 13.95000 CCPNDFPREDISWAP / Short: SR219391  IRS BRL P V 01MBRCDI CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | BR        |    22540000 | OU      | $18960.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05368A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | DE        |     4600000 | NC      | $69133.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                        | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      325000 | PA      | $253925.75    | 0.04%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381YXT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      425992 | PA      | $42033.50     | 0.01%             | 2049-09-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                    | CUSIP: 097023BZ7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       80000 | PA      | $53171.20     | 0.01%             | 2048-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                | Expedia Group Inc                                                                                                | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1150000 | PA      | $975982.00    | 0.17%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                              | United Kingdom Gilt                                                                                              | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      710000 | PA      | $822561.18    | 0.14%             | 2068-07-22      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133BHCA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       21346 | PA      | $21426.93     | 0.00%             | 2052-08-01      | Fixed         | 5.00%                 | 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        |     3340000 | OU      | $82259.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                                                             | CUSIP: 06051GGZ6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     2900000 | PA      | $2766368.00   | 0.47%             | 2026-01-23      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $1484.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136BBVK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      170150 | PA      | $33548.82     | 0.01%             | 2050-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                              | United Kingdom Gilt                                                                                              | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     1990000 | PA      | $2216786.15   | 0.38%             | 2045-01-22      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| BANK OF IRELAND GROUP                            | Bank of Ireland Group PLC                                                                                        | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |      575000 | PA      | $518079.62    | 0.09%             | 2031-08-11      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED INR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-4.96        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                     | Ares LXIV CLO Ltd                                                                                                | CUSIP: 04019HAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3225000 | PA      | $3146245.50   | 0.54%             | 2035-04-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| JAPAN TREASURY DISC BILL                         | Japan Treasury Discount Bill                                                                                     | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | STIV             | NUSS              | JP        |  4780850000 | PA      | $36435949.24  | 6.21%             | 2023-01-06      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD JPY                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-465161.87   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital                                  | CUSIP: 161175BQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      900000 | PA      | $889146.00    | 0.15%             | 2024-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                        | Prosus NV                                                                                                        | CUSIP: 74365PAA6<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      210000 | PA      | $174076.88    | 0.03%             | 2030-01-21      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3132DWBY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      762220 | PA      | $622234.14    | 0.11%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR218848  IRS GBP R F  3.00000 2 CCPOIS / Short: SR218848  IRS GBP P V 00MSONIA 1 CCPOIS                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |      470000 | OU      | $-38771.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                      | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     1200000 | PA      | $995556.00    | 0.17%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                          | Fidelity National Information Services Inc                                                                       | CUSIP: 31620MBL9<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |      550000 | PA      | $535789.41    | 0.09%             | 2025-12-03      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | Long: BR218674  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR218674  IRS EUR P F  2.35000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DIR              |  | US        |     4170000 | OU      | $93370.55     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                                                       | CUSIP: 21H050615<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3000000 | PA      | $2972543.40   | 0.51%             | 2053-01-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     1130000 | PA      | $1003369.78   | 0.17%             | 2038-03-01      | Fixed         | 3.25%                 | No            |                  1 | On Loan: No      |
| VMWARE INC                                       | VMware Inc                                                                                                       | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |      250000 | PA      | $204105.00    | 0.03%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MRXV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       14980 | PA      | $13662.07     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                      | Cargill Inc                                                                                                      | CUSIP: 141781BZ6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1052887.50   | 0.18%             | 2032-10-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QPYD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      974527 | PA      | $974262.21    | 0.17%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140XHV38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      974323 | PA      | $974362.66    | 0.17%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05230A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -5040000 | NC      | $-130966.92   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05438A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |     4610000 | NC      | $32781.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                          | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                                                      | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1850000 | PA      | $1744124.50   | 0.30%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital                                  | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3400000 | PA      | $3334380.00   | 0.57%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05511A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -2640000 | NC      | $-68237.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD NZD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $31.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO                                       | Apidos CLO XXIII                                                                                                 | CUSIP: 03765YAU8<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |     2100000 | PA      | $2059071.00   | 0.35%             | 2033-04-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                            | Bank of Ireland Group PLC                                                                                        | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |      625000 | PA      | $573914.81    | 0.10%             | 2027-05-10      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |      800000 | PA      | $577194.93    | 0.10%             | 2066-05-25      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $2628.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED JPY / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $7740.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QMHX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      469565 | PA      | $403506.09    | 0.07%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $9028.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     1030000 | PA      | $1274000.49   | 0.22%             | 2041-04-25      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138WN5M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       55439 | PA      | $50563.08     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38382EW52<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      515344 | PA      | $48863.93     | 0.01%             | 2049-08-20      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR218992  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR218992  IRS USD P F  3.24000 2 CCPOIS                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5220000 | OU      | $38412.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                  | CVS Health Corp                                                                                                  | CUSIP: 126650DE7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      300000 | PA      | $288030.00    | 0.05%             | 2024-08-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                               | Vodafone Group PLC                                                                                               | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      165000 | PA      | $168790.88    | 0.03%             | 2025-09-11      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                      | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      450000 | PA      | $472522.50    | 0.08%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                           | Mexico City Airport Trust                                                                                        | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      540000 | PA      | $491670.00    | 0.08%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                  | CUSIP: 37045XCG9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      375000 | PA      | $343031.25    | 0.06%             | 2028-01-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                          | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                                                      | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $686325.00    | 0.12%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD ILS                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $22268.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                               | Banco Santander SA                                                                                               | CUSIP: 05971KAF6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1400000 | PA      | $1182006.00   | 0.20%             | 2030-05-28      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF AUSTRIA                              | Republic of Austria Government Bond                                                                              | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |      280000 | PA      | $116203.72    | 0.02%             | 2120-06-30      | Fixed         | 0.85%                 | 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        |     6230000 | OU      | $78000.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                                                         | CUSIP: 00206RJQ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      600000 | PA      | $443988.20    | 0.08%             | 2039-09-14      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 3128M7LA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |          52 | PA      | $51.76        | 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        |     2685421 | PA      | $2399726.15   | 0.41%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                 | BAT Capital Corp                                                                                                 | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |       50000 | PA      | $45529.50     | 0.01%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                       | Intel Corp                                                                                                       | CUSIP: 458140CA6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      150000 | PA      | $140263.50    | 0.02%             | 2032-08-05      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON AND CO                          | Becton Dickinson and Co                                                                                          | CUSIP: 075887CN7<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |      185000 | PA      | $179877.48    | 0.03%             | 2025-08-13      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE NEW YORK                           | Credit Suisse AG/New York NY                                                                                     | CUSIP: 22550L2C4<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | CH        |     1000000 | PA      | $902150.00    | 0.15%             | 2025-04-09      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD IDR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-10521.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3132DMKG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      927816 | PA      | $833233.56    | 0.14%             | 2049-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                            | Indonesia Government International Bond                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      650000 | PA      | $693748.29    | 0.12%             | 2023-06-14      | Fixed         | 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        |      950000 | PA      | $921801.68    | 0.16%             | 2037-05-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: BR219056  IRS KRW R V 03MKSDA0 CCPNDF / Short: BR219056  IRS KRW P F  4.50000                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | KR        |  1084890000 | OU      | $-12445.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                           | Credit Suisse Group AG                                                                                           | CUSIP: 000000000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      200000 | PA      | $168039.16    | 0.03%             | 2027-06-24      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SS005913  CDS EUR R F  1.00000 2 CCPCORPORATE / Short: SS005913  CDS EUR P V 03MEVENT 1 CCPCORPORATE       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1200000 | OU      | $-6898.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                     | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     1025000 | PA      | $888459.75    | 0.15%             | 2027-11-24      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                   | CUSIP: 09659W2D5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     1450000 | PA      | $1397176.50   | 0.24%             | 2025-01-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LOGICOR FINANCING SARL                           | Logicor Financing Sarl                                                                                           | CUSIP: 000000000<br>LEI: 254900IS16Q1A2TQFN22 | Long             | DBT              | CORP              | LU        |      600000 | PA      | $586161.01    | 0.10%             | 2025-05-13      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          72 | NC      | $-25194.53    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EUROPEAN UNION                                   | European Union                                                                                                   | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |      820000 | PA      | $585410.20    | 0.10%             | 2036-06-04      | Fixed         | 0.20%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                      | Ameren Corp                                                                                                      | CUSIP: 023608AH5<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |      150000 | PA      | $143317.50    | 0.02%             | 2024-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Aviva PLC                                        | Aviva PLC                                                                                                        | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | DBT              | CORP              | GB        |      450000 | PA      | $543113.58    | 0.09%             | 2036-11-14      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 3YR BOND FUT MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |          92 | NC      | $-92443.98    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Indonesia                            | Indonesia Government International Bond                                                                          | CUSIP: 455780BT2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      200000 | PA      | $197522.00    | 0.03%             | 2025-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $2136.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219300  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR219300  IRS GBP P F  3.00000 2 CCPOIS                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3950000 | OU      | $274070.87    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN (20 YEAR ISSUE)                            | Japan Government Twenty Year Bond                                                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   903000000 | PA      | $6664613.38   | 1.14%             | 2042-09-20      | Fixed         | 1.10%                 | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                  | Dollar Tree Inc                                                                                                  | CUSIP: 256746AG3<br>LEI: 549300PMSTQITB1WHR43 | Long             | DBT              | CORP              | US        |      650000 | PA      | $634796.50    | 0.11%             | 2025-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD SEK                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $545.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                                                          | CUSIP: 05583JAM4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $286194.00    | 0.05%             | 2033-07-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                    | CUSIP: 097023BS3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      225000 | PA      | $145991.25    | 0.02%             | 2046-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $27235.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F032617<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     7000000 | PA      | $6366168.20   | 1.09%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38379TYF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      119665 | PA      | $11812.57     | 0.00%             | 2046-01-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GE CAPITAL FUNDING LLC                           | GE Capital Funding LLC                                                                                           | CUSIP: 36166NAK9<br>LEI: 549300XAGH9TOLX5XM67 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1423680.00   | 0.24%             | 2032-05-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296UXF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         422 | PA      | $424.12       | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                           | Mexico City Airport Trust                                                                                        | CUSIP: 59284MAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      200000 | PA      | $153475.00    | 0.03%             | 2046-10-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac Structured Agency Credit Risk Debt Notes                                                             | CUSIP: 3137G0LJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      367145 | PA      | $374441.44    | 0.06%             | 2029-03-25      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NZD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $-4363.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                               | CUSIP: 3137FVA93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      960640 | PA      | $188764.90    | 0.03%             | 2050-08-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                                                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    26930000 | PA      | $662483.83    | 0.11%             | 2035-12-17      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| LAND NORDRHEIN-WESTFALEN                         | State of North Rhine-Westphalia Germany                                                                          | CUSIP: 000000000<br>LEI: 529900VWPV1LPOHGJ702 | Long             | DBT              | NUSS              | DE        |      400000 | PA      | $458400.03    | 0.08%             | 2025-06-13      | Fixed         | 2.12%                 | No            |                  1 | On Loan: No      |
| GLENCORE FINANCE EUROPE                          | Glencore Finance Europe Ltd                                                                                      | CUSIP: 000000000<br>LEI: 213800WHKNIC1JQQG433 | Long             | DBT              | CORP              | JE        |      125000 | PA      | $139904.24    | 0.02%             | 2026-03-26      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                  | Venture 36 Clo Ltd                                                                                               | CUSIP: 92332LAF6<br>LEI: 549300AZL7IWJJ04HD37 | Long             | ABS-CBDO         | CORP              | KY        |      900000 | PA      | $791606.70    | 0.13%             | 2032-04-20      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NZD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $-10753.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31418AFG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3705 | PA      | $3665.54      | 0.00%             | 2042-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                                                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     1110000 | PA      | $1049334.13   | 0.18%             | 2066-07-30      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                      | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      100000 | PA      | $67816.00     | 0.01%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     1525000 | PA      | $1509948.25   | 0.26%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179XHY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    13935049 | PA      | $13503311.79  | 2.30%             | 2052-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                           | BP Capital Markets PLC                                                                                           | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |      400000 | PA      | $368268.88    | 0.06%             | 2029-03-22      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: BS006149  CDS EUR R V 03MEVENT 1 CCPCORPORATE / Short: BS006149  CDS EUR P F  1.00000 2 CCPCORPORATE       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     5850000 | OU      | $-62347.65    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1439000000 | PA      | $87906.79     | 0.01%             | 2037-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QLN44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      991766 | PA      | $809337.48    | 0.14%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38379MNK6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      262737 | PA      | $39729.98     | 0.01%             | 2045-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR215745  IRS BRL R V 00MBRCDI CCPNDFPREDISWAP / Short: BR215745  IRS BRL P F  5.80000 CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | BR        |    16560000 | OU      | $173018.39    | 0.03%             |  |  |  | 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        |     1175206 | PA      | $961805.24    | 0.16%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219450  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR219450  IRS EUR P F  2.50000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     5860000 | OU      | $103731.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                      | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      250000 | PA      | $194372.50    | 0.03%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | CAN 10YR BOND FUT MAR23                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |         104 | NC      | $-235268.12   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                                                          | CUSIP: 404119CE7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      250000 | PA      | $219097.50    | 0.04%             | 2029-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                               | CUSIP: 3137FW6P0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      183213 | PA      | $36124.31     | 0.01%             | 2050-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                               | Banco Santander SA                                                                                               | CUSIP: 05971KAD1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      800000 | PA      | $767936.00    | 0.13%             | 2024-06-27      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA/                         | Anheuser-Busch InBev SA/NV                                                                                       | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | DBT              | CORP              | BE        |      415000 | PA      | $433796.98    | 0.07%             | 2026-03-31      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| General Electric Co                              | General Electric Co                                                                                              | CUSIP: 36962GXZ2<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |      800000 | PA      | $886552.00    | 0.15%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-41558.57    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |      310000 | PA      | $326679.24    | 0.06%             | 2045-05-25      | Fixed         | 3.25%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $3316.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UH62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      393341 | PA      | $395417.03    | 0.07%             | 2048-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140MSH24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      999999 | PA      | $814693.18    | 0.14%             | 2052-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                         | Electricite de France SA                                                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |      650000 | PA      | $789102.28    | 0.13%             | 2034-06-02      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                     | Voya CLO 2019-1 Ltd                                                                                              | CUSIP: 92917NAJ7<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |     2100000 | PA      | $2066847.30   | 0.35%             | 2031-04-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3132DVLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      961945 | PA      | $826918.90    | 0.14%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05423A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |    -1890000 | NC      | $-84135.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      233956 | PA      | $235190.76    | 0.04%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179T7L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      356023 | PA      | $349574.23    | 0.06%             | 2048-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FMS WERTMANAGEMENT                               | FMS Wertmanagement                                                                                               | CUSIP: 000000000<br>LEI: HZFDOR6TCRSIQLKQTX32 | Long             | DBT              | CORP              | DE        |     1100000 | PA      | $1246889.37   | 0.21%             | 2025-03-07      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31288EK97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1795 | PA      | $1802.00      | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UKZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      671024 | PA      | $673883.87    | 0.11%             | 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        |      274489 | PA      | $265327.00    | 0.05%             | 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        |     8190000 | OU      | $-151513.36   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH COLUMBIA PROV OF                         | Province of British Columbia Canada                                                                              | CUSIP: 11070TAF5<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | NUSS              | CA        |     2600000 | PA      | $1867161.00   | 0.32%             | 2025-06-18      | Fixed         | 2.85%                 | No            |                  1 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                                                          | CUSIP: 404119CF4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     1575000 | PA      | $1332182.25   | 0.23%             | 2032-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR216871  IRS BRL R V 00MBRCDI 1 CCPNDFPREDISWAP / Short: BR216871  IRS BRL P F 11.23000 2 CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |     6430000 | OU      | $40201.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                                                             | CUSIP: 49271VAH3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      776000 | PA      | $767929.60    | 0.13%             | 2025-05-25      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05185A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     5000000 | NC      | $28690.00     | 0.00%             |  |  |  | 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        |    24000000 | OU      | $-591945.60   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                               | Province of Quebec Canada                                                                                        | CUSIP: 000000000<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     2390000 | PA      | $2659597.49   | 0.45%             | 2026-09-15      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QASP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       13452 | PA      | $13163.80     | 0.00%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219449  IRS EUR R F  2.50000 2 CCPVANILLA / Short: SR219449  IRS EUR P V 06MEURIB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     5170000 | OU      | $-141525.05   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                               | Realty Income Corp                                                                                               | CUSIP: 756109BE3<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |      900000 | PA      | $892665.00    | 0.15%             | 2025-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED GBP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $-15320.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SS006146  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006146  CDS USD P V 03MEVENT 1 CCPCORPORATE       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     3350000 | OU      | $-10459.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED AUD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $7213.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219328  IRS AUD R F  4.50000 2 CCPVANILLA / Short: SR219328  IRS AUD P V 06MBBSW 1 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    11770000 | OU      | $-49595.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                                                                 | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     1450000 | PA      | $1206820.50   | 0.21%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     3125000 | PA      | $2979093.75   | 0.51%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     1675000 | PA      | $1365007.75   | 0.23%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05517A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |    -1900000 | NC      | $-58489.22    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                               | Alcon Finance Corp                                                                                               | CUSIP: 01400EAE3<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |     1014000 | PA      | $1023278.10   | 0.17%             | 2032-12-06      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BX Trust                                         | BX Trust 2022-CLS                                                                                                | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1650000 | PA      | $1618222.39   | 0.28%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | Long: BR218676  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR218676  IRS EUR P F  1.80000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DIR              |  | US        |     1300000 | OU      | $43744.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PAU0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      300000 | PA      | $297126.00    | 0.05%             | 2024-07-23      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: BX003093  CDS EUR R V 03MEVENT 1 CCPCDX / Short: BX003093  CDS EUR P F  1.00000 2 CCPCDX                   | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    13625000 | OU      | $-62337.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KPMY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      837521 | PA      | $839648.43    | 0.14%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $16788.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                           | Standard Chartered PLC                                                                                           | CUSIP: 853254CB4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      325000 | PA      | $304921.50    | 0.05%             | 2025-03-23      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED COP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $6756.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138AXT92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       11469 | PA      | $11351.65     | 0.00%             | 2036-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2324000000 | PA      | $145329.31    | 0.02%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 312930J43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         729 | PA      | $732.43       | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED AUD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $524.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                                                                 | CUSIP: 000000000<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |      270000 | PA      | $257544.05    | 0.04%             | 2027-01-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Dupont De Nemours Inc                            | DuPont de Nemours Inc                                                                                            | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |      600000 | PA      | $590430.00    | 0.10%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                           | UnitedHealth Group Inc                                                                                           | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      550000 | PA      | $569662.50    | 0.10%             | 2033-02-15      | Fixed         | 5.35%                 | 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        |    12260000 | OU      | $-123201.97   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Logicor Financing Sarl                           | Logicor Financing Sarl                                                                                           | CUSIP: 000000000<br>LEI: 254900IS16Q1A2TQFN22 | Long             | DBT              | CORP              | LU        |      550000 | PA      | $493175.88    | 0.08%             | 2028-11-13      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219335  IRS JPY R V 12MTONA CCPVANILLA / Short: BR219335  IRS JPY P F   .25000 CCPVANILLA                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | JP        |  3430930000 | OU      | $505123.66    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QBJF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1005915 | PA      | $935414.01    | 0.16%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                               | Banco Santander SA                                                                                               | CUSIP: 05971KAG4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      800000 | PA      | $612552.00    | 0.10%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                      | CUSIP: 05401AAF8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $383392.00    | 0.07%             | 2024-07-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ENGIE SA                                         | Engie SA                                                                                                         | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $196624.44    | 0.03%             | 2026-03-13      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140JAEL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      207176 | PA      | $209903.27    | 0.04%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED SGD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SG        |           1 | NC      | $3163.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED MXN / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $136.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                                                              | CUSIP: 025816CG2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      255000 | PA      | $245383.95    | 0.04%             | 2024-07-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DP WORLD PLC                                     | DP World Ltd/United Arab Emirates                                                                                | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |      390000 | PA      | $364113.75    | 0.06%             | 2048-09-25      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                            | Indonesia Government International Bond                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      240000 | PA      | $251175.62    | 0.04%             | 2024-07-18      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                    | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      375000 | PA      | $328215.00    | 0.06%             | 2031-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                         | Corebridge Financial Inc                                                                                         | CUSIP: 21871XAG4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     1450000 | PA      | $1270055.00   | 0.22%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179TXW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      255803 | PA      | $251409.85    | 0.04%             | 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    | 0.09%             | 2049-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219045  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR219045  IRS GBP P F  3.91250 2 CCPOIS                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     6570000 | OU      | $-169554.20   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT REALTY LP                                 | Spirit Realty LP                                                                                                 | CUSIP: 84861TAH1<br>LEI: 549300GTBVIBJRX5BW73 | Long             | DBT              |  | US        |      300000 | PA      | $244485.00    | 0.04%             | 2028-03-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF AUSTRIA                              | Republic of Austria Government Bond                                                                              | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     1270000 | PA      | $1144443.35   | 0.20%             | 2028-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SBB TREASURY OYJ                                 | SBB Treasury Oyj                                                                                                 | CUSIP: 000000000<br>LEI: 5493003HHOCW6FIMH724 | Long             | DBT              | CORP              | FI        |      950000 | PA      | $648362.16    | 0.11%             | 2028-12-14      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                         | Thermo Fisher Scientific Inc                                                                                     | CUSIP: 883556CU4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |      325000 | PA      | $330460.00    | 0.06%             | 2032-11-21      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133BFP95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       35604 | PA      | $35783.53     | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05410A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | DE        |    -1820000 | NC      | $-0.39        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund   | Goldman Sachs Financial Square Government Fund                                                                   | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |     6601082 | NS      | $6601082.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KnowledgeWorks Foundation                        | KnowledgeWorks Foundation                                                                                        | CUSIP: 49925JAE7<br>LEI: 549300ZCR1DGZJLXTI23 | Long             | ABS-O            | CORP              | US        |      141447 | PA      | $139832.43    | 0.02%             | 2042-02-25      | Floating      | 5.71%                 | 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     | 0.00%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED COP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $-840.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                              | United Kingdom Gilt                                                                                              | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      840000 | PA      | $582653.50    | 0.10%             | 2053-07-31      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG                           | Credit Suisse Group AG                                                                                           | CUSIP: 225401AM0<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     1550000 | PA      | $1372866.00   | 0.23%             | 2025-09-11      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| BRITISH COLUMBIA PROV OF                         | Province of British Columbia Canada                                                                              | CUSIP: 110709FY3<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | NUSS              | CA        |     2000000 | PA      | $1595997.05   | 0.27%             | 2040-06-18      | Fixed         | 4.95%                 | No            |                  1 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     3220000 | PA      | $2617570.36   | 0.45%             | 2031-04-01      | Fixed         | 0.90%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | US 5YR NOTE (CBT) MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         260 | NC      | $-191839.92   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SC FNCE I                          | Thermo Fisher Scientific Finance I BV                                                                            | CUSIP: 000000000<br>LEI: 549300SM0PJC1F3RPL91 | Long             | DBT              | CORP              | NL        |      675000 | PA      | $654481.65    | 0.11%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Connecticut Avenue Securities Trust 2022-R05                                                                     | CUSIP: 20754DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      268633 | PA      | $266675.53    | 0.05%             | 2042-04-25      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31292HXN9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1973 | PA      | $1982.01      | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US LONG BOND(CBT) MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          88 | NC      | $-314285.48   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank                                             | Bank 2019-BNK19                                                                                                  | CUSIP: 06540WAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      200000 | PA      | $127303.69    | 0.02%             | 2061-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOOKING HOLDINGS INC                             | Booking Holdings Inc                                                                                             | CUSIP: 09857LAR9<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |      300000 | PA      | $290286.00    | 0.05%             | 2030-04-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                              | Carrier Global Corp                                                                                              | CUSIP: 14448CAP9<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |      145000 | PA      | $130794.35    | 0.02%             | 2027-02-15      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 31334XD48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      106220 | PA      | $98775.20     | 0.02%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $8590.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F050619<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     5000000 | PA      | $4930471.00   | 0.84%             | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                         | Mill City Mortgage Loan Trust 2017-2                                                                             | CUSIP: 59980AAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      209037 | PA      | $196268.67    | 0.03%             | 2059-07-25      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| TENNET HOLDING BV                                | TenneT Holding BV                                                                                                | CUSIP: 000000000<br>LEI: 724500LTUWK3JQG63903 | Long             | DBT              | CORP              | NL        |     1125000 | PA      | $1247259.65   | 0.21%             | 2034-10-28      | Fixed         | 4.50%                 | 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        |    19310000 | OU      | $218172.10    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219307  IRS CAD R F  4.00000 2 CCPVANILLA / Short: SR219307  IRS CAD P V 03MCDOR 1 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    24460000 | OU      | $-138883.66   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                                    | AIB Group PLC                                                                                                    | CUSIP: 00135TAB0<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |     1250000 | PA      | $1209850.00   | 0.21%             | 2025-04-10      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | OPS05259A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -5040000 | NC      | $-179385.70   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381WVB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      113958 | PA      | $10338.90     | 0.00%             | 2049-06-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05533A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |    -2740000 | NC      | $-88942.72    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                                                         | CUSIP: 55903VAJ2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     1875000 | PA      | $1625081.25   | 0.28%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO IV Ltd                               | Elmwood CLO IV Ltd                                                                                               | CUSIP: 29002GAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     5300000 | PA      | $5213562.30   | 0.89%             | 2033-04-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR218383  IRS EUR R F  2.85500 2 CCPVANILLA / Short: SR218383  IRS EUR P V 06MEURIB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     4580000 | OU      | $-68309.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN (10 YEAR ISSUE)                            | Japan Government Ten Year Bond                                                                                   | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  1684000000 | PA      | $12579700.70  | 2.14%             | 2032-09-20      | Fixed         | 0.20%                 | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      375000 | PA      | $303487.50    | 0.05%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                                                         | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     1879000 | PA      | $1444951.00   | 0.25%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD SEK                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $6335.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136AH6P0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      167680 | PA      | $18081.22     | 0.00%             | 2044-02-25      | Floating      | 2.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MN5G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       26034 | PA      | $23744.12     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219410  IRS MXN R V 01MTIIE 1 CCPVANILLA / Short: BR219410  IRS MXN P F  9.25000 2 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    21345000 | OU      | $6316.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179WXK9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     2698413 | PA      | $2405343.61   | 0.41%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                                                                | CUSIP: 24703TAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       75000 | PA      | $76363.50     | 0.01%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Republic of Austria                              | Republic of Austria Government Bond                                                                              | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |      280000 | PA      | $212445.69    | 0.04%             | 2117-09-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                 | Peruvian Government International Bond                                                                           | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |       10000 | PA      | $5848.75      | 0.00%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219338  IRS JPY R V 12MTONA CCPVANILLA / Short: BR219338  IRS JPY P F   .50000 CCPVNILLA                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | JP        |   564000000 | OU      | $180148.23    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAGEO FINANCE PLC                               | Diageo Finance PLC                                                                                               | CUSIP: 000000000<br>LEI: BPF79TJMIH3DK8XCKI50 | Long             | DBT              | CORP              | GB        |      180000 | PA      | $185879.27    | 0.03%             | 2026-05-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                             | Westpac Banking Corp                                                                                             | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |      475000 | PA      | $352891.75    | 0.06%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SS006152  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006152  CDS USD P V 03MEVENT 1 CCPCORPORATE       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      830000 | OU      | $-6282.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                     | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      275000 | PA      | $242580.25    | 0.04%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136A3B75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      179359 | PA      | $16315.88     | 0.00%             | 2042-02-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD NZD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $6439.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED TWD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $937.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $203508.35    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                            | Mexico Government International Bond                                                                             | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1521000 | PA      | $963268.31    | 0.16%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                        | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      525000 | PA      | $440627.25    | 0.08%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE LONDON                           | Credit Agricole SA/London                                                                                        | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $273531.00    | 0.05%             | 2026-06-16      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD TWD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1434.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                      | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      900000 | PA      | $973926.00    | 0.17%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD JPY                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2609245.88  | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     1170000 | PA      | $746170.31    | 0.13%             | 2052-09-01      | Fixed         | 2.15%                 | No            |                  1 | On Loan: No      |
| AUTONATION INC                                   | AutoNation Inc                                                                                                   | CUSIP: 05329WAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $159782.00    | 0.03%             | 2028-08-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KPR34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1567490 | PA      | $1575391.14   | 0.27%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138E22U8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       17909 | PA      | $17343.22     | 0.00%             | 2042-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED GBP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $-2989.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED COP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $6183.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                                                             | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1431000 | PA      | $1311153.75   | 0.22%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BOOKING HOLDINGS INC                             | Booking Holdings Inc                                                                                             | CUSIP: 000000000<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |      650000 | PA      | $705352.35    | 0.12%             | 2034-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381BZG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      163272 | PA      | $15263.26     | 0.00%             | 2049-01-20      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD SEK                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $21085.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UPC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      381701 | PA      | $383208.33    | 0.07%             | 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        |      962668 | PA      | $949809.45    | 0.16%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138A2JK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       42213 | PA      | $41795.19     | 0.01%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD TRESRY                         | Heimstaden Bostad Treasury BV                                                                                    | CUSIP: 000000000<br>LEI: 549300ORG6UYMJBCV938 | Long             | DBT              | CORP              | NL        |      300000 | PA      | $240041.88    | 0.04%             | 2028-07-24      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                           | Credit Suisse Group AG                                                                                           | CUSIP: 000000000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      500000 | PA      | $399438.23    | 0.07%             | 2028-01-14      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                                  | Weyerhaeuser Co                                                                                                  | CUSIP: 962166CB8<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              |  | US        |      250000 | PA      | $189500.00    | 0.03%             | 2052-03-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $40624.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219383  IRS NZD R F  4.50000 2 CCPVANILLA / Short: SR219383  IRS NZD P V 03MNZDBB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     8480000 | OU      | $-86479.74    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OBRIGACOES DO TESOURO                            | Portugal Obrigacoes do Tesouro OT                                                                                | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     1200000 | PA      | $1195520.81   | 0.20%             | 2029-06-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| HP INC                                           | HP Inc                                                                                                           | CUSIP: 40434LAK1<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |     1545000 | PA      | $1414602.00   | 0.24%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED TWD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TW        |           1 | NC      | $-1097.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219401  IRS ZAR R V 03MJIBAR 1 CCPVANILLA / Short: BR219401  IRS ZAR P F  8.25000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    39600000 | OU      | $-16457.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                           | Standard Chartered PLC                                                                                           | CUSIP: 853254BZ2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     1550000 | PA      | $1346361.00   | 0.23%             | 2027-01-14      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                                                 | CUSIP: 95000U2N2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     2450000 | PA      | $2280337.50   | 0.39%             | 2026-04-30      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1664324 | PA      | $1634178.28   | 0.28%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                         | Saudi Government International Bond                                                                              | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      530000 | PA      | $380374.38    | 0.06%             | 2051-11-17      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      700000 | PA      | $664776.97    | 0.11%             | 2026-11-18      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                               | Steel Dynamics Inc                                                                                               | CUSIP: 858119BN9<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     1275000 | PA      | $1068322.50   | 0.18%             | 2027-10-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SR219058  IRS KRW R F  4.25000 CCPNDF / Short: SR219058  IRS KRW P V 03MKSDA CCPNDF                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | KR        |  1353560000 | OU      | $71214.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F022618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     3000000 | PA      | $2543437.50   | 0.43%             | 2053-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                          | Australia & New Zealand Banking Group Ltd                                                                        | CUSIP: 052528AL0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |      750000 | PA      | $677152.50    | 0.12%             | 2030-07-22      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                           | Galaxy Pipeline Assets Bidco Ltd                                                                                 | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      200000 | PA      | $160287.50    | 0.03%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219380  IRS NZD R F  5.00000 2 CCPVANILLA / Short: SR219380  IRS NZD P V 03MNZDBB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    26060000 | OU      | $-130732.58   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05187A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    -5000000 | NC      | $-8328.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31283HZN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1615 | PA      | $1621.66      | 0.00%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust               | Alternative Loan Trust 2005-38                                                                                   | CUSIP: 12667GY98<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       41620 | PA      | $36495.23     | 0.01%             | 2035-09-25      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F030611<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    10000000 | PA      | $8785156.00   | 1.50%             | 2053-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133BHBQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       45462 | PA      | $45527.02     | 0.01%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                                                         | CUSIP: 00206RKA9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      400000 | PA      | $282904.00    | 0.05%             | 2051-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                      | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      200000 | PA      | $125884.00    | 0.02%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     4140000 | PA      | $3947546.26   | 0.67%             | 2027-02-25      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                         | International Flavors & Fragrances Inc                                                                           | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |      450000 | PA      | $397863.00    | 0.07%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6534811.74  | -1.11%            |  |  |  | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                  | Kingdom of Belgium Government Bond                                                                               | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     1690000 | PA      | $1392957.83   | 0.24%             | 2032-06-22      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | Long: SR218675  IRS EUR R F  2.65000 2 CCPVANILLA / Short: SR218675  IRS EUR P V 06MEURIB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DIR              |  | US        |     6140000 | OU      | $-129468.25   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| REGION WALLONNE                                  | Region Wallonne Belgium                                                                                          | CUSIP: 000000000<br>LEI: 529900HPQFHMCG25MZ72 | Long             | DBT              | NUSS              | BE        |     1300000 | PA      | $1242503.91   | 0.21%             | 2038-01-14      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KMNS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      899303 | PA      | $768292.50    | 0.13%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                         | Enel SpA                                                                                                         | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |      235000 | PA      | $227350.95    | 0.04%             | 2026-08-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                    | Citigroup Inc                                                                                                    | CUSIP: 172967GT2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1210000 | PA      | $1203708.00   | 0.21%             | 2023-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                               | Alcon Finance Corp                                                                                               | CUSIP: 01400EAF0<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |      375000 | PA      | $380415.00    | 0.06%             | 2052-12-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED COP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $10758.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Indonesia                            | Indonesia Government International Bond                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     4340000 | PA      | $4286227.40   | 0.73%             | 2025-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SAU                         | Telefonica Emisiones SA                                                                                          | CUSIP: 000000000<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |      450000 | PA      | $538783.12    | 0.09%             | 2029-10-08      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Connecticut Avenue Securities Trust 2021-R03                                                                     | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      285000 | PA      | $268671.87    | 0.05%             | 2041-12-25      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                                                       | CUSIP: 21H030617<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3000000 | PA      | $2672029.50   | 0.46%             | 2053-01-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31297BBH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         687 | PA      | $690.44       | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05424A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |    -1890000 | NC      | $-233.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                           | BP Capital Markets PLC                                                                                           | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |      412000 | PA      | $405147.79    | 0.07%             | 2026-03-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MEDTRONIC GLOBAL HLDINGS                         | Medtronic Global Holdings SCA                                                                                    | CUSIP: 58507LAM1<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |      400000 | PA      | $395621.01    | 0.07%             | 2025-07-02      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133KPHS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       83143 | PA      | $83562.34     | 0.01%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219305  IRS GBP R F  2.75000 2 CCPOIS / Short: SR219305  IRS GBP P V 00MSONIA 1 CCPOIS                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1070000 | OU      | $-163509.25   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      750000 | PA      | $617505.00    | 0.11%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                             | OPS05527A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    -2650000 | NC      | $-158687.83   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                 | Hewlett Packard Enterprise Co                                                                                    | CUSIP: 42824CAW9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     1850000 | PA      | $1831555.50   | 0.31%             | 2025-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05506A SWAPTION SOFFRATE                                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    -2640000 | NC      | $-149592.96   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F060618<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -2000000 | PA      | $-2030938.40  | -0.35%            | 2053-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219301  IRS GBP R F  3.00000 2 CCPOIS / Short: SR219301  IRS GBP P V 00MSONIA 1 CCPOIS                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1350000 | OU      | $-98063.51    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                    | McKesson Corp                                                                                                    | CUSIP: 581557BG9<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |      125000 | PA      | $125603.87    | 0.02%             | 2025-11-17      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| KOREA HYDRO & NUCLEAR PO                         | Korea Hydro & Nuclear Power Co Ltd                                                                               | CUSIP: 50064YAQ6<br>LEI: 9884008CRY5MLCN8OQ43 | Long             | DBT              | NUSS              | KR        |      630000 | PA      | $602752.50    | 0.10%             | 2027-07-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                         | International Business Machines Corp                                                                             | CUSIP: 459200KU4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |      300000 | PA      | $285795.00    | 0.05%             | 2032-07-27      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31418ACX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       27606 | PA      | $27324.62     | 0.00%             | 2042-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR218547  IRS EUR R F  1.05100 2 CCPVANILLA / Short: SR218547  IRS EUR P V 06MEURIB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     7290000 | OU      | $-111453.03   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219322  IRS AUD R V 06MBBSW 1 CCPVANILLA / Short: BR219322  IRS AUD P F  4.00000 2 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    19020000 | OU      | $69151.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TELEDYNE TECHNOLOGIES IN                         | Teledyne Technologies Inc                                                                                        | CUSIP: 879360AB1<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1183850.00   | 0.20%             | 2024-04-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                            | Indonesia Government International Bond                                                                          | CUSIP: 455780CA2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      790000 | PA      | $761449.40    | 0.13%             | 2027-07-18      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $10396.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                              | Macquarie Group Ltd                                                                                              | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |      400000 | PA      | $347568.00    | 0.06%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD BRL                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4340.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                                                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      870000 | PA      | $796542.56    | 0.14%             | 2030-10-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MQTN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       18305 | PA      | $16695.35     | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-142122.95   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140XCXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      202519 | PA      | $174155.30    | 0.03%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  2598070000 | PA      | $1829039.43   | 0.31%             | 2029-06-10      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UXS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      712735 | PA      | $641786.24    | 0.11%             | 2049-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SS006122  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006122  CDS USD P V 03MEVENT 1 CCPCORPORATE       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      460000 | OU      | $-1412.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219368  IRS NOK R V 06MNIBOR 1 CCPVANILLA / Short: BR219368  IRS NOK P F  3.75000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   221270000 | OU      | $-123983.30   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3132DWDQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     6330796 | PA      | $5152087.85   | 0.88%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                         | Deutsche Telekom International Finance BV                                                                        | CUSIP: 25156PAV5<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |      500000 | PA      | $489435.00    | 0.08%             | 2023-09-19      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) MAR23                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -276 | NC      | $60712.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                         | Anheuser-Busch InBev Worldwide Inc                                                                               | CUSIP: 035240AT7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |      700000 | PA      | $618625.00    | 0.11%             | 2050-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SYNGENTA FINANCE NV                              | Syngenta Finance NV                                                                                              | CUSIP: 87164KAH7<br>LEI: 54930042S3BYCEGOCN86 | Long             | DBT              | CORP              | NL        |      550000 | PA      | $547701.00    | 0.09%             | 2023-04-24      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CAD / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |           1 | NC      | $3529.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QPX36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      970448 | PA      | $946037.98    | 0.16%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SS006142  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006142  CDS USD P V 03MEVENT 1 CCPCORPORATE       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     3340000 | OU      | $-2724.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                           | Blackstone Property Partners Europe Holdings Sarl                                                                | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |      450000 | PA      | $428194.78    | 0.07%             | 2025-07-24      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                           | UnitedHealth Group Inc                                                                                           | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      600000 | PA      | $570282.00    | 0.10%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                | HSBC Holdings PLC                                                                                                | CUSIP: 404280AU3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $192556.00    | 0.03%             | 2025-08-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CK HUTCHISON INTL 20 LTD                         | CK Hutchison International 20 Ltd                                                                                | CUSIP: 12564HAA3<br>LEI: 254900SSPRZHBMNJF043 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $168132.00    | 0.03%             | 2030-05-08      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                           | GE HealthCare Technologies Inc                                                                                   | CUSIP: 36267VAL7<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |      550000 | PA      | $589715.50    | 0.10%             | 2052-11-22      | Fixed         | 6.38%                 | 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        |    11590000 | OU      | $474743.78    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| COMCAST CORP                                     | Comcast Corp                                                                                                     | CUSIP: 20030NCR0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $984700.00    | 0.17%             | 2024-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-OAT FUTURE MAR23                                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          63 | NC      | $-610688.16   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      806180 | PA      | $692766.59    | 0.12%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138MPDQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       18752 | PA      | $17103.16     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31419CQT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        4046 | PA      | $4006.35      | 0.00%             | 2040-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296USS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         431 | PA      | $432.80       | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Student Loan Trust 2017-2                                                                                | CUSIP: 63939RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4065896 | PA      | $3974092.20   | 0.68%             | 2066-12-27      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      963765 | PA      | $968851.02    | 0.17%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD BRL                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $3998.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| European Investment Bank                         | European Investment Bank                                                                                         | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     1240000 | PA      | $1197674.56   | 0.20%             | 2028-01-14      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                          | Simon Property Group LP                                                                                          | CUSIP: 828807DD6<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |      576000 | PA      | $569888.64    | 0.10%             | 2023-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31418QJK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        2688 | PA      | $2661.74      | 0.00%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140XBJV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      453564 | PA      | $444104.45    | 0.08%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296TGJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         294 | PA      | $295.81       | 0.00%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                      | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      625000 | PA      | $541775.00    | 0.09%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                            | Waste Connections Inc                                                                                            | CUSIP: 94106BAF8<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |      289000 | PA      | $268481.00    | 0.05%             | 2033-01-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F060618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    17000000 | PA      | $17262976.40  | 2.94%             | 2053-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $257.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31417NTY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5292 | PA      | $5240.90      | 0.00%             | 2039-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                   | CUSIP: 09659X2D3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     1250000 | PA      | $1204462.50   | 0.21%             | 2025-01-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SX002944  CDS USD R F  1.00000 2 CCPCDX / Short: SX002944  CDS USD P V 03MEVENT 1 CCPCDX                   | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     4175000 | OU      | $26796.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38382BBF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1548478 | PA      | $263219.82    | 0.04%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED ILS / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |           1 | NC      | $-3017.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NOK / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $840.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EFSF                                             | European Financial Stability Facility                                                                            | CUSIP: 000000000<br>LEI: 222100OW6UHQXNHKN143 | Long             | DBT              | NUSS              | LU        |     1170000 | PA      | $947322.43    | 0.16%             | 2035-04-10      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31292HX33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1991 | PA      | $2000.18      | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SYNGENTA FINANCE NV                              | Syngenta Finance NV                                                                                              | CUSIP: 87164KAG9<br>LEI: 54930042S3BYCEGOCN86 | Long             | DBT              | CORP              | NL        |      400000 | PA      | $388008.00    | 0.07%             | 2025-04-24      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                           | NXP BV / NXP Funding LLC / NXP USA Inc                                                                           | CUSIP: 62954HAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      695000 | PA      | $433944.10    | 0.07%             | 2051-11-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BOBL FUTURE MAR23                                                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          92 | NC      | $-200267.14   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138APHA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       15004 | PA      | $14851.34     | 0.00%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31417L5D3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        9483 | PA      | $9391.14      | 0.00%             | 2039-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                     | ING Groep NV                                                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      400000 | PA      | $377127.92    | 0.06%             | 2030-11-13      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SX003066  CDS USD R F  1.00000 2 CCPCDX / Short: SX003066  CDS USD P V 03MEVENT 1 CCPCDX                   | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    97850000 | OU      | $1112623.00   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QQGB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      994237 | PA      | $1012286.90   | 0.17%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31416RH63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5401 | PA      | $5346.43      | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31418AER5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        8166 | PA      | $8079.53      | 0.00%             | 2042-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                                                                | CUSIP: 24703TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      875000 | PA      | $854052.50    | 0.15%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ONE GAS INC                                      | ONE Gas Inc                                                                                                      | CUSIP: 68235PAL2<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |      828000 | PA      | $794093.40    | 0.14%             | 2024-03-11      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                             | Abu Dhabi Government International Bond                                                                          | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      230000 | PA      | $202227.50    | 0.03%             | 2047-10-11      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SR216949  IRS BRL R F 12.40000 CCPNDFPREDISWAP / Short: SR216949  IRS BRL P V 00MBRCDI CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | BR        |     6350000 | OU      | $7247.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38382FV84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      651903 | PA      | $119689.30    | 0.02%             | 2050-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05490A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | DE        |    -1910000 | NC      | $-104735.99   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-80208.63    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Becton Dickinson and Co                          | Becton Dickinson and Co                                                                                          | CUSIP: 075887BV0<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     1484000 | PA      | $1447731.04   | 0.25%             | 2024-06-06      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | Long: IR218405  IRS MYR R F  3.68000 2 NDF / Short: IR218405  IRS MYR P V 03MKLIBO 1 NDF                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | GB        |     1940000 | OU      | $-11854.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                           | Galaxy Pipeline Assets Bidco Ltd                                                                                 | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      599249 | PA      | $479323.97    | 0.08%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                   | Air Lease Corp                                                                                                   | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |      575000 | PA      | $532409.75    | 0.09%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                  | CUSIP: 000000000<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      195000 | PA      | $186678.26    | 0.03%             | 2026-02-26      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F050619<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -4000000 | PA      | $-3944376.80  | -0.67%            | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                            | Japan Government Thirty Year Bond                                                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  1051450000 | PA      | $7681177.14   | 1.31%             | 2052-09-20      | Fixed         | 1.40%                 | No            |                  1 | On Loan: No      |
| Bank of America N.A.                             | Long: IR217240  IRS MYR R F  3.27100 2 NDF / Short: IR217240  IRS MYR P V 03MKLIBO 1 NDF                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     1540000 | OU      | $-20041.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05439A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |    -1860000 | NC      | $-42990.05    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                  | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     1725000 | PA      | $1497351.75   | 0.26%             | 2026-06-10      | Fixed         | 1.50%                 | 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        |     1298657 | PA      | $1277011.18   | 0.22%             | 2065-09-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp                                                                                  | CUSIP: 3134A4AA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |     1160000 | PA      | $1364879.20   | 0.23%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $8499.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD TWD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $1253.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD ILS                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $3842.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219277  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR219277  IRS EUR P F  3.00000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     9010000 | OU      | $177468.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD JPY                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-268733.98   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| IRELAND GOVERNMENT BOND                          | Ireland Government Bond                                                                                          | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |      920000 | PA      | $761122.99    | 0.13%             | 2032-10-18      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NZD / SOLD AUD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $-2878.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                                                    | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      515000 | PA      | $508686.10    | 0.09%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                     | Newmont Corp                                                                                                     | CUSIP: 651639AZ9<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |      400000 | PA      | $318716.00    | 0.05%             | 2032-07-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                      | Bacardi Ltd                                                                                                      | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |     1200000 | PA      | $1152744.00   | 0.20%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                   | Lowe's Cos Inc                                                                                                   | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      325000 | PA      | $260282.75    | 0.04%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140MHEB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      914321 | PA      | $745538.24    | 0.13%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ABYE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        6433 | PA      | $6367.43      | 0.00%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05500A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    -2640000 | NC      | $-153559.56   | -0.03%            |  |  |  | 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      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD NZD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4979.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219350  IRS CHF R F  1.75000 CCPVANILLA / Short: SR219350  IRS CHF P V 12MSARON CCPVANILLA               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CH        |     1710000 | OU      | $-60909.77    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     5400000 | PA      | $5070937.62   | 0.86%             | 2026-08-01      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ET6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      219598 | PA      | $216955.01    | 0.04%             | 2045-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                           | Blackstone Property Partners Europe Holdings Sarl                                                                | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |      301000 | PA      | $251097.81    | 0.04%             | 2027-04-26      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                                                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     3430000 | PA      | $3351327.73   | 0.57%             | 2032-10-31      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                       | Allianz SE                                                                                                       | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |      800000 | PA      | $631333.98    | 0.11%             | 2030-10-30      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                         | Enterprise Products Operating LLC                                                                                | CUSIP: 29379VBE2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      500000 | PA      | $486220.00    | 0.08%             | 2025-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR217280  IRS BRL R V 01MBRCDI CCPNDFPREDISWAP / Short: BR217280  IRS BRL P F 10.95000 CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | BR        |      530000 | OU      | $3640.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138E23U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       52017 | PA      | $51486.93     | 0.01%             | 2041-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                              | DENTSPLY SIRONA Inc                                                                                              | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |      775000 | PA      | $641893.75    | 0.11%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138AUP76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       49765 | PA      | $49257.22     | 0.01%             | 2041-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                             | OPS05528A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    -2650000 | NC      | $-62582.67    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133BFRF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       54596 | PA      | $54854.16     | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                     | CaixaBank SA                                                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      400000 | PA      | $415000.42    | 0.07%             | 2024-05-17      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA1                                                                          | CUSIP: 35564KPU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      598626 | PA      | $584316.71    | 0.10%             | 2042-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179TSJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       96860 | PA      | $95589.66     | 0.02%             | 2048-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD NZD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $-288.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                                                    | CUSIP: 571903BB8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1439265.00   | 0.25%             | 2028-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138W02X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5817 | PA      | $5305.47      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140GYG29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2800091 | PA      | $2692484.01   | 0.46%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F052615<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    26000000 | PA      | $26077199.20  | 4.44%             | 2053-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | Long: IR218410  IRS MYR R F  3.73500 2 NDF / Short: IR218410  IRS MYR P V 03MKLIBO 1 NDF                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     1950000 | OU      | $-9802.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| QATAR ENERGY TRADING LLC                         | QatarEnergy Trading LLC                                                                                          | CUSIP: 74730DAD5<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |      820000 | PA      | $600291.25    | 0.10%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                    | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     1075000 | PA      | $1048415.25   | 0.18%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUXL 30Y BND MAR23                                                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          24 | NC      | $-636781.63   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Limited                                      | Long: BR219085  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR219085  IRS USD P F  3.50000 2 CCPOIS                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     7370000 | OU      | $-102459.21   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2021-C59                                                                   | CUSIP: 95003CAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1100000 | PA      | $904411.35    | 0.15%             | 2054-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ABB0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      500000 | PA      | $481340.00    | 0.08%             | 2025-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                 | Hewlett Packard Enterprise Co                                                                                    | CUSIP: 42824CBG3<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1192740.00   | 0.20%             | 2023-10-02      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2022-INV1                                                                             | CUSIP: 92539JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       97011 | PA      | $95943.07     | 0.02%             | 2067-08-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                               | CUSIP: 3137FWXZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      967606 | PA      | $154801.25    | 0.03%             | 2050-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORINCHUKIN BANK                                 | Norinchukin Bank/The                                                                                             | CUSIP: 656029AG0<br>LEI: 5493007VSMFZCPV1NB83 | Long             | DBT              | CORP              | JP        |     1050000 | PA      | $913710.00    | 0.16%             | 2026-09-22      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| CSX CORP                                         | CSX Corp                                                                                                         | CUSIP: 126408HU0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     1025000 | PA      | $960148.25    | 0.16%             | 2032-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219084  IRS USD R F  3.38800 2 CCPOIS / Short: SR219084  IRS USD P V 00MSOFR 1 CCPOIS                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    33240000 | OU      | $86663.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                    | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      225000 | PA      | $170880.75    | 0.03%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED SEK / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |           1 | NC      | $-11596.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179RJF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      396851 | PA      | $384845.45    | 0.07%             | 2045-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                        | Prosus NV                                                                                                        | CUSIP: 74365PAD0<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $126850.00    | 0.02%             | 2050-08-03      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05540A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -2850000 | NC      | $-61214.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                             | Glencore Funding LLC                                                                                             | CUSIP: 378272AT5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      650000 | PA      | $638833.00    | 0.11%             | 2024-03-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                            | Northrop Grumman Corp                                                                                            | CUSIP: 666807BM3<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1631507.00   | 0.28%             | 2025-01-15      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140Q9NZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       16474 | PA      | $16135.35     | 0.00%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                               | Macquarie Bank Ltd                                                                                               | CUSIP: 556079AD3<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |      800000 | PA      | $580416.00    | 0.10%             | 2036-03-03      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $21171.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140QBMR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      723152 | PA      | $672469.42    | 0.11%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                               | CUSIP: 3137BPDJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      456430 | PA      | $47409.29     | 0.01%             | 2046-05-15      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust                                                                                         | CUSIP: 465976AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      377773 | PA      | $308731.20    | 0.05%             | 2052-07-25      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $193400.65    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                                                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      700000 | PA      | $638985.56    | 0.11%             | 2046-10-31      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                                                                | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1276112.50   | 0.22%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | OPS05257A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |     5040000 | NC      | $286485.70    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138NYHT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        8680 | PA      | $7916.22      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD NOK                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-735.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR219374  IRS NOK R V 06MNIBOR 1 CCPVANILLA / Short: BR219374  IRS NOK P F  3.50000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    45980000 | OU      | $-86442.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38381YWG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1108083 | PA      | $117338.42    | 0.02%             | 2049-09-20      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                         | Sabine Pass Liquefaction LLC                                                                                     | CUSIP: 785592AM8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1503555.00   | 0.26%             | 2025-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD TWD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-180.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD NZD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $2429.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NOK / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |           1 | NC      | $9780.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296PBX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         804 | PA      | $807.16       | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ABMY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        8903 | PA      | $8812.55      | 0.00%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                          | Romanian Government International Bond                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      400000 | PA      | $245480.83    | 0.04%             | 2050-01-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                         | Enel SpA                                                                                                         | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |     1275000 | PA      | $1079452.24   | 0.18%             | 2027-06-08      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| HELVETIA EUROPE SA                               | Helvetia Europe SA                                                                                               | CUSIP: 000000000<br>LEI: 549300KW3XYA7W477U50 | Long             | DBT              | CORP              | LU        |      550000 | PA      | $455702.12    | 0.08%             | 2041-09-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                    | CUSIP: 097023CB9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       80000 | PA      | $55296.80     | 0.01%             | 2048-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                 | Deutsche Bank AG                                                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      400000 | PA      | $334995.03    | 0.06%             | 2030-11-19      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                               | Credit Agricole SA                                                                                               | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     1100000 | PA      | $963402.00    | 0.16%             | 2027-01-26      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140MFYL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      448373 | PA      | $365286.85    | 0.06%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31416QBF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3348 | PA      | $3311.70      | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296LK75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         611 | PA      | $613.84       | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                            | Province of Ontario Canada                                                                                       | CUSIP: 683234B98<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     2300000 | PA      | $1770014.77   | 0.30%             | 2041-06-02      | Fixed         | 4.65%                 | No            |                  1 | On Loan: No      |
| Higher Education Funding                         | Higher Education Funding I                                                                                       | CUSIP: 429827AY4<br>LEI: 635400EWI7RHQRLFJW85 | Long             | ABS-O            | CORP              | US        |      473734 | PA      | $473321.04    | 0.08%             | 2034-05-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | OPS05544A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -2850000 | NC      | $-36146.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                          | Bayer US Finance II LLC                                                                                          | CUSIP: 07274NAE3<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |      750000 | PA      | $738382.50    | 0.13%             | 2023-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140MJEF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      460268 | PA      | $374586.35    | 0.06%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                          | Romanian Government International Bond                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      630000 | PA      | $463343.40    | 0.08%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                     | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1550000 | PA      | $1434943.50   | 0.24%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                                                    | CUSIP: 172967MQ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1607928.00   | 0.27%             | 2026-04-08      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133BFRK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       37976 | PA      | $38060.28     | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38382KVX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1283526 | PA      | $167926.36    | 0.03%             | 2050-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (40 YEAR ISSUE)                            | Japan Government Forty Year Bond                                                                                 | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   408600000 | PA      | $2499328.12   | 0.43%             | 2062-03-20      | Fixed         | 1.00%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 312930J76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         313 | PA      | $314.22       | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38379VUJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      122578 | PA      | $15270.87     | 0.00%             | 2045-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 3 Ltd.                                   | AGL CLO 3 LTD                                                                                                    | CUSIP: 00119MAA7<br>LEI: 549300LS0REDUXQSHW18 | Long             | ABS-CBDO         | CORP              | KY        |     2100000 | PA      | $2061139.50   | 0.35%             | 2033-01-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                | HSBC Holdings PLC                                                                                                | CUSIP: 404280BZ1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     2150000 | PA      | $2094014.00   | 0.36%             | 2025-03-11      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                         | OZLM XIV Ltd                                                                                                     | CUSIP: 67110HBW7<br>LEI: 549300Y1XB6AVMQY8652 | Long             | ABS-CBDO         | CORP              | KY        |     1700000 | PA      | $1510419.40   | 0.26%             | 2034-07-15      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD JPY                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2493261.12  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| Educational Services of America Inc              | Edsouth Indenture No 10 LLC                                                                                      | CUSIP: 28138JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      258303 | PA      | $258849.83    | 0.04%             | 2056-12-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2022-NQM7 Trust                                                                                              | CUSIP: 67117DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      172854 | PA      | $170528.25    | 0.03%             | 2062-08-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219313  IRS CAD R V 03MCDOR 1 CCPVANILLA / Short: BR219313  IRS CAD P F  3.50000 2 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     6480000 | OU      | $87793.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | OPS05534A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | DE        |    -2740000 | NC      | $-5388.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                    | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       80000 | PA      | $74432.00     | 0.01%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      314000 | PA      | $255263.16    | 0.04%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                               | CUSIP: 3137FUAM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1100169 | PA      | $123580.26    | 0.02%             | 2050-07-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2022-C17                                                                                    | CUSIP: 054976AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $1898741.48   | 0.32%             | 2055-09-15      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| PACCAR FINANCIAL CORP                            | PACCAR Financial Corp                                                                                            | CUSIP: 69371RR57<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |      725000 | PA      | $676519.25    | 0.12%             | 2024-11-08      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31416SFG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        8771 | PA      | $8680.20      | 0.00%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SX003092  CDS USD R F  1.00000 2 CCPCDX / Short: SX003092  CDS USD P V 03MEVENT 1 CCPCDX                   | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    14375000 | OU      | $118677.13    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05518A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |    -1900000 | NC      | $-2095.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38380YR23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      329681 | PA      | $32964.54     | 0.01%             | 2048-09-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $6099.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                              | United Kingdom Gilt                                                                                              | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      220000 | PA      | $162775.70    | 0.03%             | 2057-07-22      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                 | Connecticut Avenue Securities Trust 2022-R05                                                                     | CUSIP: 20754DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      227000 | PA      | $219637.05    | 0.04%             | 2042-04-25      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      300000 | PA      | $269814.29    | 0.05%             | 2028-05-26      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                       | DOLP Trust 2021-NYC                                                                                              | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1196567.27   | 0.20%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR219319  IRS AUD R V 03MBBSW 1 CCPVANILLA / Short: BR219319  IRS AUD P F  4.00000 2 CCPVANILLA            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    26400000 | OU      | $32745.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | OPS05258A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |    -5040000 | NC      | $-106216.49   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED NZD / SOLD AUD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $-1531.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                          | Bayer US Finance II LLC                                                                                          | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $971100.00    | 0.17%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296JQB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         170 | PA      | $170.68       | 0.00%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38379EW73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      160419 | PA      | $7943.21      | 0.00%             | 2043-10-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                         | BX Trust 2021-ARIA                                                                                               | CUSIP: 05608RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      950000 | PA      | $886298.88    | 0.15%             | 2036-10-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| FINNISH GOVERNMENT                               | Finland Government Bond                                                                                          | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     1190000 | PA      | $1103574.12   | 0.19%             | 2032-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                 | Societe Generale SA                                                                                              | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1500000 | PA      | $1307085.00   | 0.22%             | 2026-12-14      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136ABDT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       88192 | PA      | $94288.62     | 0.02%             | 2042-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140X6JR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1827837 | PA      | $1770730.98   | 0.30%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA5                                                                          | CUSIP: 35564KHE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      186552 | PA      | $183666.43    | 0.03%             | 2034-01-25      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31292H4H4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         573 | PA      | $576.01       | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 31296NV61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         475 | PA      | $476.64       | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JAPAN (2 YEAR ISSUE)                             | Japan Government Two Year Bond                                                                                   | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  1350850000 | PA      | $10288034.07  | 1.75%             | 2024-09-01      | Fixed         | 0.01%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140Q9TW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      298105 | PA      | $294868.22    | 0.05%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                           | Commonwealth Bank of Australia                                                                                   | CUSIP: 202712BK0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |     1000000 | PA      | $826510.00    | 0.14%             | 2034-09-12      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| ERSTE GROUP BANK AG                              | Erste Group Bank AG                                                                                              | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | DBT              | CORP              | AT        |      600000 | PA      | $554721.91    | 0.09%             | 2031-09-08      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $8479.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD COP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3354.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: BR218614  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR218614  IRS EUR P F  2.35000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     1240000 | OU      | $44961.45     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 3128M5CH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        8125 | PA      | $8160.55      | 0.00%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                  | 3650R 2021-PF1 Commercial Mortgage Trust                                                                         | CUSIP: 88581EAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      850000 | PA      | $654710.40    | 0.11%             | 2054-11-15      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED BRL / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $-4095.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05231A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -5040000 | NC      | $-215544.67   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD PLN                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1612.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $25146.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                               | Raytheon Technologies Corp                                                                                       | CUSIP: 913017DB2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |       27000 | PA      | $26756.73     | 0.00%             | 2023-08-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                          | Imperial Brands Finance PLC                                                                                      | CUSIP: 000000000<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |      355000 | PA      | $368913.29    | 0.06%             | 2026-02-26      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                   | Home Depot Inc/The                                                                                               | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      600000 | PA      | $587952.00    | 0.10%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                   | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      575000 | PA      | $502527.00    | 0.09%             | 2027-01-13      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138ANZG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       20825 | PA      | $20633.44     | 0.00%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD COP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-15202.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital                                  | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $475624.50    | 0.08%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11135.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TECHNIP ENERGIES NV                              | Technip Energies NV                                                                                              | CUSIP: 000000000<br>LEI: 724500FLODI49NSCIP70 | Long             | DBT              | CORP              | NL        |      585000 | PA      | $507313.90    | 0.09%             | 2028-05-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                            | CUSIP: 3128KRS54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        2712 | PA      | $2703.28      | 0.00%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CHF / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $-368.06      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                  | Kingdom of Belgium Government Bond                                                                               | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |      250000 | PA      | $204265.85    | 0.03%             | 2066-06-22      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                               | CUSIP: 3137B9HA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      130272 | PA      | $12494.78     | 0.00%             | 2044-03-15      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Long: SR219044  IRS GBP R F  4.60500 2 CCPOIS / Short: SR219044  IRS GBP P V 00MSONIA 1 CCPOIS                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     9560000 | OU      | $217291.43    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SR216872  IRS BRL R F 10.56500 CCPNDFPREDISWAP / Short: SR216872  IRS BRL P V 00MBRCDI CCPNDFPREDISWAP     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | BR        |     7140000 | OU      | $-16490.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05489A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | DE        |    -1910000 | NC      | $-371.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CLP / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $16550.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 31418RGD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       50129 | PA      | $49633.02     | 0.01%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      900000 | PA      | $816957.00    | 0.14%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                            | Province of Ontario Canada                                                                                       | CUSIP: 68323ACX0<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     1700000 | PA      | $1213566.47   | 0.21%             | 2025-06-02      | Fixed         | 2.60%                 | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                           | UnitedHealth Group Inc                                                                                           | CUSIP: 91324PEK4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      375000 | PA      | $347520.00    | 0.06%             | 2052-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ISRAEL FIXED BOND                                | Israel Government Bond - Fixed                                                                                   | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     2430000 | PA      | $645494.92    | 0.11%             | 2027-03-31      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                                                          | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $888920.00    | 0.15%             | 2026-10-06      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                  | CUSIP: 37045XDW3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      650000 | PA      | $630155.50    | 0.11%             | 2027-04-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                                                       | CUSIP: 21H020618<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1000000 | PA      | $838970.00    | 0.14%             | 2053-01-23      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD BRL                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $2532.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3140MA3A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2156360 | PA      | $1754942.25   | 0.30%             | 2052-04-01      | 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        |      205827 | PA      | $207041.77    | 0.04%             | 2048-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                         | CUSIP: 38376MCG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      281470 | PA      | $49606.75     | 0.01%             | 2046-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CLP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-29887.63    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                           | GE HealthCare Technologies Inc                                                                                   | CUSIP: 36267VAJ2<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |      810000 | PA      | $840415.50    | 0.14%             | 2032-11-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: BR218384  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR218384  IRS EUR P F  1.56000 2 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3270000 | OU      | $38775.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL RETAIL PROP INC                         | National Retail Properties Inc                                                                                   | CUSIP: 637417AG1<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              |  | US        |      375000 | PA      | $366401.25    | 0.06%             | 2024-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05539A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    -2850000 | NC      | $-11454.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2019-C53                                                                   | CUSIP: 95002BAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1300000 | PA      | $1066539.36   | 0.18%             | 2052-10-15      | Variable      | 3.51%                 | 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      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     1680000 | PA      | $2004230.84   | 0.34%             | 2031-05-01      | Fixed         | 6.00%                 | No            |                  1 | On Loan: No      |
| LCH Limited                                      | Long: SR218546  IRS EUR R F  2.15200 2 CCPVANILLA / Short: SR218546  IRS EUR P V 06MEURIB 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5850000 | OU      | $-189693.68   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1424.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD SEK                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $2105.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UCD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      238901 | PA      | $240310.76    | 0.04%             | 2048-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                     | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     1230000 | PA      | $1294894.80   | 0.22%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                                                          | CUSIP: 05583JAF9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     2350000 | PA      | $2321259.50   | 0.40%             | 2023-09-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | OPS05232A SWAPTION SOFRRATE                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |     5040000 | NC      | $332379.43    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DP World Crescent Ltd                            | DP World Crescent Ltd                                                                                            | CUSIP: 000000000<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $196975.00    | 0.03%             | 2028-09-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JAPAN (2 YEAR ISSUE)                             | Japan Government Two Year Bond                                                                                   | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |           0 | PA      | $0.00         | 0.00%             | 2024-11-01      | Fixed         | 0.01%                 | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $278358.64    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $19494.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                                     | ING Groep NV                                                                                                     | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      400000 | PA      | $373572.00    | 0.06%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                              | LCM 38 Ltd                                                                                                       | CUSIP: 50204HAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      950000 | PA      | $942213.80    | 0.16%             | 2034-07-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CZK / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $358.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WP Carey Inc                                     | WP Carey Inc                                                                                                     | CUSIP: 92936UAA7<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |      240000 | PA      | $237736.80    | 0.04%             | 2024-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219299  IRS GBP R F  3.25000 2 CCPOIS / Short: SR219299  IRS GBP P V 00MSONIA 1 CCPOIS                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1940000 | OU      | $-88511.89    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2018-BNK14                                                                                                  | CUSIP: 06035RAX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      350000 | PA      | $240025.43    | 0.04%             | 2060-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TENNET HOLDING BV                                | TenneT Holding BV                                                                                                | CUSIP: 000000000<br>LEI: 724500LTUWK3JQG63903 | Long             | DBT              | CORP              | NL        |      550000 | PA      | $620445.37    | 0.11%             | 2042-10-28      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                           | Blackstone Property Partners Europe Holdings Sarl                                                                | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |      575000 | PA      | $448102.47    | 0.08%             | 2028-05-04      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                  | CUSIP: 000000000<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      100000 | PA      | $101280.58    | 0.02%             | 2025-03-26      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                  | CUSIP: 3138LSR85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       10263 | PA      | $9360.57      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED EUR / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $9671.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                  | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      525000 | PA      | $534686.25    | 0.09%             | 2029-11-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SR219362  IRS SEK R F  3.00000 2 CCPVANILLA / Short: SR219362  IRS SEK P V 03MSTIBO 1 CCPVANILLA           | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     4940000 | OU      | $-5732.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-295834.99   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Electricite de France SA                         | Electricite de France SA                                                                                         | CUSIP: 268317AU8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     1450000 | PA      | $1373643.00   | 0.23%             | 2028-09-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      357154 | PA      | $40335.33     | 0.01%             | 2047-05-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  7391000000 | PA      | $455780.31    | 0.08%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UKY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1273870 | PA      | $1251592.49   | 0.21%             | 2049-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2004-10                                                                                   | CUSIP: 81744FEW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       34297 | PA      | $30488.26     | 0.01%             | 2034-11-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED CNH / SOLD USD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $3319.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | OPS05409A SWAPTION EUR006M                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | DE        |    -1820000 | NC      | $-99200.15    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                               | CUSIP: 3137ABF48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      122496 | PA      | $10432.82     | 0.00%             | 2041-05-15      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                               | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      249497 | PA      | $245133.83    | 0.04%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | JPN 10Y BOND(OSE) MAR23                                                                                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |          18 | NC      | $-378596.75   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| WEA FINANCE LLC/WESTFIEL                         | WEA Finance LLC / Westfield UK & Europe Finance PLC                                                              | CUSIP: 92890HAC6<br>LEI: N/A                  | Long             | DBT              |  | US        |      400000 | PA      | $378076.00    | 0.06%             | 2024-09-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                              | American International Group Inc                                                                                 | CUSIP: 026874DH7<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     1075000 | PA      | $1039858.25   | 0.18%             | 2026-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                  | Venture 39 CLO Ltd                                                                                               | CUSIP: 92332TAB8<br>LEI: 549300VI1BOFEK7C6D74 | Long             | ABS-CBDO         | CORP              | KY        |     3475000 | PA      | $3382186.23   | 0.58%             | 2033-04-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                 | CUSIP: 3133BFQF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       36309 | PA      | $36389.65     | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                         | European Investment Bank                                                                                         | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     4410000 | PA      | $4469069.90   | 0.76%             | 2030-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                               | Smith & Nephew PLC                                                                                               | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |      375000 | PA      | $400398.96    | 0.07%             | 2029-10-11      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| ISRAEL FIXED BOND                                | Israel Government Bond - Fixed                                                                                   | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     2500000 | PA      | $582671.62    | 0.10%             | 2032-04-30      | Fixed         | 1.30%                 | 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